Norwegian oil giant Equinor reports record profit of over $75B

Norway’s oil giant Equinor posted a record full year profit of $75.9 billion in 2022 compared to $39.4 billion in earnings in 2021 on the back of increased gas production coupled with high realized gas prices, according to its annual financial results statement released on Thursday.

The company had positive financial results despite its exit from Russia on Feb, 27 last year as part of an aligned response to Russia-Ukraine war.

“2022 was a year that demonstrated how important and valuable energy is to society,” Anders Opedal, president and CEO of Equinor, was quoted as saying in the statement.

“The invasion of Ukraine and Russia’s weaponisation of energy brought a deep crisis to a system already in imbalance,” he said, adding that the war also highlighted that security of supply in Europe rests on reliable access to natural gas.

The revenue of the company for the full-year 2022 also amounted to $149 billion, posting 68% increase from $88.7 billion revenue in 2021.

• Norway’s oil giant Equinor posted a record full year profit