Equinor ASA (EQNR), a Norwegian petroleum refiner, on Wednesday posted a surge in earnings for the second quarter, amidst higher energy prices and persisting Ukraine crisis. In addition, the company has raised its share buyback target for 2022 to up to $6 billion from $5 billion.
For the second quarter, the Stavanger-headquartered firm posted a net income of $6.76 billion, compared with $1.94 billion a year ago. Net operating income was at $17.7 billion, up from $5.30 billion in the same quarter of 2021.
Adjusted earnings also surged to $17.6 billion, from $4.64 billion, reported for the previous year period. Adjusted earnings after tax were at $5 billion, higher than $1.58 billion in the last year.
The refiner registered its total revenues and other income at $36.45 billion, as against $17.46 billion during the corresponding period of 2021.
Equinor has decided a cash dividend of $0.20 per share for the second quarter. In addition, it has also decided for an increase in its extraordinary cash dividend to $0.50 per share, from $0.20 per share, for second and third quarters of 2022.
The company said it would also initiate a third tranche for $1.83 billion share repurchase. It has decided to increase the share buy-back drive for 2022, from previously announced up to $5 billion, to up to $6 billion of shares.
The third tranche will commence on July 28, and will end no later than October 26. With this drive, the Group aims to reduce the issued share capital of the company.
Looking ahead, the company said its organic capital expenditures are expected at an annual average of around $10 billion for 2022-23, and $12 billion for 2024-25.
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