Equinor’s revenue exceeds expectations – E24

The oil giant’s adjusted results will be about $500 million higher than analysts expected.

The case is being updated…

On Wednesday morning, Equinor announced its results for the second quarter of the year.

The oil giant reported adjusted pre-tax operating profit of $7.48 billion in the second quarter, down from $7.54 billion in the second quarter of last year.

According to ET forecasts, adjusted pre-tax profit is expected to be $6.96 billion Grants Equinor collected this information itself from 22 analysts.

Equinor removes noise and one-off effects from its adjusted results. The company believes this provides a clearer view of underlying operations compared to other performance indicators.

Profit after tax ends up being $2.15 billion, compared to $2.25 billion in 2023. Previously, profit after tax for the quarter was expected to be $2 billion.

– We continued to operate well throughout the quarter, achieving a 3% production growth. This ensured a solid financial performance. We maintain a competitive capital allocation and expect to pay shareholders a total of $14 billion by 2024, said Anders Opedal, CEO of Equinor, in his comments.

The company’s second-quarter revenue increased to $25.54 billion, up from $25.14 billion in the second quarter of last year.

Equinor’s total own production in the second quarter was 2.048 million barrels of oil equivalent per day, up from 1.994 million barrels of oil equivalent per day in the same period last year.

In the NCS, good operations and less impact from audit closures, combined with production from the Breidablikk field, led to a 5% increase in production compared to the second quarter of last year.

High production from the Troll and Oseberg fields in particular led to a 13% increase in natural gas production compared to the same period last year, the company wrote.

The company drilled seven offshore exploration wells in the second quarter. At the end of the quarter, seven wells were being drilled.

“Field development and high production volumes contribute to Europe’s energy security. We continue to strengthen our portfolio and lay the foundation for further long-term value creation. We also made progress in our renewable energy projects and were awarded three new CO2 storage licenses, which helps to build a profitable business for the future low-carbon energy system,” said CEO Anders Opedal.