Equinor Q3 profit surges on gas and derivatives

Equinor posted a surge in revenues in the third quarter of 2021, which is the strongest in nine years, due to higher prices in gas across Europe, the company said. 

The company said that  he adjusted earnings were US $ 9.77 billion in the third quarter, which is higher from US $ 0.78 billion in the same period in 2020.  Meanwhile, the adjusted earnings after tax were US $ 2.78 billion, up from US $0.27 billion in the same period last year.

The company said that it is adjusting its cash dividend of US  $0.18 per share and increasing the second tranche of share buy-back from USD 300 million to USD 1 billion.

“We capture value from the higher commodity prices and with a solid operational performance we deliver strong results. Strict capital discipline and a very strong net cash flow strengthen our balance sheet and improve our adjusted net debt ratio to 13.2 percent,” said Anders Opedal, President and CEO of Equinor ASA.

Norway is western Europe's largest oil and gas producer. The country produces around 4 million barrels of oil equivalent per day. 

According to Norwegian government data, they  supplied 22 percent of the gas consumed in the European Union. 

“The highly profitable Troll Phase 3 was brought on stream and Martin Linge has been ramping up, both supplying gas to Europe with low emissions from production. Our large offshore wind projects are progressing according to plan. Together with our partners, we reached an important milestone with the East Coast Cluster in the UK named as one of the two first carbon capture, usage and storage clusters in the country. In Norway, we launched a plan for industry cooperation for the transition of the Norwegian Continental Shelf as an energy hub in a low carbon future,” said Opedal.