Norwegian energy company Equinor (EQNR) Wednesday reported a 3% year-over-year rise in Q2 hydrocarbon production to about 2.2 million barrels of oil equivalent per day, driven by commissioning of new fields and wells.
Production from new fields, including Eirin and Symra, resulted in a 4% rise in Norwegian Continental Shelf output. Combined with operations at Johan Sverdrup and new wells, these factors more than offset production declines from planned turnaround activities and the natural decline of fields, the company said.
In the international oil and gas segment, a 4% year-over-year increase in production resulted from additional output from the Adura joint venture in the UK, the Bacalhau field in Brazil, and reduced turnaround activity.
In the US, production remained steady year over year, the company said.
"Strong production in Q2 enabled us to capture value from higher prices, contributing to strong cash flow and financial results," said Anders Opedal, company president and chief executive.
Equinor also posted a 6% increase in total power generation to 1.19 terawatt-hours in Q2, data showed. This compares with 1.12 TWh recorded in the year-ago period.
Of the total generation, renewable energy contributed 910 gigawatt-hours. This represents an 11% growth from a year earlier.
During the quarter, the company said it made a final investment decision for the Greater PAJ offshore oil project in Angola and conducted exploration activities on 10 wells, seven of which were completed.