Equinor ASA (NYSE:EQNR) Q4 2019 Earnings Conference Call - Final Transcript

Feb 06, 2020 • 04:00 am ET


Equinor ASA (NYSE:EQNR) Q4 2019 Earnings Conference Call - Final Transcript


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Peter Hutton

Ladies and gentlemen, we're very pleased to welcome you to Equinor's Fourth Quarter 2019 and Capital Markets Update. We really appreciate you coming along to join us today. It's always good to engage with our analysts, investors and stakeholders. So, very, very welcome here this morning.

We will start with a short introductory video, and then go straight into presentations from Eldar Saetre, our Chief Executive Officer; Paul Eitrheim, who is EVP of the Renewables Business; and Lars Christian Bacher, who is the CFO.

We'll then open up for questions, both from the floor and also from those who are dialing in this morning, but safety first. Safety first. So what I would like to do is, just give a very short statement relating to safety. If the building needs to be evacuated, the fire alarm will sound. On hearing the alarm, security and support staff will be on hand to direct you to the nearest emergency exit and assembly point. This assembly point is comfortably close [Phonetic], which is next to Apex London Wall Hotel just across the street from this venue. I think I'm right in saying that there are no planned emergencies. But if there is one, there will be plenty of staff around to help you to move to the right place.

With that, thanks again, and we will start the video. Thank you.

[Video Presentation]

Eldar Saetre

So thank you, Peter. And good morning to you all. So, we are living in times of change as the short film showed us, and the outbreak of the coronavirus is another strong reminder that as a society we are facing many, many challenges. But as always, it is a great pleasure to welcome you all to our regular Capital Markets Day here in London. And I must admit that even more than usual, we have looked forward to this year's edition. 2020 is set to be a very good year, and also the start of a strong decade for Equinor. Today, we will show you that we are well positioned to grow production, cash flow and returns above and beyond what I believe most companies in this industry can deliver.

In addition, the start of a new decade is an opportunity to take a really long-term perspective. So we will show you how we are underpinning a competitive and resilient business model fit for long-term value creation and in line with the Paris Agreement. Finally, we do this with a consistent and clear commitment to capital distribution. We have a strong balance sheet and expected growth in long-term underlying earnings allows us to increase the quarterly cash dividend and announce the second tranche of our share buyback program.

So, Lars Christian will soon go through our results in more detail. But as CEO, I am privileged to go through a few of the main deliveries in 2019. And the short version is this, we are doing what we said, delivering on our strategy, always safe, high value, low carbon. Always