BAKU, Azerbaijan, May 20. Equinor's total revenues from the exploration and production segment in the US for 1Q2024 amounted to $1,055 million, Trend reports.
According to the company's latest report, this marked a slight decline from $1,165 million in the previous quarter (4Q2023), but a 4 percent increase year-on-year from $1,015 million in 1Q2023.
Equinor's equity liquid and gas production stood at 350 mboe/day in 1Q2024, down from 372 mboe/day in 4Q2023, yet slightly up from 347 mboe/day in 1Q2023.
In the US, production levels remained stable year-over-year for the first quarter, the producer says. The commencement of production at the Vito field in 2023 bolstered output from the Gulf of Mexico, leading to an increase in production in 1Q2024 compared to the same period last year. This growth counterbalanced the natural decline in certain mature fields.
However, this increase in offshore production was offset by reduced output in the Appalachia region, primarily due to decreased well development activity. Towards the end of the quarter, Equinor scaled back its drilling and completion activities in response to low gas prices, further impacting production.
Meanwhile, revenues in 1Q2024 were positively influenced by higher liquid prices and increased production from the Gulf of Mexico. Nevertheless, lower gas prices, stemming from an oversupply in the Appalachia basin due to mild winter weather, partially offset these gains.