Equinor (OSLO: EQNR) took in net income of $4.9bn in its first quarter 2023 results, despite reduced prices for oil and gas.
The group highlighted its contribution to European energy security, with production growth partly offsetting lower prices for the firm.
Equinor produced 2.13 million barrels of oil equivalent per day, up slightly on 2.10m in Q1 2022.
The firm realised a price for piped gas to Europe of $18.8 per mmbtu, and liquids were $73.8 per barrel, down 37% and 24% respectively.
Net income is up 5% on Q1 2022, but after tax earnings of $3.5bn are down 36% on 2021’s $5.48bn.
Revenues are down 20% year on year from $36.3bn to $29.2bn for the firm, which is majority owned by the Norwegian government.
Among recent operational highlights is the acquisition of Suncor Energy’s business in the UK.
Equinor is kicking off the second tranche of a share buyback scheme, worth $1.67bn and delivering two cash dividends worth a total of 90 cents per share.
CEO Anders Opedal said: “Equinor delivered strong earnings and cash flow across the business and remains a safe and reliable provider of energy to Europe.
“We continue to deliver competitive capital distribution to shareholders and invest in a profitable portfolio in oil and gas, renewables, and low-carbon solutions.”
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