Equinor Turns To Profit In Q2 On Strong Revenue Growth; Declares Cash Dividend

(RTTNews) - Norwegian energy company Equinor ASA (EQNR) reported Wednesday that its second-quarter IFRS net income was $1.94 billion, compared to last year's loss of $0.25 billion.

Adjusted earnings after tax were $1.58 billion, compared to $0.65 billion in the same period last year.

IFRS net operating income was $5.30 billion, compared to loss of $0.47 billion a year ago.

Total revenues and other income surged to $17.46 billion from prior year's $7.60 billion.

Equinor delivered total equity production of 1,997 mboe per day in the second quarter, down from 2,011 mboe per day in the same period in 2020.

Further, the board of directors has declared a cash dividend of $0.18 per share for the second quarter of 2021. The company also announced the launch of share buy-back programme.

Equinor said it has an ambition to reach a 40 percent reduction in net carbon intensity by 2035, on the way towards net zero by 2050, and interim ambitions to reduce net carbon intensity with 20 percent by 2030.

By 2035, Equinor's ambition is to develop the capacity to store 15 -30 million tonnes CO2 per year and to provide clean hydrogen in 3-5 industrial clusters.