Equinor (EQNR) Q3 2024 earnings summary

Executive summary

• Delivered solid financial and operational results in Q3 2024, with adjusted operating income of $6.9 billion, strong cash flow, and high activity levels despite extensive turnarounds.

• Achieved record production at Troll and Johan Sverdrup, with total equity production at 1,984 mboe/day, up 2% on the Norwegian shelf but offset by international declines.

• Completed the Northern Lights CO2 storage facility on time and on budget, now ready for operations.

• Acquired a 9.8% stake in Ørsted, marking a strategic, value-driven investment in offshore wind.

• Significant capital distribution in Q3, including ordinary and extraordinary dividends and a major share buy-back tranche.

Financial highlights

• Adjusted operating income was $6.9 billion; IFRS net income was $2.3 billion; adjusted EPS was $0.79.

• Cash flow from operations after tax year-to-date reached $14 billion; Q3 cash flow was $6.25 billion.

• Distributed $6.5 billion to shareholders in Q3, including $4 billion in state share buybacks.

• Organic CapEx was $3.1 billion for the quarter and $8.7 billion year-to-date; full-year guidance is $12–13 billion.

• Strong balance sheet with $30.7 billion in cash and equivalents; net debt ratio at negative 2%.

Outlook and guidance

• Organic CapEx for 2024 expected at $12–13 billion, revised down due to project phasing and currency effects.

• Oil & gas production expected to remain stable from 2023 to 2024; renewables power production projected to grow by ~50% year-over-year.

• Dogger Bank A full commercial production now expected in H2 2025, impacting near-term renewables outlook.

• Capital distribution for 2024 expected at $8–10 billion, with $0.35/share dividend (growing by $0.02/year) and $4–6 billion in share buybacks.

• Scheduled maintenance expected to reduce equity production by about 50 mboe/day for the full year.