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OSLO: Norwegian energy giant Equinor said on Thursday that its net profit dropped by 46 percent during the first quarter, dragged down by falling gas prices.
The decrease continued last year’s trend, when the group’s net profit sank by 59 percent to $11.9 billion over 2023.
First quarter profit in 2024 stood at $2.67 billion, compared with $4.96 billion during the same period last year, the group said in a statement.
The drop was mostly due to a fall in gas prices in the United States and Europe, which fell by 38 percent and 55 percent, respectively.
Adjusted earnings, which exclude certain exceptional elements, dropped by 37 percent to $7.53 billion, it said.
Global energy giants saw their profits fall in 2023, as oil and gas prices receded after surging in the wake of Russian invasion of Ukraine in 2022.
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