Equinor 2Q Net Profit Beats on Higher Prices, Cost Controls
July 28 2021 - 01:47AM
Dow Jones News
By Dominic Chopping
Equinor ASA swung to a higher-than-expected second-quarter net
profit, it reported Wednesday, on higher oil and gas prices and
cost controls.
The company, which is 67%-owned by the Norwegian state, said
adjusted earnings--its preferred measure--rose to $4.64 billion
from $354 million, against $4.63 billion expected in a FactSet
poll.
It reported a net profit of $1.94 billion from a loss of $254
million a year earlier, as revenue more than doubled to $17.38
billion.
Analysts had expected a net profit of $1.58 billion on revenue
of $17.74 billion.
"Solid operational performance and continued focus on value
creation have enabled us to capture additional value from higher
commodity prices," said Chief Executive Anders Opedal.
"Strict capital discipline and a net cash flow of more than $4.5
billion, reduce our net debt ratio to 16.4% and make us robust for
volatility in commodity prices going forward."
The company delivered total equity production of 1.997 million
barrels of oil equivalent a day in the quarter, down from 2.011
million barrels in the same quarter last year.
Equinor still expects organic capital expenditure at an annual
average of $9 billion-$10 billion for 2021-22 and 2021 production
around 2% above the 2020 level. Organic capital expenditure for
2023-2024 is seen at an annual average of around $12 billion.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 28, 2021 01:47 ET (05:47 GMT)
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