Britain’s biggest gas supplier, Norwegian state-owned Equinor, has been accused of “profiteering” from the energy crisis after posting record annual earnings of £62bn. The oil and gas producer reported adjusted profits of $15.1bn (£12.5bn) in the final quarter of last year, bringing total annual profits to $74.9bn, the highest in its 51-year history.
TotalEnergies, France’s largest oil and gas company and a major North Sea operator, also reported record annual profits of $36bn on Wednesday. The pair join Exxon, Chevron, Shell and BP in posting record earnings, aided by soaring gas prices linked to the war in Ukraine.
Equinor supplies about a quarter of Britain’s gas and is pursuing development of the Rosebank field west of Shetland, the UK’s largest undeveloped oilfield, despite opposition from climate protesters. A final investment decision is expected this year. The company raised its quarterly dividend and plans to hand $17bn to shareholders in 2023.
Greenpeace UK’s head of climate, Mel Evans, said: “Equinor is the latest fossil fuel giant to post record profits looted from bill payers’ pockets while destroying the climate last year.” She added that dependence on oil and gas pushes bills up, and that cheap renewables and insulated homes are needed to lower costs and emissions.
Climate campaigners including Stop Rosebank and the Young Christian Climate Network staged protests outside Equinor’s offices in London and Aberdeen. The government faces renewed calls to toughen the windfall tax on North Sea operators, with critics pointing to an investment allowance that could see £11bn in subsidies handed to firms like Equinor.
