Norway’s Equinor swings to profit in Q3
Norwegian energy giant and LNG operator Equinor on Thursday reported a strong increase in third-quarter net profit as it benefited from a rise in oil and gas prices.
Equinor’s net profit rose to $1.67 billion in the third quarter, compared to a loss of $480 million in the same quarter last year.
Revenue rose 40 percent on the year to $18.9 billion.
Equinor delivered total equity production of 2,066 mboe per day in the third quarter, an increase of 1 percent from 2,045 mboe per day in the same period in 2017.
The increase was primarily due to start-up of new fields, portfolio changes and additional wells coming on stream, partially offset by high maintenance, the company said.
“We have achieved significant cost improvements in recent years, allowing us to capture more value from higher prices. We will continue with a strong cost focus to further strengthen our competitive position, ” Eldar Sætre, President and CEO of Equinor said.