Equinor’s Earnings Double on Higher Prices; Reduced Capex Guidance Supports Free Cash Flow Outlook
Equinor reported a sharp increase in third-quarter earnings from the prior year with adjusted net earnings more than doubling to $2.0 billion from $819 million, thanks to higher oil and gas prices and production growth that offset slightly higher expenses and weaker refining and trading results. Equity production increased 1% from a year ago, thanks to the startup of new fields and new wells, in line with full-year guidance of 1%-2%. Management’s production growth guidance for 2017-20 is intact ...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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