Equinor on Wednesday reported a sharp rise in second-quarter profits, as expected, lifted by a surge in oil and gas prices as the war in the Middle East disrupted global energy supplies.
The Norwegian group's adjusted earnings before tax for the April to June period rose to $11.48 billion from $6.54 billion a year earlier, broadly in line with the $11.37 billion predicted in a poll of 17 analysts compiled by Equinor.
"Strong production in the second quarter enabled us to capture value from higher prices, contributing to strong cash flow and financial results," CEO Anders Opedal said in a statement.
The shares of majority state-owned Equinor are up 54% year-to-date, outperforming a 30% increase in European energy stocks .SXEP, reflecting its position as a major supplier of oil and gas to Europe and with no direct exposure to the Middle East.
The company last month said it will double its share buybacks, returning more cash to owners as the wartime rise in oil and gas prices filled its coffers, while at the same time scaling back investments in renewable energy due to weak demand.
Equinor maintained its full-year oil and gas output growth target of a 3% volume increase in 2026 as well as its planned investment level for the year of $13 billion.
The downstream division, which includes energy trading, reported a profit of $777 million for the quarter, exceeding the $623 million expected by analysts and beating the unit's $400 million quarterly profit guidance.
The average price for Equinor's oil stood at $97.9 per barrel in the second quarter, up from $63 in the same period of 2025.
The price for the group's European gas meanwhile increased by 32% over the same period to $15.79 per million British thermal units (mmbtu), while its U.S. gas price declined 16% to $2.30 per mmbtu.
(Reuters - Reporting by Nora Buli, editing by Terje Solsvik)