Equinor Turns To Profit In Q3; Lifts Buyback; Sees Higher FY21 Production - Quick Facts

(RTTNews) - Norwegian energy company Equinor ASA (EQNR) reported Wednesday that its third-quarter IFRS net income was $1.41 billion, compared to last year's loss of $2.12 billion.

Adjusted earnings after tax were $2.78 billion, compared to $0.27 billion in the same period last year.

Adjusted earnings of $9.77 billion grew from $0.78 billion a year ago.

IFRS net operating income was $9.57 billion, compared to negative $2.02 billion in the same period in 2020. Net operating income was impacted by higher prices for gas and liquids, significant positive effects from derivatives mainly related to European gas, and net reversal of impairments.

Equinor delivered total equity production of 1,996 mboe per day in the third quarter, up from 1,994 mboe per day last year.

Further, the company said its board of directors has declared a cash dividend of $0.18 per share for the third quarter.

The board has also decided to increase the size of the second tranche of the share buy-back, from an indicative level of $300 million communicated at the Capital Market Day in June, to $1 billion, including shares to be redeemed from the Norwegian State.

The second tranche commences on 27 October and will end no later than 31 January 2022.

Looking ahead, the company expects production for 2021 to be around 2 percent above 2020 level.