Norway's Equinor sees profits tumble
Norwegian energy giant Equinor posted Wednesday a sizeable drop in net profit in the second quarter as oil and gas prices have fallen off the peaks they reached after Russia's invasion of Ukraine.
The state-owned company said profit reached $1.82 billion, a 73 percent fall from the same period last year, which had been a bumper period as energy
prices were higher.
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns.
But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.
READ ALSO: What does Norway do with its oil money
Oil prices have also dropped considerably, partly on concerns about a drop in demand as the global economy slows.
Equinor said its adjusted earnings -- its preferred financial measuring stick -- reached $7.54 billion in the second quarter, down from $17.57 billion
a year earlier. It was also under the $7.64 billion forecast by analysts consulted by the company.
"Equinor delivered solid earnings in a quarter affected by turnarounds and energy prices down from the extraordinary levels last year," chief executive
Anders Opedal said in the earnings statement.
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The state-owned company said profit reached $1.82 billion, a 73 percent fall from the same period last year, which had been a bumper period as energy
prices were higher.
Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns.
But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.
READ ALSO: What does Norway do with its oil money
Oil prices have also dropped considerably, partly on concerns about a drop in demand as the global economy slows.
Equinor said its adjusted earnings -- its preferred financial measuring stick -- reached $7.54 billion in the second quarter, down from $17.57 billion
a year earlier. It was also under the $7.64 billion forecast by analysts consulted by the company.
"Equinor delivered solid earnings in a quarter affected by turnarounds and energy prices down from the extraordinary levels last year," chief executive
Anders Opedal said in the earnings statement.
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