OSLO: Norwegian energy giant Equinor said on Thursday that its net profit dropped by 46% 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% to US$11.9 billion over 2023.
First quarter profit in 2024 stood at US$2.67 billion, compared with US$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 US and Europe, which fell by 38% and 55%, respectively.
Adjusted earnings, which exclude certain exceptional elements, dropped by 37% to US$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.