Equinor (EQNR) Q2 2025 Earnings Call July 23, 2025 05:30 AM ET Company ParticipantsBård Glad Pedersen - SVP & Head - IRTorgrim Reitan - EVP & CFOBiraj Borkhataria - Global Head - Energy Transition ResearchIrene Himona - Managing Director - Oil & GasAlejandro Vigil - Head - European Integrated Energy Equity ResearchPeter Low - MD - Energy Equity ResearchHenri Patricot - Executive Director & Equity Research - Oil & Gas sectorPaul Redman - Director - VP Energy Equity ResearchMichele Della Vigna - Managing Dire ...

业绩总结 - 调整后每股收益为0.64美元，净收入为13亿美元[6] - 2025年第二季度的运营收入为65.35亿美元，较2024年同期的74.82亿美元下降了12.8%[23] - 2025年第二季度的净现金流为负25.79亿美元，反映出资本分配和税务支付的影响[26] 现金流与资本分配 - 2025年迄今的税后运营现金流为93.32亿美元，第二季度运营现金流为19.78亿美元[26] - 2025年预计总资本分配为90亿美元，包括每股现金股息37美分和126.5亿美元的股票回购[6] - 2025年第二季度的资本支出为34亿美元，较2024年同期的水平保持稳定[6] 产品与市场表现 - 第二季度液体产品的实现价格为每桶63.0美元，较2024年同期的77.6美元下降了18.5%[23] - 第二季度欧洲天然气的实现价格为每百万英热单位12.0美元，较2024年同期的9.94美元增长了20.7%[23] - 2025年第二季度的油气生产增长超过2%，其中美国陆上天然气生产增长显著[21] 收入来源分析 - 2025年第二季度，E&P挪威的税前调整运营收入为5,706百万美元，税后为1,244百万美元[39] - 2025年第二季度，E&P国际的税前调整运营收入为429百万美元，税后为291百万美元[39] - 2025年第二季度，E&P美国的税前调整运营收入为183百万美元，税后为141百万美元[39] - 2025年第二季度，MMP的税前调整运营收入为333百万美元，税后为144百万美元[39] - 2025年第二季度，REN的税前调整运营收入为(75)百万美元，税后为(72)百万美元[39] 负面信息 - 2025年第二季度的总可记录伤害频率(TRIF)为4.4，较2024年同期的3.8有所上升[11] - 2024年第二季度，E&P挪威的税前调整运营收入为6,129百万美元，税后为1,364百万美元[39] - 2024年第二季度，E&P国际的税前调整运营收入为699百万美元，税后为474百万美元[39] - 2024年第二季度，E&P美国的税前调整运营收入为264百万美元，税后为192百万美元[39] - 2024年第二季度，MMP的税前调整运营收入为521百万美元，税后为237百万美元[39] - 2024年第二季度，REN的税前调整运营收入为(90)百万美元，税后为(85)百万美元[39]

土壤修复工程项目规模 - 2024年全国土壤修复工程项目数量达1426个 较上年增加309个 [1] - 2024年工程项目投资金额大幅下降至100.9亿元 同比降幅达48% [1] - 近四年工程市场总投资规模呈现波动态势 未形成持续增长趋势 [1] 土壤修复咨询项目规模 - 咨询服务类项目数量持续增长 2024年达4699个 中标金额47.18亿元 [2] - 2021年咨询项目数量首次突破3000个 同比增长9.46%至3123个 [2] - 政策驱动是咨询类项目增长的核心因素 项目金额同步提升 [2] 项目类型结构分析 - 咨询服务类项目数量占比最高 达72% 但金额占比30.9% [4][5] - 风险管控与修复工程金额占比42.7% 显著高于其他类型 [4][5] - 地下水污染治理项目数量占比13.7% 金额占比18.6% [4][5] - 5000万以上大型风险管控项目26个 占该类型投资额52.2% [5] 行业发展趋势 - 工程项目数量保持300-600个区间波动 咨询类项目成主要增量 [9] - 未来将呈现法规体系完善、系统性提升和环境友好型发展特征 [9] - 需求释放呈现分阶段、分地区特点 修复节奏保持理性保守 [9] 行业上市公司 - 主要参与者包括建工修复、高能环境、京蓝科技等上市公司 [1] - 森特股份、博世科、永清环保等企业构成行业竞争格局 [1]

Equinor (OSE: EQNR, NYSE: EQNR) will on 24 July 2025 commence the third tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the second quarter results 23 July 2025. In this third tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total third tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 27 Octob ...

Key information relating to the cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for the second quarter 2025. Cash dividend amount: 0.37 Announced currency: USD Last day including rights: 12 November 2025 Ex-date Oslo Børs: 13 November 2025 Ex-date New York Stock Exchange: 14 November 2025 Record date: 14 November 2025 Payment date: 26 November 2025 Date of approval: 22 July 2025 Other information: The cash dividend per share in NOK will be communicated on 20 November 2025. This information is p ...

Equinor (OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64. Solid financial results Strong operational performance and production growthHigher US onshore gas production capturing higher pricesStable cost and capex in line wit ...

July 22, 2025 06:35 PM GMT RESEARCH Commodities The Oil Manual – Chartbook: 200 Charts that Decode the Oil Market Source: Shutterstock Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certificati ...

July 22, 2025 04:13 AM GMT Energy | Asia Pacific M Idea China's Anti-Involution Implications After the steel and solar supply chains, China's downstream energy supply side reforms should help re-rate the rest of the regional fuel refiners and reduce the overhang on domestically oriented chemicals. Reliance, HPCL, BPCL, Deepak Nitrite, Indorama and Thai Oil are key beneficiaries. China's State Council's press conference mentioned supply-side reform of refining and chemicals and our China team sees potential ...

Shell (SHEL) closed at $71.15 in the latest trading session, marking a +1.18% move from the prior day. This change outpaced the S&P 500's 0.06% gain on the day. Meanwhile, the Dow experienced a rise of 0.41%, and the technology-dominated Nasdaq saw a decrease of 0.39%. Heading into today, shares of the oil and gas company had lost 0.73% over the past month, outpacing the Oils-Energy sector's loss of 3.71% and lagging the S&P 500's gain of 5.88%.Investors will be eagerly watching for the performance of Shell ...

ConocoPhillips (COP) ended the recent trading session at $92.98, demonstrating a +2.18% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.06% for the day. On the other hand, the Dow registered a gain of 0.41%, and the technology-centric Nasdaq decreased by 0.39%. Shares of the energy company witnessed a loss of 0.77% over the previous month, beating the performance of the Oils-Energy sector with its loss of 3.71%, and underperforming the S&P 500's ga ...