The Norwegian Equinor report records quarterly results

On Wednesday, Equinor reported adjusted earnings of US $ 18 billion in the first quarter. This is equivalent to SEK 170 billion. This is a record result.

According to the company, the quarter was characterized by the Ukrainian invasion, affecting energy markets and leading to rising and fluctuating commodity prices.

“The invasion of Ukraine is a dark moment for Europe, and our thoughts are directed at everyone who suffers from the consequences of a brutal war,” said CEO Anders Oppeda.

“After 30 years of business in Russia, we consider the situation unsustainable and immediately stop new investment in the country and begin the process of withdrawing Equinor from the Russian joint venture. The withdrawal from Russia will affect our employees and lead to a write-down of Russian assets this quarter, “he continued.

The write-down is just over US $ 1 billion.

Safe delivery

“In the energy crisis in Europe, Equinor’s most important priority is to ensure reliable and secure delivery,” added Opedal.

He pointed out that the company has gas production capacity to supply more gas. In particular, the natural gas plant at Melkoya in Hammerfest is scheduled to start on May 17. The LNG plant was closed due to a large fire in September 2020.

According to the newspaper Dagens Næringsliv, adjusted results for the renewable portion of Equinor’s business were SEK 10 million in the first quarter of this year. That part of the company is characterized by the fact that many new projects have not yet been implemented, such as the East Coast of the United States and Scotland.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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