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October 28, 2021

Equinor reports $1.41bn profit in Q3 2021

The energy giant plans a $1bn share buyback plan during the next three months to capitalise on surging commodity prices.

By Archana Rani

Norwegian energy firm Equinor has reported a net income of $1.41bn for the third quarter of 2021 as against a loss of $2.12bn a year ago.

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The company has attributed the results to higher oil and gas prices, as well as net reversal of impairments of $0.51bn.

The firm reported a net operating income of $9.57bn compared to negative $2.019bn in the same quarter of 2020.

Adjusted earnings rose to $9.77bn from $780m in the third quarter of 2020, and adjusted earnings after tax increased to $2.77bn from $271m in the same period last year.

Equinor president and CEO Anders Opedal said: “The current unprecedented level and volatility in European gas prices underlines the uncertainty in the market.

“Equinor has an important role as a reliable energy provider to Europe and we have taken steps to increase our gas exports to respond to the high demand.”

Equinor’s marketing, midstream and processing (MMP) unit posted adjusted earnings of $2.19bn compared to $262m in the third quarter of 2020.

In the July-September quarter of 2021, Equinor’s total equity production stood at 1,996 million barrels of oil equivalent (Mboe) versus 1,994Mboe/d in the year-ago period.

The company plans a $1bn share buyback plan during the next three months to capitalise on the favourable commodity price conditions and strong cash flow generation.

Although the firm planned to buy shares worth up to $300m during the previous three months, it ended up purchasing $99m shares as of 30 September.

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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