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Nordic energy giant faces sluggish performance as production expansion fails to offset the “plunge” in energy prices

Nordic energy giant faces sluggish performance as production expansion fails to offset the “plunge” in energy prices

格隆汇格隆汇2026/02/04 06:08
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Glonghui, February 4th|Norwegian energy giant Equinor stated that due to falling oil prices, its fourth-quarter profit dropped by 32% year-on-year. As the first major European energy company to release quarterly financial results, Equinor's performance may set the tone for the upcoming earnings season. Previously, crude oil prices declined amid ample supply. The company's adjusted post-tax operating profit shrank from $2.29 billion in the same period last year to $1.55 billion, lower than analysts' average expectation of $1.59 billion. The company announced a stock buyback program of up to $1.5 billion to be implemented in 2026. Last year, crude oil prices recorded the largest annual decline since 2020, and it is expected that the large-scale supply surplus in 2026 will continue to put pressure on oil prices. Due to a surge in maritime supply, European natural gas prices also saw a significant drop last year. Within Equinor, increased production has offset the impact of falling prices, with both its domestic Norwegian and overseas oil fields ramping up output.
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