Equinor has reported net income of $1.87bn for the second quarter of 2024 (Q2 2024), an increase of 2% compared to $1.83bn in the same quarter of the previous year (Q2 2023).
In the previous quarter, that is Q1 2024, the Norwegian oil and gas company saw a net income of $2.67bn.
The basic earnings per share (EPS) for the New York Stock Exchange (NYSE) listed company in the reported quarter were $0.65, compared to $0.91 in Q2 2023 and $0.6 in Q1 2024.
Equinor’s total revenues in Q2 2024 are $25.5bn, compared to $24.8bn in Q1 2024, an increase of 2.8% year-over-year (YoY).
Equinor president and CEO Anders Opedal said: “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 $14bn dollars to our shareholders in 2024.”
During the reported quarter, Equinor achieved a total equity production of 2,048 thousand barrels of oil equivalent per day (mboep/d), an increase of 2.7% from 1,994mboep/d in the same quarter last year.
On the Norwegian Continental Shelf (NCS), new production from the Breidablikk field drove a 5% rise in production compared to the second quarter of the previous year. Notably, high output from the Troll and Oseberg fields led to a 13% increase in gas production year-over-year.
Outside of Norway, the Buzzard field in the UK and new wells contributed to production, though this was offset by reduced output from the US due to offshore turnarounds and planned onshore curtailments to capitalise on higher demand.
In Q2 2024, Equinor drilled seven exploration wells offshore, including the Argerich well in Argentina, but made no commercial discoveries. Seven wells were still ongoing at the end of the quarter.
The company also produced 655GWh from renewables in the second quarter, marking a 90% increase from the same period last year, and secured three new CO2 licence awards in Norway and Denmark.
