FX.co ★ Equinor Q3 Results Down, Sees Stable FY24 Production; To Initiate Up To $1.6 Bln Share Buy-back

Equinor ASA (EQNR), a Norwegian petroleum refining company, announced on Thursday that its net income for the third quarter decreased by 9%, amounting to $2.29 billion compared to $2.50 billion in the prior year. Basic earnings per share fell to $0.83, a slight dip from $0.84 the previous year. The firm's adjusted net income was reported at $2.19 billion or $0.79 per share, down from $2.91 billion or $0.98 per share at the same time last year.

Total revenues and other income for the quarter experienced a 2% decline, reaching $25.45 billion, compared to $26.02 billion in the previous year. Equinor's total equity production during this quarter was 1,984 mboe per day, a decrease from 2,007 mboe per day recorded in the corresponding quarter last year.

Looking towards fiscal 2024, Equinor anticipates that oil and gas production will remain stable compared to 2023 levels. The company's board of directors has approved an ordinary cash dividend of $0.35 per share, alongside an extraordinary cash dividend of the same amount for the third quarter of 2024. This decision aligns with the company's strategic communication shared at the capital markets update in February.

Moreover, Equinor plans to initiate a fourth and concluding tranche of its share buy-back program for 2024, amounting to up to $1.6 billion. This tranche will commence on October 25 and is slated to conclude no later than January 31, 2025, thereby completing the announced $6 billion share buy-back plan for 2024. This initiative will conclude the total capital distribution for 2024, estimated at approximately $14 billion.