Oil & gas production uptick sets the scene for ‘solid’ financial performance as Equinor bolsters low-carbon shift with spike in renewables

( Offshore-energy.biz) The Norwegian state-owned energy giant Equinor has managed to maintain a stable net profit in the second quarter of 2024, registering a drop quarter on quarter but a slight increase compared to the same period last year, while the firm continued working on field developments and supplied hydrocarbons to Europe to increase the continent’s energy security. As a result, the Norwegian heavyweight raised its overall energy production ante both in oil and gas and renewable energy arenas.

On July 24, Equinor reported a net operating income of $7.65 billion in Q2 2024, up from  $7.63 billion in Q1 2024 and from $7.05 billion in the same quarter last year. The reported net income of $1.87 billion was lower than last quarter’s $2.67 billion, but slightly higher than $1.82 billion in Q2 2023.

The firm’s adjusted operating income did not follow the rising trend as it totaled $7.48 billion in the second quarter of 2024, dropping slightly compared to both last quarter’s $7.53 billion and $7.79 billion in the same quarter last year, the latter representing a 4% decrease.

Equinor delivered an adjusted operating income of $7.48 billion, the vast majority of which, or $6.13 billion, came from its Norwegian business, followed by $699 million from the international segment, and $264 million from U.S. operations.

Read full article: https://www.offshore-energy.biz/oil-gas-production-uptick-sets-the-scene-for-solid-financial-performance-as-equinor-bolsters-low-carbon-shift-with-spike-in-renewables/