Equinor First Quarter Profit Hits 3-Year High on Output
Equinor reported first-quarter earnings of $9.77 billion, beating analyst forecasts. Record output and high prices drove results as the firm held its dividend.
EQUINOR ASA reported adjusted first-quarter earnings of $9.77 billion, a three-year high driven by record production and soaring energy prices. The result beat the $9.0 billion forecast from 23 analysts and rose from $8.65 billion during the same period last year. High prices and production levels reinforce the position of Norway as a critical energy supplier to Europe during Middle East supply shocks.
### War Disruptions Drive Energy Prices Higher Oil and gas prices climbed in March following the outbreak of war involving the United States, Israel, and Iran. Brent Crude Oil futures rose well above $100 per barrel, up from a range of $60 to $70 over the previous 12 months. Natural Gas prices in Europe are trading 50% higher than pre-war levels as the closure of the Strait of Hormuz prevents Qatar from delivering liquefied natural gas.
