Equinor 3Q Net Loss Widened on Impairments -- Earnings Review

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 [e-mail]

(END) Dow Jones Newswires

October 29, 2020 08:44 ET (12:44 GMT)

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