Equinor Q4 Results Down; Plans Dividend, Up To $5 Bln Share Buyback; Sees Production Growth Ahead

Equinor ASA

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(RTTNews) - Norwegian petroleum refining firm Equinor ASA (EQNR) reported Wednesday that its fourth-quarter net income fell 23 percent to $2 billion from last year's $2.61 billion.

Basic earnings per share were $0.73, down 17 percent from prior year's $0.88.

Adjusted net income for the quarter were $1.73 billion or $0.63 per share, compared to $1.84 billion or $0.62 per share a year ago.

Net operating income was $8.735 billion, nearly flat with prior year's $8.748 billion. In the quarter, adjusted operating income was $7.90 billion, 8 percent lower than last year's $8.56 billion.

Total revenues and other income fell 5 percent to $27.65 billion from prior year's $29.05 billion.

The total equity production was 2,072 mboe per day, down from 2,197 mboe in the same quarter last year.

Further, the board of directors proposes to the annual general meeting an ordinary cash dividend of $0.37 per share for the fourth quarter 2024, an increase of $0.02 per share from the third quarter of 2024.

The board has also decided to announce share buy-back for 2025 of up to $5 billion in total to conclude the two-year programme for 20242025. The first tranche of up to $1.2 billion of the 2025 share buy-back programme will commence on February 6 and end no later than April 2. Commencement of new share buy-back tranches will be decided on a quarterly basis.

The company's expected total capital distribution for 2025 is up to $9 billion.

Looking ahead, Anders Opedal, President and CEO of Equinor, said, "We expect to deliver industry-leading return on average capital employed, above 15 percent all the way to 2030. Our oil and gas production outlook is increased to more than 10 percent growth from 2024 to 2027."

Oil & gas production for 2025 is estimated to grow 4 percent compared to 2024 level.

In 2030 expected production is around 2.2 million boe per day, up from previous expectation of around 2 million.

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