The company has become Europe’s largest supplier of natural gas as Gazprom cuts supplies amid Western support for Ukraine.
Norwegian oil and gas company Equinor posted a record adjusted operating profit of $74.9 billion for 2022, more than double the previous high, as gas prices rose. This was reported by Reuters.
Net income for the year was $28.7 billion compared to $8.6 billion last year. The company joins the world’s largest oil and gas companies such as ExxonMobil, Shell and BP in reporting financial results.
The state-owned company became Europe’s largest supplier of natural gas last year as Russia’s Gazprom cut supplies amid Western support for Ukraine, pushing European gas prices to record highs. highest.
However, gas prices fell in the new year, with Oslo-listed Equinor shares down 9% year-to-date. Equinor’s total oil and gas production fell 2% to 2.04 million barrels of oil equivalent per day in 2022, but is expected to grow 3% in 2023, the company said.
Gas production from Norwegian fields rose 8% year-over-year as the company focused on replacing lost supplies from Russia to Europe, while oil production fell 6%.
Equinor’s previous record revenue was $36.2 billion in 2008, when North Sea oil prices rose to record highs.
The company, which earns most of its profits in Norway, where oil companies are taxed at a rate of 78%, said it expects to pay a record $49.9 billion in taxes by 2022.
Recall that Norwegian authorities plan to provide Ukraine with financial assistance in the amount of NOK 75 billion (about $7.3 billion) over five years.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.