Equinor Posts Strong Q4 Results

(RTTNews) - Equinor ASA (EQNR) reported fourth-quarter IFRS net income of US$3.37 billion, compared to negative US$2.41 billion in the fourth quarter of 2020.

IFRS net operating income was US$13.6 billion in the fourth quarter, versus negative US$0.99 billion in the same period in 2020, positively impacted by higher prices and increased production of gas and liquids.

Adjusted earnings were US$15.0 billion in the fourth quarter, up from the prior year's US$0.76 billion. Adjusted earnings after tax amounted to US$4.40 billion, versus negative US$0.55 billion in the previous year.

Anders Opedal, President and CEO of Equinor ASA, said, "We are capturing value from high prices for gas and liquids with excellent performance and increased production. This resulted in very strong adjusted earnings after tax for the quarter and the full year. In addition, continued improvements and capital discipline contributes to the strong free cash flow of 25 billion dollars and a significant strengthening of our balance sheet."

Further, the board has proposed an extraordinary cash dividend of US$0.20 per share, per quarter from fourth quarter 2021 to third quarter 2022, based on high commodity prices in the second half of 2021, strong earnings and supportive commodity prices.

Looking ahead, the company expects average annual organic capex of around US$10 billion in 2022 and 2023, and around US$12 billion for 2024 and 2025. Also, Equinor expects to deliver around 2% growth in production in 2022.