This week, Equinor, Aker BP and Vår Energi released their Q1 results. In short: Equinor reported on the strong side, with a solid FCF beat fuelled by a working capital tailwind. Aker BP had a solid Q1 all around, while there was limited new news on Johan Sverdrup. For Vår Energi, with the results in line with our expectations, we believe investor focus remains on the Jotun FPSO sail-away.
>Q1 2023 results 5% ahead of expectations at the operating level and 26% at the net income level - Q1 2024 adjusted EBIT totalled $ 7.5bn, 5% above the consensus, and adjusted net profit was $ 2.57bn, 26% above expectations, with an effective tax rate of 65.8% vs 78% in Q3, with a pleasant surprise in MM&P.Earnings buoyed by the good performance from MM&P - Earnings for the E&P division totalled $ 6.75bn (vs $ 8.4bn in Q4), down by 20% q-o-q and in...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
Equinor reported Q1 adj. EBIT 3% above our estimate and 5% above company-compiled consensus. Moreover, FCF was exceptionally strong at USD6.3bn, albeit helped by USD3.2bn in a working capital tailwind, which to our understanding is unlikely to reverse. We have increased our 2024e FCF to USD11bn (~13% FCF yield), which would leave Equinor with a ~USD3bn net cash position by year-end. Consequently, we expect this to trigger an extension of extraordinary dividends into 2025, which should be welcome...
>Des résultats T1 2024 5% supérieurs aux attentes au niveau opérationnel et 26% au niveau du RN - L’EBIT ajusté du T1 2024 s’est établi à 7.5 Md$, 5% supérieur au consensus et le résultat net ajusté à 2.57 Md$, 26% supérieur aux attentes avec un taux d’impôts effectif à 65.8% vs 78% au T3 avec une bonne surprise dans MM&P.Des résultats aidés par la bonne performance de MM&P - Le bénéfice de l'E&P ressort à 6.75 Md$ (vs 8.4 Md$ au T4) en baisse de 2...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Operating profit 4% higher than expected - Aker BP released its Q1 2024 results showing revenues fully in line with expectations but EBITDA and EBIT 4% higher than expected at $ 2.8bn (-17.7% q-o-q) and € 2.2bn (+1.9% q-o-q), respectively. Net profit was 13% higher than expected at $ 531m, boosted by a tax rate of 75% vs 92% in Q4. CFFO was virtually flat at $ 1.45bn and FCF was down -26% to $ 339m.Good operating performance but upcoming maintenance st...
>A 5% beat on operating profit and 26% on adjusted net income - Q1 2024 adjusted EBIT came in at $ 7.53bn (vs $ 8.68bn in Q4; -13.2% q-o-q), 4% above our estimates and 5% ahead of consensus. Production declined by 1.3% q-o-q and was in line with expectations and expected to remain flat in 2024 vs 2023. Adjusted net income was robust at $ 2.574bn (vs $ 1.88bn in Q4), 26% above the consensus with a lower-than-expected effective tax rate at 65.8% vs 72% expected. §h...
>A 5% beat on operating profit and 26% on adjusted net income - Q1 2024 adjusted EBIT came in at $ 7.53bn (vs $ 8.68bn in Q4; -13.2% q-o-q), 4% above our estimates and 5% ahead of consensus. Production declined by 1.3% q-o-q and was in line with expectations and expected to remain flat in 2024 vs 2023. Adjusted net income was robust at $ 2.574bn (vs $ 1.88bn in Q4), 26% above the consensus with a lower-than-expected effective tax rate at 65.8% vs 72% expected. §h...
>Un résultat opérationnel 4% supérieur aux attentes - Aker BP a publié ses résultats du T1 2024 avec des revenus parfaitement en ligne mais un EBITDA et EBIT 4% supérieurs aux attentes à respectivement 2.8 Md$ (-17.7% QoQ) et 2.2 Md$ (+1.9% QoQ). Le résultat net ressort 13% supérieur aux attentes à 531 M$ bénéficiant d’un taux d’impôts à 75% vs 92% au T4. Le CFFO est quasi stable à 1.45 Md$ et le FCF est en baisse de 26% à 339 M$.Une bonne performance op...
Equinor to commence second tranche of the 2024 share buy-back programme Equinor (OSE: EQNR, NYSE: EQNR) will after the annual general meeting 14 May 2024 commence the second tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the first quarter results 25 April 2024. Execution of share buy-back under this second tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2024 and agreement with the Norwegian State regarding share buy-back. In this second tranche of the share bu...
Equinor vil starte andre transje av tilbakekjøpsprogrammet for aksjer for 2024 Equinor (OSE: EQNR, NYSE: EQNR) vil etter generalforsamlingen 14. mai 2024 starte andre transje av tilbakekjøpsprogrammet for aksjer for 2024 på inntil 1,6 milliarder USD, som annonsert i forbindelse med selskapets første kvartalsresultat 25. april 2024. Gjennomføring av tilbakekjøp i denne andre transjen er betinget av fornyet styrefullmakt fra generalforsamlingen den 14. mai 2024 og avtale med den norske stat om tilbakekjøp av aksjer. I denne andre transjen av tilbakekjøpsprogrammet for 2024 vil aksjer fo...
Equinor ASA: Key information relating to cash dividend for first quarter 2024 Key information relating to the cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for first quarter 2024. Ordinary cash dividend amount: 0.35 Extraordinary cash dividend amount: 0.35 Announced currency: USD Last day including rights: 15 August 2024 Ex-date Oslo Børs: 16 August 2024 Ex-date New York Stock Exchange: 19 August 2024 Record date: 19 August 2024 Payment date: 28 August 2024 Date of approval: 24 April 2024 Other information: The cash dividend per share in NOK will be communicated 23 A...
Equinor ASA: Nøkkelinformasjon ved kontantutbytte for første kvartal 2024 Nøkkelinformasjon ved kontantutbytte for Equinor (OSE: EQNR, NYSE: EQNR) for første kvartal 2024. Ordinært utbyttebeløp: 0,35 Ekstraordinært utbyttebeløp: 0,35 Annonsert valuta: USD Siste dag inklusive: 15. august 2024 Ex-dato Oslo Børs: 16. august 2024 Ex-dato New York Stock Exchange: 19. august 2024 Record date (eierregisterdato): 19. august 2024 Betalingsdato: 28. august 2024 Vedtaksdato: 24. april 2024 Øvrig informasjon: Kontantutbytte i NOK per aksje vil bli kommunisert 23. august 2024. Denne informasj...
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