Equinor posts profit drop in second quarter

Norwegian energy giant and LNG operator, Equinor posted a slight drop in its net profit for the second quarter of 2018, despite higher prices and high international production. 

Equinor’s IFRS net income was at $1.2 billion, down from $1.4 billion in the corresponding quarter of 2017, with the company recording a net impairment of $0.3 billion as well as a negative effect from changes in the unrealized fair value of derivatives of $0.5 billion.

However, the company’s adjusted earnings jumped from $3 billion in Q2 2017, to $4.3 billion in the second quarter this year.

Equinor delivered equity production of 2,028 mboe per day in the second quarter, an increase from 1,996 mboe per day in the same period in 2017.

The increase was primarily due to higher production in the US. The production growth was 2 percent compared to the second quarter of 2017.

Cash flows provided by operating activities before taxes paid and changes in working capital amounted to $13.2 billion for the first half of 2018 compared to $10.5 billion in the same period in 2017.