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Equinor Sees Q1 MMP Division Earnings Above Guidance Amid Iran War-Driven Volatility

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Norwegian energy company Equinor (EQNR) on Thursday said it expects Q1 average quarterly adjusted operating income of around $400 million from its marketing, midstream, and processing division, surpassing the company's guidance figures, amid "significant volatility" in the crude, products, and liquids markets due to the Iran war.

"The conflict in the Persian Gulf has driven significant volatility across crude, products, and liquids towards the end of the quarter," the company said in a trading update.

The company's US trading business was also set to benefit from higher prices driven by the cold spell in the country in late January.

Meanwhile, "European geographic spreads supported gains from optimizing European gas flows."

In Norway, the company reported exploration activity in 9 wells on the Norwegian Continental Shelf in Q1, with 8 wells being completed.

International output was expected to be stable compared with the previous quarter, excluding output from the Adura project, the statement said.

Price: $38.08, Change: $+1.26, Percent Change: +3.41%

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