Equinor’s Bacalhau Project Is On Track—Could This Brazilian Oil Field Be a Game-Changer for 2025?

Equinor reported a robust financial performance for the first quarter with notable achievements, as well as challenges, particularly concerning their Empire Wind project. The company announced an adjusted operating income of $8.6 billion before tax and a net income of $2.6 billion under IFRS. Cash flow from operations post-tax was $7.4 billion, with an adjusted earnings per share of $0.66 and $0.97 on GAAP terms. The strong financial results were primarily bolstered by higher gas production in Norway and the U.S., capturing favorable market prices.