Equinor: shares outperform after cash flow surprise
(CercleFinance.com) - Norway's Equinor posted a higher-than-expected growth in first-quarter profit on Thursday, although analysts particularly focused on the oil group's strong cash flow.
Helped by higher oil prices than a year ago, the ex-Statoil's net operating income rose to 4.96 billion dollars over July-September, from 4.25 billion dollars in the same period of 2017.
Equnior said the price of its oil rose to 60.2 dollars from 48.9 dollars a year ago, while its production rose 2% to 2.18 million barrels of oil equivalent per day.
However, analysts highlighted the group's solid cash flow delivery.
Indeed, cash flow from operating activities was "very strong," exceeding 7 billion dollars over the quarter, Equinor said.
Equinor shares were up 0.9% at 215.8 Norwegian kronor in Oslo after these results, outperforming the STOXX Europe 600 Optimised Oil & Gas index, which is down 0.1%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Helped by higher oil prices than a year ago, the ex-Statoil's net operating income rose to 4.96 billion dollars over July-September, from 4.25 billion dollars in the same period of 2017.
Equnior said the price of its oil rose to 60.2 dollars from 48.9 dollars a year ago, while its production rose 2% to 2.18 million barrels of oil equivalent per day.
However, analysts highlighted the group's solid cash flow delivery.
Indeed, cash flow from operating activities was "very strong," exceeding 7 billion dollars over the quarter, Equinor said.
Equinor shares were up 0.9% at 215.8 Norwegian kronor in Oslo after these results, outperforming the STOXX Europe 600 Optimised Oil & Gas index, which is down 0.1%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.