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Equinor's adjusted Q3 profit nearly halves YOY as low prices bite

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Equinor's adjusted Q3 profit nearly halves YOY as low prices bite

Equinor ASA's adjusted earnings for the third quarter amounted to $2.59 billion, a fall of 46% from $4.84 billion in the year-earlier period.

Adjusted earnings after tax dropped to $1.08 billion from $1.99 billion. The company said lower prices for liquids and gas impacted its quarterly earnings.

"We maintain strong cost and capital discipline, but our results are impacted by lower commodity prices in the quarter. In addition, we have decided to use our flexibility to defer gas production to periods with higher expected prices," said President and CEO Eldar Sætre in a statement.

The company reported IFRS net loss of $1.11 billion, compared with net income of $1.67 billion a year ago. It also logged a net operating loss of $469 million, compared with net operating income of $4.60 billion a year ago, on the back of net impairment charges of $2.79 billion due to "more cautious price assumptions."

Equinor's total revenues and other income fell to $15.61 billion from $19.14 billion. Total equity production came in at 1,909,000 barrels of oil equivalent per day in the third quarter, down 8% from the same period in 2018.

The company projects organic capital expenditures of $10 billion to $11 billion for 2019. Production for the full year is expected to be around the same level as in 2018.