Norwegian petroleum refining firm Equinor recorded over $1-billion worth of impairments due to its exit from Russia following its invasion of Ukraine.
- Equinor reported $1.08 billion in impairment, after the company stopped new investments into Russia. It started exiting Russian joint ventures in the first quarter, impacting employees and driving impairments in the country.
- Revenue for the quarter was recorded at $36 billion, reflecting more than double the $16.1 billion recorded in the same quarter in 2021. It will also start the second tranche of its share repurchase program this month at around $1.33 billion.
- Chief Executive Anders Opedal said the firm is focused on securing safe and reliable deliveries, with the optimized gas production delivering higher volumes. Capital discipline also drove earnings higher.
- Equinor’s total equity production stood at 2,106 million barrels of oil equivalent (mboe) per day in the first quarter, reflecting a slight decline from the 2,168 mboe recorded in the first quarter of 2021.
The renewable segment recorded 511-gigawatt hours (GWh) during the quarter, higher than the 451 GWh in the comparable period last year.
EQNR is up 3.03%, XLE is up 1.11%, and USO is up 3.03%.
Source: Energy Voice