Equinor ASA (NYSE:EQNR) Q3 2023 Earnings Call Transcript October 27, 2023 5:30 AM ET
Company Participants
Bard Glad Pedersen - Senior Vice President of Investor Relations
Torgrim Reitan - Executive Vice President and Chief Financial Officer
Conference Call Participants
Biraj Borkhataria - RBC Capital Markets
Giacomo Romeo - Jefferies
Oswald Clint - Sanford C. Bernstein
Teodor Sveen-Nilsen - Sparebank 1 Markets
Alastair Syme - Citigroup Inc.
Henri Patricot - UBS
Kim Fustier - HSBC
Peter Low - Redburn
Anders Rosenlund - SEB
Michele Della Vigna - Goldman Sachs
Henry Tarr - Berenberg
Christopher Kuplent - Bank of America Merrill Lynch
Paul Redman - BNP Paribas
Operator
Thank you for standing by and welcome to the Equinor Q3 2023 Analyst Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions]. Thank you.
I'd now like to welcome Bard Glad Pedersen, Senior Vice President of Investor Relations to begin the conference. Bard, over to you.
Bard Glad Pedersen
Thank you, operator, and good morning to everybody on this call. As the operator said, my name is Bard Glad Pedersen, and I'm heading up Investor Relations in Equinor. I'm here together with our CFO, Torgrim Reitan, he will take us through the results before we start the Q&A section and we will try to keep this within one hour in total.
So, with that, I give the word to you, Torgrim.
Torgrim Reitan
So, thank you, Bard. And good morning, everyone, and thank you for joining us. Today, we delivered strong results. In a quarter with lower prices than the extraordinary levels we saw last year. We have strong adjusted earnings of $8 billion and $2.7 billion after tax.
Our net operating income came in at $7.5 billion and net income was $2.5 billion. Year-to-date, we have a strong cash flow from operations after tax of $17 billion. This corresponds well to what we said at our Capital Markets Day in February, when we expected to deliver on average $20 billion annually all the way to 2030. We are on track with our delivery this year.
European gas prices are significantly lower than last year. Storages are now for all practical purposes full, and this is as expected. However, the gas market is tight, and it is still very sensitive. We have seen price spikes related to possible strikes in Australia, the terrorist attack on Israel, and the situation with the Baltic pipeline. This winter, prices will again depend on weather, gas demand recovery in Europe, competition for LNG from Asia, and any supply disruptions. We believe volatility will continue into the winter and for the coming years.