Equinor suspends 2020 output guidance amid global oil cutbacks

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.