Equinor has announced its first-quarter 2024 results, reporting an adjusted operating income of $7.53 billion and $2.57 billion after tax, a 36.7% decline from the previous year. However, the figure exceeded the $7.2 billion forecast based on a survey of 22 analysts compiled by the company.

Notably, Equinor realized a price of $9.41 per (Metric Million British Thermal Unit) MMbtu for piped gas to Europe and an average liquids price of $76.0 per bbl, marking a 50% decrease and a 3% increase, respectively, compared to Q1 2023.

This decline was primarily influenced by lower gas prices, partially offset by production growth and increased liquids prices.

Meanwhile, Equinor’s total equity production reached 2,164 million barrels of oil equivalent (mmboe) per day in Q1 2024, up from 2,130 mmboe per day in the same period last year.

“Equinor delivered solid financial results driven by strong operational performance across the business. Production on the Norwegian continental shelf was high, and the international portfolio contributed with solid production growth. We continue with significant capital distribution and expect to deliver a total distribution of 14 billion dollars in 2024,” said Anders Opedal, President and CEO of Equinor ASA.

The company noted in a press release that increased capacity at Johan Sverdrup and ramp up of Breidablikk, in addition to new wells on stream, contributed to increased growth on the Norwegian continental shelf. Moreover, the Vito field in the US Gulf of Mexico and the Buzzard field in the UK, in addition to new wells in Angola contributed to 3% production growth internationally.

Equinor’s renewable energy sector also saw notable developments, with a 48% increase in production to 774 GWh in the first quarter.

“We maintain a value-driven approach to renewables growth. In the quarter, we achieved significantly better terms for our Empire Wind 1 project in the US and started the commercial production from the Mendubim solar plants in Brazil,” said Opedal.

Equinor continued to optimize its oil and gas portfolio with the recent swap transaction in the US onshore business, exiting the operated position in Ohio and increasing its position in partner-operated assets in Northern Marcellus in Pennsylvania. Equinor will pay a cash consideration of $500 million to balance the overall transaction.