Equinor Adjusted Earnings Beat Forecasts on Strong Oil Production

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 [e-mail]

(END) Dow Jones Newswires

October 27, 2023 01:50 ET (05:50 GMT)

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