Equinor ASA (NYSE:EQNR) Q4 2023 Earnings Call Transcript
Equinor ASA (NYSE:EQNR) Q4 2023 Earnings Call Transcript February 7, 2024
Equinor ASA misses on earnings expectations. Reported EPS is $0.64 EPS, expectations were $1.08. Equinor ASA isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Bard Glad Pedersen: Good afternoon, ladies and gentlemen. It's a pleasure to welcome you all to the presentation of Equinor's 2023 Results and Capital Markets update. My name is Bard Glad Pedersen, and I'm heading up Investor Relations. Before we start, I want to give some safety instructions for those of us here in the room. If an emergency situation should occur, the evacuation signal is a voice alarm. Please note that we only evacuate if the voice announcement says that we should do so. Then please use the fire exits, follow the signs and messages from the guards. The procedure during an evacuation is to exit and disperse safely away from the building. And then further notice will be given during normalization. Today, we will have four presentations in the preliminary session.
First, our CEO, Anders Opedal. Then the EVPs for EPN and TDI, that is Kjetil Hove and Hege Skryseth. And finally, our CFO, Torgrim Reitan. After the presentations, we will have a Q&A session in this room. And the full CC team is here and available and ready to answer your questions. During the Q&A, we will also take questions from those of you following us online. After the Q&A, we have three breakout sessions. One with Anders and Torgrim. The second, with the EVPs for EPI and PDP, Philippe Mathieu and Geir Tungesvik. And the third with the EVPs for REN and MMP, Pal Eitrheim and Irene Rummelhoff. Finally, let me remind you that this presentation does include forward-looking statements and non-GAAP measures, and we refer you to Slide number 2 in the pack in this respect.
Then we are ready to start, and I hand it over to you, Anders.
Anders Opedal: So thank you, Bard, and welcome to all of you. It's really good to see you here in London, and I've looked forward to meet all of you today. So let me start with my key messages. We present strong results for 2023. Second, we deliver on what we said last year, and are on track for our 2030 ambitions. Third, we provide visibility for the cash flow growth and transition all the way to 2035. And finally, we sustained returns, and continue to deliver competitive capital distribution. Geopolitics remain tense in 2024, with wars in Ukraine and in the Middle East. Uncertainty and volatility continue to impact economic growth, transition frameworks and energy markets. Despite all uncertainties, one thing is clear: Energy security and energy transition will be on top of all societies’ agenda.
In this environment, Equinor’s strategy is resilient, secures transition and growth and we remain firm on our direction. We are developing the energy solutions for tomorrow, while securing the energy needed today. We believe in a balanced energy transition and will develop new growth engines to stay competitive long-term. Our market position in Europe, and our industrial legacy from the Norwegian continental shelf, is a strong competitive advantage. Currently, European gas storage levels are high, and industrial demand is below average. Forward prices have come down for 2024 and for 2025 but are at higher levels than we have been used to in the past. We see signs of demand recovery in Europe and higher demand in Asia, this may put upward price pressure on prices.
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