Equinor (EQNR.OL) on Wednesday posted a record $74.9 billion adjusted operating profit for 2022, more than double its previous high, as gas prices soared and fourth-quarter results beat expectations, boosting its share price by 7%.
The Norwegian 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.
Equinor raised its regular quarterly dividend and said it expected to see an annual cash flow from operations after tax of around $20 billion per year for the rest of the decade.
Net profit for the year was $28.7 billion, up from $8.6 billion a year earlier. The company joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record bottom lines.
Sparebank 1 Markets analyst Teodor Sveen-Nilsen expected investors to focus on Equinor’s dividends and share buybacks.
This report’s information was first seen on REUTERS; to read more, click this link.
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