The renewables division of Norwegian oil and gas group Equinor ASA maintained its net operating loss in the second quarter of 2024 almost unchanged from the same period last year, while revenues rose by 42%.
The company's net operating loss from renewables activities was USD 90 million (EUR 83.1m), compared to USD 91 million in the second quarter of 2023.
In its quarterly financial report released on Wednesday, Equinor attributed the slight improvement to reduced project development costs but noted that these costs still exceeded earnings from operational assets.
Operating and administrative expenses increased due to higher activity at ongoing development projects and increased business development expenditures.
Renewable revenues reached USD 12 million, an improvement driven by the commissioning of new onshore wind parks in Brazil and Poland for third-party customers.
Equinor's renewable energy output surged by 90% year-on-year in the three months, with more than half of the total volumes coming from onshore power plants.
At the group level, Equinor closed the second quarter with an adjusted net profit of USD 2.42 billion, down from USD 2.71 billion a year earlier. Its operating income increased by 9% to USD 7.66 billion.
