Equinor Slips To Loss In Q3 - Quick Facts

(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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.