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Year End Report 2020

Written by Customer Service on . Posted in Public Companies.

Strong financial performance with free cash flow generation of MUSD 448, operating cost below guidance at USD 2.69 per boe and reduced net debt to USD 3.9 billion
Balance sheet re-financed with USD 5 billion corporate facility with significantly improved termsBoard of Directors propose to increase 2020 dividend by 80 percent to USD 1.80 per share corresponding to MUSD 512Record quarterly production in the fourth quarter of 185 Mboepd and 2021 production guidance set between 170 to 190 MboepdJohan Sverdrup Phase 1 plateau production raised to 500 Mbopd gross, with expectation to increase up to 535 Mbopd by mid-2021Edvard Grieg reserves increased by 50 MMboe to 350 MMboe gross 2P ultimate recovery, extending plateau a further year to late 2023Delivering growth with resource additions of 210 percent of production in 2020 and pipeline of new projects with net resources of approximately 200 MMboe being matured for development within the temporary tax incentivesAcceleration of Decarbonisation Strategy achieving carbon neutrality from 2025 from operational emissionsFinancial summary

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