Energy Giant Equinor's Q3 Earnings: Revenue & Profits Tumble Significantly On Weak Gas Production
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) reported a 41% Y/Y decline in Q3 FY23 adjusted revenue to $25.74 billion. Liquids production rose 12% Y/Y, but gas equity production fell 13% Y/Y due to maintenance and unplanned turnaround extensions. Adjusted earnings declined 67% Y/Y to $8.024 billion. The company completed the third tranche of the share buyback program for 2023 with a total value of up to $1.67 billion and initiated a fourth and final tranche of the same value. EQNR shares are trading higher by 1.91% at $33.59.
October 27, 2023 | 2:31 pm
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Equinor's Q3 FY23 results show significant declines in revenue and earnings, but the company's share buyback program and increased liquids production may have contributed to the stock trading higher.
Equinor's Q3 FY23 results were weaker than expected, with significant declines in revenue and earnings. However, the company's share buyback program and increased liquids production may have provided some support to the stock, leading to it trading higher.
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