The following is a summary of the Equinor ASA (EQNR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Equinor reported Q1 2024 adjusted operating income of $7.5 billion before tax and a net income of $2.7 billion.

• Cash flow from operations noted at $9.7 billion and $5.8 billion after tax, with earnings per share being 96 cents.

• The company announced a total capital distribution of $14 billion for the year, which translates to a yield of 17%.

• This includes an ordinary cash dividend and an extraordinary dividend each of $0.35 per share.

• A decrease in working capital by $3.2 billion was reported, due to factors such as lower gas prices and volumes sold.

Business Progress:

• Equinor achieved strategic progress by securing 39 new production licenses on the Norwegian continental shelf.

• CO2 emissions were reduced through connecting the Sleipner and Gudrun fields to power from shore.

• The company boosted its renewable energy production by 50%.

• The Empire Wind 1 project in New York is being actively de-risked and investment decisions are due later this year.

• A second tranche in line with the two-year share buyback program is up to $1.6 billion.

• Following a fatal helicopter incident, safety has been emphasized by the company.

• Equinor sees natural gas as an important part of the long-term energy system and has ongoing and future projects in various stages of progress.

More details: Equinor IR

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