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Equinor Q1 Profit Rises

Norwegian energy company Equinor ASA (EQNR), formerly Statoil ASA, reported that its first-quarter net income rose to $1.71 billion from $1.29 billion in the prior year.

Adjusted earnings after tax were $1.54 billion, up from $1.47 billion in the same period last year. Production was maintained at a high level, but lower prices impacted the result.

But, net operating income for the quarter declined to $4.73 billion from last year's $4.96 billion, mainly impacted by lower average prices for liquids and gas, lower third-party crude oil volumes and higher operating and administrative expenses mainly due to portfolio changes and new fields coming on stream. The decrease was partially offset by lower depreciation expenses mainly due to increased proved reserves estimates, in addition to the NOK/USD exchange rate development.

Total revenues and other income for the quarter declined to $16.48 billion from $19.88 billion last year.

Adjusted total revenues and other income were $15.77 billion in the first quarter of 2019 compared to $19.41 billion in the first quarter of 2018. Lower third-party crude oil volumes and lower average prices for liquids and gas decreased Adjusted total revenues and other income as well as Adjusted purchases.

Scheduled maintenance activity is estimated to reduce the quarterly production by approximately 60 mboe per day in the second quarter of 2019. In total, maintenance is estimated to reduce equity production by around 40 mboe per day for the full year of 2019.

The board of directors has decided on a dividend of USD 0.26 per share for the first quarter, a 13% increase from the same quarter last year.

Total equity liquids and gas production was 2,178 mboe per day in the first quarter of 2019, at the same level as in the first quarter of 2018.

For the period 2019 - 2025, the company expects production growth to come from new projects resulting in around 3% CAGR or Compound Annual Growth Rate.

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