Equinor's Net Income In H1 2023 Nearly Halves To $6.8Bln - Report

SEATTLE (Oil Monster): Norwegian oil and gas company Equinor recorded net income attributable to shareholders of $6.795 billion in the first six months of 2023, down nearly half from a year earlier, a company report out Wednesday showed.

On a per-share basis, the company's diluted earnings fell from $3.56 to $2.2. At the same time, the company's sales amounted to $52.096 billion, down 28% from a year earlier, according to the report.

Equinor's net income in the second quarter of 2023 amounted to $1.824 billion, the report showed. On a per-share basis, diluted earnings were $1.59, compared with earnings of $2.11 a year earlier. The company's quarterly sales declined 37% year over year, to $22.872 billion.

Brent crude oil averaged $79.8 per barrel in the first half of 2023, down 26% year over year, according to the company's estimates. Equinor's hydrocarbon production fell to 2.062 million barrels of oil equivalent per day (bpd) in the first half of the year, down from 2.045 million bpd in 2022. However, second quarter production rose 1% to 1.994 million bpd from 1.984 million a year earlier.

Equinor expects the company's hydrocarbon production this year to be about 3% higher than in 2022. At the same time, the company forecasts organic capital expenditures of $10-11 billion for 2023 and about $13 billion per year for 2024-2026.

Equinor was founded in 1972 and was called Statoil until May 2018. It operates in more than 30 countries. The company's largest shareholder is Norway.

Courtesy: www.urdupoint.com