Norwegian oil company Equinor has reported net income of $2.5bn (€2.37bn) for Q3 2023, a 73% drop from $9.37bn in the same period a year ago.

Adjusted earnings before tax for the quarter ending 30 September 2023 was $8.02bn, down by 67% from $24.47bn in Q3 2022.

The Norwegian company’s adjusted earnings after tax stood at $2.73bn, compared with $7.19bn in the same period a year ago.

The decline is attributed mainly to a drop in gas prices from the extraordinary levels seen in 2022.

For Q3 2023, Equinor’s net operating income dropped by 71% to $7.4bn.

Equinor president and CEO Anders Opedal said: “Equinor delivered strong cash flow and earnings in a quarter with considerably lower gas prices than last year.

“Through strong operational performance, we delivered high oil production from Johan Sverdrup and our international portfolio. The gas production from the Norwegian Continental Shelf was impacted by planned maintenance and extended turnarounds. We continue with significant capital distribution and will deliver a total distribution of $17bn in 2023.”

Total revenues and other income for Q3 2023 dropped by 40% to $26.02bn, from $43.63bn in the same period a year earlier.

The Equinor board announced a cash dividend of $0.30 per share. It also plans to continue the extraordinary payment of $0.60 per share for Q3 2023.

Furthermore, the company plans to commence the fourth and final tranche of share buybacks of $1.67bn on 30 October 2023.

It expects total capital distribution in 2023 to be around $17bn, which includes a share buyback of $6bn.