Norwegian Equinor's earnings fell in the first quarter of this year compared to the same period last year, the company announced on Thursday.
Adjusted earnings were $2.05 billion in the first quarter down from $4.19 billion in the same period in 2019.
Equinor said the lower prices for both liquids and gas impacted the earnings for the quarter.
“The Covid-19 pandemic is impacting people, societies and industries across the world. Joint efforts by individuals, governments and companies are necessary to respond to the current global emergency. We are all in this together and Equinor has launched a forceful and rapid response," said Eldar Saetre, president and CEO of Equinor.
He stressed that safety is the main priority for the company.
"Our financial results in the quarter were impacted by the lower commodity prices. However, we delivered strong operational performance with record high production and solid cash flow under these market conditions. Uncertainty remains high with very low commodity prices and increased differentials towards the end of the first quarter and in the start of the second quarter,” Saetre said.
The company will continue to prioritize value over volume and have already reduced activity, particularly in the US onshore, he explained.
He added the company would consider further activity reductions and use flexibility in its portfolio as necessary.
The company said it delivered record-high total equity production of 2,233 million barrels of oil equivalent per day in the first quarter, up 3% from the same period in 2019.
It explained that flexibility was applied in the gas fields to defer production into periods with higher expected gas prices.
" A successful ramp-up of new fields, as well as new well capacity, contributed to growth in production," Equinor added.
By Murat Temizer