Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Equinor fourth-quarter profit beats forecast amid oilfield startup

Published 02/06/2020, 01:00 AM
Updated 02/06/2020, 01:04 AM
Equinor fourth-quarter profit beats forecast amid oilfield startup

Equinor fourth-quarter profit beats forecast amid oilfield startup

OSLO (Reuters) - Norway's Equinor (OL:EQNR) reported a smaller-than-expected drop in fourth-quarter profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets.

The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period of 2018. A poll of 25 analysts compiled by Equinor had forecast adjusted EBIT of $3.37 billion.

The company's overall oil and gas output will grow by 7% in 2020, boosted by the start of production from the Johan Sverdrup field in the North Sea, Equinor said, while the average annual growth between 2019 and 2026 is still seen at 3%.

"Johan Sverdrup phase 1 will contribute to strong growth at the Norwegian continental shelf," Chief Executive Eldar Saetre said in a statement.

The cash payout to owners was increased to $0.27 per share for the fourth quarter from $0.26 in the third, matching a $0.27 predicted by analysts in a Refinitiv poll.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.