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Norwegian Equinor plunged into the red in the Q2 of 2020

Norwegian Equinor plunged into the red in the Q2 of 2020

Oslo, July 24 - Neftegaz.RU. Equinor sank to the red in the Q2 as its revenues were halved amid Covid-19 pandemic and low oil prices.

The company´s Q2 IFRS net loss was $251 million, compared to prior year's profit of 1.48 billion. Adjusted earnings after tax were $646 million, compared to $1.13 billion in the same period last year.

CEO Eldar Saetre said: “We expect market volatility to continue going forward. The long-term market implications from Covid-19, with possible lower demand and reduced investments in the industry, remain... We have reduced costs, maintained solid operational performance and continued to prioritise value over volume by deferring significant flexible gas production to periods with higher expected prices."

IFRS net operating loss was $472 million, compared to net operating income of $3.52 billion in the same period of 2019. The company’s total revenues were $8.04 billion in 2Q 2020, a 52 % decrease compared to revenues of $16.9 billion in 2Q 2019.

“We also continued to progress our highly competitive project portfolio, supported by active policy measures in Norway enabling the industry to continue to work on planned projects that will stimulate new investments and maintain activity in a challenging period”, Saetre noted.

To read the news in Russian.