Equinor has reported its first quarter 2021 results. Credit: Equinor.

Boosted by higher oil and gas prices, Equinor posted a net income of $1.85bn for the first quarter of 2021, in contrast to a $705m loss a year ago.

Adjusted profit before interest and tax (EBIT) surged to $5.47bn from $2.05bn in the first quarter of 2020.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company’s adjusted earnings after tax in the quarter soared to $2.66bn from $561m in the same quarter of last year and it booked combined gains of $1.4bn during the quarter from divestments.

The Norwegian energy giant has decided to pay a dividend of 15 cents per share for the quarter.

Petroleum output fell marginally to 2.17 million barrels of oil equivalent per day (boepd) from 2.23 million boepd in the year-ago quarter.

Output was dented by the shutdown of a liquefied natural gas (LNG) plant in Norway and repairs at the Peregrino oilfield in Brazil, the company said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Equinor, however, noted that it expects production to increase by 2% in 2021 compared to last year. Over the period of 2020-2026, the energy giant expects production to grow at a rate of 3% per annum.

Equinor president and CEO Anders Opedal said: “With sustained improvements and capital discipline, we are able to capture value from recovering oil and gas prices and achieve our best quarterly results since 2014.

“We deliver a net cash flow above $5bn and reduce our adjusted net debt ratio to below 25%. The forceful response and solid operational performance delivered by our organisation during the pandemic is providing for a strong position for safe operations, value creation and cash flow generation in 2021 and going forward.”