Equinor ASA Q2 Earnings Call Highlights

Equinor ASA (NYSE:EQNR) reported higher second-quarter net and production, with Chief Financial Officer Torgrim Reitan saying the institution is executing successful enactment with plans presented astatine its caller Capital Markets Day to turn vigor output, currency travel and returns done 2030.

Reitan said Equinor produced 2.165 cardinal barrels of lipid equivalent per time successful the quarter, up 3% from the aforesaid play past year. Adjusted operating income totaled $11.5 cardinal earlier tax, portion IFRS nett income was $4.8 billion. Adjusted net per stock were $1.33. Cash travel from operations aft taxation reached $13.7 cardinal twelvemonth to date.

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"While vigor markets stay impacted by geopolitical unrest, we proceed to absorption connected what we control, our operations, however we stay robust done terms cycles, and our committedness to outgo and superior discipline," Reitan said.

Production Growth Driven by Norway and New Fields

Reitan said accumulation connected the Norwegian continental support roseate 4%, driven by caller fields including Johan Castberg, Halten East and Verdande, with Eirin and Symra besides coming connected watercourse during the quarter. He highlighted different beardown 4th from Johan Sverdrup, wherever Equinor present expects the yearly diminution to beryllium astatine the debased extremity of its antecedently indicated 10% to 20% range.

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Production was affected by turnarounds, attraction and a impermanent outage astatine Johan Castberg. In effect to an expert question, Reitan said issues related to turbine discarded vigor took 18 days to resolve, and the tract resumed accumulation connected July 13. He said the interaction to Equinor successful the 3rd 4th would beryllium astir 14,000 barrels per day.