2nd quarter 2022 results

Ulrica Fearn

Chief Financial Officer

27 July 2022

Open

Second quarter 2022

  • Continued strong earnings and cash flow from operations after tax of USD 10 billion1
  • Solid operational performance
    • Maintaining high gas production from NCS
    • Hammerfest LNG and Peregrino safely back on stream
  • Delivering on our key strategic priorities
    • Further optimisation of oil and gas portfolio
    • Assets in Russia exited
    • Progress in building new value chains in low carbon such as acquisition of Triton Power and East Point Energy
    • Executing a full project portfolio with 23 projects
  • Step up in capital distribution
    • Cash dividend of USD 0.20 per share for 2Q
    • Increasing extraordinary cash dividend from USD 0.20 per share to USD 0.50 per share for 2Q and 3Q 2022
    • Increasing 2022 share buy-back programme from up to USD 5 billion to up to USD 6 billion
      • Third tranche of share buy-back increased to USD 1.83 billion

1. Excludes changes in working capital

3 | 2Q 2022 results

Open

27 July 2022

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

4,2

4,4

21

3,8

3,8

19

19

18

1,1

1,0

15

15

3,0

2,8

2,8

13

0,8

0,8

2,7

2,7

2,5

2,4

2,5

12

11

12

2,3

10

0,6

0,6

0,6

0,6

10

0,5

8

0,5

0,5

0.4

2010 2011

2012

2013 2014 2015 2016

2017

2018 2019 2020 2021 2022

2010 2011

2012

2013 2014 2015 2016

2017

2018 2019 2020 2021 2022

2010 2011

2012

2013 2014 2015 2016

2017

2018 2019 2020 2021 2022

per Q2

per Q2

per Q2

4 | 2Q 2022 results

Open

27 July 2022

2 Q 2 0 2 2

Equity production

Oil and gas

  • High gas production from NCS to Europe for energy security
  • Solid operational performance and production
    • Impacted by seasonal turnarounds
  • Ramp up of Martin Linge

Oil and gas production

mboe/d

1 997

1 984

1 997

1 984

391

335

945

1 011

349

306

1 052

973

1 257

1 343

2Q 2021

2Q 2022

2Q 2021

2Q 2022

Power

  • Increased power generation, up ~15%
    • Production from Guañizuil IIA
    • Stronger wind and higher production from offshore wind assets
  • Hywind Tampen production start up in 3Q22

Power generation

GWh

325

283

2Q 2021

2Q 2022

5 | 2Q 2022 results

Open

27 July 2022

2 Q 2 0 2 2

Financial results

  • Continued strong earnings
  • Higher realised prices
    • Liquids up ~70% to 107 USD/bbl
    • European gas up ~260% to 27 USD/mmbtu
    • North American gas up ~190% to 6.5 USD/mmbtu
  • Adjusted upstream cost increased
    mainly due to electricity and CO2 prices partly offset by currency effects
  • Adjusted tax rate of 71.6%

2Q 2022

6,762

17,733

(143)

17,590

(12,590)

5,000

Million USD

2Q 2021

1,943

5,298

(656)

4,641

(3,064)

1,578

Million USD

6 | 2Q 2022 results

Open

27 July 2022

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Equinor ASA published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 05:41:04 UTC.