Equinor: posts net loss after impairment charges

(CercleFinance.com) - Norwegian energy giant Equinor said on Friday that its second-quarter results were hit by "very low" oil and gas prices due to the Covid-19 pandemic.


Adjusted earnings reached 350 million dollars in the three months ended 30 June, a fraction of the 3.15 billion dollars posted a year ago.

Due to impairment charges relating to a gas processing plant in Norway and exploration, Equinor reported a second-quarter net loss of 470 million dollars, compared with a net profit of 3.5 billion dollars in the same period last year.

However, on a positive note, its marketing, midstream and processing unit delivered record profit in the quarter, particularly from crude oil and liquids trading, the group said.

Also, Equinor delivered a production of 2,011 million barrels oil equivalent (mboe) per day in the second quarter, at the same level as in the same period of 2019.

Its board of directors has decided to pay a cash dividend of 0.09 dollar per share for the second quarter.

The Oslo-listed shares were up slightly on this news.

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