Norway's Equinor profits treble on sky rocketing gas prices

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Norway's Equinor profits treble on sky rocketing gas prices
Equinor has announced massive profits. Pictured is a oil rig in Norwegian waters Photo by Jan-Rune Smenes Reite:

Norwegian energy giant Equinor said Wednesday a surge in gas prices triggered by the war in Ukraine caused its profits to more treble in the second quarter of 2022.


Gas prices have soared after Russia, a leading supplier of natural gas, invaded Ukraine in February, leading to a slew of sanctions by the West and a move by Europe to cut its dependency on Moscow's energy resources.

With oil prices averaging nearly $107 -- 68 percent higher than a year earlier -- Equinor booked nearly $6.8 billion in net profit between April and June, up from $1.9 billion in the same period of 2021.

Second-quarter sales more than doubled to $36.5 billion, Equinor said.


"Russia's invasion of Ukraine impacted already tight energy markets and has created an energy crisis with high prices affecting people and all sectors of society," chief executive Anders Opedal said in a statement.

"Solid operational performance and high production combined with high prices resulted in strong financial results," he said.

READ ALSO: What does Norway do with its oil money?

Norway is Europe's second-biggest supplier of natural gas behind Russia.

Equinor will pay out a cash dividend of 70 cents per share in the second and third quarters – divided into 20 cents in an ordinary dividend and 50 cents in an extraordinary dividend.

The result comes close to matching the record 18-billion-dollar operating profit it announced in the first quarter of this year. 


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