Equinor Announce fourth quarter 2018 Results

Posted On February 6th, 2019 - 10:17 am | by Oil and gas press

Equinor reports adjusted earnings of USD 4.4 billion and USD 1.5 billion after tax in the fourth quarter of 2018. IFRS net operating income was USD 6.7 billion and the IFRS net income was USD 3.4 billion.

The fourth quarter and full year were characterised by:

Solid results and strong cash flow. Net debt ratio reduced to 22.2%


Strong operational performance. Record high fourth quarter and full year production


Continued growth in return on average capital employed to 12%


The reserve replacement ratio (RRR) was all time high at 213%


Step-up in quarterly dividend by 13% to USD 0.26 per share, subject to approval by the annual general meeting

Equinor delivered total equity production of 2,170 mboe per day in the fourth quarter, an increase from 2,134 mboe per day in the same period in 2017. The increase was mainly due to portfolio changes and new wells especially in the US onshore. New fields coming on stream added to the increase. Expected natural decline in addition to reduced gas off-take partially offset the increase. Equinor delivered all-time high production in 2018 with an underlying production growth of more than 2% [7].

As of year-end 2018, Equinor had completed 24 exploration wells with nine commercial discoveries. Adjusted exploration expenses [5] in the quarter were USD 417 million, up from USD 274 million in the same quarter of 2017, mainly due to higher seismic and drilling activity.

The reserve replacement ratio (RRR) reached an all-time high of 213% in 2018, mainly driven by sanctioning of new fields, positive revisions and acquisitions. The reserves to production ratio (R/P) increased from 7.6 to 8.7 years.

Cash flows provided by operating activities before tax amounted to USD 27.6 billion in 2018 compared to USD 21.0 billion in 2017. Organic capital expenditure [5] was USD 9.9 billion for the full year of 2018. At year-end, net debt to capital employed [5] was reduced to 22.2%.

The board of directors proposes to the annual general meeting to increase the dividend by 13% to USD 0.26 per share for the fourth quarter.

The twelve-month average Serious Incident Frequency (SIF) was 0.5 for 2018, compared to 0.6 in 2017.

Key information relating to the proposed cash dividend to be paid by Equinor  (OSE:EQNR, NYSE:EQNR) for fourth quarter 2018.

Proposed dividend amount: 0.26

Declared currency: USD 

Last day including rights: 15 May 2019 at Oslo Børs (Oslo Stock Exchange) and 16 May 2019 at New York Stock Exchange

Ex-date: 16 May 2019 at Oslo Børs (Oslo Stock Exchange) and 17 May 2019 at New York Stock Exchange

Record date:  20 May 2019 

Payment date: On or around 29 May 2019 

The proposed dividend amount is subject to approval by the Annual General Meeting on 15 May 2019. 

Source / More : Equinor

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