Equinor fourth quarter 2020 and year end results
Equinor reports adjusted earnings of positive USD 0.76 billion and negative USD 0.55 billion after tax in the fourth quarter of 2020. IFRS net operating income was negative USD 0.99 billion and the IFRS net income was negative USD 2.41 billion, following net impairments of USD 1.30 billion and a write down of USD 0.98 billion related to the Tanzania LNG project.
2020 was characterised by:
• Solid operational performance during extraordinary circumstances
• Positive cash flow in a low-price environment
• Delivering USD 3.7 billion in capex and cost reductions, well above ambition for the action plan to strengthen financial resilience
• Progressing and capturing value within renewables
Equinor reports adjusted earnings of positive USD 0.76 billion and negative USD 0.55 billion after tax in the fourth quarter of 2020. IFRS net operating income was negative USD 0.99 billion and the IFRS net income was negative USD 2.41 billion, following net impairments of USD 1.30 billion and a write down of USD 0.98 billion related to the Tanzania LNG project.
Equinor fourth quarter 2020 and year end results
Equinor (OSE: EQNR, NYSE: EQNR) reports adjusted earnings of positive USD 0.76 billion and negative USD 0.55 billion after tax in the fourth quarter of 2020. IFRS net operating income was negative USD 0.99 billion and the IFRS net income was negative USD 2.41 billion, following net impairments of USD 1.30 billion and a write down of USD 0.98 billion related to the Tanzania LNG project.
2020 was characterised by:
Solid operational performance during extraordinary circumstances
Positive cash flow in a low-price environment
Delivering USD 3.7 billion in capex and cost reductions, well above ambition for the action plan to strengthen financial resilience
Norwegian
Equinor (OSE: EQNR, NYSE: EQNR) reports adjusted earnings of positive USD 0.76 billion and negative USD 0.55 billion after tax in the fourth quarter of 2020. IFRS net operating income was negative USD 0.99 billion and the IFRS net income was negative USD 2.41 billion, following net impairments of USD 1.30 billion and a write down of USD 0.98 billion related to the Tanzania LNG project.
2020 was characterised by:
Solid operational performance during extraordinary circumstances
Positive cash flow in a low-price environment
Delivering USD 3.7 billion in capex and cost reductions, well above ambition for the action plan to strengthen financial resilience
Progressing and capturing value within renewables
Equinor Hammered by Norwegian LNG Outage, but Net-Zero Emissions Portfolio Gains
Equinor ASA continued to advance its worldwide energy portfolio during 2020, with a long-term strategy set on becoming a net-zero emissions leader relying less on fossil fuels.
The management team held court with analysts and investors on Wednesday to share results for 2020 and the outlook going forward. Mirroring comments made by Big Energy CEOs during fourth quarter calls, CEO Anders Opedal acknowledged that last year’s operations were beaten down by the “market turmoil” brought about by Covid-19.
Still, the Norwegian operator captured “strong cost improvements and capital discipline” as the pandemic unfolded, helping to deliver more than $3.7 billion in savings. The gains from efficiencies and cost cuts, he said, were “well above our ambition for the action plan we launched in March to strengthen financial resilience.”