Equinor Q2 Profits Dipped on Falling Natural Gas Prices

SEATTLE (Oil Monster):Leading Norwegian oil and gas producer Equinor reported results for the second quarter of the current year. The profits recorded decline during the quarter, though they were above forecast. The dip in profits is mainly on account of fall in natural gas prices.

Equinor posted adjusted earnings before tax of $7.48 billion during the quarter ended 30th June, 2024. This is modestly lower by 4% when compared with $7.80 billion a year earlier. Meantime, it beat analysts’ expectations of $6.96 billion. The company pumped 2.05 million barrels of oil equivalent per day (mboed), slightly higher from 1.99 mboed a year before, said the news release.

Commenting on the results, Anders Opedal, CEO stated that the company’s operational performance continued to remain strong enough throughout the quarter.

Equinor lowered its renewable energy production growth forecast for the current year to 70%, down from its earlier forecast. Meantime, it kept its projection for 2024 oil and gas output unchanged from the previous year. Also, the capital expenditure forecast for 2024 stood at $13 billion.

The company’s realised European piped gas price recorded quarter-on-quarter decline, mainly on account of low temperatures and lower market prices.

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