Equinor (EQNR) Q2 2024 earnings summary

Executive summary

• Q2 2024 delivered strong operational and financial performance, with adjusted operating income of $7.5 billion and net income of $1.9 billion, supported by 3% quarter-over-quarter and 5% year-over-year production growth.

• Strategic progress included new field startups, asset swaps in Norway and the U.S., CCS license awards, and portfolio optimization.

• Renewables production increased significantly, driven by new onshore plants in Brazil and Poland, and offshore wind in the U.K., with output up 90% year-over-year.

• Capital distribution for 2024 is expected to total $14 billion, including dividends and share buybacks.

• Net income year-to-date reached $7.7 billion.

Financial highlights

• Adjusted earnings per share were $0.84.

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

• Organic CAPEX was $2.9 billion for the quarter and $5.7 billion year-to-date.

• Net cash flow was negative $4.2 billion for the quarter, reflecting high tax and capital distribution payments.

• Net debt to capital employed ratio increased to -3.4%.

Outlook and guidance

• Full-year cash flow from operations expected at $17.5 billion after tax; next year projected at $20 billion.

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

• Oil and gas production guidance remains firm; renewables production guidance updated to 70% growth for the year.

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

• Capital distribution for 2024 expected to total $14 billion.