BAKU, Azerbaijan, July 26. Equinor, Norway-based company has increased its capital expenditures by 66 percent in the second quarter of 2023, compared to the second quarter of 2022, Trend reports.
The company’s capex and investments stood at $2.842 billion in the second quarter of 2023, as compared to $1.713 billion in the same period in 2022.
The company also saw a year-on-year increase of 13 percent in capex, as it rose from $4.328 billion in 1H 2023 to $4.893 billion in the first six months of 2022.
Equinor’s total operating expenses dropped by 16 percent from $18.727 billion in 2Q 2022 to $15.821 billion in the same period in 2023. The operating expenses stood at $32.527 billion in the first six months of 2023, compared to $36.727 billion in the same period in 2022, showing a 11 percent decrease year-on-year.
Meanwhile, total revenues and other income amounted to $52.096 billion in 1H 2023, versus $72.852 billion, dropping by 28 percent year-on-year.
Equinor notes that the decline in price realisation, in contrast to the extraordinary highs observed during the second quarter of 2022, has had an impact on revenue and total results for both the second quarter and first half of 2023 when compared to the previous year, despite experiencing a slight increase in total production.
The Marketing Midstream and Processing segment played a vital role in contributing to the overall business results, thanks to robust performances in crude and gas trading and optimization. However, when compared to the previous year, the results were somewhat reduced, largely due to decreased market volatility in gas and power.
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