Equinor Q2 core profit drops as expected on lower oil price
The Norwegian energy group's adjusted earnings before tax for April-June fell to $6.54 billion from $7.48 billion a year earlier, in line with the $6.53 billion predicted in a poll, opens new tab of 21 analysts compiled by Equinor.
Equinor maintained a projection that its oil and gas output will grow by 4% this year compared to 2024 and kept its forecast for capital expenditure in 2025 of $13 billion.
"We are on track to deliver production growth in 2025 in line with our guidance," CEO Anders Opedal said in a statement.
In February, Equinor followed rivals such as Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab in promising higher oil and gas output while scaling back investment in renewables, citing challenging market conditions for the green energy transition.
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