(RTTNews) - Norwegian energy company Equinor ASA (EQNR), formerly Statoil ASA, reported Thursday that its third-quarter IFRS net loss was $1.11 billion, compared to net income of $1.67 billion last year.
The net loss reflects net impairments of $2.79 billion, of which $2.24 billion relates to unconventional onshore assets in North America, mainly as a result of more cautious price assumptions.
Adjusted earnings after tax were $1.08 billion, compared to $1.99 billion in the same period last year. Lower prices for both liquids and gas impacted the earnings for the latest quarter.
IFRS net operating loss for the quarter was $469 million, compared to net operating income of $4.60 billion in the same period of 2018.
Total revenues and other income declined 18 percent to $15.61 billion from $19.14 billion in the year-ago period.
Equinor delivered total equity production of 1,909 mboe per day in the quarter, down 8 percent from last year.
The company's board of directors has decided on a dividend of $0.26 per share for the third quarter.
In the quarter, Equinor launched a share buy-back program of up to $5 billion over a period until the end of 2022. In the first tranche, Equinor will purchase shares for up to $500 million in the market, and by the end of the third quarter, shares for $91 million have been settled and paid.
Looking ahead, Eldar Sætre, President and CEO of Equinor said, "We are developing a portfolio of profitable projects with low CO2 emissions, and we are on track to deliver strong production growth in 2020 and a 3% average annual production growth from 2019 to 2025."
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