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(Bloomberg) — Equinor ASA said first-quarter profit fell from a year earlier amid weaker oil trading, lower gas prices and a prolonged outage in northern Norway.
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Adjusted operating income after tax slid to $2.25 billion from $2.57 billion a year earlier, lower than the $2.33 billion analysts were expecting. The company reiterated plans to distribute up to $9 billion to shareholders in 2025.
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The Norwegian energy giant was hit by a slump in European gas prices that started mid-February as an influx of liquefied natural gas to the region offset a drop in piped shipments from Russia. Equinor also conducted weeks of maintenance at its Hammerfest LNG facility, curbing exports.
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“With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet,” Chief Executive Officer Anders Opedal said in a statement Wednesday.
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First-quarter results don’t reflect the volatility that exploded across commodity markets this month when Donald Trump unveiled sweeping tariffs. The US president also dealt a blow to the offshore-wind industry, ordering a pause to Equinor’s Empire Wind project off New York. The development had been slated to start commercial operation in 2027.
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“We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful,” Opedal said Wednesday. “This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”
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