Lower Oil Prices Weigh on Equinor’s 2Q Earnings
Equinor reported second-quarter adjusted earnings of $1.1 billion compared with $1.7 billion last year. Lower oil prices were the primary culprit behind the decline but a lower share of liquids production and higher operating costs from new fields also played a role. E&P Norway adjusted earnings fell to $2.4 billion from $3.1 billion last year while E&P international adjusted earnings fell to $649 million from $1.0 billion last year primarily on lower prices. Equity production of 2,012 ...Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
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