Equinor Q3 results down, FY24 production stable; To initiate a share buyback of up to $1.6 billion

STAVANGER (dpa-AFX) – Norwegian oil refiner Equinor ASA (EQNR) reported on Thursday that third-quarter net profit fell 9 percent to $2.29 billion, compared to 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 fell 2 percent to $25.45 billion, compared to last year’s $26.02 billion.

Equinor achieved total share production of 1,984 Mboe per day in the third quarter, compared to 2,007 Mboe in the same quarter last year.

Looking ahead to fiscal 2024, the company expects oil and gas production to be stable compared to 2023 levels.

Furthermore, the company said that its board of directors has decided on 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 during the capital markets update in February.

In addition, the Board of Directors has decided to initiate a fourth and final tranche of share buybacks of up to $1.6 billion before 2024.

The fourth tranche begins on October 25 and ends no later than January 31, 2025. The fourth tranche completes the announced share repurchase program of up to $6 billion for 2024.

It will also provide a total capital distribution for 2024 of approximately $14 billion.

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