US EditionNorway's Energy Giant Equinor Falls Into Loss
- Equinor reported a net loss of $210 million in the third quarter, contrasting with a net profit of $2.3 billion last year, primarily due to a $754 million impairment charge on its assets.
- Equinor adjusted its forecast for average crude prices in 2030-2040 to $75 per barrel, leading to the asset write-down.
- Adjusted operating income decreased by 10% to $6.2 billion, even as production increased by 7% to 2.13 million barrels per day of oil equivalent.
- The drop in the value of the main international crude oil contract by 14% compared to last year negatively impacted earnings.
33 Articles
33 Articles
Mimir Kristjansson (R) believes Equinor is evading its responsibility for workers on illegal contracts – and receives support from a safety researcher.
Equinor posts net loss in third quarter
Norwegian energy company Equinor reported a net loss for the third quarter, although revenue grew slightly. Revenue for the July-September period was $26.049 billion, up 2 percent from the same period last year. However, adjusted operating profit fell 10 percent to $6.215 billion. The company’s net loss for the third quarter was $210 million, compared with a net profit of $1.317 billion in the second quarter. Adjusted net profit was $932 million…
Equinor management is working on two major strategic processes – the future of the Norwegian continental shelf and the renewable portfolio. A changed company could mean over 5,000 fewer employees by 2030.
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
