Equinor Q1 Profit Surges On Higher Prices; Backs FY22 Production View - Quick Facts

(RTTNews) - Norwegian energy company Equinor ASA (EQNR) reported Wednesday that its first-quarter IFRS net income was $4.71 billion, significantly higher than last year's $1.85 billion.

The company recorded net impairments of $1.08 billion related to assets in Russia.

Adjusted earnings after tax were $5.18 billion, compared to $1.29 billion a year ago.

Total revenues and other income grew to $18.42 billion from last year's $5.78 billion. IFRS net operating income surged to $18.4 billion from $5.22 billion in the same period in 2021. Equinor realised higher prices for liquids and gas.

The company delivered a total equity production of 2,106 mboe per day in the first quarter, down from 2,168 mboe per day last year.

Further, the board of directors has decided a cash dividend of $0.20 per share, and to continue the extraordinary cash dividend of $0.20 per share for the first quarter of 2022.

Based on the very strong first quarter results, the strength of the balance sheet, and the outlook, the board has decided to initiate a second tranche of the share buy-back programme of around $1.33 billion.

The second tranche will commence on May 16 and will end no later than July 26.

Looking ahead for fiscal 2022, the company continues to expect production to be around 2 percent above 2021 level.