Equinor reports robust quarterly results based on high oil and gas prices

EquinorPhoto: Håkon Mosvold Larsen / NTB

High prices and solid operations generated USD 9.77 billion for Equinor in the third quarter of the year, up from USD 780 million in the same period last year.

The result is more than 12.5 times higher than for the corresponding quarter in 2020. Not unexpectedly, the high oil and gas prices have generated solid results for the company.

“The global economy is on the rise again, but we are still prepared for fluctuations in the market related to the effects of the pandemic,” Anders Opedal stated.

Gas prices, in particular, are very high now, and Equinor has taken steps to increase gas exports to meet the high demand in Europe. Total in-house production of oil and gas amounted to 1.996 million barrels of oil equivalent per day in the third quarter, up from 1.994 million in the same period in 2020.

Not since 2012 has the company delivered a better result measured in dollars. Measured in kroner, this is the highest quarterly result ever, the newspaper DN reports.

Oil field production 

Several new fields came into production, at the same time as production on existing fields was increased.

“The very profitable Troll Phase 3 project came into operation, and the Martin Linge field has stepped up production. Both supply gas to Europe produced with low emissions. Our major offshore wind projects are progressing according to plan,” Opedal added.

In-house production of renewable energy in the quarter has decreased. It amounted to was 304 GWh, down from 319 GWh for the same period last year. 

The company states that there was less wind than the average for the season, which affected the production figures.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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