BAKU, Azerbaijan, July 24. Equinor's US exploration and production segment reached over $1 billion in revenues in 2Q2024, Trend reports.
According to the company's latest financial report, this marked an increase of 3 percent year-on-year ($976 million in 2Q2023).
This revenue growth was driven by higher prices for liquids, offsetting the impact of lower gas prices and production volumes, the producer explains.
At the same time, Equinor's E&P US division reported a decline in production compared to the same periods in 2023. As such, US equity liquid and gas production in the reporting period of 2024 reached 337 mboe/d - down 7 percent year-on-year (363 mboe/d in 2Q2023).
This reduction was primarily due to turnaround activity in the Gulf of Mexico and production curtailment affecting the company's onshore assets in Appalachia, Equinor noted.
Meanwhile, on May 31, 2024, Equinor finalized a transaction with EQT, divesting an operated asset and certain non-operated properties in Appalachia. In exchange, Equinor acquired additional interests in its non-operated properties in the northern part of the region. This transaction had a minimal impact on production for the quarter.