Equinor records net loss of $1.1B in Q3

Thursday, 24. October 2019 07:17

Norwegian energy company Equinor ASA reported on Friday that its loss per share stood at $0.33 in the third quarter of 2019 on attributable income loss of $1.1 billion, compared to net income of $1.6 billion from the same quarter a year ago. The company's net operating loss amounted to $469 million in the observed period. Meanwhile, the company's revenue landed at $15.6 billion, marking an 18% decrease year-over-year as it stood at $19 billion in the same trimester of 2018.

"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. Based on our strong balance sheet and outlook for profitable growth, we have in the quarter demonstrated our commitment to capital distribution and are executing the first tranche of a 5-billion-dollar share buy-back program," President and CEO of Equinor ASA Eldar Sætre stated.

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