Equinor profits soar on high oil and gas prices during wartime

As expected, Equinor reported on Wednesday a steep rise in profits for the second quarter, boosted by the surge in gas and oil prices, as the Middle East war disrupted the global energy supply.

Equinor's poll of 17 analysts predicted that the Norwegian group would earn $11.48 billion in the period from April to June, a significant increase over the $6.54 billion it earned a year ago.

In a press release, CEO Anders Opedal stated that "strong production in the second-quarter enabled us to capture value from higher price levels, contributing to a strong cash flow and financial result."

Equinor, the majority-owned state company, has seen its shares rise 54% in value year-to date, outperforming an increase of 30% among European energy stocks. This reflects Equinor's position as Europe's largest supplier of oil, gas, and natural gases, with no direct exposure towards the Middle East.

Last month, the company announced that it would double its share-buyback program, giving more cash back to shareholders as wartime increases in oil and natural gas prices filled the coffers.

Equinor has maintained its full-year growth target for oil and gas production of a volume increase of 3% in 2026, as well as its planned investment level of $13 billion.

The downstream division (which includes energy trading) reported a profit for the quarter of $777 millions, surpassing analysts' expectations of $623 million and exceeding $400 million in quarterly profit guidance.

Equinor's average oil price was $97.9 a barrel in the second quarter of 2025, up from $63.

The price of the?group’s European gas increased by 32 percent over the same time period, to $15.79 for a million British thermal unit (mmbtu), whereas its U.S. price fell 16% to only $2.30.

(source: Reuters)