Equinor (EQNR) Q2 2024 (Media) earnings summary

Executive summary

• Delivered strong operational and financial performance in 2Q 2024, with adjusted operating income of $7.5 billion and net income of $1.87 billion, supported by 3% production growth and strategic portfolio high-grading.

• Cash flow from operations after tax was $1.9 billion, impacted by significant tax payments in Norway and robust capital distribution.

• Continued progress on new field startups, portfolio optimization, and three new CCS license awards on the Norwegian Continental Shelf and in Denmark.

• Maintained significant capital distribution, with total expected payout of $14 billion in 2024, including ordinary and extraordinary dividends and share buybacks.

Financial highlights

• Adjusted operating income for 2Q 2024 was $7.5 billion; net income for the quarter was $1.87 billion; adjusted earnings per share stood at $0.84.

• Total revenues and other income rose 12% year-over-year to $25.54 billion in Q2 2024.

• Cash flow from operations after tax was $1.9 billion for the quarter and $7.7 billion year-to-date.

• Ordinary and extraordinary dividends of $0.35 per share each; third tranche of share buyback up to $1.6 billion.

• Net debt ratio at negative 3.4%, reflecting a strong balance sheet.

Outlook and guidance

• Organic capital expenditures for 2024 are estimated at around $13 billion.

• Oil & gas production for 2024 is expected to remain stable versus 2023.

• Renewables power production projected to grow by approximately 70% from 2023 to 2024.

• Scheduled maintenance estimated to reduce equity production by around 55 mboe per day for the full year.

• Key risks include production deferrals, gas off-take, timing of new capacity, operational regularity, and market pricing.