EQNR - Why Oil & Gas Major Equinor Shares Are Diving Premarket Wednesday | Benzinga
Equinor ASA (NYSE:EQNR) shares are tumbling after the company reported fourth-quarter FY23 results.
Adjusted revenue and other income declined 20% Y/Y to $28.48 billion, missing the consensus of $28.61 billion.
Equity liquids production rose 14% Y/Y, and equity gas production grew 1% Y/Y, aided by strong output at the Johan Sverdrup field and new wells in production, along with contributions from the international portfolio (mainly Peregrino field) and strong performance from the U.S. offshore assets.
Group average liquids price declined 6% Y/Y to $75.7/bbl, and realised piped gas price tumbled 62% Y/Y to $2.07/mmbtu.
Adjusted earnings declined 49% Y/Y $8.68 billion, with the Marketing, Midstream & Processing (MMP) segment delivering adjusted earnings of $424 million (-70% Y/Y), as Gas and Power experienced the impact of diminishing gas market volatility and narrower geographical spreads.
Operating cash ...