Energy Voice | Record international output boosts Equinor’s profits

Norwegian energy giant Equinor said record international production helped it post “solid results” and cash flow from operations in the first half of 2018.

Equinor, reporting financial results for the first time since its name change, recorded pre-tax profits of £6.1 billion for the first six months of the year, up 10% on the same period in 2017.

Revenues at Equinor, formerly known as Statoil, jumped by 25% to £28.5bn in the first half of 2018.

Cash flow from operations amounted to £10bn compared to £7.95bn in H1 2017.

The company pumped out 2.03 million barrels of oil equivalent (boe) per day on average in the second quarter, an increase from 1.99 million boe per day in the same period in 2017.

The increase was primarily due to higher production in the US.

Equinor has also completed 10 exploration wells with four commercial discoveries.

It spent £175m on exploration in the second quarter, up from £170m last year.

Equinor chief executive Eldar Saetre said: “We capture value from higher prices and deliver solid results and cash flow from operations.

“This quarter we deliver very strong results from our international operations, while new fields, increased maintenance and some quarter specific items contribute to somewhat higher costs at the NCS.

“This underlines the importance of continued cost focus across the organisation. We are on track to deliver on our guiding to the capital market.”

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