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Equinor second quarter 2024 results
Equinor ((OSE: EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 7.48 billion and USD 2.15 billion after tax in the second quarter of 2024. Equinor reported net operating income of USD 7.66 billion and net income at USD 1.87 billion. Adjusted net income* was USD 2.42 billion, leading to adjusted earnings per share* of USD 0.84.
Financial and operational performance
Continued strong operational performance
Solid financial results
Cash flow impacted by tax payments in Norway and capital distribution
Strategic progress
New fields on stream on the NCS
Continued high grading of oil and gas portfolio
Three new CO2 license awards in Norway and Denmark
Capital distribution
Second quarter ordinary cash dividend of USD 0.35 per share, extraordinary cash dividend of USD 0.35 per share and third tranche of share buy-back of up to USD 1.6 billion
Maintain expected total capital distribution for 2024 of around USD 14 billion
Anders Opedal, President and CEO of Equinor ASA:
"Our operational performance continued to be strong through the quarter and we delivered 3% production growth. This secured solid financial results. We maintain a competitive capital distribution, expecting to deliver a total of 14 billion dollars to our shareholders in 2024."
"Field developments and high production contributes to energy security for Europe. To unlock further long-term value creation, we continue to optimise our portfolio. We also progressed our renewables projects and accessed three new licences for CO2 storage, to build a profitable business for a future low carbon energy system."
Strong operational performance
Equinor delivered a total equity production of 2,048 mboe per day in the second quarter, up from 1,994 mboe per day in the same quarter last year.
On the NCS, strong operational performance and lower impact from turnarounds, together with new production from the Breidablikk field contributed to a production growth of 5% compared to the second quarter last year. High production particularly from the Troll and Oseberg fields contributed to a 13% increase in gas production, compared to the same period last year.
Internationally, the Buzzard field in the UK and new wells contributed with new production but was more than offset by lower production from the US due to turnarounds offshore and planned curtailments onshore to ...