Share this article

Norwegian energu major Equinor has reported an adjusted operating profit of $74.9bn for 2022, compared with $33.5bn a year ago.

The earnings were boosted by a surge in oil and gas prices in the wake of Russia’s invasion of Ukraine.

The Norwegian firm’s adjusted earnings after tax for 2022 were $22.7bn, against $10bn in the same period a year ago.

For the period under review, the firm’s net operating income rose to $78.8bn from $33.66bn a year ago.

The company’s net income for the year stood at $28.7bn while free cash flow was $23.4bn.

Total revenues and other income increased to $150.80bn, from $90.92bn a year earlier.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Equinor president and CEO Anders Opedal said: “Equinor is uniquely positioned to provide energy and contribute to decarbonisation while delivering strong returns.

“Strong earnings and cash flow will enable continued competitive capital distribution and investments in high-value, resilient projects within oil and gas, renewables, and low carbon solutions.”

“On the back of strong earnings, outlook, and balance sheet, we step up capital distribution to an expected $17bn in 2023.”

Equinor announced a cash dividend of $0.30 per share and will also make an additional, extraordinary payment of $0.60 per share for Q4 2022.

Furthermore, the company’s board has decided to increase the share buy-back programme from $1.2bn to $6bn in 2023.

In a press statement, Equinor said: “The share buy-back programme is expected to be executed when Brent oil prices are in or above the range of $50 to $60 per barrel and Equinor’s net debt ratio stays within the communicated ambition of 15%-30%, and this is supported by commodity prices.”