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    John Olaisen • ABG Sundal Collier

    John Olaisen's questions to Equinor ASA (EQNR) leadership

    John Olaisen's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    John Olaisen questioned the sustainability of Equinor's $9 billion capital distribution for 2025, asking if it was secure regardless of commodity prices and what the outlook was for 2026. He also asked at what price level the dividend might become at risk.

    Answer

    Torgrim Reitan, an Equinor executive, stated the $9 billion capital distribution for the year is "very, very firm," supported by a strong balance sheet and liquidity. He explained that a significant drop in oil and gas prices would still leave substantial room for distributions. He also highlighted the Norwegian tax system's dampening effect, which offsets 78% of price declines, and the company's low production costs, reinforcing its resilience in low-price environments.

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    John Olaisen's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    John Olaisen of ABG Sundal Collier asked for details on the dry well in Argentina and whether Equinor plans further exploration in the area. He also requested the size of the balance sheet debt related specifically to the renewables business.

    Answer

    Executive Torgrim Reitan confirmed the Argerich well was a dry frontier exploration well and that the company is still analyzing the data before deciding on the next steps for the large acreage. He then provided a specific figure for the debt related to the renewables business, stating it was $3.54 billion at the end of the quarter.

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    John Olaisen's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    John Olaisen from ABG Sundal Collier asked for an updated timeline on when the Johan Sverdrup field is expected to come off its production plateau and inquired about current cost inflation trends, including any regional differences.

    Answer

    EVP & CFO Torgrim Reitan stated that Johan Sverdrup's 2025 production will be close to 2023-24 levels, supported by strong operational performance and new investments that have lifted recovery rate assumptions to 75%. He did not provide a specific date for coming off plateau. On inflation, he noted that while the company is driving internal efficiencies, the external market remains tight, though some softening is visible in the high-end floater market and is expected in Norway as tax-incentivized projects wind down.

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    John Olaisen's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    John Olaisen from ABG Sundal Collier asked for the latest view on when the Johan Sverdrup field will come off its production plateau and inquired about current cost inflation trends, including any regional differences between Norway and the U.S.

    Answer

    EVP & CFO Torgrim Reitan noted Johan Sverdrup's high regularity and production levels, highlighting initiatives like water management and multilaterals that have raised recovery estimates, but did not give a specific date for coming off plateau. On inflation, he said the market remains tight, but noted some softening in the high-end floater market and expects pressure in Norway to ease as tax-package-related activity winds down, while Asian yards and subsea markets remain busy.

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