UPDATE 1-Equinor Q4 profit beats forecast amid oilfield startup
- Country:
- Norway
Norway's Equinor reported a smaller-than-expected drop in fourth-quarter profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets.
The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period of 2018. A poll of 25 analysts compiled by Equinor had forecast adjusted EBIT of $3.37 billion. The company's overall oil and gas output will grow by 7% in 2020, boosted by the start of production from the Johan Sverdrup field in the North Sea, Equinor said, while the average annual growth between 2019 and 2026 is still seen at 3%.
"Johan Sverdrup phase 1 will contribute to strong growth at the Norwegian continental shelf," Chief Executive Eldar Saetre said in a statement. The cash payout to owners was increased to $0.27 per share for the fourth quarter from $0.26 in the third, matching a $0.27 predicted by analysts in a Refinitiv poll.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Norway's King Harald has been discharged from hospital after getting pacemaker
Norway to hit 2% NATO spending target in 2024
Norway to hit 2% NATO spending target in 2024, PM says
Rani Mukerji expresses gratitude as her film ' Mrs. Chatterjee vs Norway' clocks a year
Alpine skiing-Haugan takes Norway's first men's win of the season in final slalom