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Equinor Reports Second Quarter Results


Equinor recently released its results for the second quarter. Here are the key highlights:

Net Income

Equinor’s adjusted earnings, its preferred measure, decreased to $7.54 billion from $17.57 billion. This was slightly lower than the expected $7.64 billion based on a company-compiled consensus. The company reported a net profit of $1.82 billion compared to $6.76 billion in the previous year, falling short of the expected $2.21 billion according to a FactSet poll.


Equinor’s revenue decreased by 37% to $22.87 billion, which was below the expected $25.0 billion according to a FactSet average.

Oil and Gas

Equinor attributed its strong liquids production in the quarter to increased capacity at Norway’s Johan Sverdrup field and high production from the Peregrino field in Brazil. However, gas production on the Norwegian Continental Shelf was reduced due to planned maintenance, temporary shutdowns of the Hammerfest liquefied natural gas terminal, and fields connected to the third-party operated Nyhamna gas process facility. Equinor noted a 58% decrease in realized price for piped gas to Europe compared to the previous year, and a 34% decrease in realized liquids prices. Despite these challenges, Chief Executive Anders Opedal stated that “Equinor delivered solid earnings in a quarter affected by turnarounds and energy prices down from the extraordinary levels last year.”


Equinor maintains its organic capital expenditure at $10 billion to $11 billion for 2023, with an annual average of approximately $13 billion projected for 2024-26. The company expects production in 2023 to be around 3% higher than the 2022 level.

Shareholder Returns

Equinor will be maintaining its quarterly dividend at $0.30 per share. In addition, it declared another extraordinary dividend of $0.60 per share. The company plans to initiate the third tranche of share buybacks amounting to $1.67 billion. Equinor aims to distribute a total of $17 billion in capital this year.

For more information, please contact Dominic Chopping.

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