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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