STAVANGER (dpa-AFX) - Equinor ASA (EQNR), a Norwegian energy company, Wednesday reported a sharp drop in second-quarter net profit, despite higher production.
Further, the board of directors has decided a cash dividend of $0.37 per share for the second quarter, in line with communication at the Capital Markets Update in February.
In addition, the board has decided to initiate a third tranche of the share buy-back programme of up to $1.265 billion. The tranche will commence on July 24 and end no later than October 27.
The second tranche of the share buy-back programme for 2025 was completed on July 17 with a total value of $1.265 billion.
In the second quarter, net income was $1.32 billion, down 30 percent from $1.87 billion last year. Basic earnings per share were $0.50, down 23 percent from $0.65 a year ago.
Adjusted net income was $1.67 billion, compared to $2.42 billion last year. Adjusted earnings per share were $0.64, compared to $0.84 a year ago.
Net operating income fell 25 percent to $5.72 billion from $7.66 billion in the prior year.
Adjusted operating income was $6.54 billion, down 13 percent from prior year's $7.48 billion.
Total revenues and other income dropped 2 percent to $25.15 billion from last year's $25.54 billion.
Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2 percent from 2,048 mboe in the same quarter last year.
Group average liquids price fell 19 percent year-over-year to $63.0 per bbl.
Looking ahead for fiscal 2025, the company projects oil & gas production to grow 4 percent compared to 2024 level.
Scheduled maintenance activity is estimated to reduce equity production by around 30 mboe per day for the full year of 2025.
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