Equinor Q2 Profit Surges 93% on Oil and Gas Price Spike Amid Middle East Crisis
Norwegian energy major Equinor reported a 93% jump in second-quarter profit to $3.225 billion, driven by soaring oil and gas prices amid the Middle East crisis. Adjusted operating income rose 76% to $11.482 billion, exceeding analyst consensus. The company attributed gains to higher global liquid prices and a 32% rise in European natural gas prices to $15.8/MMBtu, while US gas prices partially offset gains. Total equity production increased 3% to 2.165 million boepd, supported by output from Norway, the Adura JV with Shell in the UK, and the Bacalhau field in Brazil. Cash flow from operations surged to $9.47 billion from $2.477 billion. CEO Anders Opedal highlighted the company's role in delivering reliable energy amid geopolitical volatility. Equinor is the first European major to report Q2 results, with others expected to show strong profits from price surges, higher refining margins, and trading earnings.
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