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    Yoann Charenton • Sanford C. Bernstein & Co.

    Yoann Charenton's questions to Equinor ASA (EQNR) leadership

    Yoann Charenton's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    Yoann Charenton asked for the cash flow contribution from the Marketing, Midstream & Processing (MMP) segment in the first quarter and whether the end-of-quarter working capital level is now considered normalized.

    Answer

    Torgrim Reitan, an Equinor executive, explained that the MMP result of $253 million was negatively impacted by one-off costs for two CO2 wells and lower LNG trading results. Regarding working capital, he confirmed a $1.6 billion release during the quarter and described the current level as "fair," but cautioned that it will continue to fluctuate based on market volatility and conditions.

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    Yoann Charenton's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Yoann Charenton questioned the implications of the Orsted deal on the M&A budget, noting it would cause the net debt ratio to turn positive, and asked if achieving a positive net debt position was a key financial priority.

    Answer

    Executive Torgrim Reitan clarified that the guidance for net debt to turn positive by year-end was independent of the Orsted deal and remains valid. The acquisition will add approximately 5 percentage points to the ratio. He emphasized that maintaining a conservative balance sheet to handle volatility is a primary goal.

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    Yoann Charenton's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Yoann Charenton from Bernstein asked for an update on M&A, specifically the number of assets held for sale, the CapEx impact of the Rosebank project, and the timing and cash flow implications for closing previously announced deals like the one in Azerbaijan.

    Answer

    Executive Torgrim Reitan clarified that the Azerbaijan asset and one leg of a value-neutral swap with Petoro are currently classified as held for sale. He stated that the $13 billion CapEx guidance for the year remains firm, accommodating progress on planned divestments. He also mentioned that the closings for the Nigeria and Azerbaijan divestments are progressing, though some discussions with governments are still outstanding.

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