BAKU, Azerbaijan, May 3. Equinor's adjusted operating income in 1Q2024 amounted to $7.53 billion, Trend reports.
According to the company's latest financial report, this marked a decrease of 37 percent year-on-year ($11.91 billion in 1Q2023).
At the same time, Equinor's operating income in the reporting period also declined by 12 percent quarter-over-quarter ($8.55 billion in 4Q2023).
The producer explains that the decrease in net financial items during 1Q2024 has led to a larger proportion of income from the NCS relative to the same period last year. Consequently, the effective reported tax rate for the first quarter of 2024 rose to 66.6 percent, up from 63.8 percent in 2023.
Meanwhile, еhe effective tax rate on adjusted operating income stood at 65.8 percent for 1Q2024, marking a decrease from 70.8 percent in 2023.
This decline can be attributed to a lower proportion of adjusted operating income from NCS and reduced prior period adjustments in 2024 compared to 2023, the company noted. In the reporting period of 2024, there was a strong production delivery, resulting in an adjusted net income of $2.836 billion and a net income of $2.672 billion.