Equinor Slips To Loss In Q1 Amid Weak Prices, Higher Production - Quick Facts

(RTTNews) - Norwegian energy company Equinor ASA (EQNR), formerly Statoil ASA, reported Thursday that its first-quarter IFRS net loss was $705 million, compared to profit of $1.71 billion a year ago.

Adjusted earnings were $2.05 billion, compared to $4.19 billion last year. Adjusted earnings after tax were $0.56 billion, compared to $1.54 billion a year ago. The company noted that lower prices for both liquids and gas impacted the earnings for the quarter.

Net operating income plunged 99 percent to $58 million from last year's $4.73 billion, following net impairments of $2.45 billion.

Total revenues and other income declined 8 percent to $15.13 billion from last year's $16.48 billion.

The company delivered total equity production of 2,233 mboe per day in the first quarter, up 3% from the same period in 2019.

Looking ahead for the period 2019-2026, production growth is expected to come from new projects resulting in around 3% Compound Annual Growth Rate or CAGR based on current forecast.

Scheduled maintenance activity is estimated to reduce equity production by around 25 mboe per day for the full year of 2020.