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Equinor posts Q1 2020 results

By: Tom Russell 07/05/2020 Equinor

General

Equinor has posted its first quarter 2020 results, citing a negative impact from the fall in commodity prices and market uncertainty caused by the COVID-19 pandemic. It recorded adjusted earnings of USD 2.05 billion and USD 0.56 billion after tax in the first quarter of 2020. IFRS net operating income was USD 0.06 billion and IFRS net income was negative USD 0.71 billion, following net impairments of USD 2.45 billion.

“The Covid-19 pandemic is impacting people, societies and industries across the world. Joint efforts by individuals, governments and companies are necessary to respond to the current global emergency. We are all in this together and Equinor has launched a forceful and rapid response. Safety is our first priority and we have taken actions to keep our people safe and healthy, contribute positively in the societies in which we operate and mitigate spread of the virus. We have also taken forceful actions to strengthen our financial resilience, and we are prepared to take further measures as necessary to protect people, operations and value creation,” said Eldar Sætre, President and CEO of Equinor ASA.

“In times like this, with the current unprecedented market conditions and uncertainties, it is more important than ever to have a clear direction for the long-term development of the company. Our values and strategy remain firm, and we are committed to develop Equinor as a broad energy company. It is a sound business strategy to ensure competitiveness and drive change towards a low carbon future, based on a strong commitment to value creation for our shareholders,” added Sætre.

In the first quarter, Equinor announced a plan for reducing costs for 2020 by around USD 700 million compared to original estimates. Operating costs in Q1 2020 were improved from last quarter and the company reported lower unit production costs. For E&P Norway, Equinor saw lower prices with increased production and high regularity. Results in the E&P International segment were impacted by the low prices on both gas and liquids, despite a slight reduction of operating costs and increase in production. The Marketing, Midstream and Processing segment reported strong results from European natural gas offset by the effects of weak refinery margins and product trading in a demanding volatile market. Equinor stated that it has delivered record high electricity production from the renewable business.

Equinor ASA operates a number of offshore wind arms off the coast of the UK and Germany. This includes the Sheringham Shoal, Dudgeon and Hywind Scotland in the UK and Arkona in Germany. Last year it secured Contracts for Difference for three projects it is developing with SSE Renewables. The projects are to have a combined capacity of 3.6 GW and are located more than 130 km off the east coast of the UK, in the North Sea. The company is also developing the Hywind Tampen floating offshore wind farm. The array is designed to reduce emissions from oil and gas production. It is also developing projects in Poland and the United States.

By 2026, Equinor expects its renewable production capacity to stand at 4-6 GW, a ten-times increase on its current capacity. By 2035, the company expects to further increase its installed renewables capacity to 12-16 GW, depending on project opportunities.

For more information on offshore wind farms worldwide, click here.

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Equinor posts Q1 2020 results

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