OSLO (Reuters) – Equinor on Thursday reported a sharper-than-expected decline in third-quarter profits, hit by weaker oil prices and lower production, and cut its full-year outlook for capital expenditure and renewable energy production growth.
The Norwegian oil and gas producer’s adjusted earnings before tax for July-September fell to $6.89 billion from $7.93 billion a year earlier, lagging the $7.08 billion seen in a poll of 25 analysts compiled by Equinor.
“With solid operational performance and results, we are well on track to deliver strong cashflow from operations in line with what we said at the capital markets update in February,” Equinor CEO Anders Opedal said in a statement.
The company maintained a projection that its oil and gas output would be unchanged in 2024 from the previous year.
(Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)
