Equinor returned to profit in the third quarter owing to growth in oil and gas prices


Equinor (formerly Statoil), the largest oil and gas company in Norway, reported that after a loss of $480 million recorded in the third quarter of 2017, it received a net profit of $1,670 million in the same quarter of this year, which became possible by higher prices for oil and gas, as well as reduced costs. Nevertheless, the indicator of quarterly profit did not reach the forecasts of experts who had expected it at the level of 1 billion 700 million dollars. Adjusted EBIT reached 4 billion 800 million dollars, an increase of more than 2 times. Revenue for the earnings period increased by 40% to 18 billion 990 million dollars, also being below analysts' forecast of 19 billion 150 million dollars.

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