Equinor Q2 profit jumps, volatile oil eyes, gas markets

Norway’s Equinor posted a sharp rise in revenue in the second quarter as oil and gas prices rose, but its revenue fell slightly. expected while the Norwegian unit did not get the forecasts.

Fixed pre-tax revenues rose to $ 4.64 billion in the April-June quarter from $ 350 million in the pandemic that hit last year, the company said, delaying the $ 4.83 billion predicted in a poll. of 20 analysts compiled by Equinor.

The company also said it will begin the first phase of a long -planned repurchase, and aims to spend $ 300 million on the program by Sept. 28.

“Strict capital discipline and a net cash flow of more than $ 4.5 billion have reduced the net debt ratio to 16.4% and makes us enthusiastic for the volatility of commodity prices going forward,” CEO Anders said. Opedal in a statement.

The net debt ratio fell from 24.6% in the first quarter.

“Developments associated with the ongoing pandemic … will continue to affect energy demand, energy prices, and related volatility in 2021 and beyond,” Equinor said.

Lockdowns and vaccination efforts to prevent the spread of COVID-19 could be major factors, it added.

“At the same time, markets are currently showing signs of increased supply -related demand, which will be reflected in higher price levels for oil and gas in the near term,” the company said.

Equinor’s largest division, known as Exploration and Production Norway, posted a pretax revenue of $ 3.96 billion from a loss of $ 85 million a year earlier, but fell to the $ 4.1 billion analysts had expected.

Quarterly oil output fell to 1.997 million barrels of oil equivalent per day (boepd) from 2.011 million boepd a year earlier, but Equinor reiterated its goal to grow volumes by nearly 2%. generally in 2021.