Norwegian state-owned multinational energy company, Equinor has announced the financial results for the second quarter of 2020. The company’s adjusted earnings were USD 0.35 billion in the second quarter of 2020, down from USD 3.15 billion in the same period in 2019. The adjusted earnings after tax were USD 0.65 billion, down from USD 1.13 billion in the same period last year. The net operating income were negative USD 0.47 billion in the second quarter of 2020, down from USD 3.52 billion in the same period of 2019. The total net income was negative USD 0.25 billion in the second quarter of 2020, down from USD 1.48 billion in the second quarter of 2019.
The cash flows provided by operating activities before taxes and changes in working capital amounted to USD 6.86 billion in the first half of 2020, compared to USD 12 billion in the first half of 2019. The organic capital expenditure was USD 4.11 billion for the first six months of 2020. At the closing of the quarter, the net debt to capital employed was 29.3 per cent, up from 25.8 per cent at the end of the first quarter. Moreover, the board of directors decided to give a cash dividend of USD 0.09 per share for the second quarter of 2020. The results in this quarter were broadly impacted by very low commodity prices, while significant cost reductions contributed positively.