Norway's Equinor said Thursday that higher oil and gas prices and strong financial performance from its renewables segment drove the company to its best quarterly results since 2014 in the first quarter of 2021.
The company said that its adjusted earnings totaled $5.47 billion in the first quarter of 2021, more than double the $2.05 billion achieved a year ago.
Equinor's total revenues climbed 16% to $17.5 billion, supported by cost improvements and "strict capital discipline".
The renewables side of the business delivered a capital gain from wind farm downs of around $1.4 billion.
"The forceful response and solid operational performance delivered by our organization during the pandemic is providing for a strong position for safe operations, value creation and cash flow generation in 2021 and going forward," said Anders Opedal, president and CEO of Equinor.
"Equinor aims to be a leader in the energy transition and during the quarter we strengthened our position within offshore wind with the awarded offtake contracts from New York State for Empire Wind 2 and Beacon Wind 1. We also booked capital gains of around 1.4 billion dollars from farm downs, demonstrating our ability to create value from accessing and maturing renewable projects," he added.
By Murat Temizer