Operating profit more than doubled to 74.9 bln in 2022
Q4 15.1 bln vs forecast 14.4 bln
Raises regular quarterly dividend
Shares rally 7

OSLO, Feb 8 Reuters Equinor on Wednesday posted a record 74.9 billion adjusted operating profit for 2022, more than double its previous high, as gas prices soared and fourthquarter results beat expectations, boosting its share price by 7.

The Norwegian oil and gas producer39;s adjusted earnings before tax and interest for OctoberDecember rose to 15.1 billion from 15 billion a year earlier, beating the 14.4 billion predicted in a poll of 25 analysts compiled by Equinor.

Equinor raised its regular quarterly dividend and said it expected to see an annual cash flow from operations after tax of around 20 billion per year for the rest of the decade.

Net profit for the year was 28.7 billion, up from 8.6 billion a year earlier. The company joined global oil and gas majors such as ExxonMobil, Shell and BP in reporting record bottom lines.

Sparebank 1 Markets analyst Teodor SveenNilsen expected investors to focus on Equinor39;s dividends and share buybacks.

We expect the share to outperform peers today, he said in a note to clients.

The majority stateowned company last year became Europe39;s largest supplier of natural gas as Russia39;s Gazprom cut deliveries amid the West39;s support for Ukraine, sending European gas prices to alltime highs.

Gas prices have tumbled in the new year, however, and Equinor39;s Oslolisted stocks have…