Higher Oil Prices Boost Equinor’s Third-Quarter Profit

Written by Paulo Nogueira

Published on 25/10/2018 at 06:48

Updated on 25/10/2018 at 06:53

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The Norwegian Oil Company Equinor Returned to Profit in the Third Quarter of 2018, Reporting a Net Profit of US$ 1.6 Billion, Compared to a Net Loss of US$ 478 Million the Previous Year.

The Adjusted Profit After Tax More Than Doubled. It Was US$ 2.0 Billion in the Third Quarter, Up from US$ 0.8 Billion in the Same Period Last Year. “Higher Prices for Liquids and Gas, Along with High Production, Contributed to the Increase,” Said Equinor.

Adjusted for New Fields in Production and Portfolio Changes, Underlying Operating Costs and Administrative Expenses Per Barrel Increased Slightly Compared to the Same Quarter Last Year, Mainly Due to Higher Downtime and Preparations for the Start of New Fields.

One of Them Is the Oseberg Vestflanken 2 Field in the North Sea, Which Started Production in Mid-October Through the Oseberg H Platform (Photo) – the First Unmanned Platform on the Norwegian Continental Shelf.

ARTICLE CONTINUES BELOW

Production Slowly Increases

Equinor Delivered Total Capital Production of 2,066 mboe Per Day in the Third Quarter, a 1% Increase from 2,045 mboe Per Day in the Same Period of 2017. “The Increase Was Mainly Due to the Start of New Fields, Changes in the Portfolio, and New Wells in Operation, Partially Offset by High Maintenance,” Explained Equinor.

As of the Third Quarter of 2018, Equinor Completed 15 Exploration Wells with Seven Commercial Discoveries. The Evaluation of the Cape Vulture Discovery in the Quarter Confirmed a Doubling of Remaining Reserves in Norne, Increasing the Life and Value of the Offshore Field in Norway.

Adjusted Exploration Expenses in the Quarter Were US$ 239 Million, Down from US$ 416 Million in the Same Quarter of 2017, Mainly Due to a Higher Capitalization Rate and Lower Drilling Activity.

Looking Ahead, Organic Capital Expenditures for the Entire Year of 2018 Are Estimated at Around US$ 10 Billion, a Reduction from Original Plans. Equinor Expects Its Production for 2018 to Be 1-2% Above the 2017 Level. Scheduled Maintenance Activity Is Estimated to Reduce Quarterly Production by Approximately 10 mboe Per Day in the Fourth Quarter of 2018. In Total, Maintenance Is Estimated to Reduce Capital Production by About 35 mboe Per Day for the Year 2018.

Archer Begins a New Chapter in Providing Drilling Services for Equinor

Higher Oil Prices Boost Equinor’s Third-Quarter Profit

The Norwegian Oil Company Equinor Returned to Profit in the Third Quarter of 2018, Reporting a Net Profit of US$ 1.6 Billion, Compared to a Net Loss of US$ 478 Million the Previous Year.

Production Slowly Increases

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Higher Oil Prices Boost Equinor’s Third-Quarter Profit

The Norwegian Oil Company Equinor Returned to Profit in the Third Quarter of 2018, Reporting a Net Profit of US$ 1.6 Billion, Compared to a Net Loss of US$ 478 Million the Previous Year.

Production Slowly Increases

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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