In the first quarter of 2023, Equinor, a Norwegian oil and gas producer, achieved higher-than-expected profits, driven by increased production in Norway and robust operational performance. The company’s adjusted earnings before tax for the January-March period amounted to $7.53 billion, a decrease from the $11.92 billion reported in the same period a year prior. This decline was primarily attributed to lower gas prices. Nonetheless, these earnings exceeded the $7.2 billion estimate derived from a poll of 22 analysts conducted by Equinor.
Equinor’s CEO, Anders Opedal, attributed the company’s success to high production on the Norwegian continental shelf and solid growth from its international portfolio. Notably, Equinor replaced Russia’s Gazprom as Europe’s largest supplier of natural gas in 2022, amidst the backdrop of Moscow’s invasion of Ukraine disrupting longstanding energy ties.
During the first quarter, Equinor maintained a steady production level of 2.16 million barrels of oil equivalent per day, consistent with analyst expectations. The company continues to project flat oil and gas output for 2023 compared to 2022. Equinor’s annual review in February indicated a projected increase in combined oil and gas production after 2024, with an anticipated 5% growth by 2026 before a gradual decline toward 2030.
