Norwegian-based energy group Equinor this morning announced net income of £8.11billion for the third quarter - up almost 40% on Q2.
The company has significant UK operations in oil & gas and also in offshore wind.
These include the Mariner oil field off Shetland, which started up in 2019 and is expected to be in production for decades to come.
Equinor also has a 40% stake in the Rosebank oil and gas find off Shetland - one of the largest undeveloped discoveries in the basin.
The field will give a massive boost to the UK economy.
It has been estimated it will create £8.1billion of direct investment, of which £6.3billion is likely to go to UK-based businesses. A further £16billion could be generated through indirect and induced economic impacts over the field life.
8% of UK's oil production
From first production in 2026 through to 2030, Rosebank could account for 8% of the UK's oil production.
In offshore wind, Equinor has built and put into operation Sheringham Shoal off Norfolk, Dudgeon off Norfolk, and Hywind Scotland off Peterhead - the world's first floating offshore wind farm.
The 30 MW Hywind Scotland pilot park has been in operation since 2017, demonstrating the feasibility of floating wind farms that could be 10 times larger.
Equinor is currently partnering with SSE Renewables and Eni Plenitude to deliver Dogger Bank off north-east England - the world's biggest offshore wind farm.
Dogger Bank is being developed in three phases - Dogger Bank A, B and C.
Collectively they will become the world's largest offshore wind farm.
Multi-billion-pound investment
Each phase will have an installed generation capacity of 1.2GW and represents a multi-billion-pound investment.
Combined, they will have an installed capacity of 3.6GW and will be capable of powering up to 6million homes.
The Dogger Bank wind farm is expected to bring its first phase into operation next year.
Equinor's president and chief executive, Anders Opedal, said today: "The Russian war in Ukraine has changed the energy markets, reduced energy availability and increased prices.
"Equinor continues to provide stable flow and high production, with record-levels of gas from the Norwegian continental shelf.
"High production combined with continued high price levels resulted in very strong financial results with adjusted earnings of more than $24billion (£21.02billion) before tax.
Investing in the energy transition
"The earnings enable us to continue investing in the energy transition, while building resilience in uncertain times.
"It also increased our tax contributions, in total around $17billion (£14.71billion) in tax payments in the quarter."
Equinor said it was growing the Norwegian Continental Shelf as a hub for commercial CO2 storage.
In the UK, Equinor has applied to extend the Sheringham Shoal and Dudgeon windfarms with an additional 719 MW.
Equinor has also sanctioned the Blandford Road battery storage project in Dorset, which will be the first commercial battery storage asset for the company.