No Result
View All Result
World Press Time
  • Home
  • United States
  • UK
  • World
    • Canada
    • Europe
    • Australia
    • Asia
    • South America
    • Africa
  • Politics
  • Business
    • Economy
    • Finance
    • Investing
    • Markets
    • Companies
    • Crypto
  • Lifestyle
  • Entertainment
  • Health
  • Technology
  • Science
  • Sports
  • Travel
  • Contact
Subscribe
  • Login
  • Home
  • United States
  • UK
  • World
    • Canada
    • Europe
    • Australia
    • Asia
    • South America
    • Africa
  • Politics
  • Business
    • Economy
    • Finance
    • Investing
    • Markets
    • Companies
    • Crypto
  • Lifestyle
  • Entertainment
  • Health
  • Technology
  • Science
  • Sports
  • Travel
  • Contact
No Result
View All Result
World Press Time
No Result
View All Result
  • United States
  • UK
  • World
  • Politics
  • Business
  • Lifestyle
  • Entertainment
  • Health
  • Technology
  • Science
  • Sports
  • Travel
  • Videos
Home Business Markets

Equinor and Eni report bumper profits

Press Room by Press Room
1 year ago
in Markets
Reading Time: 2 mins read
120 7
A A
0
34
SHARES
489
VIEWS
Share on FacebookShare on Twitter

Norway’s Equinor and Italy’s Eni have become the latest energy companies to report bumper earnings as the oil and gas industry heads towards its most profitable year ever.

State-controlled Equinor said it would raise its special dividend by $0.20 to $0.70 a share for the third quarter after it achieved record adjusted pre-tax earnings of $24.3bn for the three months to September, up from $9.8bn a year earlier.

Eni’s adjusted net profit for the third quarter jumped to €3.73bn, bringing its total profits for the year so far to €10.81bn, four times higher than its earnings in the first nine months of 2021.

Equinor and Eni, buoyed by continued volatility in European gas markets, are the latest oil and gas companies to beat analyst forecasts in the third quarter. Shell on Thursday reported quarterly earnings of $9.5bn, the second-highest in its history, while adjusted net income at TotalEnergies doubled year on year to a higher than expected $9.9bn.

“The Russian war in Ukraine has changed the energy markets, reduced energy availability and increased prices,” Anders Opedal, Equinor president and chief executive, said it in a statement.

As Europe has sought to reduce its dependence on Russian gas, Equinor, the largest supplier to the EU after Gazprom, has increased production from the Norwegian continental shelf to “record levels”, Opedal added.

Eni’s performance was also driven by its global gas business, where earnings before interest and tax rose to €1.08bn in the third quarter from €50mn a year earlier.

A share buyback programme of €2.4bn will now be completed by the end of the year, rather than in the first quarter of 2023 as previously announced.

“In the first nine months of 2022, we entirely covered our capex and cash return to shareholders,” said chief executive Claudio Descalzi.

Equinor’s and Eni’s shares climbed 2.5 per cent and 1 per cent respectively on Friday morning.

European gas prices hit a record high above €343 per megawatt hour in August, up more than 250 per cent since the start of the year, as Russia cut supplies and EU countries scrambled to secure alternatives. Although prices have now fallen back to about €100 per megawatt hour, they are still remain far above their historical average.

Oil prices have fallen too, from more than $120 a barrel in June to about $90 a barrel as recession fears in Europe hit economic activity, but they also remain high compared with historical levels.

Eni said it had compensated for weaker crude prices and lower refining margins by optimising operations and cost savings.

The Italian group added that it would reduce its dependence on Russian gas by 50 per cent over the winter by boosting supplies from gasfields it owns in other countries and growing its activities in liquefied natural gas.

In the third quarter, Eni agreed to acquire two gas projects in Algeria from BP and purchased a floating LNG vessel, which will be able to produce approximately 600,000 tons of the fuel a year from fields in the Republic of Congo.

Read the full article here

Share14Tweet9Share2Pin3SendShareShareShareShare
ADVERTISEMENT

Related Articles

Markets

UK digital pound could put financial stability and privacy at risk, MPs warn

Markets

HMRC urges crypto holders to disclose gains

Markets

Sustainability is real and smart investors know it

Markets

Tokenised securities: blockchain offers more than lower cost and faster speed

Markets

Corporate cash Friday chartfest

Markets

Investor love-in with bonds revives after rocky times

Markets

Charlie Munger and the Magnificent Seven

Markets

Venezuela to hold referendum on seizing part of Guyana — and its oil

Markets

How COP28 can help readers and itself

Load More

Recommended

Jets racking brains for gifts as Aaron Rodgers turns 40: ‘My Achilles?’

Biden campaign struggles to keep young social media influencers in the fold

Urgent warning issued over Christmas decorations that could kill your dog

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

Trending Now

    About Us

    World Press Time

    World Press Time is your one-stop news portal, follow us to get the latest politic, business, sports, entertainment any more. follow us now.

    Topics

    Africa Asia Australia Business Canada Companies Crypto Economy Entertainment Europe Finance Health Investing Lifestyle Markets Politics Science South America Sports Technology Travel United Kingdom United States Videos World

    Get informed

    THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

    Subscribe to our mailing list to receives daily updates direct to your inbox!

    • Privacy Policy
    • Terms of use
    • Press Release
    • Advertise
    • Contact

    © 2022 World Press Time - All Rights Reserved.

    No Result
    View All Result
    • Home
    • United States
    • UK
    • World
      • Canada
      • Europe
      • Australia
      • Asia
      • South America
      • Africa
    • Politics
    • Business
      • Economy
      • Finance
      • Investing
      • Markets
      • Companies
      • Crypto
    • Lifestyle
    • Entertainment
    • Health
    • Technology
    • Science
    • Sports
    • Travel
    • Contact

    © 2022 World Press Time - All Rights Reserved.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website, you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.