Norwegian oil and gas major Equinor has defended the strategy driving its renewables business division and said performance will improve as assets become operational.

Equinor this week joined its energy peers in reporting stellar profits for 2022 and returning more capital to shareholders, with a record $74.9bn in adjusted operating profits booked last year.

For 2022, Equinor posted nearly $75bn in adjusted earnings across its liquids, gas and upstream operations.