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Search resuls for: "Nerijus Adomaitis Nora Buli"


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☆ Equinor shares spike as gas bonanza lands record profit
  + stars: | 2023-02-08 | by ( Nerijus Adomaitis Nora Buli | Nerijus Adomaitis | Nora Buli | ) www.reuters.com   time to read: +3 min
With net profit for the year of $28.7 billion, up from $8.6 billion a year earlier, Equinor joined global oil and gas majors such as ExxonMobil (XOM.N), Shell (SHEL.L) and BP (BP.L) in reporting record returns for 2022. Majority state-owned Equinor (EQNR.OL) became Europe's largest supplier of natural gas last year as Russia's Gazprom (GAZP.MM) cut deliveries over the West's support for Ukraine, sending European gas prices to all-time highs. But gas prices have tumbled in 2023 and Equinor's Oslo-listed stocks have fallen 9% year-to-date, underperforming a 3.3% rise in European petroleum stocks (.SXEP). The board reaffirmed a regular share buyback plan of $1.2 billion per year and said it would make an extraordinary buy back in 2023 of $4.8 billion, for a total of $6 billion. Equinor's previous adjusted earnings record was $36.2 billion in 2008, when North Sea oil prices hit record highs.
☆ Equinor posts record profit boosted by soaring gas
  + stars: | 2022-10-28 | by ( Nerijus Adomaitis Nora Buli | Nerijus Adomaitis | Nora Buli | ) www.reuters.com   time to read: +3 min
Equinor's previous earnings record amounted to a profit before tax of $18 billion and was set in the first quarter. Equinor has said it sells most of its gas output on a day-ahead or month-ahead price basis. "Of course, the (gas) prices in Europe are very high. The European Union has said it plans to coordinate some of its gas purchases in the hope of bringing down prices. "We will cooperate with those buying institutions planned in the EU and negotiate gas prices in the future," Opedal said.
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