Equinor Net Profit Soars To $1.94bn In 2Q

Equinor net profit soars to $1.94bn in 2Q

Norwegian energy giant Equinor on Wednesday reported that net profit jumped to $1.94 billion in second quarter of 2021 on the back of rising oil prices

Oslo, (UrduPoint / Pakistan Point News - 28th Jul, 2021 ) :Norwegian energy giant Equinor on Wednesday reported that net profit jumped to $1.94 billion in second quarter of 2021 on the back of rising oil prices.

Between April and June, turnover increased by 130 percent to nearly $17.5 billion (14.9 billion Euros).

Net profit during the second quarter the previous year stood at a loss of $251 million.

The results exceeded analyst expectations on net profit, which had been pegged at $1.

85 billion, but strayed shy of expectations on turnover, which was expected to be slightly higher, according to Bloomberg.

Adjusted operating income came in below expectations at $4.64 billion.

Like its peers, Equinor was hard hit by the coronavirus pandemic and the ensuing economic crisis in 2020, as Brent oil prices briefly dropped below $20.

It fell heavily into the red in 2020, reporting a net loss of $5.5 billion compared to a profit of $1.8 billion in 2019.