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Name | Symbol | Market | Type |
---|---|---|---|
Equinor ASA | NYSE:EQNR | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 1.67% | 27.44 | 27.64 | 27.17 | 27.54 | 4,579,700 | 00:51:12 |
By Dominic Chopping
Equinor on Thursday maintained its quarterly and extraordinary dividend after posting higher-than-expected first-quarter earnings, despite a drop in gas prices.
The Norwegian energy major, which is 67%-owned by the Norwegian state, said adjusted earnings--its preferred measure--fell to $11.97 billion from $17.87 billion, against $11.21 billion expected in a company-compiled consensus.
Equinor's realized price for piped gas to Europe fell 37% on year while realized liquids prices were down by 24%, but the lower prices were partly offset by production growth, it said.
The company reported a net profit of $4.96 billion compared with $4.71 billion a year earlier, and against the $3.06 billion expected in a FactSet poll.
Revenue fell 19% to $29.21 billion.
Total equity production in the quarter was 2.130 million barrels of oil equivalent a day, compared with 2.106 million barrels last year.
The company maintained its quarterly dividend at $0.30, and declared another extraordinary dividend of $0.60. It will initiate the second tranche of share buybacks for $1.67 billion and expects total capital distribution of $17 billion this year.
Organic capital expenditure is still seen at between $10 billion and $11 billion in 2023, with an annual average of around $13 billion for 2024-26.
Production in 2023 is still seen at around 3% above the 2022 level.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
May 04, 2023 01:27 ET (05:27 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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