BAKU, Azerbaijan, May 4. Equinor’s average liquid price rose from $56.4 per barrel in Q1 2021 to $97.1 per barrel in Q2 2022, 72 percent increase year-on-year, Trend reports with reference to the company.
Net operating income was USD 16,934 million in the first quarter of 2022 compared to USD 3,350 million in the first quarter of 2021.
The increase was mainly due to higher gas transfer price and liquids price. In the first quarter of 2022, net operating income was positively impacted by net reversal of impairments of USD 817 million and unrealised gain on derivatives of USD 154 million, partially offset by underlifted volumes of USD 295 million.
In the first quarter of 2021, net operating income was negatively impacted by impairments of USD 276 million, partially offset by net overlifted volumes of USD 65 million. A
djusted operating and administrative expenses increased mainly due to higher transportation costs and ramp-up of new fields. Increased maintenance costs in addition to higher environmental taxes and electricity prices added to the increase, partially offset by the NOK/USD exchange rate development. Adjusted depreciation, amortisation and net impairment losses increased mainly due to ramp-up of new fields, higher field specific production and higher depreciation basis due to reversal of impairment.
Increased proved reserves on several fields and the NOK/USD exchange rate development partially offset the increase. Adjusted exploration expenses increased mainly due to higher drilling costs and lower portion of exploration expenditure being capitalised this quarter, partially offset by lower field development costs.
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