Presentation

Equinor is Norway’s national energy company, historically primarily engaged in exploration, development, production and marketing of oil and natural gas resources. In addition, the company is expanding its renewables business. The company is present in more than 30 countries and had 6bn boe of proven reserves at YE’19. Equinor produced about 2.1 mboepd in 2019, which was split between 53% liquids and 47% natural gas. The company is listed on the Oslo Stock Exchange and New York Stock Exchange with a market capitalization of USD ~52bn and USD 18bn of net debt. The Norwegian state owns 68.7% of the outstanding shares in Equinor.

Equinor guides around 3% CAGR from 2019 to 2026, driven by Sverdrup. Equinor’s recent investments/acquisitions within renewables have been mainly focused on long-term infrastructure projects like solar and offshore wind. Investments are gradually expected to shift towards renewables, lifting capex from USD 8.5bn this year to USD 10-11bn in 2022e and beyond. Following the reduction in oil prices, Equinor has cut spending by 20-30% and reduced the dividend by 2/3.