Energy giant Equinor's net profit falls by almost 60%

Norwegian energy giant Equinor said its net profit fell 59% in 2023 to $11.9 billion due to falling energy prices.

The company has been hit by lower oil and gas prices since the spike following Russia's 2022 invasion of Ukraine.

Adjusted profit, which excludes some one-time items, was $36.2 billion, half of what it would have been in 2022.

The price of a barrel of oil fell by 20% for Equinor. The prices of gas produced in Norway collapsed by 61%, and of gas produced in the United States - by 68%.

Equinor CEO Anders Opedal said that in 2023 the company "continues to contribute to energy security in Europe".

"We have made a competitive capital allocation while investing in a profitable portfolio that will contribute to future growth," Opedal added.

Equinor forecast stable production this year compared to last, adding that it aims to double its annual renewable energy production compared to 2023.

Equinor had previously struggled with its renewable energy projects, making a $300 million investment in its Empire Wind 1 and 2 projects, as well as Beacon Wind 1 off the coast of New York, due to rising costs.

Last month, Equinor said it intends to acquire full ownership of Empire Wind, and the British company BP will acquire full ownership of Beacon Wind./BGNES