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Equinor (formerly Statoil), the largest oil and gas company in Norway, reported that after a loss of $480 million recorded in the third quarter of 2017, it received a net profit of $1,670 million in the same quarter of this year, which became possible by higher prices for oil and gas, as well as reduced costs. Nevertheless, the indicator of quarterly profit did not reach the forecasts of experts who had expected it at the level of 1 billion 700 million dollars. Adjusted EBIT reached 4 billion 800 million dollars, an increase of more than 2 times. Revenue for the earnings period increased by 40% to 18 billion 990 million dollars, also being below analysts' forecast of 19 billion 150 million dollars.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
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