May 7, 2020 / 4:58 AM / a month ago

Equinor suspends 2020 output guidance amid global oil cutbacks

OSLO, May 7 (Reuters) - Equinor has suspended its 2020 oil and gas output guidance due to government-imposed curtailments amid a glut of supply, the Norwegian energy firm said on Thursday.

With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway, Brazil and others joined OPEC+ in ordering curtailments amid the COVID-19 pandemic.

Adjusted earnings before interest and tax (EBIT) fell to $2.05 billion in the first quarter from $4.19 billion in the same period of 2019. A poll of 29 analysts compiled by Equinor had forecast adjusted EBIT of $2.0 billion. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below