Equinor records $18 bln profit due to higher prices

Norway’s Equinor recorded $18 billion profit as prices of gas has soared in Europe as an outcome of Russia’s invasion of Ukraine.

“Continued capital discipline and cost focus enabled us to deliver very strong financial results and cash flow, strengthening the balance sheet,” said Anders Opedal, president and CEO of Equinor in a statement.

Equinor delivered adjusted earnings of $18.0 billion in the first quarter of 2022, up from $4.09 billion in the same period in 2021. 

The company said that they have optimised gas production to deliver more gas to Europe, which supported the increased value creation in the quarter.

“We have optimised the gas production to deliver higher volumes, and Hammerfest LNG is on track for a safe start-up on 17 May,” added Opedal. 

Equinor will continue its plan announced in February, for dividends and share buybacks of $10 billion within this year.