Equinor Q2 Profit Surges 93% on Oil and Gas Price Spike Amid Middle East Crisis
Norwegian energy major Equinor reported a 93% surge 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 expectations. The company realized European gas prices of $15.8 per MMBtu (up 32%) and liquids prices of $97.9 per barrel (up 55%). Higher production, including output from offshore Norway, the Adura JV with Shell in the UK, and the Bacalhau field in Brazil, boosted earnings. Cash flow from operations soared to $9.47 billion from $2.477 billion. CEO Anders Opedal highlighted the company's role in providing reliable energy amid heightened geopolitical tensions. Equinor was the first European major to report Q2 results, with others expected to show strong profits.
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