ICOW - Why Oil & Gas Major Equinor Shares Are Higher Premarket Thursday | Benzinga

Equinor ASA (NYSE:EQNR) shares are trading higher after the company reported first-quarter FY24 results.

Adjusted revenue and other income declined 13% Y/Y to $24.79 billion, above the consensus of $22.24 billion.

Equity liquids production rose 2% Y/Y to 2,164 mboe per day, led by increased capacity at Johan Sverdrup and ramp-up of Breidablikk and new wells on stream.

Also, the equity gas production fell 1% Y/Y to 1,046 mboe per day in the quarter. Group average liquids price rose 3% Y/Y to $76.0/bbl, and realised piped gas price US tumbled 28% Y/Y to $2.33/mmbtu.

Equinor produced 774 GWh from renewables, up 48% Y/Y, led by onshore power plants in Brazil and higher production from offshore wind farms.

Operating cash flow stood at $9.0 billion, down 39% Y/Y, in the quarter. Adjusted EPS of $0.96 Full story available on Benzinga.com