Friday, 09 June 2023 08:44 GMT

Equinor's Record Profits Despite Geopolitical Uncertainties

(MENAFN) Norwegian oil company Equinor has reported record profits for the full year of 2022, with earnings reaching USD75.9 billion. This represents a significant increase from the company's earnings of USD39.4 billion in 2021. The boost in profits can be attributed to increased gas production and high realized gas prices, according to the company's annual financial results statement.

Interestingly, despite its exit from Russia on February 27th of last year as part of an aligned response to the Russia-Ukraine war, Equinor still managed to achieve positive financial results. The company's success in the face of geopolitical tensions highlights the importance of energy to society and the impact of global events on the energy industry.

Equinor's President and CEO, Anders Opedal, acknowledged the challenges the industry faced in 2022, particularly in light of the Ukraine crisis and Russia's weaponization of energy. He emphasized the importance of reliable access to natural gas in ensuring Europe's security of supply.

In addition to the impressive earnings, Equinor's revenue for the full year of 2022 amounted to USD149 billion, which represents a significant 68% increase from its revenue of USD88.7 billion in 2021. These strong financial results are a testament to Equinor's ability to navigate complex global challenges while continuing to drive growth and profitability.


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