Equinor first quarter 2024 results

Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted operating income* of USD 7.53 billion and USD 2.57 billion after tax in the first quarter of 2024. Equinor reported net operating income of USD 7.63 billion and net income at USD 2.67 billion. Adjusted net income* was USD 2.84 billion, leading to adjusted earnings per share* of USD 0.96.

Financial and operational performance

• Strong operational performance and production
• Solid financial results and cash flow
• High results from marketing and trading

Strategic progress

• Power-from-shore to the Sleipner and Gudrun fields on NCS
• Empire Wind 1 awarded new offtake agreement
• Announced high-grading of US onshore gas position

Capital distribution

• First quarter ordinary cash dividend of USD 0.35 per share
• Continued extraordinary cash dividend of USD 0.35 per share and second tranche of share buy-back of up to USD 1.6 billion
• Expected total capital distribution for 2024 of USD 14 billion

Anders Opedal, President and CEO of Equinor ASA:

“Equinor delivered solid financial results driven by strong operational performance across the business. Production on the Norwegian continental shelf was high, and the international portfolio contributed with solid production growth. We continue with significant capital distribution and expect to deliver a total distribution of 14 billion dollars in 2024.”

“We remain a safe and reliable provider of energy to Europe. On the NCS we got approval for the Eirin project and the Sleipner and Gudrun fields are now partially operating with power from shore, all contributing to lower cost and emissions from production.”

“We maintain a value-driven approach to renewables growth. In the quarter, we achieved significantly better terms for our Empire Wind 1 project in the US and started the commercial production from the Mendubim solar plants in Brazil.”

Strong production

Equinor delivered a total equity production of 2,164 mboe per day in the first quarter, up from 2,130 mboe per day in the same quarter last year. The growth is driven by strong operational performance. Increased capacity at Johan Sverdrup and ramp up of Breidablikk, in addition to new wells on stream, contributed to increased growth on the Norwegian continental shelf. The Vito field in the US Gulf of Mexico and the Buzzard field in the UK, in addition to new wells in Angola contributed to 3% production growth internationally.