OSLO (Reuters) -Equinor on Thursday posted higher-than-expected earnings for the primary quarter and mentioned this was pushed by excessive manufacturing in its native Norway and robust operational efficiency.
The Norwegian oil and gasoline producer’s adjusted earnings earlier than tax for January-March fell to $7.53 billion from $11.92 billion a 12 months earlier amid decrease gasoline costs, beating the $7.2 billion seen in a ballot of twenty-two analysts compiled by Equinor.
The decline in gasoline costs was solely partially offset by manufacturing development and elevated oil costs, the corporate mentioned.
“Production on the Norwegian continental shelf was high, and the international portfolio contributed with solid production growth,” Equinor CEO Anders Opedal mentioned in a press release.
The firm in 2022 overtook Russia’s Gazprom (MCX:) as Europe’s largest provider of as Moscow’s invasion of Ukraine upended decades-long power ties.
Equinor within the first quarter pumped 2.16 million barrels of oil equal per day, in step with expectations within the analyst ballot and maintained a projection that oil and gasoline output will stay flat this 12 months in contrast with 2023.
The firm in an annual assessment in February mentioned the mixed oil and gasoline manufacturing was set to extend after 2024, rising some 5% by 2026 earlier than declining considerably in the direction of 2030.
First-quarter pure gasoline output from its Norwegian operations rose by 1% year-on-year to 814,000 barrels of oil equal, whereas analysts had anticipated 810,000 boed.
The Dutch TTF front-month gasoline contract, Europe’s benchmark, averaged 27.51 euros per megawatt hour (MWh) within the first quarter, down from 52.73 euros/MWh a 12 months earlier, reflecting a gentle winter and well-filled storages.
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