2020-10-30 13:20:00
EQUINOR NET LOSS $2 BLN
EQUINOR - 29 October, 2020 - Equinor reports adjusted earnings of USD 0.78 billion and USD 0.27 billion after tax in the third quarter of 2020. IFRS net operating income was negative USD 2.02 billion and the IFRS net income was negative USD 2.12 billion, following net impairments of USD 2.93 billion mainly due to reduced future price assumptions.
• Solid results from operations in a low-price environment
• On track to deliver on USD 3 billion action plan to strengthen financial resilience
• Strong value creation from renewables
• Net debt ratio(1) increased to 31.6%, due to net impairments and payment for government share of share buy-back
“Our financial results are impacted by weak prices as regions across the world are still severely affected by the pandemic. We see the results of our forceful response to the market turmoil, with significant cost improvements and strict financial discipline. Net impairments in the quarter are mainly due to reduced price assumptions. Significant uncertainty remains around the future commodity price development underlining the importance of increased competitiveness and financial resilience,” says Eldar Sætre, President and CEO of Equinor ASA.
“We deliver solid operational results in the quarter with an underlying production growth of nine percent. We progress our competitive project portfolio, supported by the tax policy measures in Norway, with the delivery of Plan for Development and Operation of the Breidablikk field. Our specialised organisation for late-life production at the Norwegian continental shelf had a successful start-up showing improved production efficiency and reduced cost,“ says Sætre.
“We continue to capture value from our renewable energy portfolio and position ourselves for profitable growth in value chains for carbon capture and storage. This quarter we announced our partnership with BP, including the divestment of half of our share of offshore wind projects Empire Wind and Beacon Wind in the US. We are progressing H2H Saltend, a project for large-scale production of hydrogen in the UK, and in Norway we are progressing the Northern Lights project as part of creating full value chains for carbon capture, transportation and storage,” says Sætre.
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Earlier:
2020, October, 26, 13:25:00
ENERGY DECARBONIZATION PARTNERSHIP
bp, Eni, Equinor, National Grid, Shell and Total form Northern Endurance Partnership to develop offshore carbon dioxide infrastructure in the UK North Sea, with bp as operator
