Norwegian state-owned oil titan Equinor reports sharp drop in earnings

Equinor logoPhoto: Tor Erik Schrøder / NTB
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Equinor had adjusted earnings before interest and taxes of USD 0.78 billion in the third quarter, down from USD 2.59 billion in the same quarter last year.

The decline was expected, and it was also predicted in advance that there would be billions of write-downs for Equinor in connection with the presentation of the Q3 2020 results on Thursday. 

In the end, they amounted to NOK 27 billion. 

Eldar Sætre’s last quarterly result as CEO of Equinor could clearly have been better. 

Low oil prices

The oil price is now around USD 20 lower per barrel than at the same time last year, and at the close of trading on Wednesday, a barrel of North Sea oil was traded for USD 38.94 a barrel.

“Our financial results are characterized by weak prices as regions around the world are still severely affected by the pandemic. 

“We see the results of our powerful response to turmoil in the market, with significant cost improvements and strict financial discipline,” outgoing CEO Eldar Sætre noted.

“There is still considerable uncertainty associated with the future price development for raw materials, which emphasizes the importance of strengthened competitiveness and financial robustness,” he added.

© NTB Scanpix / #Norway Today

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