Equinor posts 89% drop in Q2 profits, beats forecast

Equinor's operating profit fell by 89% year-on-year in the April-June quarter, hit by lower oil and gas prices and government-imposed output restrictions amid the coronavirus pandemic, the Norwegian energy company said on Friday.

Its adjusted earnings before interest and tax (EBIT) fell to $0.35 billion in the second quarter from $3.15 billion in the same period of 2019. A poll of 25 analysts compiled by Equinor had forecast an adjusted operating loss of $0.2 billion.