Equinor 3Q Net Loss Widened on Impairments -- Earnings Review
October 29 2020 - 7:59AM
Dow Jones News
By Dominic Chopping
Equinor ASA reported its third-quarter results on Thursday.
Here's what we watched:
NET INCOME: The oil major reported a net loss of $2.13 billion
from a loss of $1.11 billion for the same period a year earlier,
after seeing lower oil and gas prices and booking $2.93 billion of
impairments. Analysts polled by FactSet had expected a net profit
of $283 million. Adjusted earnings fell to $780 million against
expectations of $1.02 billion.
REVENUE: Revenue fell 23% to $11.25 billion against the $10.94
billion expected.
WHAT WE WATCHED:
PRODUCTION: Equinor delivered total equity production of 1.994
million barrels of oil equivalent a day in the quarter, up from
1.909 million barrels a day for the same period last year.
GUIDANCE: The company still expects to deliver average annual
production growth of around 3% from 2019 to 2026. It backed
previous guidance of 2020 organic capital expenditure of $8.5
billion and exploration activity of $1.1 billion. Capital
expenditure for 2021 is still seen at around $10 billion and at $12
billion annual average for 2022-23. Equinor declared a
third-quarter dividend of $0.11, up from $0.09 in 2Q.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 29, 2020 08:44 ET (12:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Apr 2024 to May 2024
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From May 2023 to May 2024