- Equinor press release (NYSE:EQNR): Q4 GAAP EPS of $0.88 beats by $0.02.
- Revenue of $29.05B (-15.4% Y/Y) beats by $1.52B.
- Equinor delivered strong production for the fourth quarter of 2,197 mboe per day, up from 2,046 in the same quarter of 2022, driving production growth for 2023 to 2.1%, above the updated guidance of 1.5%.
- Cash flow from operations after tax ended at $2.79 billion for the fourth quarter, bringing the cash flow from operations after tax to $19.7 billion for the year.
- Organic capital expenditure was $2.99 billion for the quarter, and $10.2 billion for the full year. Total capital expenditure was $3.77 billion for the fourth quarter and $14.5 billion for 2023.
- Updated outlook for 2024: Organic capex of around $13 billion.
- Oil & gas production for 2024 is estimated to be stable compared to the 2023 level
- Renewable power generation for 2024 is estimated to double compared to the 2023 level.
- Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group.
- Scheduled maintenance activity is estimated to reduce equity production by around 60 mboe per day for the full year of 2024.
