Equinor reported adjusted earnings of USD 3.15 billion in the second quarter of 2019, which is down from USD 4.31 billion in the same period last year.
Equinor saw a net operating income of USD 3.52 billion in the period, which is again lower than the USD 3.84 billion in the second quarter of 2018.
According to the company, the financial results were impacted by lower prices, turnarounds and production mix.
Q2 2019 was also characterized by overall solid operational performance, maintaining high production, as well as lowering organic CAPEX guiding from USD 11 billion to USD 10-11 billion, Equinor added.
“We deliver overall solid operational performance and maintain high production in a quarter with lower commodity prices and high maintenance activity. I am pleased that we demonstrate continued strong cost focus and capital discipline. Combined with efficient project execution, this enables us to reduce our organic capex guiding for 2019 to 10-11 billion dollars,” said Eldar Sætre, President and CEO of Equinor ASA.
As reported earlier, the State of New York recently selected Equinor to develop the 816MW Empire Wind offshore wind project, which is said to represent the company’s largest renewables project so far.
The wind farm is expected to be developed with 60-80 turbines, with an installed capacity of more than 10MW each.
“The Empire Wind project marks a milestone in the development of our global offshore wind portfolio, and we are proud to have been selected to deliver renewable energy to more than half a million families in New York,” said Sætre.