Equinor Launches New Share Buyback After Earnings Beat Expectations
By Dominic Chopping
Equinor launched a new share buyback program after reporting forecast-beating fourth-quarter earnings, with higher oil production helping counter sharply lower gas prices.
The company said it aims to double its annual power production from renewable sources this year and said it is well positioned for profitable growth with a stronger cash flow, a broader energy offering and lower emissions toward 2035.
"We are extending the outlook for stable contribution from oil and gas to 2035. By 2030 we expect material and rapidly growing cash flow from our renewables and low carbon business," Chief Executive Anders Opedal said.
The Norwegian energy major said adjusted earnings--its preferred measure--fell to $8.68 billion from $17.01 billion, against the $8.46 billion expected in a company-compiled consensus.
The company reported a net profit of $2.6 billion compared with $7.9 billion a year earlier, and against the $2.46 billion expected in a FactSet poll.
Revenue fell 15% to $28.84 billion.
The company expects stable oil and gas production from 2023, with organic capital expenditure of around $13 billion.
Equinor proposed a quarterly dividend of $0.35, an extraordinary dividend of $0.35 and announced a two-year share buyback of $10 billion-$12 billion, with $6 billion expected for 2024.
The total capital distribution in 2024 is expected to be $14 billion.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 07, 2024 01:46 ET (06:46 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Boeing Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now
-
Paramount Earnings: CEO Has Gone, For-Sale Sign Is Up; Good Results Would’ve Been Nice to Learn
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024