(EnergyVoice) Equinor has incurred $1.08 billion impairment since announcing a cessation of new investments in Russia in a move to exit the country.
The energy giant said that the increased energy prices helped it book a revenue of $36 billion in the first quarter of 2022, representing a more than double increase from $16.1 billion last year. The company reported a pre-tax profit of $17.2 billion in the quarter.
Following a robust quarter, Equinor said it was raising its share buybacks to $1.33 billion in 2022, compared to the first round repurchase of $1 billion, which ended in March.
Equinor further added that as the energy crisis unfolds in Europe, the company’s top priority would be securing reliable and secure supplies. The company said it has optimized gas production for greater volumes, while the Hammerfest LNG remains on track for safe start-up on May 17.
EQNR: NYSE is up +3.95% on premarket
