Equinor has reported a net operating loss of US$42m in its renewables division for the second quarter of 2022.
This compares to a net operating profit of US$77m in the previous quarter and a loss of US$31m in the comparable period in 2021.
Equinor said that the decrease was driven by increased business development costs partially offset by increased net results from equity accounted investments.
Operating and administrative expenses increased due to a rise in business development costs driven by higher activity level in the US, the UK and in Asia.
This is consistent with the year-on-year trend, Equinor said.
It added that net operating income in the first half of 2022 decreased significantly compared to last year due to lower divestment gains in 2022.
Net income in the first half of 2022 was positively impacted by divestment gain on US$87m.
Net operating income in the first half of 2021 was positively impacted by divestments gains of US$1,382m.
Capital expenditure for the second quarter and first half of 2022 decreased compared to same periods last year.
This was mainly due to the acquisition of Wento and higher capital contribution to equity accounted investments last year, Equinor explained.
The renewables segment delivered 15% higher power generation compared to the same quarter last year, mainly due to the production from the Guanizuil IIA solar plant in Argentina, the directors added.