Equinor press release (NYSE: EQNR): Q4 GAAP earnings per share of $0.88 beats by $0.02.
Revenues of $29.05 billion (-15.4% y/y) beats by $1.52 billion.
Equinor reported strong fourth-quarter production of 2,197 mboe per day, up from 2,046 in the same quarter of 2019. 2022, bringing production growth for 2023 to 2.1%, above the updated guidance of 1.5%.
Cash flow from operations after taxes closed at $2.79 billion for the fourth quarter, bringing cash flow from operations after taxes to $19.7 billion for the year.
Organic capital spending was $2.99 billion for the quarter and $10.2 billion for the full year. Total capital spending was $3.77 billion for the fourth quarter and $14.5 billion for 2023.
Updated outlook for 2024: Organic Capex of approximately 13 billion dollars.
Oil and gas production for 2024 is estimated to be stable compared to the 2023 level
Renewable energy production by 2024 is estimated to double compared to the 2023 level.
Equinor’s ambition is to keep the production cost unit in the top quartile of its peer group.
Planned maintenance activity is estimated to reduce capital production by approximately 60 million boe per day through full-year 2024.