Equinor Asa · OSL:EQNR
Equinor Asa — Statoil — Q3 2017 Earnings Presentation
11 slides from Equinor Asa's earnings presentation, 2017
Slide 1: 3rd Quarter 2017
3rd Quarter 2017 Hans Jakob Hegge, Executive Vice President and CFO Photo: Aasta Hansteen topside sail away
Slide 2: Third quarter 2017
Third quarter 2017 • Solid adjusted earnings and underlying cash flow • Good operational performance and high production • 2017 production guidance increased to ~6% • Projects and efficiency improvements on track • 2017 CAPEX guidance reduced to USD ~10 billion • IFRS results impacted by net impairm
Slide 3: Safety
Safety Serious incident frequency Serious incidents per million work-hours, 12-month rolling figures 2,2 1,9 1,4 1,1 1,0 0,8 0,8 0,7 0,6 0,6 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q 2017 3
Slide 4: Financial results
Financial results 3Q 2017 • Strong production growth USD mill (478) 1,095 1,252 2,346 (1,527) 819 • Capturing higher realised prices • OPEX / SG&A per boe down 11%1 • IFRS results impacted by net impairments and other adjustments Net income Reported Adjustments Adjusted Tax on adj. Adjusted NOI earn
Slide 5: Solid adjusted earnings
Solid adjusted earnings E&P Norway E&P International MMP • High production growth • Continued efficiency improvements • Strong liquids trading & processing • 18% cost reduction per boe1 • Lower exploration expenses • Natural gas impacted by price review USD mill. Pre tax After tax Pre tax After tax
Slide 6: Production growth of 15%
Production growth of 15%1 Equity production • Solid production regularity mboe/d 1,805 2,045 • Offsetting decline on NCS • Higher flex gas volumes 682 913 Gas Liquids • Lower impact from turnarounds 1 123 1 132 • Ramp-up of new fields 3Q 2016 3Q 2017 1) Organic production growth 6
Slide 7: Free cash flow positive at USD 50
Free cash flow positive at USD 50 2017 YTD; USD mill • Strong cash flow from Cash flow from operations operating activities 14,9491 Taxes paid (3,304) • Net debt ratio at 27.8% Dividends paid Proceeds from Cash flows to (1,118) sale of assets investments 403 (7,321) • Continued strict capital discip
Slide 8: Outlook
Outlook Period Outlook Organic capex 2017 USD ~10 billion1 2016-2017 ~6% organic production growth Production 2016-2020 ~3% organic CAGR 2017 30 mboe per day Maintenance 4Q 2017 25 mboe per day Exploration 2017 USD ~1.3 billion Efficiency 2017 USD 1 billion improvements 1) Based on USD/NOK exchange
Slide 9: 3rd Quarter 2017
3rd Quarter 2017 Hans Jakob Hegge, Executive Vice President and CFO Photo: Aasta Hansteen topside sail away
Slide 10: Forward-looking statements
Forward-looking statements This report contains certain forward-looking statements that involve risks and uncertainties. In some cases, adverse changes in tax regimes; the development and use of new technology; geological or technical we use words such as "ambition", "continue", "could", "estimate",
Slide 11: 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 Anca Jalba IR Officer ancj@