1st quarter 2022 results

Ulrica Fearn

Chief Financial Officer

4 May 2022

First quarter 2022

  • − Invasion of Ukraine impacting already tight energy markets

  • − Strong operating performance and increased production of gas to Europe to support energy security

  • − Very strong earnings and free cash flow of USD 12.7 billion after shareholder distribution

  • − Announced process for Russia exit leading to an impairment of USD 1.1 billion

  • − Delivering on our key strategic priorities, eg:

    • • Installed Johan Sverdrup Phase 2

    • • Assembling Hywind Tampen

    • • Awarded Smeaheia and Polaris CO2 storage licenses

  • − Delivering a competitive capital distribution

    • • Cash dividend of USD 0.2 per share for 1Q

    • • Maintain extraordinary cash dividend of USD 0.2 per share for 1Q

    • • Second tranche of share buy-back1 of USD 1.33 billion

1. Subject to new authorization by the AGM

Safety: performance indicators

Serious Incident Frequency (SIF)

Serious incidents and near-misses per million hours worked. 12-month average.

Total Recordable Injury Frequency (TRIF)

Personal injuries requiring medical treatment per million hours worked 12-months average.

Oil and gas leakages

Number of leakages with rate above 0.1 kg/second during the past 12 months.

1,4

4,4

21

4,2

0,5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 per Q1

2,4

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 per Q1

9

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 per Q1

Equity production

Oil and gas

  • − Continued gas optimisation on NCS

  • − Strong production1 and operational performance

  • − Supported by contributions from new fields

Renewables − Increased power generation, up 13%

  • • Guañizuil IIA on stream from 3Q 2021

  • • Offshore wind assets have stable or increased production

  • • Some reduction in availability due to planned maintenance

Oil and gas production mboe/d

2 168

2 106

2 168

2 106

1Q 2021

1Q 2022

1. Reduction to due sale of Bakken

1Q 2021

1Q 2022

Power generation

GWh

1Q 2021

1Q 2022

  • − Higher market prices

    Financial results

    • • Liquids up ~70% to 97 USD/bbl

    • • European gas up ~350% to 30 USD/mmbtu

    • • North American gas up ~70% to 4.6 USD/mmbtu

  • − Underlying1 upstream cost increased mainly due to higher prices for electricity and CO2

  • − Net impairment reversal USD 266 million

  • − Adjusted tax rate of 71.2%

1. Adjusted for currency, royalties, portfolio changes and one-off effects

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Equinor ASA published this content on 04 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2022 05:30:03 UTC.