Equinor posts increase in 2Q net income, cuts Johan Sverdrup costs

Norwegian oil and gas company Equinor recorded an increase in its second quarter 2019 net income while its earnings were down compared to the last year’s quarter. The company expects to spend less this year, partly due to further savings on the Johan Sverdrup offshore project.

Equinor said in its 2Q 2019 report on Thursday it expects to spend somewhere between $10 billion and $11 billion in capital expenditure this year, instead of previously expected $11 billion.

Equinor’s adjusted earnings were $3.15 billion in the second quarter 2019, down from $4.31 billion in the same period in 2018. Adjusted earnings after tax were $1.13 billion, down from $1.7 billion in the same period last year.

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