Equinor beats top-line and bottom-line estimates; updates FY24 outlook
Press Room
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.
