Equinor ASA (EQNR)

[roger wilco]

Equinor reports surprise Q2 profit, boosted by big trading gains

Jul. 24, 2020 10:14 AM ET|About: Equinor ASA (EQNR)|By: Carl Surran, SA News Editor

Equinor (EQNR +3.2%) shoots higher after posting an unexpected Q2 profit and maintaining its $0.09/share quarterly dividend.
The Norwegian company reported adjusted net income of $646M, down from $1.13B a year ago but far better than an expected $250M loss, as the marketing division delivered record high results in the quarter, and the company also benefited from a tax refund.
Equinor also set itself apart from European competitors by not lowering its long-term crude oil price forecasts, thus avoiding huge impairments

Q2 adjusted earnings in the marketing, midstream and processing division totaled $696M vs. just $74M a year ago, compensating for losses in the international and U.S. units, but analysts caution the strong trading performance was a one-off.

The current "fragile and challenging situation in the markets" could last "for quite some time," and demand will pick up eventually but it is "highly uncertain" how and when, Equinor CEO Eldar Saetre tells Bloomberg.

https://www.equinor.com/en.html