Equinor Q2 results

Equinor reported a 4% decline in second-quarter profits, with adjusted earnings before tax at $7.48 billion, slightly exceeding analysts' expectations of $6.96 billion. The drop in profits was attributed to lower natural gas prices due to reduced demand and high storage levels. Despite this, Equinor's oil and gas production remained robust at 2.05 million barrels of oil equivalent per day, surpassing expectations and reflecting a year-on-year increase. The company has revised its renewable energy production growth forecast for 2024 to 70%, down from a previous doubling target, partly due to delays in the Dogger Bank A offshore wind farm project. Equinor also announced a competitive capital distribution plan, anticipating a total of $14 billion to be delivered to shareholders in 2024, including a $6 billion share buyback program. Furthermore, safety results showed a positive trend, with a decrease in serious incidents, underscoring the company's commitment to improving safety standards across operations.