Equinor books record upstream output in Q4

The Norwegian oil giant's fourth quarter operating result was markedly lower than the same post from last year. CEO Eldar Sætre says the period was solid. Offshore wind projects under development will boost Equinor's electrical capacity by 2.8 GW.

Photo: PR / Equinor / Kjetil Alsvik/Digital

by OLE ANDERSEN

The Norwegian state-owned energy company books record-high upstream output in the year's last quarter and an underlying operating result of almost USD 3.5 billion and a pre-tax result of roughly USD 1.2 billion – a significant retreat from last year and, as expected, mainly caused by lower gas prices, shows Equinor's 2019 annual financial statement, published Thursday morning CET.

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