Equinor ASA on Thursday reported $2.3 billion in internet revenue for the third quarter, down about 9 p.c in comparison with the identical three-month interval final yr as venture turnarounds offset stronger manufacturing in Norwegian waters.
Quarter-on-quarter, nevertheless, the newest determine marks a 22.1 p.c enhance. When adjusted for non-recurring or extraordinary gadgets, Equinor’s internet earnings stood at $2.19 billion, or $0.79 per share, in accordance with the July–September outcomes revealed on the corporate’s web site.
Norway’s primarily state-owned Equinor closed 2.3 p.c larger at NOK 274.7 ($25.2) on the Oslo alternate and three.6 p.c larger at $25.09 in New York on Thursday. On Friday, it opened at NOK 274.8 in Oslo.
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Equinor produced 1.98 million barrels of oil equal (boe) a day within the third quarter, down 1.1 p.c in comparison with the identical quarter in 2023 and three.1 p.c in comparison with the prior quarter in 2024. Whereas manufacturing on the Norwegian continental shelf rose two p.c year-over-year pushed by a rise within the Troll area, Equinor’s output at residence “was partially offset by intensive turnarounds, pure decline and lowered possession within the Statfjord space”, the corporate mentioned in an announcement.
“Over time, we’ve upgraded the capability within the fuel worth chain”, president and chief govt Anders Opedal mentioned within the assertion on Equinor’s web site. “This has contributed to an all-time excessive manufacturing from the Troll area within the fuel yr. Within the quarter, the Johan Sverdrup area delivered a manufacturing report of greater than 756,000 barrels of oil in in the future and reached the milestone of 1 billion barrels produced because the start-up 5 years in the past.
“This strengthens our place to ship secure and dependable power to Europe”.
“Internationally, new wells contributed positively to the manufacturing”, Equinor mentioned. “Nonetheless, the worldwide manufacturing was negatively impacted by offshore turnarounds and hurricanes in the USA”.
Within the energy phase, Equinor elevated technology from renewable sources by 82 p.c year-on-year to 677 gigawatt hours, pushed by crops put onstream this yr.
Equinor logged $6.9 billion in internet working revenue, down 7.4 p.c year-on-year, although money move from working actions grew 34.8 p.c.
Renewable property posted adverse $115 million in adjusted working revenue “as the prices of venture growth exceeded the earnings from property in operation”, Equinor mentioned within the assertion.
“Internet money move decreased by USD 4,901 million from the identical quarter within the prior yr to an outflow of USD 3,422 million primarily reflecting substantial money distribution of USD 4,564 million within the quarter as a part of the share buy-back program”, it mentioned in a separate report detailing quarterly outcomes.
The board of administrators determined an atypical money dividend of $0.35 per share and a unprecedented money dividend of $0.35 per share for the third quarter. The board permitted the launch of the fourth and ultimate tranche of the yr’s buyback program, authorizing the redemption of as much as $1.6 billion value of shares between October 2024 and January 2025. The 2024 repurchase program is as much as $6 billion. Equinor expects a complete of roughly $14 billion in capital distribution for 2024.
To contact the creator, e mail jov.onsat@rigzone.com
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