Equinor's income declines by 55% in 2023

- Equinor posts around $107.2 billion in revenue in 2023, down 29% from approximately $150.8 billion in 2022

The net income of the Norwegian energy company Equinor fell 55% year over year to nearly $35.7 billion, according to its financial results statement released on Wednesday.

The company’s earnings in 2022 stood at around $78.8 billion, a decline of more than $43 billion due to lower commodity prices.

Despite suffering a notable quarter-to-quarter reduction in revenue during the last three months of 2023—roughly a 47% decrease—the firm was nonetheless able to boost profitability in the fourth quarter by 17.3% over the preceding quarter.

Equinor posted around $107.2 billion in total revenue for the full year of 2023, down 29% from about $150.8 billion in 2022.

“Solid production growth combined with high realized prices drove strong revenue and results for the fourth quarter and full year 2023,” the company said in the statement.

Its revenue for the last quarter of 2023 totaled around $29 billion, an 11.5% increase from $26 billion during the third quarter of last year.

“Realized commodity prices, particularly gas, were markedly reduced from the elevated levels in 2022 and, as such, more than offset the production increase, resulting in a decline in revenue relative to the prior year.

- 34% renewables surge

Renewable energy production surged, with power production from renewable sources increasing by 34% in the last quarter, primarily due to contributions from projects in Brazil, Poland and the UK, including the ramp-up of Dogger Bank, the world's largest offshore wind farm.

The company also reported a 1% rise in gas production and a 14% gain in equity liquids, which it attributed to new wells, strong performance at the Johan Sverdrup field, and substantial contributions from international assets.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr