Q2 2024 Equinor ASA Earnings Call Transcript
Key Points
- Equinor ASA (EQNR) reported solid financial results with an adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion.
- The company achieved a 3% production growth this quarter, with total production up 5% from the same quarter last year and gas production up 13%.
- Equinor ASA (EQNR) continues to make strategic progress, including starting production from the Kristin South area and the partner-operated Hanz field.
- The company has a strong financial position with $32 billion in cash and cash equivalents, and a net debt to capital employed ratio of negative 3.4%.
- Equinor ASA (EQNR) announced a competitive capital distribution, including an ordinary cash dividend of $0.35 per share and an additional $0.35 in extraordinary dividend, along with a two-year share buyback program worth $10 billion to $12 billion.
- The Argerich well in Argentina was dry and expensed in the quarter, impacting the company's exploration efforts.
- Equinor ASA (EQNR) expects a significant turnaround program in the third quarter, with an impact of 125,000 barrels per day, which is higher than the previous year's 38,000 barrels per day.
- The company's renewables production guidance has been updated, with full commercial production for Dogger Bank A now expected during the first half of 2025, impacting this year's production outlook.
- The company reported a negative net cash flow of $4.2 billion for the quarter, and plans for a negative net cash flow for the year.
- Equinor ASA (EQNR) faces challenges in the offshore wind supply chain, which could impact project timelines and costs.
Thank you for standing by. My name is Angela and I'll be your conference operator today. At this time, I would like to welcome everyone to the Equinor second quarter analyst conference call. (Operator Instructions) I will now like to turn the call over to the presenters. You may begin.
Thank you, operator. My name is Bard Glad Pedersen. I'm heading up Investor Relations in Equinor. Welcome all to the analyst call for our second quarter results. As usual, I'm here together with our CFO, Torgrim Reitan, who will take us through the results before we open the Q&A. So with that, I hand it to you, Torgrim.
Thank you, Bard. Good morning, and thank you for joining us, and I hope that you are enjoying your summer. So let's dive into the results. So the second quarter demonstrates good progress, and it confirms what we said at
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