Equinor second quarter 2023 Results
London, 26 July, 2023, (Oilandgaspress) – Equinor delivered adjusted earnings* of USD 7.54 billion and USD 2.25 billion after tax in the second quarter of 2023. Net operating income was USD 7.05 billion, and net income was USD 1.83 billion.
Financial and operational performance
Solid earnings and cashflow from operations, reflecting lower prices
Strong liquids production
NCS gas production impacted by planned maintenance and shutdown at Hammerfest LNG and Nyhamna
High tax and capital distribution payments reflecting strong 2022 results
Strategic progress
Increased capacity at Johan Sverdrup
Final investment decision for BM-C-33 in Brazil
Acquisition of Rio Energy (announced in July) and closing of Suncor and Wellesley transactions
Competitive capital distribution
Ordinary cash dividend of USD 0.30 per share, continued extraordinary cash dividend of USD 0.60 per share and third tranche of share buy-back USD 1.67 billion.
Anders Opedal, president and CEO of Equinor ASA:
“Equinor delivered solid earnings in a quarter affected by turnarounds and energy prices down from the extraordinary levels last year. We have increased the production capacity on Johan Sverdrup and achieved record production from the field. Our international portfolio had strong production in the quarter. We continue with significant capital distribution and expect a total distribution of 17 billion dollars in 2023.”
“In the quarter we made good progress on our project portfolio. Together with our partners, we took the final investment decision on the BM-C-33 project in Brazil. Development of two subsea tie-back fields on the NCS were approved, both are expected to quickly contribute to new production to the market with low costs and emissions from production. Last week we entered into an agreement to acquire the renewables company Rio Energy, and we expect first power from Dogger Bank during the summer.”
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