Norway’s Equinor posted a net loss of around $5.5 billion for the full year of 2020 compared to $1.9 billion in earnings in 2019 due to low oil and gas prices and large write-downs, according to its financial results statement released on Wednesday.
The company also recorded a fourth-quarter 2020 loss of $2.4 million, up from a third-quarter loss of $2.1 billion.
“Our results are impacted by the market turmoil during the year, but with strong cost improvements and capital discipline we delivered positive net cash flow for the quarter and the full year,” Anders Opedal, president and CEO of Equinor, was quoted as saying in the statement.
Full-year revenue in 2020 amounted to $45.8 billion, marking a 28.8% fall from $64.4 billion in 2019.
The revenue of the company for the October-December period of last year reached $11.7 billion compared to $11.3 billion for the third quarter of 2020.
“Equinor is committed to ensuring long-term competitiveness and creating value as a leader in the energy transition, setting an ambition to be a net-zero energy company by 2050,” Opedal said.
By Firdevs Yuksel and Sibel Morrow