Norway's Equinor generated $18 billion in adjusted pretax earnings in the first quarter of this year, having quadrupled gas prices compared to a year earlier, the company announced on Wednesday.
The company said Russia’s invasion of Ukraine led to uncertainty in already tight European energy markets, particularly in gas, sending energy prices sky high.
On Feb. 28, Equinor announced its decision to stop new investments in Russia and to start the process of exiting its Russian joint ventures.
'We have recognized net impairments of $1.08 billion related to assets in Russia this quarter,' the company said.
'Continued capital discipline and cost focus enabled us to deliver very strong financial results and cash flow, strengthening the balance sheet,' said Anders Opedal, Equinor's CEO.
The $18 billion in earnings compared with a revised $4.1 billion realized a year earlier.
'The average invoiced European natural gas sales price was 345% higher compared to the first quarter of 2021 due to low gas stocks in Europe, high demand and tight supply,' Equinor said.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr