• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Equinor posts record Q1 profit as gas price soars

May 4, 20225:30 AM Reuters0 Comments

Equinor

Equinor posted record pretax profits for the first quarter on Wednesday as the war in Ukraine triggered an energy supply crunch that sent the price of natural gas soaring to all-time highs.

Adjusted earnings before tax rose to $18 billion in the January-March quarter, up from $5.5 billion a year earlier, beating the $17.1 billion predicted in a poll of 25 analysts compiled by Equinor.

“Continued capital discipline and cost focus enabled us to deliver very strong financial results and cash flow, strengthening the balance sheet,” Chief Executive Anders Opedal said in a statement.

The sale of natural gas is now Equinor’s most profitable business, exceeding traditionally dominant crude oil revenues, as Europe scrambles to fill depleted gas storages amid fears the war in Ukraine will lead to a cut-off of Russian supplies.

“We have optimised the gas production to deliver higher volumes, and Hammerfest LNG is on track for a safe start-up on 17 May,” Opedal said, referring to an Arctic gas facility that has been out of commission since a fire in 2020.

The company reiterated its plan to withdraw from Russia, booking a $1.1 billion impairment in the first quarter, as previously announced.

Equinor maintained a quarterly dividend of 40 cents per share, as planned, half of which is an ordinary payout and the other half seen as an extraordinary payment thanks to high petroleum prices.

Equinor LNG

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
  • Ex-Pioneer CEO cannot challenge order barring him from Exxon board, FTC says
  • SLB’s ChampionX deal clears final hurdle with UK approval
  • Blackstone to invest $25 bln in data centers and natural gas plants, COO says
  • Putin, unfazed by Trump, will fight on and could take more of Ukraine

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.