Norwegian state-owned energy giant Equinor has posted record £23.8bn ($28.7bn) full-year profits for 2022, powered by soaring oil and gas prices – up from £7.1bn ($8.6bn) a year earlier.

Meanwhile adjusted operating earnings for 2022 skyrocketed to £62.1bn ($74.9bn), up from $33.5 billion (£27.6bn) last year.

Equinor follows other energy majors, including bp and Shell who reported similar record profits because of higher gas prices.

Anders Opedal, President and Chief Executive Officer of Equinor ASA said: “Equinor is uniquely positioned to provide energy and contribute to decarbonisation, while delivering strong returns. Strong earnings and cash flow will enable continued competitive capital distribution and investments in high-value, resilient projects within oil and gas, renewables, and low carbon solutions.”

In response to the news, Greenpeace UK’s head of UK Climate Mel Evans said: “Equinor is the latest fossil fuel giant to post record profits looted from billpayers’ pockets while destroying the climate last year.

“Just 0.13% of its energy production came from renewables in 2022. Dependence on oil and gas is pushing our bills up. Giving Equinor’s climate-wrecking Rosebank oilfield the green light won’t bring them down but it will pour fuel on the climate emergency.

“It’s only cheap, homegrown renewables coupled with warmer, insulated homes that will help lower both bills and carbon emissions.”