NOK 83 billion – NRK Rogaland – Local news, TV and radio

– Good operations in all parts of the business have contributed to strong financial results. We continue to deploy significant capital and expect to deliver a total distribution of US$14 billion in 2024,” says Anders Opedal, CEO of Equinor.

The quarterly result was around NOK 83 billion. After deducting taxes, they received NOK 28 billion.

The oil company has made a lot of money in recent years, which is linked, among other things, to the Russian invasion of Ukraine.

Declining, but still strong income

Quarterly profits for the same period last year amounted to about 130 billion Norwegian kroner. Last quarter: 95 billion.

Therefore, it is a decline, but the company still achieves a strong result when compared to previous years:

The level of activity at NCS was high throughout the quarter.

– We continue to be a safe and reliable energy supplier for Europe. For the national electricity grid, the Irene project has been approved, and the Sleipner and Gudrun fields are now partly powered by shore power. This contributes to reducing costs and emissions resulting from production, says Obedal.

High oil prices and low gas prices

Ahead of the quarterly results presentation, NRK spoke to Sparebank1 SR-Bank's chief economist, Kerry Knudsen, and he pointed to two factors as being most important to Equinor's results. Oil and gas price.

The oil price held up well throughout this period, which enhances the result. At the same time, the price of gas may have been too low during this period, causing it to decline, he says.

According to Knudsen, the reason for the rise in oil prices is the unrest in the Middle East, but also high growth in the world. Which increases the demand for oil.

As for the price of gas, it is low because Europe focused on delivering and storing gas after the Russian invasion of Ukraine, according to the chief economist.

– He says: Now the gas stock is high and this helps reduce the price.

This is how last year's quarters ended

High Equinor results mean high tax revenues for Norway. In 2022, Norway collected a total of $44.3 billion in taxes from the oil company, according to a tally. Equinor report.

This is how last year's quarters ended:

Equinor's adjusted result in 2023 was about NOK 400 billion. 2022 was a record year for the company, with revenue reaching NOK 800 billion.