Norway's Equinor reported adjusted earnings of $780 million in the third quarter marking a 70% fall compared to the same period of 2019, according to the financial results of the company on Thursday.
Equinor's adjusted earning stood at $2.6 billion in the third quarter of last year.
"Our financial results are impacted by weak prices as regions across the world are still severely affected by the pandemic. We see the results of our forceful response to the market turmoil with significant cost improvements and strict financial discipline," Eldar Sætre, president and CEO of the company said in a statement.
He added that net impairments in the quarter are mainly due to reduced price assumptions.
"Significant uncertainty remains around the future commodity price development underlining the importance of increased competitiveness and financial resilience," Sætre noted.
Equinor's adjusted earnings after tax was $270 million in the third quarter of 2020, down from $1.08 billion from the same period as low prices for liquids and gas impacted the earnings in this quarter, the statement said.
By Nuran Erkul Kaya