Equinor: Q3 results beat expectations
(CercleFinance.com) - Equinor has reported better-than-expected Q3 results on Friday, in particular citing the strength of its oil products trading activities.
Adjusted operating income came in at $8bn, a third of the $24.5bn a year earlier, although above the consensus of $7.5bn.
This trend is in line with the rest of the market, with TotalEnergies and Repsol also reporting lower quarterly results yesterday, largely affected by the fall in oil prices.
It now expects production to increase by just 1.5% this year compared with 2022, half its previous target of 3% growth.
Regarding shareholder remuneration, Equinor still expects to make a total payout of around $17bn over the year, including a new $1.7bn share buyback program scheduled to run from the end of this month to the end of January.
In late morning trading, the share price was up almost 3%, about double the STOXX Europe 600 Oil & Gas index of European energy groups (+1.4%).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Adjusted operating income came in at $8bn, a third of the $24.5bn a year earlier, although above the consensus of $7.5bn.
This trend is in line with the rest of the market, with TotalEnergies and Repsol also reporting lower quarterly results yesterday, largely affected by the fall in oil prices.
It now expects production to increase by just 1.5% this year compared with 2022, half its previous target of 3% growth.
Regarding shareholder remuneration, Equinor still expects to make a total payout of around $17bn over the year, including a new $1.7bn share buyback program scheduled to run from the end of this month to the end of January.
In late morning trading, the share price was up almost 3%, about double the STOXX Europe 600 Oil & Gas index of European energy groups (+1.4%).
Copyright (c) 2023 CercleFinance.com. All rights reserved.