Equinor ASA ( EQNR ) shares are trading higher after the company reported second-quarter FY24 results.

Adjusted revenue and other income rose 12% Y/Y to $25.54 billion, above the consensus of $23.72 billion.

Total equity liquids and gas production rose 3% Y/Y to 2,048 mboe per day, with equity liquids production falling 1% Y/Y to 1,080 mboe per day and equity gas production rising 7% Y/Y to 968 mboe per day.

Production benefited from performance at NCS, driven by Troll and Oseberg, along with the ramp-up of new fields.

The contribution from the Buzzard field in the U.K. and new wells partially offset lower production in the U.S.

Group average liquids price rose 10% Y/Y to $77.6/bbl, and realised piped gas price U.S. was $1.53/mmbtu.

Equinor ( EQNR ) produced 655 GWh from renewables, up 90% Y/Y, in the quarter. Onshore power plants, notably in Brazil and Poland, and strong offshore wind farm production drove over half of the quarter’s output.

Equinor ( EQNR ) reported an adjusted operating income of $7.48 billion in the quarter, with $6.13 billion from E&P Norway, $699 million from E&P International, and $264 million from E&P USA.

Adjusted EPS of $0.84, missing the consensus of $0.85.

Operating cash flow stood at $1.61 billion, down 13% Y/Y, in the quarter.

Dividend: The board of directors declared a first-quarter ordinary cash dividend per share of $0.35 and an extraordinary cash dividend of $0.35, payable on November 29, to shareholders of record as of November 19.

Repurchase: The board has launched a third tranche of its share buyback program, totaling up to $1.6 billion, running from July 25 to October 22.

In February 2024, the board of directors disclosed a two-year share buyback program for 2024-2025 of $10 billion-$12 billion in total, with up to $6 billion for 2024. 

In the quarter, Equinor ( EQNR ) drilled seven exploration wells offshore, including the Argerich well in Argentina, but made no commercial discoveries. Seven wells were still in progress at the end of the quarter.

FY24 Outlook: Equinor ( EQNR ) continues to expect total capital distributions of $14 billion in FY24.

Anders Opedal, President and CEO, said, “Field developments and high production contributes to energy security for Europe. To unlock further long-term value creation, we continue to optimise our portfolio. We also progressed our renewables projects and accessed three new licences for CO2 storage, to build a profitable business for a future low carbon energy system.”

Also Read: Equinor Extends 35-Year Partnership: Nippon Steel and Sumitomo to Supply OCTG for Up to 9 Years

Investors can gain exposure to the stock via Amplify ETF Trust Amplify Natural Resources Dividend Income ETF and SGI Enhanced Global Income ETF ( GINX ) .

Price Action: EQNR shares are up 0.84% at $26.40 premarket at the last check Wednesday.

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