Equinor Asa · OSL:EQNR
Equinor Asa — Statoil — Q2 2016 Earnings Presentation
10 slides from Equinor Asa's earnings presentation, 2016
Slide 1: 2nd Quarter 2016
2nd Quarter 2016 Hans Jakob Hegge, Executive Vice President and CFO Photo: Gina Krog module sail-away
Slide 2: Second quarter 2016
Second quarter 2016 • Continued weak and volatile markets • Operational performance remains strong • Improvement programme on track • Lowering 2016 capex and exploration guidance • Maintaining dividend of USD 0.2201 per share, with 5% discounted scrip dividend option
Slide 3: Financial results
Financial results • Adjusted earnings impacted by low 2Q 2016 USD mill prices and margins (302) 180 733 913 (941) (28) • Above 100% tax rate, due to earnings composition • Continued cost improvement, opex and SG&A down 18% YoY Net income Reported Adjustments Adjusted Tax on adj. Adjusted NOI earning
Slide 4: Adjusted earnings by segment
Adjusted earnings by segment D&P Norway D&P International MMP • Strong operational performance, • Underlying production up 4% • Good marketing results production impacted by planned from Natural Gas Europe maintenance • 23% reduction in adjusted opex and SG&A per boe • Weaker refinery margins • Gas
Slide 5: Strong production performance
Strong production performance • High gas volumes Equity production despite lower flex gas mboe/d • High production efficiency 1873 1971 1959 • Maintenance season ongoing, increased impact in the third quarter 820 806 726 Gas Liquids 1139 1147 1165 2Q 2016 2Q 2015 FY2015
Slide 6: Cash flow 2016
Cash flow 2016 • Reducing capital expenditure 2016 YTD; USD mill reflecting efficiency and strict Cash flow from prioritisation1) operating activities Taxes paid 6,412 2) (2,341) • Adjusted net debt to Dividend paid (1,101) Proceeds from Cash flow to capital employed of 31.2% sale of assets investme
Slide 7: Outlook 2016
Outlook 2016 Capex USD ~12 bn1) Production ~1% organic CAGR (2014-17) 60 mboe per day Maintenance 115 mboe per day in 3Q Exploration USD ~1.8 bn1) 1) Assuming NOK/USD of 8.50
Slide 8: Thank you
Thank you a. p * Statoil
Slide 9: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some investment opportunities; material differences from reserves estimates; unsuccessful drilling; an inability to cases, we use words such as "ambition", "continue", "c
Slide 10: Investor Relations in Statoil
Investor Relations in Statoil E-mail: [email protected] Investor Relations Europe Peter Hutton Senior Vice President [email protected] +44 788 191 8792 Lars Valdresbråten IR Officer [email protected] +47 40 28 17 89 Erik Gonder IR Officer [email protected] +47 99 56 26 11 Gudmund Hartveit IR Officer