– Good operations in all parts of the business contributed to solid financial results. We continue with significant capital distribution and expect to deliver a total distribution of USD 14 billion in 2024, says CEO of Equnior, Anders Opedal.
The quarterly result was almost NOK 83 billion. After tax, they brought in NOK 28 billion.
The oil company has made a lot of money in recent years, which is connected, among other things, to the Russian invasion of Ukraine.
Decline, but still strong income
The quarterly profit for the same period last year was around NOK 130 billion. Last quarter: 95 billion.
It is therefore a decline, but the company still delivers a strong result if you compare with previous years:
The level of activity on the NCS was high throughout the quarter.
– We continue to be a safe and reliable supplier of energy to Europe. On the NCS, the Eirin project was approved, and the Sleipner and Gudrun fields are now partially operated with power from shore. This contributes to lower costs and emissions from production, says Opedal.
CEO of Equinor, Anders Opedal.
Photo: Torstein Bøe
High oil price, lower gas price
Before the quarterly results were presented, NRK spoke to the chief economist at Sparebank1 SR-Bank, Kyrre Knudsen, he points to two factors as the most important for Equinor’s results. The oil and gas price.
– The oil price has held up well throughout this period, so it boosts the result. At the same time, the gas price has probably been so low during the period, this is reducing it, he says.
According to Knudsen, the reason for the high oil price is unrest in the Middle East, but also that growth has picked up in the world. Which increases the demand for oil.
As for the gas price, this is low because Europe has focused on gas delivery and storage after Russia’s invasion of Ukraine, according to the chief economist.
– Now gas stocks are high and this helps to reduce the price, he says.
Chief economist Kyrre Knudsen at Sparebank 1 SR-Bank.
Photo: Ingvald Nordmark / NRK
This is how the quarters ended last year
High Equinor results mean high tax revenues for Norway. In 2022, Norway collected a total of 44.3 billion dollars from the oil company in taxes, according to an Equinor report.
This is how the quarters ended last year:
The adjusted result for Equinor in 2023 was around NOK 400 billion. 2022 was a record year for the company, with a result of NOK 800 billion.
