Equinor Adjusted Earnings Beat Forecasts on Strong Oil Production
October 27 2023 - 1:05AM
Dow Jones News
By Dominic Chopping
Equinor reported forecast-beating third-quarter earnings after
strong oil production offset lower gas prices and a drop in gas
production.
"Through strong operational performance, we delivered high oil
production from Johan Sverdrup and our international portfolio,"
Chief Executive Anders Opedal said.
Gas production in the quarter from the Norwegian continental
shelf was 16% lower on the year, hit by planned maintenance and
extended turnarounds.
The Norwegian energy major, which is 67%-owned by the Norwegian
state, said adjusted earnings--its preferred measure--fell to $8.02
billion from $24.47 billion, against the $7.59 billion expected in
a company-compiled consensus.
The company reported a net profit of $2.52 billion compared with
$9.38 billion a year earlier, and against the $2.24 billion
expected in a FactSet poll.
Revenue fell 39% to $25.92 billion.
Total equity production in the quarter was 2.007 million barrels
of oil equivalent a day compared with 2.021 million barrels last
year.
The company now expects production in 2023 to be around 1.5%
above the 2022 level, having previously seen around 3% above.
Equinor maintained its quarterly dividend at $0.30, and declared
another extraordinary dividend of $0.60. It said it will start the
fourth and final tranche of share buybacks for $1.67 billion and
still expects total capital distribution of $17 billion this
year.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 27, 2023 01:50 ET (05:50 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Dec 2024 to Jan 2025
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Jan 2024 to Jan 2025
