Equinor Reports Sharper-Than-Expected Decline in Q3 Profits
Equinor, the Norwegian oil and gas producer, announced a decline in third-quarter profits, citing weaker oil prices and lower production. The company’s adjusted earnings before tax for July-September dropped to $6.89 billion from $7.93 billion a year earlier, missing analyst expectations.
Despite the challenging environment, Equinor CEO Anders Opedal expressed confidence in the company’s operational performance and results. The company also maintained its projection for oil and gas output through 2024.
In light of these developments, investors and analysts are closely monitoring Equinor’s financial performance and strategic decisions. The company’s outlook for capital expenditure and renewable energy production growth has been revised, reflecting the changing dynamics of the energy market.
Overall, Equinor’s Q3 results highlight the impact of external factors on the oil and gas industry and provide valuable insights for stakeholders. It is essential for investors to stay informed about such developments to make informed decisions about their portfolios.