Equinor's haul opens Big Oil earnings
Equinor CEO Eldar Sætre. Photo: Vidar Ruud/AFP/Getty Images
Oil-and-gas giant Equinor posted a $4.8 billion third-quarter profit on Thursday morning, roughly double the amount from the same period last year.
Why it matters: The results from the multinational oil giant formerly known as Statoil show how the industry is reaping the benefits from higher oil prices even though their haul was slightly below analysts' forecasts.
The intrigue: The Norwegian company said it's cutting $1 billion from its 2018 capital spending levels, bringing them down to $10 billion thanks to what the company called "capital discipline and efficient project execution."
- Via the Financial Times, the move is "likely to soothe investor fears that costs will start to head substantially higher following the oil price recovery to above $75 per barrel."
What's next: Companies including ExxonMobil, Shell, BP and Chevron report their earnings next week.