Equinor Raises Buyback as Earnings Boosted by High Oil and Gas Prices
October 27 2021 - 2:07AM
Dow Jones News
By Dominic Chopping
Equinor ASA on Wednesday posted higher-than-expected
third-quarter adjusted earnings and raised the size of its share
buyback as it benefited from the higher oil and gas prices during
the quarter.
The company, which is 67%-owned by the Norwegian state, said
adjusted earnings--its preferred measure--rose to $9.77 billion
from $780 million, against $8.36 billion expected in a
company-compiled consensus.
It reported a net profit of $1.41 billion from a loss of $2.13
million a year earlier, as revenue more than doubled to $23.11
billion.
Analysts polled by FactSet had expected a net profit of $2.47
billion on revenue of $22.28 billion.
"The current unprecedented level and volatility in European gas
prices underlines the uncertainty in the market...we have taken
steps to increase our gas exports to respond to the high demand,"
Chief Executive Anders Opedal said.
Equinor announced a third-quarter dividend of $0.18 and said it
has decided to increase the size of the second tranche of the share
buyback program, to $1 billion from an indicative level of $300
million.
The company delivered total equity production of 1.996 million
barrels of oil equivalent a day in the quarter from 1.994 million
barrels last year.
Organic capital expenditure and production guidance was
maintained.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 27, 2021 01:52 ET (05:52 GMT)
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