Equinor Profit Drops 19 Percent Amid Lower Oil Prices and Production Issues

Norwegian Equinor backs down somewhat on the Oslo stock exchange after an interim report where the oil and gas giant reports a profit decline of 19 percent. Lower oil prices and prolonged production problems in Northern Norway affect the result.

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Equinor Profit Drops 19 Percent Amid Lower Oil Prices and Production Issues
Photo: Ole Berg-Rusten NTB/TT

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The adjusted operating result fell to 1.74 billion dollars, down from 2.15 billion a year earlier. The decline was unexpectedly large. Analysts had on average counted on 1.80 billion, according to Bloomberg.

The result is also weighed down by a write-down of 955 million dollars of a wind power project in the state of New York, USA – which was first stopped, but then got the go-ahead again, by the Trump administration.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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