Equinor third quarter 2020 results
Equinor reports adjusted earnings of USD 0.78 billion and USD 0.27 billion after tax in the third quarter of 2020. IFRS net operating income was negative USD 2.02 billion and the IFRS net income was negative USD 2.12 billion, following net impairments of USD 2.93 billion mainly due to reduced future price assumptions.
- Solid results from operations in a low-price environment
- On track to deliver on USD 3 billion action plan to strengthen financial resilience
- Strong value creation from renewables
- Net debt ratio(1) increased to 31.6%, due to net impairments and payment for government share of share buy-back
“Our financial results are impacted by weak prices as regions across the world are still severely affected by the pandemic. We see the results of our forceful response to the market turmoil, with significant cost improvements and strict financial discipline. Net impairments in the quarter are mainly due to reduced price assumptions. Significant uncertainty remains around the future commodity price development underlining the importance of increased competitiveness and financial resilience,” says Eldar Sætre, President and CEO of Equinor ASA.