STAVANGER, Norway Equinor ASA swung to a third-quarter profit from a year-earlier loss, though it fell short of estimates, as the Norwegian oil-and-gas major continued to cut costs and benefited from a rise in oil and gas prices.
The company said it swung to a profit of $1.67 billion from a loss of $480 million, shy of the $1.78 billion forecast in a FactSet poll of analysts. Revenue rose 40 percent to $18.99 billion; analysts expected $19.15 billion.
We have achieved significant cost improvements in recent years, allowing us to capture more value from higher prices. We will continue with a strong cost focus to further strengthen our competitive position, Chief Executive Eldar Saetre said.
The company, which is 67 percent-owned by Norway, cut its guidance for organic capital expenditure in 2018 to around $10 billion from around $11 billion.
For the 2017-2020 period, production growth is still expected from new projects, resulting in a compound annual growth rate of around 3 percent to 4 percent. Production in 2018 is still expected to be 1 percent to 2 percent higher than the 2017 level, Equinor said.