Equinor reports net loss of $705M in Q1

Thursday, 07. May 2020 07:08

Equinor ASA posted its financial report for the first quarter of the year on Thursday, saying its adjusted earnings yearly tumbled 51% to land at $2.05 billion. For the same period, Norway oil producer reported a net loss of $705 million.

At the same time, the company's net operating income plunged 99% to just $58 million, "primarily due to net impairments mainly related to decreased short-term oil price assumptions and construction delays." Still, total revenue declined only 8% to reach $15.13 billion in the first three months of 2020.

Commenting on the figures, Equinor's CEO Eldar Saetre said that "the COVID-19 pandemic is impacting people, societies and industries across the world," adding that the company's "financial results in the quarter were impacted by the lower commodity prices." Furthermore, it suspended 2020 production guidance due to the uncertain situation.

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Breaking the News / ND