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Equinor’s 2023 gas output drops 5%, operating profit dives

(Montel) Norwegian energy company Equinor’s daily gas output totalled 970 barrels of oil equivalent per day last year, down 5% from 1,026boe/day in 2022, which along with lower oil and gas prices dented operating profits by 53%.

Gas volumes mainly fell as a result of unplanned maintenance stops in the second and third quarters, Equinor said in its interim financial report on Wednesday.

The group posted an adjusted operating profit for 2023 of USD 36.2bn, down from USD 78.8bn in 2022 when gas prices surged to record highs following Russia's invasion of Ukraine.

The group achieved an average sales price of USD 13.86/MMbtu (EUR 44.02/MWh) for gas sold via pipelines to the rest of Europe during last year, down 58% from USD 33.44/MMbtu in 2022.

Renewable energy unit loss
The group’s renewable energy business made an operating loss of USD 757m, deepening the loss of USD 84m one year ago, mainly due to a USD 300m impairment to Equinor’s offshore wind projects in the US.

The company's renewable energy production rose 17%, from 1.65 TWh in 2022 to 1.94 TWh last year, with the company expecting a doubling this year.