Presentation

Equinor is Norway’s national energy company, and has historically primarily engaged in exploration, development, production and marketing of oil and gas resources. In addition, the company is fast expanding its renewables business. The company is present in more than 30 countries and had ~5.3bn boe of proven reserves at year-end 2020. Equinor is listed on the Oslo Stock Exchange and New York Stock Exchange and the Norwegian state holds 67% of the shares outstanding.

Equinor reported a YE’20 production of 2,070 mill boe, split between 46% gas and 54% liquids. Equinor guides a 2% CAGR in 2021, and 3% growth through 2022-2026. Capitalising on its current portfolio, the company expects USD >45bn FCF from oil and gas operations. Subject to brent price of USD 50 – 60/bbl, the company aims to offer competitive shareholder distributions, including a cash dividend growing in line with underlying earnings and an annual buy-back program of USD 1.2bn, starting in 2022.

Equinor’s recent investments/acquisitions within renewables have been mainly focused on long-term infrastructure projects like solar and offshore wind. Investments are expected to gradually shift towards renewables with Equinor guiding gross capex of USD ~23bn in renewables over 2021-26, growing towards >50% of total capex by 2030.