Equinor has reported a net income of $9.37bn for the third quarter of 2022, a significant increase from $1.4bn a year ago as oil prices remain high amid the global energy crises.
Net income included the net reversal of impairments of $1.09bn, primarily related to increased anticipated refinery margins.
Total revenues and other income for the quarter increased to $43.63bn from $23.26bn last year.
For the quarter, capital expenditures and investments, and cash flows provided by operating activities, stood at $2.05bn and $6.57bn, respectively.
Adjusted earnings rose to $24.3bn from $9.7bn in the third quarter of 2021, and adjusted earnings after tax increased to $6.72bn from $2.78bn in the same period last year.
Equinor president and CEO Anders Opedal said: “The Russian war in Ukraine has changed the energy markets, reduced energy availability and increased prices. Equinor continues to provide stable flow and high production, with record-levels of gas from the Norwegian continental shelf.
“High production combined with continued high price levels resulted in very strong financial results, with adjusted earnings of more than $24bn before tax.
“The earnings enable us to continue investing in the energy transition while building resilience in uncertain times. It also increased our tax contributions, in total around $17bn in tax payments in the quarter.”
The Norwegian oil and gas company’s adjusted earnings before tax soared to $24.3bn from $9.77bn a year ago while its net operating income stood at $26.1bn.
The board also announced a cash dividend of $0.20 per share.
In a press statement, Equinor said: “Based on continued strong earnings in the quarter, the Board of Directors has, in addition, decided to increase the extraordinary cash dividend from $0.50 per share to $0.70 per share for third quarter 2022.”