Equinor (OSE:EQNR) brought in an adjusted operating income of $6.89 billion and $2.04b after tax in the third quarter of 2024.
Exploration and production from its assets in Norway brought in the majority of its operating income, $5.88b, while another $407m came from E&P International and $207m from E&P USA.
However, the Norwegian major saw its total production drop slightly year on year, falling to 1.9m boepd in the third quarter, down from 2m boepd in the same quarter of 2023.
On the Norwegian continental shelf (NCS), production increased by 2% compared to the third quarter of 2023.
This was due to high gas production from the Troll field and positive contributions from Aasta Hansteen and Oseberg.
The increase was partially offset by extensive turnarounds, natural decline and reduced ownership in the Statfjord area.
Internationally, new wells contributed positively to the production. This included the benefits of new wells coming onstream and higher volumes from the Buzzard field in the UK.
In the quarter, Equinor completed nine offshore exploration wells with one commercial discovery. Four wells were ongoing at the quarter end. Two wells were expensed.
This was offset by turnaround activity in Brazil for the first nine months of 2024 and the impact of hurricanes in the US.
President and CEO of Equinor Anders Opedal said: “With solid operational performance and results, we are well on track to deliver strong cashflow from operations in line with what we said at the capital markets update in February.
“Over time, we have upgraded the capacity in the gas value chain. This has contributed to an all-time high production from the Troll field in the gas year. In the quarter, the Johan Sverdrup field delivered a production record of more than 756,000 barrels of oil in one day and reached the milestone of one billion barrels produced since the start-up five years ago. This strengthens our position to deliver safe and reliable energy to Europe.
“We continue to invest in renewables and develop low carbon value chains. In the quarter, the world’s first commercial storage facility, Northern Lights, was completed and is now ready to receive CO2 from customers.”
Equinor saw a major spike in renewable energy, producing 677GWh from renewable assets in the third quarter, up 82% from the same quarter last year.
The increase was driven by the addition of onshore power plants in 2024. The offshore wind parks Dudgeon, Sheringham Shoal and Arkona also contributed positively to the production.
However, progress at Dogger Bank A in the UK was slower than expected. Based on this, Equinor adjusted expected growth in power production from renewable assets in 2024 to around 50%.
This is expected to receive a boost from Equinor’s recent acquisition of a 9.8% stake in Orsted.
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