Free Trial

Equinor Misses On Earnings, Beats On Rev, Guides For CapEx +30%

ENERGY SECTOR


  • Q4 adj-earnings after tax has grabbed headlines, coming in at -60% YoY and 24% lower than consensus, in the wake of over 50% YoY decreases in realised European and US gas prices. This came despite bears on Q4 Rev (-15% YoY but 6% ahead of consensus) and adj-Op Income (-49% YoY but 1.5% ahead of consensus).
  • FY24 outlook for Organic CapEx of USD ~13bn implies a roughly USD 3bn increase while they also guide for stable oil and gas production from 2023 and a doubling of annual power production from renewable sources. They also plan to distribute USD 14bn in dividends and buybacks in 2024 (down from USD 17bn in 2023).
  • EUR spreads muted but streaming with OAS broadly 1-2bps tighter in early trading.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.