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    Home » Equinor Posts $1-B Impairment Amid Russian Exit
    Indices News

    Equinor Posts $1-B Impairment Amid Russian Exit

    May 4, 20222 Mins Read
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    Norwegian petroleum refining firm Equinor recorded over $1-billion worth of impairments due to its exit from Russia following its invasion of Ukraine.

     

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    • 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

     

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