LNG

Norway’s Equinor, the LNG exporter and main supplier of pipeline natural gas to Europe, posted a slight rise in second-quarter net income as new fields came on stream on the Norwegian Continental Shelf amid continued high grading of the company’s oil and gas portfolio.

Equinor, the Norwegian LNG exporter and main supplier of pipeline natural gas to Europe, reported a 46 percent drop in net income as oil and gas prices declined, with pipeline gas values falling to under $9.50 per million British thermal units.

Oct 27 (LNGJ) – Equinor, the Norwegian energy major and supplier of natural gas and LNG to Europe, reported a 73 percent drop in net income to $2.50 billion from $9.37Bln in the same three months of 2022 as prices plunged over the Northern Hemisphere summer months. Adjusted earnings dropped to $8.02Bln from $24.47Bln in the prior-year quarter. “Equinor delivered strong cash flow and earnings in a quarter with considerably lower gas prices than last year. The gas production from the Norwegian Continental Shelf was impacted by planned maintenance and extended turnarounds,” explained Anders Opedal, President and CEO of Equinor.

   “We continue our transition, with first power from Dogger Bank in the UK - the world’s largest offshore wind farm, further expanding in onshore renewables in Brazil and Poland, and investing in the Bayou Bend CCS project in the US. With the approved plan for electrification of Hammerfest LNG, and start-up of power from shore for Gina Krog field, we continue to reduce our own emissions,” added Opedal.

Norway’s Equinor, an LNG supplier to the European Union and which has enabled some of the replacement of pipeline natural gas to Europe in the 18 months, reported a drop in second-quarter profits and revenues even as delivered volumes increased amid LNG and gas terminal incidents and shutdowns.

Norwegian energy major Equinor, the main supplier of pipeline natural gas to Europe and an LNG producer and exporter, reported soaring profits and record cash flow from becoming the primary gas supplier to its European neighbours after the cutting of Russian gas pipelines.

Leading European pipeline natural gas and LNG supplier Equinor of Norway said record high production levels continued in the third quarter as Europe received 11 percent more gas from the Norwegian Continental Shelf and profits rose from trading gas and power at higher prices.

Equinor posted a multiple increase in net profits and revenues as it stepped up to boost European energy security with more pipeline gas, a re-started LNG plant and 18 percent higher gas output from the Norwegian Continental Shelf.

Equinor, the Norwegian major and owner of Western Europe’s only baseload liquefaction plant at Hammerfest in Northern Norway, more than doubled first-quarter revenues and income from soaring oil and gas prices to $36.39 billion from $17.59Bln in the same quarter of 2021 as it is set to partially replace Russia as the principal regional supplier.

Equinor, the Norwegian oil and natural gas company and operator of the currently closed Hammerfest LNG export plant, reported second-quarter net income of $1.94 billion after a previous loss, helped by higher price and progress in the projects portfolio.

Equinor, the Norwegian energy company whose pipeline natural gas competes with LNG in Europe, swung to a first-quarter net loss of $710 million as it took a $2.45 billion hit for impairment charges in response to the Covid-19 pandemic and the oil price wipe out.