Equinor: misses second-quarter forecasts, cuts capex plans
(CercleFinance.com) - Norway's Equinor has cut its capital expenditure plans on Thursday after missing second-quarter earnings forecasts, hit by lower oil prices.
Adjusted profit fell to 3.15 billion dollars in the past quarter, down from 4.31 billion dollars a year ago and missing the consensus by 13%.
Equinor's daily production averaged 2.012 million barrels of oil equivalent in the quarter, the group said, unchanged compared to the same period in 2018.
"Equinor missed the already lowered consensus estimates," analysts at Berenberg said.
"The second quarter is a seasonally challenging quarter due to cash tax payments in Norway and planned maintenance in the upstream and this quarter was not an exception," the German broker added.
The company also cut its organic capex guidance for 2019 from 11 billion dollars to 10-11 billion dollars.
Equinor shares were down 1.5% in Oslo after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Adjusted profit fell to 3.15 billion dollars in the past quarter, down from 4.31 billion dollars a year ago and missing the consensus by 13%.
Equinor's daily production averaged 2.012 million barrels of oil equivalent in the quarter, the group said, unchanged compared to the same period in 2018.
"Equinor missed the already lowered consensus estimates," analysts at Berenberg said.
"The second quarter is a seasonally challenging quarter due to cash tax payments in Norway and planned maintenance in the upstream and this quarter was not an exception," the German broker added.
The company also cut its organic capex guidance for 2019 from 11 billion dollars to 10-11 billion dollars.
Equinor shares were down 1.5% in Oslo after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.