October 25, 2018 / 4:54 AM / 2 months ago

Equinor cuts capex spending as Q3 profit slightly lags forecast

OSLO, Oct 25 (Reuters) - Equinor will reduce its capital expenditure as a result of significant cost cuts in recent years, the company said on Thursday as it reported a slightly smaller-than-expected increase in third-quarter profits.

Adjusted earnings before interest and taxes (EBIT) rose to $4.8 billion in the quarter from $2.35 billion during the same quarter in 2017, and compared with $4.9 billion in a Reuters poll of analysts.

“As a result of capital discipline and efficient project execution, we are able to reduce our organic capex guiding for 2018 to around $10 billion,” the Norwegian oil and gas firm, previously known as Statoil, said in a statement.

The previous guidance had been for capex of $11 billion for the year. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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