Equinor Q3 Profit Down On Weak Prices; Cuts FY23 Production View

(RTTNews) - Norwegian petroleum refining firm Equinor ASA (EQNR) Friday reported that its third-quarter net income plunged 73 percent to $2.50 billion from last year's $9.37 billion. The weakness mainly reflected the gas prices coming down from the extraordinary levels in 2022.

Adjusted earnings after tax was $2.73 billion, down 62 percent from $7.19 billion a year ago. Adjusted earnings were $8.02 billion, down 67 percent from $24.47 billion last year.

Total revenues and other income dropped 40 percent to $26.02 billion from prior year's $43.63 billion.

Equinor delivered total equity production of 2,007 mboe per day in the third quarter, compared to 2,021 mboe per day in the same quarter of 2022. Liquids production grew 12 percent.

Group average liquids price fell 14 percent from last year to $80.3/bbl.

Looking ahead, the company said its estimated production in 2023 is now adjusted to be around 1.5 percent above 2022-level, following the unplanned losses year to date.

The company previously estimated production for 2023 to be around 3 percent above 2022 level.

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