EQNR - EQNR Q4 results - exceeding high expectations extending outperformance

Equinor (NYSE:EQNR) reported Q4 results before the open, exceeding high expectations and building on the Company's 2021 outperformance. Shares are up ~1.0% this morning in Europe, while peers are either side of flat, as a result of:  Earnings and cash flow - EBIT came in at $15.0b versus Street expectations of $13.2b (+14%), while cash flow from operations came in at $11.3b versus Street forecasts of $8.4b (+35%). Shareholder returns - the dividend was increased 11% to 18c/s, an 80c/s special dividend was announced, to be paid over four quarters, and the 2022 buyback budget was bumped 25% to 5.0b. Guidance - Equinor guided capex to $10.0b/y for 2022/2023, versus Street expectations for $10.6b; production is forecast to increase 2.0% in 2022 versus Street expectations for a 1.5% increase. Equinor outperformed peers in 2021, largely due to the Company's disproportionate exposure to European natural gas. Bears have highlighted that the Company

For further details see:

EQNR Q4 results - exceeding high expectations, extending outperformance