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Equinor reports $3.4bn net income rise for Q4 2018

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Equinor recorded an increase in net income in the fourth quarter of 2018.

The energy giant earned $3.4bn representing a rise from 2.6bn it had in the previous year.

According to Offshore Technology, Equinor’s adjusted earnings after tax stood at $1.5bn, higher than $1.3bn in 2017. IFRS net operating income during the period was $6.7bn compared with $5.2bn in the same period of 2017.

For the full year 2018, IFRS net income was $7.5bn, up from $4.6bn in 2017.

Seven new projects sanctioned by the firm last year are expected to deliver more than one billion barrels of resources to the company at an average breakeven price of $14.

During the fourth quarter, production commenced at Aasta Hansteen, Oseberg Vestflanken and Big Foot.

Equinor delivered total equity production of 2,170mboe/d, an increase from 2,134mboe/d in the same period in 2017.

The firm also completed 24 exploration wells and made nine commercial discoveries at the end of 2018.

Equinor president and CEO, Eldar Saetre said that the firm will start production from Johan Sverdrup. This will deliver a total production close to 300, 000 bpd to Equinor at Plateau, with a breakeven price below 20 dollars per barrel.

Source Offshore Technology
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