Equinor’s net profit exceeds $8.5B

Norwegian oil and gas group Equinor (formerly Statoil) posted a net profit of $8.576 billion in 2021 compared to a loss of $5.5 billion in 2020, Report informs referring to the company.

On a per-share basis, diluted earnings were $2.63 compared to a loss of $1.69 a year earlier. Equinor’s revenue amounted to $88.744 billion, which is almost twice higher than the same indicator in 2020.

Equinor posted a net profit of $3.37 billion in the fourth quarter against a loss of $2.416 billion a year earlier. On a per-share basis, diluted earnings were $1.04 versus a loss of $0.75 a year ago. Quarterly revenue was 2.7 times higher than the same indicator a year ago and amounted to $32.125 billion.

The volume of hydrocarbon production in the fourth quarter amounted to 2.158 million barrels of oil equivalent per day, which is 6% more than in the same period in 2020. According to the results of the whole year, it remained practically unchanged - 2.079 million barrels of oil equivalent per day.

The company also said that the share buyback program in 2022 will total $5 billion, up from $1.3 billion a year earlier.