Equinor has reported a net income of $2bn for the fourth quarter of 2024 (Q4 2024), marking a 23% decrease compared to $2.6bn in the same period of the previous year.
The Norwegian oil and gas company’s Q4 performance also reflected a decline from the $2.23bn net income reported in Q3 2024.
Basic earnings per share for Q4 2024 were $0.73, down from $0.88 in Q4 2023.
For the full year 2024, Equinor’s net income stood at $8.8bn, representing a 26% drop from $11.9bn recorded in 2023.
The company’s total revenues and other income for Q4 2024 amounted to $27.6bn, a 5% decrease compared to $29.05bn in the same quarter of 2023. Full-year revenues for 2024 were $103.8bn, reflecting a 3% decline from $107.2bn in the previous year.
During the fourth quarter, Equinor recognised net impairments of $280m, primarily related to acquired early-phase project rights within onshore renewable markets.
In Q4 2024, the company realised a European gas price of $13.5 per million British thermal units (mmbtu), while realised liquids prices averaged $68.5 per barrel.
Total equity liquids and gas production for the quarter was 2,072 thousand barrels of oil equivalent per day (mboe/d), representing a 6% decrease compared to 2,197mboe/d in Q4 2023. For the full year 2024, production totalled 2,067mboe/d, a 1% decline from 2,082mboe/d in 2023.
Looking ahead, Equinor has projected organic capital expenditures of approximately $13bn for 2025. The company expects oil and gas production to grow by 4% in 2025 compared to 2024 levels.
Additionally, Equinor anticipates an oil and gas production growth of over 10% between 2024 and 2027.
By 2030, the company expects production to reach around 2.2 million barrels of oil equivalent per day, an increase from the previous estimate of 2 million. On the Norwegian Continental Shelf (NCS), production is projected to remain at a high level of approximately 1.2 million boe/d through to 2035.
Equinor stated that the expected growth in oil and gas production will be driven by the development of an attractive project portfolio and value-adding transactions, supporting its long-term production targets.
Equinor president and CEO Anders Opedal said: “Equinor is well positioned for further growth and competitive shareholder returns. We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030.
“Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027. We strengthen our expected free cash flow significantly compared to last year’s outlook.
“We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”
