RTTNews | Oct 29, 2020 02:09AM EDT

02:08 Thursday, October 29, 2020 (RTTNews.com) - Norwegian energy company Equinor ASA (EQNR) reported Thursday that its third-quarter IFRS net loss was $2.12 billion, wider than last year's loss of $1.11 billion. The latest results were hurt by net impairments of $2.93 billion mainly due to reduced future price assumptions.

Adjusted earnings were $780 million, compared to $2.59 billion a year ago. Adjusted earnings after tax was $271 million, down from $1.08 billion last year.

The company noted that low prices for liquids and gas impacted the earnings for the quarter.

IFRS net operating loss was $2.02 billion, significantly wider than last year's loss of $469 million.

Total revenues and other income declined 27 percent to $11.34 billion from prior year's $15.61 billion.

Equinor delivered total equity production of 1,994 mboe per day in the third quarter, up 4 percent from 1,909 mboe per day in the same period in 2019, with an increased share of gas.

Underlying production growth was around 9 percent.

Looking ahead, for the period 2019-2026, production growth is expected to come from new projects resulting in around 3 percent CAGR (Compound Annual Growth Rate) based on current forecast.

Further, the company said its board of directors has decided a cash dividend of $0.11 per share for the third quarter 2020.

Equinor further said it is on track to deliver on the action plan launched in March 2020 of $3 billion to strengthen financial resilience, including a reduction of operating costs of $0.70 billion.

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