Equinor reported lower-than-expected profits in Q3 2024 due to lower oil prices and production, despite gains from rising natural gas prices.
Lower oil prices and production volumes failed to offset rising natural gas prices and output at Equinor NYSE EQNR, which reported on Thursday lower-than-expected adjusted operating income, its key earnings metric, for the third quarter. The Norwegian energy giant booked an adjusted operating income of $6.89 billion for Q3, down by 13% compared to the same period of 2023, and lower than the company-compiled analyst consensus expecting $7.01 billion.
In Norway, however, the company raised its production by 2% year-over-year, thanks to record natural gas output at the Troll field and a production record at the Johan Sverdrup oilfield. In its renewables business, Equinor touted continued investments in assets and the development of low-carbon value chains. Equinor’s renewable power generation jumped by 82% year-on-year. However, the progress at Dogger Bank A, the world’s largest offshore wind farm, is slower than expected, Equinor said.
Earnings Oil Gas Production Renewables Dogger Bank Ørsted Wind Energy Investment
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