Equinor: shares hit as earnings miss
(CercleFinance.com) - Equinor's fourth-quarter results missed consensus expectations on Wednesday, which sent the oil and gas company's shares down, despite a dividend hike.
The adjusted result after tax came in as a loss of 550 million dollars in the last quarter, down from a net profit of 1.19 billion dollars in the same period last year, the former Statoil said.
Even adjusting for the write-down of 1 billion dollars relating to the Tanzania LNG project, net profit would have been 428 million dollars, compared to the consensus of 569 million dollars, analysts noted.
Following a 2-cent dividend increase in the third quarter, Equinor has announced a further 1-cent increase in its dividend for the fourth quarter, announcing a cash dividend of 0.12 dollar per share.
Equinor has also announced that it is divesting its Bakken assets in the US - that it took over through the acquisition of Brigham Exploration in 2011 - to Grayson Mill Energy for 900 million dollars.
However, analysts pointed out that the current crisis is not the right time to sell upstream assets, and Equinor's Oslo-listed shares were down 1.4% in late morning trading on Wednesday.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The adjusted result after tax came in as a loss of 550 million dollars in the last quarter, down from a net profit of 1.19 billion dollars in the same period last year, the former Statoil said.
Even adjusting for the write-down of 1 billion dollars relating to the Tanzania LNG project, net profit would have been 428 million dollars, compared to the consensus of 569 million dollars, analysts noted.
Following a 2-cent dividend increase in the third quarter, Equinor has announced a further 1-cent increase in its dividend for the fourth quarter, announcing a cash dividend of 0.12 dollar per share.
Equinor has also announced that it is divesting its Bakken assets in the US - that it took over through the acquisition of Brigham Exploration in 2011 - to Grayson Mill Energy for 900 million dollars.
However, analysts pointed out that the current crisis is not the right time to sell upstream assets, and Equinor's Oslo-listed shares were down 1.4% in late morning trading on Wednesday.
Copyright (c) 2021 CercleFinance.com. All rights reserved.