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Energy

Equinor in $2.9 bln asset write-off as oil price hit

OSLO, Oct 29 (Reuters) - Norway’s Equinor wrote off $2.93 billion from the value of its assets after cutting its long-term oil price forecast on Thursday, betting the pandemic and a shift away from fossil fuels will have a lasting impact on markets.

Including the asset write-off, Equinor posted a net loss of $2.12 billion in the third quarter.

The energy major’s adjusted earnings before interest and tax (EBIT) fell to $780 million in July-September from $2.59 billion in the same period of 2019, lagging the $1.03 billion predicted in a poll of 24 analysts compiled by Equinor. (Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)

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