UPDATE 2-Equinor posts record profit for 2022, Q4 beats expectation

Reuters2023-02-08

(Adds taxes, share price, detail)

OSLO, Feb 8 (Reuters) - Equinor on Wednesday posted a record $74.9 billion adjusted operating profit for 2022, more than double the previous record thanks to soaring gas prices and with fourth-quarter results beating analyst expectations.

The oil and gas producer's adjusted earnings before tax and interest for October-December rose to $15.1 billion from $15 billion a year earlier, beating the $14.4 billion predicted in a poll of 25 analysts compiled by Equinor.

"On the back of strong earnings, outlook, and balance sheet, we step up capital distribution to (an) expected $17 billion in 2023," Chief Executive Anders Opedal said in a statement.

The majority state-owned company last year became Europe's largest supplier of natural gas as Russia's Gazprom cut deliveries amid the West's support for Ukraine, sending European gas prices to all-time highs.

Equinor's previous adjusted earnings record amounted to $36.2 billion in 2008, when the price of North Sea oil rose to record highs.

The Norwegian company, which makes most of its profit in its home country where oil firms are subject to a tax rate of 78%, said it expects to pay a record $49.9 billion in taxes for 2022.

Equinor's net profit for the year amounted to $28.7 billion, up from $8.6 billion a year ago, joining global oil and gas majors such as

ExxonMobil

,

Shell

and

BP

in reporting a record bottom line.

Gas prices have tumbled in the new year, however, and Equinor's Oslo-listed stocks have fallen 15% year-to-date, underperforming a 1% rise in European petroleum stocks .

(Reporting by Nerijus Adomaitis and Gwladys Fouche, editing by Terje Solsvik)

((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))

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