Equinor tops Exxon, Shell with Q3 earnings of $24.3bn
Norway’s Equinor said October 27 it had adjusted earnings of $24.3bn in Q3 2022, up from $9.8bn a year ago and topping earnings reported by peers ExxonMobil and Shell.
Cash flows provided by operating activities fell to $6.6bn from $8bn, while free cash flow was down 64%, at $2.4bn.
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Noting the impact of Russia’s invasion of Ukraine on European energy markets, reducing supply security and increasing prices, CEO Anders Opedal credited Equinor’s people for the Q3 performance.
“I am proud of all our people going to great lengths to keep the energy production high and secure,” he said. “Working together with our partners and the authorities, we have taken extra measures to increase security in this situation.”
In Q3 2021, Equinor had already implemented measures to increase natural gas deliveries to the European market, and this year, it continued those efforts, with an 11% increase in gas production, supported by the continued ramp up of production from the Hammerfest LNG facility, which came back online in June.
E&P Norway natural gas production averaged 773,000 barrels of oil equivalent (boe)/day (about 4.4bn ft3/day), up from 695,000 boe/day in Q3 2021.
The strong earnings results, Opedal said, also support Equinor’s continued energy transition activities, including its Northern Lights carbon capture and storage (CCS) project on the Norwegian Continental Shelf. In Q3, Northern Lights signed its first commercial customer and is on track for start-up in 2024.