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High energy prices ensure Equinor impressive Q1 results

The Norwegian oil company has benefited from high energy prices, which have boosted results. On the other hand, the company’s withdrawal from Russian joint ventures comes with a billion-dollar impairment.

Photo: Equinor ASA

First quarter of 2022 has certainly not been unfavorable for Equinor, which sees a doubling of revenue. At the same time, the operating result has tripled, while the bottom line grew by more than 250%.

The explanation is to be found in the markedly higher energy prices this quarter compared to the same period last year. Equinor has thus realized average price per barrel of Brent crude of USD 101.4, a 67% jump from the first quarter of 2021. The European gas price has risen from USD 6.65 to USD 29.6 per mmbtu (28.6 m3).

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