Blog

Jun 27, 2023

Norway's Equinor posts record profit for 2022 thanks to high gas prices

Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices which overshadowed a slight drop in production. Output slipped by two percent to 2.04 million barrels per day

Net profit more than tripled to $28.7 billion, boosted mainly by skyrocketing gas prices which overshadowed a slight drop in production. Output slipped by two percent to 2.04 million barrels per day of oil equivalent.

Like its British competitors Shell and BP and US rivals ExxonMobil and Chevron which have all posted spectacular profits, Equinor too saw its earnings inflated by the war in Ukraine.

Russia's halt in gas deliveries to Europe pushed prices to record levels last year and made Norway, where Equinor is the market leader, the continent's biggest gas supplier.

"In 2022, we responded to the energy crisis and contributed to energy security", chief executive Anders Opedal said in a statement.

Adjusted net profit -- the company's headline figure, which excludes some exceptional items -- more than doubled to $22.7 billion from $10 billion in 2021, while sales soared by 66 percent to $150.8 billion.

The strong showing will allow Equinor to be generous with its shareholders: the company plans to redistribute $17 billion in dividends and share buybacksthis year.

Equinor also said it plans to invest $10-11 billion in 2023 and increase its oil and gas production by three percent.

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in here to leave a comment.