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Equinor posts record Q1 profit as gas price soars

Equinor posts record Q1 profit as gas price soars
Equinor posts record Q1 profit as gas price soars   -   Copyright  Thomson Reuters 2022
By Reuters

OSLO – Norway’s Equinor posted record pretax profits for the first quarter on Wednesday as the war in Ukraine triggered an energy supply crunch that sent the price of natural gas soaring to all-time highs.

Adjusted earnings before tax rose to $18 billion in the January-March quarter, up from $5.5 billion a year earlier, beating the $17.1 billion predicted in a poll of 25 analysts compiled by Equinor.

“Continued capital discipline and cost focus enabled us to deliver very strong financial results and cash flow, strengthening the balance sheet,” Chief Executive Anders Opedal said in a statement.

The sale of natural gas is now Equinor’s most profitable business, exceeding traditionally dominant crude oil revenues as Europe scrambles to fill depleted gas storages amid fears the war in Ukraine will lead to cut-off of Russian supplies.