BAKU, Azerbaijan, July 24. Equinor announced an adjusted operating income of $7.48 billion for 2Q2024, with after-tax income totaling $2.15 billion, Trend reports.
The company reported a net operating income of $7.66 billion and a net income of $1.87 billion. Adjusted net income stood at $2.42 billion, resulting in adjusted earnings per share of $0.84.
The breakdown of the adjusted operating income includes $6.13 billion from E&P Norway, $699 million from E&P International, and $264 million from E&P US.
The Marketing, Midstream & Processing (MMP) segment contributed $521 million, primarily driven by strong results from LNG trading within the Gas and Power business. However, the renewables segment reported a negative adjusted operating income of $90 million due to high project development costs, despite earning $41 million from operational assets.
Meanwhile, cash flow from operating activities before taxes and working capital adjustments was $9.75 billion for the second quarter. After taxes, cash flow from operations was $1.90 billion for the quarter and $7.74 billion year-to-date. Equinor paid $6.98 billion in NCS tax installments during the quarter.
Organic capital expenditure was $2.89 billion for the quarter, with total capital expenditures reaching $4.78 billion. After accounting for taxes, shareholder distributions, and investments, the net cash flow for the second quarter was negative $4.22 billion.
The adjusted net debt to capital employed ratio improved to negative 3.4% at the end of the second quarter, up from negative 19.8% at the end of the first quarter. This calculation includes the impact of the Norwegian state's share buy-back, amounting to $4.02 billion paid in July.