Analyst Note| Allen Good, CFA |
Equinor reported first-quarter adjusted earnings after tax of $2.7 billion compared with adjusted earnings after tax of $561 million the year before on higher commodity prices that benefited each upstream segment. E&P Norway adjusted earnings rose to $3.6 billion compared with $1.9 billion a year ago. E&P international segment posted adjusted earnings of $382 million compared with earnings of $4 million last year, and E&P USA posted earnings of $192 million compared with earnings of $11 million last year. Total equity production during the quarter was 2,168 mboed, down 3% from 2,233 last year on natural decline, repairs at Peregrino, and long-term outage of the Hammerfest LNG plant following a fire in September 2020 offset by increased production from Johan Sverdrup and Snorre. Production in 2021 is expected to grow by 2% compared with 2020. Guidance remains for a 3% CAGR from 2020-26.