It appears from the quarterly report which was presented on Wednesday morning. In the same period last year, Equinor had an adjusted operating profit before tax of 7.54 billion dollars.
In advance, an adjusted profit before tax of 7 billion dollars in the second quarter was expected, according to an average of estimates which Equinor itself has collected.
Revenue ended at $25.54 billion, up from $22.87 billion.
Equinor is distributing a cash dividend to shareholders of $0.35 per share, in addition to an extraordinary cash dividend of $0.35 per share for the second quarter.
Increases production
The energy company delivered a total own production of 2.048 million barrels of oil equivalent per day in the second quarter, up from 1.994 million barrels of oil equivalent per day in the same period last year.
– We continued to deliver good operations throughout the quarter and achieved 3 per cent production growth. This ensured solid financial results. We maintain a competitive capital distribution and expect to pay out a total of USD 14 billion to our shareholders in 2024, writes Equinor CEO Anders Opedal in a press release.
On the NCS, Equinor had a production increase of 5 per cent from the same quarter last year, production on the Breidablikk field and less impact from audit shutdowns contributed to the increase. High production on the Troll and Oseberg fields contributed to a 13 per cent increase in gas production compared to the same period last year.
Growth in renewables
In the second quarter, Equinor produced 655 GWh from renewable energy sources, an increase of 90 per cent from the same quarter last year.
Production from onshore power plants contributed more than half of production in the quarter, mainly from the Rio Energy assets and the Mendubim solar parks in Brazil, as well as new production in Poland. Equinor also reports high production from the offshore wind farms which contributed to the growth.
The adjusted operating profit from the renewables segment was minus 90 million dollars for the quarter. Equinor states that the costs associated with project development exceed the income from facilities in operation, which was 41 million dollars this quarter.
New licenses
Equinor reports good progress in the portfolio on the NCS. Together with partners, the company made an investment decision on further development of the gas infrastructure in the Troll Vest area.
The energy company has also been awarded the three new licenses Kinno and Albondigas on the Norwegian continental shelf, and the Kalundborg license onshore in Denmark. The licenses give Equinor access to possible CO2 storage capacity of 17 million tonnes per year.
Equinor reports progress on the construction of the Dogger Bank A offshore wind farm in the UK. The project has 27 turbines that are either fully or partially installed, and aims for full commercial operation in the first half of 2025.
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2024-07-25 02:14:10
