Equinor Net Profit Soars To $1.94bn In 2Q
Muhammad Irfan Published July 28, 2021 | 01:04 PM
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.
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