Equinor Q3 Results Down, Sees Stable FY24 Production; To Initiate Up To $1.6 Bln Share Buy-back

(RTTNews) - Norwegian petroleum refining firm Equinor ASA (EQNR) reported Thursday that its third-quarter net income fell 9 percent to $2.29 billion from last year's $2.50 billion.

Basic earnings per share were $0.83, down 2 percent from $0.84 a year ago.

Adjusted net income was $2.19 billion or $0.79 per share, compared to $2.91 billion or $0.98 per share a year ago.

Total revenues and other income for the quarter declined 2 percent to $25.45 billion from last year's $26.02 billion.

Equinor delivered a total equity production of 1,984 mboe per day in the third quarter, down from 2,007 mboe in the same quarter last year.

Looking ahead for fiscal 2024, the company projects Oil & gas production to be stable compared to the 2023 level.

Further, the company said its board of directors has decided an ordinary cash dividend of $0.35 per share and an extraordinary cash dividend of $0.35 per share for the third quarter of 2024. This is in line with communication at the capital markets update in February.

In addition, the Board has decided to initiate a fourth and final tranche of share buy-back for 2024 of up to $1.6 billion.

The fourth tranche will commence on October 25 and end no later than January 31, 2025. The fourth tranche will complete the announced share buy-back programme of up to $6 billion for 2024.

It will also conclude total capital distribution for 2024 of around $14 billion.

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