Norway’s Equinor swings to profit in Q3

Image: Ole Jørgen Bratland/Equinor

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.

 

Share this article

Follow LNG World News

Posted on October 25, 2018 with tags .

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >