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Report for the six months ended 30 June 2020

Written by Customer Service on . Posted in Public Companies.

Despite very low oil prices, free cash flow was positive from the oil and gas operations in second quarter and over MUSD 380 free cash flow for the six months period
Record quarterly production of 162.9 Mboepd in the second quarterAccelerated ramp up and increased phase 1 plateau production at Johan Sverdrup; phase 1 capacity of 470 Mbopd to be tested for further upside, during second half of this yearSignificant increase in liquidity during the period from cost reductions and phasing, tax incentives and additional debt facilitiesContinued out performance at Edvard Grieg; increase in reserves and extension of plateau production anticipatedEight potential projects to be accelerated due to recent Norwegian tax incentives, targeting over 120 MMboe of net resourcesAwarded credit rating of ‘BBB-‘ with stable outlook by S&P Global, confirming strength of liquidity and credit positionFinancial summary

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