Norwegian energy giant Equinor reported a sharp fall in quarterly results on Wednesday, weighed down by the downturn in hydrocarbon prices.
Equinor CEO comments on Q2 results affected by market fluctuations
In the second quarter, net income fell 73% year-on-year to $1.82 billion. A measure highlighted by the Group, adjusted profit, which eliminates certain exceptional items, came to $7.54 billion, compared with $17.57 billion a year earlier, a period marked by soaring prices due to the war in Ukraine. This is slightly less than the 7.64 billion expected by the analysts consulted in advance by the company.
“Equinor reports solid results in a quarter affected by maintenance work and a drop in energy prices from last year’s exceptional levels,” CEO Anders Opedal commented in the report.
While oil and gas production rose by 1% to 1.994 million barrels of oil equivalent per day (Mboe/d), the price of oil fell by 34% and, more importantly, the price of gas dropped by between 58% and 78%, depending on the market. Sales fell by 37% to $22.87 billion.
