UPDATE 1-Equinor reduces 2019 capex spending view after Q2 lags

European oil major Equinor said on Thursday it expects to spend less in capital expenditure this year, partly due to further cost savings at its Johan Sverdrup oilfield, after reporting quarterly earnings slightly below forecasts.

The company now expects to spend between $10 billion and $11 billion in capital expenditure in 2019 against its previous guidance of $11 billion. Combined with efficient project execution, continued strong cost focus and capital discipline helped the company to reduce its organic capex guidance for 2019, Chief Executive Officer Eldar Saetre said in a statement.

Equinor and partners made further cost savings, of 3 billion crowns, in developing the giant Johan Sverdrup field in the North Sea which is due to start production in November, bringing total cost savings at the field to 40 billion crowns, Equinor said. It said Sverdrup would ramp up operations faster than expected and the field would reach peak production in summer 2020.

"We guess some of the earnings miss will be compensated for by positive capex and Sverdrup comments," Sparebank 1 Markets said in a note to clients. Adjusted earnings before interest and tax (EBIT) fell to $3.15 billion from $4.3 billion and missing the $3.4 billion forecast by 22 analysts in a poll compiled by Equinor. Equinor's equity oil and gas production was 2.01 million barrels of oil equivalent per day (boepd), down from 2.03 million boepd but in line with a forecast in the Equinor poll.