Norway’s Equinor reports record quarterly result 

EquinorPhoto: Håkon Mosvold Larsen / NTB

On Wednesday, Equinor reported adjusted earnings of USD 18 billion, equivalent to almost NOK 170 billion, in the first quarter – a record result. 

According to the company, the quarter was marked by the invasion of Ukraine, which affected energy markets and led to higher commodity prices and fluctuations.

“The invasion of Ukraine stands as a dark moment for Europe, and our thoughts go to everyone who suffers from the consequences of the brutal war,” CEO Anders Opedal said.

“After operating in Russia for three decades, we considered the situation unsustainable and quickly decided to stop new investments in the country and start the process of withdrawing from Equinor’s Russian joint ventures. The withdrawal from Russia affects our employees and leads to write-downs of our assets in the country in this quarter,” he continued.

The write-down is just over USD 1 billion.

Secure deliveries

“With an energy crisis in Europe, Equinor’s most important priority is to ensure reliable and safe deliveries,” Opedal added.

He pointed out that the company has the gas production capacity to deliver more gas. Among other things, the natural gas plant on Melkøya in Hammerfest is scheduled to start up on May 17. The LNG plant was closed due to a large fire in September 2020.

According to the newspaper Dagens Næringsliv, the adjusted result for the renewable part of Equinor’s business was NOK -10 million in the first quarter of the year. That part of the company is characterized by the fact that a number of new projects, such as on the east coast of the USA and in Scotland, have not yet come into operation.

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

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