• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Red Sea Disruptions Spark Oil Tanker Shortfall

Red Sea Disruptions Spark Oil Tanker Shortfall

Disruptions in the Red Sea…

Solar Stocks Rally on Optimistic Guidance 

Solar Stocks Rally on Optimistic Guidance 

The solar sector has snapped…

Equinor Raises Dividend as Big Oil Looks to Boost Returns

Equinor (NYSE: EQNR) is proposing a dividend increase for Q4 and aims to raise quarterly cash dividends each year as the Norwegian group and other oil majors look to reward shareholders after higher-than-expected profits for 2023.    

Equinor reported on Wednesday adjusted earnings of $8.68 billion for the fourth quarter of 2023, slightly higher than the $8.46 billion expected in a consensus provided by the company, and much lower than in the same period of 2022, due to a significant decline in natural gas and crude oil prices.

Net income came in at $2.6 billion, down from $7.9 billion a year earlier, but higher than $2.46 billion expected in a FactSet poll.

The significantly lower natural gas prices “compared to the extraordinary price levels seen in 2022” more than offset the contribution from higher oil and gas production, Equinor said.

Equinor’s oil and gas output rose by 2.1% annually in 2023, above the company’s latest guidance of 1.5% growth, thanks to higher output at the giant Johan Sverdrup field, it said. 

The board of directors proposes an ordinary cash dividend of $0.35 per share for the fourth quarter of 2023, up by $0.05 per share from the third quarter of 2023, and sets an ambition to grow the quarterly cash dividend by 2 cents per year, Equinor noted.

“We expect to grow our cash flow and sustain competitive returns. We are extending the outlook for stable contribution from oil and gas to 2035,” Equinor’s president and CEO Anders Opedal said.

“By 2030 we expect material and rapidly growing cash flow from our renewables and low carbon business.”

Equinor’s target to grow its dividend is in line with the trend among Big Oil to boost returns to shareholders. This earnings season, all major companies that have reported profits so far have announced more buybacks amid better-than-expected earnings. The U.S. supermajors Exxon and Chevron boasted record shareholder returns for 2023.  

Earlier this week, BP was the latest to accelerate share buybacks as it joined ExxonChevron, and Shell in reporting forecast-beating earnings despite the decline in oil and gas prices.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News