The result corresponds to NOK 82.67 billion. In a stock exchange announcement, Equinor itself refers to lower gas prices as part of the reason for the decline.
The operating profit is a decrease from the same period last year, where the oil and energy company had an adjusted operating profit of 12 billion dollars, equivalent to approximately 132 billion kroner.
The analysts had previously expected an adjusted operating profit before tax of 7.2 billion dollars, according to E24.
– Good operations in all parts of the business contributed to solid financial results. Production on the NCS was high, and the international portfolio contributed with solid production growth. We continue with significant capital distribution and expect to deliver a total distribution of USD 14 billion in 2024, says Equinor CEO Anders Opedal.
Buyback of shares
The result after tax, which ended at 2.57 billion dollars, was also a decrease – from 3.5 billion dollars in the same period last year. The result itself also decreased during this period, from 4.97 billion dollars to 2.67 billion dollars.
– We continue to be a safe and reliable supplier of energy to Europe. On the NCS, the Eirin project was approved, and the Sleipner and Gudrun fields are now partially operated with power from shore. This contributes to lower costs and emissions from production, says Opedal.
The Equinor board has decided on an ordinary cash dividend of USD 0.35 per share for the first quarter in addition to an extraordinary dividend of USD 0.35 per share. The cash dividend in Norwegian kroner per share will be communicated on 23 August, informs Equinor.
At the same time, they are announcing that they will start the second tranche of the buyback program for shares for 2024 of up to 1.6 billion dollars, equivalent to 17.5 billion kroner. The tranche will end on 22 July at the latest.
Increased capacity
Equinor produced 2,164 oil equivalents per day in the first quarter, which is an increase from 2,130 per day in the same period last year. They refer to increased capacity at the Johan Sverdrup field in addition to a ramp-up of production at the Breidablikk field.
During the first three months of the year, the company produced 774 GWh of renewable energy, which is an increase of 48 percent from the same period last year. The increase is mainly due to land-based wind and solar facilities in Brazil.
– We are continuing our commitment to profitable growth in renewable energy. In the quarter, we secured significantly better conditions for the Empire Wind 1 offshore wind project in the USA and started commercial production from the Mendubim solar parks in Brazil, says Opedal.
