Equinor Launches Second Tranche of Buyback After Earnings Beat
By Ed Frankl
Equinor will launch the second part of a share-buyback program after it posted slightly better-than-expected first-quarter results, despite a slide in gas prices.
The Norwegian energy major will purchase shares for up to $528 million in the market, with the total tranche of $1.6 billion including shares from the Norwegian state. Expected total capital distribution for 2024 is $14 billion, Equinor said.
In the first quarter, Equinor said adjusted earnings--its preferred measure--fell to $7.53 billion from $11.92 billion, still above the $7.20 billion expected in a company-compiled consensus.
Revenue fell 14% to $25.14 billion as gas prices were lower than the previous year, the company said.
But Equinor reported slightly higher production per day compared with the same period last year, with increased capacity at its Norwegian Johan Sverdrup and Breidablikk oil fields. Meanwhile, its international upstream business delivered a 3% production increase on year, Equinor said.
The company reported a net profit of $2.67 billion, compared with $4.97 billion a year earlier, and against the $2.15 billion expected in a Factset poll.
Strong margins were delivered in the quarter from crude, products and liquids, it said.
The company declared both an ordinary cash and extraordinary dividend of $0.35 each.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
April 25, 2024 01:41 ET (05:41 GMT)
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