Shares of the Norwegian energy firm declined as first-quarter revenue missed analyst expectations by 5%.
Equinor ASA shares fell in early trading after the company reported first-quarter revenue of NOK 245 billion, missing consensus estimates by 5%. The shortfall was attributed to lower-than-expected natural gas prices and reduced refining margins.
Analysts had anticipated revenue of NOK 258 billion, following a strong prior quarter where revenue reached NOK 270 billion. The company’s adjusted earnings before interest and taxes (EBIT) also declined by 12% year-over-year.
The miss weighed on investor sentiment, with Equinor’s stock down 3.2% in Oslo trading by mid-morning.