Despite achieving record high production in the 1st quarter of 2020, partly due to the Mariner field in the UK, CEO Eldar Saetre said Equinor will “prioritise value over volume” going forward.
Equinor has already started activity reductions, particularly in the US onshore, and will consider more as necessary. The firm has scrapped any further production guidance for the rest of the year due to the crisis, but said it expects annual growth of 3% on average between 2019 and 2026.
Equinor already announced a $3 billion “action plan” to deal with the economic crisis, including cancelling its share buyback programme and cutting the shareholder dividend by two-thirds.
Saetre said: “Our financial results in the quarter were impacted by the lower commodity prices. However, we delivered strong operational performance with record high production and solid cash flow under these market conditions. Uncertainty remains high with very low commodity prices and increased differentials towards the end of first quarter and in the start of the 2nd quarter."