OSLO (Reuters – Norway’s Equinor reported record pretax profits in the first quarter of 2013 as a result of the conflict in Ukraine. This was due to an unprecedented energy shortage that saw the cost per unit rise to new all-time highs.

In the January-March Quarter, adjusted earnings before tax reached $18 Billion, an increase of $5.5 billion from a year prior. Equinor polled 25 analysts to predict $17.1 billion.

Anders Opedal, Chief Executive of the company stated in a statement that “Continued Capital Discipline and Cost Focus enabled us to deliver very solid financial results and cashflow, strengthening our balance sheet.”

Equinor’s largest business is the sale of natural gas. This surpasses traditional dominant revenues. Europe scrambles for gas to replenish depleted storages, fearing that Russia will cut off supplies.