Equinor Goes Big on Shareholder Returns; 50% Dividend Increase; It Will Return $17 billion in 2023

Equinor exceeded market expectations with fourth-quarter earnings, but it was the 50% increase in the quarterly dividend and continuation of the buyback at 2022 levels for 2023 that likely sent shares higher. Quarterly adjusted earnings increased slightly to $15.1 billion before tax and $5.8 billion after tax, compared with $15.0 billion and $4.4 billion, respectively, the year prior as higher oil and gas prices were partially offset by higher energy costs. Equinor posted operating cash flow, excluding working capital and taxes, of $21.0 billion during the quarter compared with $18.0 in 2021.