Fury as one of Europe's biggest gas producers Equinor rakes in 'grotesque' profits of nearly £24billion - joining BP and Shell which also posted record figures for 2022

  • Equinox reported net profits of £23.8bn last year, compared to £7.1bn in 2021
  • Its 'grotesque' record-breaking annual profits amid the cost-of-living crisis 

Climate campaigners are furious after one of the biggest gas producers in Europe and the UK reported 'grotesque' record-breaking annual profits amid the ongoing energy crisis.

Norwegian firm Equinor reported net profits of £23.8 billion ($33.5 billion USD) last year, compared with profits of £7.1 billion ($8.6 billion) in 2021.

Activists have taken aim at the firm for raking in huge profits while households and businesses are suffering amid a cost-of-living crisis and claim the companies have made little progress in switching to renewable energy sources. 

Equinor's report follows similar mammoth bottom line profits for oil and gas giants in recent days thanks to last year's soaring energy prices, with BP and Shell both posting record-breaking figures for 2022, at £23 billion and £33 billion respectively.

Climate campaigners are furious after one of the biggest gas producers in Europe and the UK reported 'grotesque' record-breaking annual profits amid the ongoing energy crisis. The activists are pictured outside Equinor's London headquarters today

Climate campaigners are furious after one of the biggest gas producers in Europe and the UK reported 'grotesque' record-breaking annual profits amid the ongoing energy crisis. The activists are pictured outside Equinor's London headquarters today

Norwegian firm Equinor reported net profits of £23.8 billion ($33.5 billion USD) last year, compared with profits of £7.1 billion ($8.6 billion) in 2021. The firm's LNG facility in Melkoeya, outside Hammerfest, Norway is pictured on January 31, 2023

Norwegian firm Equinor reported net profits of £23.8 billion ($33.5 billion USD) last year, compared with profits of £7.1 billion ($8.6 billion) in 2021. The firm's LNG facility in Melkoeya, outside Hammerfest, Norway is pictured on January 31, 2023

BP profits more than doubled to £23billion last year as households struggled with soaring energy bills: CLICK HERE TO READ MORE 

BP unveiled bumper profits yesterday, with the FTSE 100 oil giant making £23billion last year

BP unveiled bumper profits yesterday, with the FTSE 100 oil giant making £23billion last year

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Equinor posted underlying earnings of £61.9 billion ($74.9 billion) last year, more than double the £27.7 billion (33.5 billion) it made in 2021.

The firm's highest ever annual profit came after a better-than-expected performance in the last three months of 2022, with quarterly underlying earnings edging up to £12.5 billion ($15.1 billion), against predictions for a fall.

But its report revealed that production from renewable energy sources was 2 per cent lower year-on-year in the fourth quarter.

Greenpeace hit out at Equinor's profit announcement and reiterated its call for a bigger windfall tax on the sector.

Protesters from climate campaigners Parents for Future, Mothers Rise Up, and HERO UK Climate Justice Circle are also staging a demonstration outside Equinor's London headquarters in protest at its figures and its plans to develop Rosebank, the UK's largest undeveloped oil field.

The demonstrators at Equinor's headquarters described the figures as 'grotesque'.

Mel Evans, Greenpeace UK's head of UK climate, added: 'Equinor is the latest fossil fuel giant to post record profits looted from bill payers' pockets while destroying the climate last year.

The demonstrators at Equinor's headquarters (pictured today) described the figures as 'grotesque' and hit out at reiterated calls for a bigger windfall tax on the energy sector

The demonstrators at Equinor's headquarters (pictured today) described the figures as 'grotesque' and hit out at reiterated calls for a bigger windfall tax on the energy sector

The firm's highest ever annual profit came after a better-than-expected performance in the last three months of 2022, with quarterly underlying earnings edging up to £12.5 billion ($15.1 billion), against predictions for a fall. Protesters are pictured today outside Equinor's offices in Aberdeen

The firm's highest ever annual profit came after a better-than-expected performance in the last three months of 2022, with quarterly underlying earnings edging up to £12.5 billion ($15.1 billion), against predictions for a fall. Protesters are pictured today outside Equinor's offices in Aberdeen

Oil and gas giant Shell's annual profits surge to eyewatering £32BN: READ MORE HERE

Energy giant Shell's profits increased to £32 billion ($39.9bn) in 2022 due to soaring oil prices in the wake of Russia's invasion of Ukraine

Energy giant Shell's profits increased to £32 billion ($39.9bn) in 2022 due to soaring oil prices in the wake of Russia's invasion of Ukraine

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'Just 0.13 per cent of its energy production came from renewables in 2022. 

'Instead of giving out more tax breaks for oil and gas drilling, the Government needs to claw back these massive profits and use them to insulate people's homes and scale up renewable energy.'

A spokesman for Equinor said the group is aiming to 'significantly increase investments in renewables, and that we foresee that more than 50 per cent of gross investments will go to renewables and low carbon projects by 2030'.

He added that the Rosebank development 'has the potential to strengthen energy security with oil and gas that is produced with a much lower carbon footprint than current UK production' and claimed it will bring in around £26.8 billion to the UK economy through taxes and investments.

Equinor - which is majority Norwegian state-owned - is one of the biggest producers of gas in the world. 

Last year it became Europe's biggest supplier of natural gas after Russia's Gazprom slashed deliveries amid sanctions against Vladimir Putin's regime, following his invasion of Ukraine. 

It has historically supplied around 25 per cent of gas used in the UK.

Anders Opedal, president and chief executive of Equinor, said: 'In 2022, we responded to the energy crisis and contributed to energy security.

'With strong operational performance, we delivered record results and cash flow from operations.

'We stepped up capital distribution to shareholders, while continuing to invest in a balanced energy transition and contributing to society with high tax payments.'

The group - which makes the bulk of its profit in Norway, where oil firms pay tax at 78 per cent - said it expects to pay record taxes in 2022, with £35.4 billion ($42.8 billion) paid in tax related to operations on the Norwegian continental shelf.

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