Equinor: swings to net loss, oil and gas prices hurt
(CercleFinance.com) - Norway's Equinor reported an expected first-quarter net loss on Thursday, weighed on by lower oil and gas prices.
For the quarter, the company reported a net loss of 710 million dollars against a 1.7 billion dollar profit a year ago.
Equinor said it booked 2.5 billion dollars worth of net impairment charges on its assets in the Norwegian continental shelf and on its international portfolio, mainly triggered by reduction in short-term price assumptions.
Even so, its shares have risen by up to 3.8% in morning trading, outperforming a 1.5% rise in the STOXX Europe 600 Oil & Gas index.
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