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Company Report 25 April 2024

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Report summary

Equinor had a solid quarter given the sharp fall in Norwegian gas prices. Earnings surprised on the upside, boosted by the Market, Midstream and Processing (MMP) business unit coming in 11% ahead of guidance. Johan Sverdrop's production outlook was a hot topic. This followed Equinor's guidance that its flagship asset will come off plateau later in 2024 or in early 2025. Production decline rates will depend upon drilling new wells, optimising production, water management and future phase of development. Equinor had a relatively quite Q1 on the business development front. The award of a new offtake aggreement for the Empire 1 project was one highlight. A swap deal with EQT to high-grade the US gas portfolio also continued Equinor's drive to focus its international upstream business.

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