Equinor Sets New Record as Profits Double
Equinor landed a record third-quarter profit on Friday, driven by all-time-highs in European gas prices, and raised its dividend payout despite a lower 2022 output forecast.
The Norwegian oil and gas producer's adjusted earnings before tax for July-September rose to $24.3 billion from $9.77 billion a year earlier, beating the $23.5 billion predicted in a poll of 26 analysts compiled by Equinor.
"High production combined with continued high price levels resulted in very strong financial results," he added
Equinor, majority-owned by the Norwegian government, became Europe's largest supplier of natural gas this year as Russia's Gazprom (GAZP.MM) cut deliveries amid Western support for Ukraine.
It now expects its output to grow by 1% in 2022 compared to last year, down from a previous projection of 2% as the Johan Sverdrup Phase 2 development was set to come on stream later in the fourth quarter than originally planned.
Equinor blamed operational issues at several other fields, but did not elaborate on when the Sverdrup increase could occur.