Daily Management Review

Equinor's first-quarter net profit up 2.5 times


Norwegian oil and gas group Equinor (formerly Statoil) reported net profit of $4.714 billion in the first quarter of 2022, 2.5 times higher than in the same period last year, the company says.

Diluted earnings per share were $1.46, compared with $0.57 a year earlier. Revenue rose 2.2 times to $36.05 billion in January-March in annual terms.

Hydrocarbon production for the first quarter was 2.106 million barrels of oil equivalent per day, down 3% from a year ago.

At the same time, Equinor expects hydrocarbon production by the end of the year to be 2% higher than a year ago, when it was 2.014 million barrels of oil equivalent per day. Meanwhile, the organic capital investment forecast for 2022-2023 averages $10 billion and for 2024-2025 $12 billion.

source: ft.com