Equinor profit soars on wartime oil and gas prices
Adjusted earnings jumped 93% as higher European gas prices and stronger trading offset weaker U.S. gas prices, the company said.
- On Wednesday, Stavanger, Norway-based Equinor reported sharp second-quarter profits, lifted by surging oil and gas prices as the Middle East war disrupted global energy supplies.
- Disruptions in the Strait of Hormuz amid the Iran conflict kept energy supplies off global markets, while Equinor avoided production shut-ins due to no direct Persian Gulf exposure.
- The Norwegian group's adjusted earnings before tax rose to $11.48 billion, while its downstream trading division reported $777m in profit, exceeding the $623m analyst estimate as European gas prices increased 32%.
- Equinor last month announced it will double share buybacks to $3 billion while CEO Anders Opedal confirmed plans to scale back renewable energy investments due to weak demand.
- Chief Financial Officer Torgrim Reitan warned that market uncertainty persists regarding winter supply, as liquefied natural gas cargoes remain unable to exit Hormuz, tightening global competition for energy.
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Iran Conflict Fuels $11.5B Equinor Windfall as Hormuz Disruption Lifts Oil Prices
Norway's state-controlled Equinor reported adjusted operating income of $11.48B (£8.6B) for the second quarter, nearly double the $6.54B (£4.9B) it made a year earlier. The war against Iran pushed oil and gas prices sharply higher. The figure beat the $11.37B (£8.5B) consensus of 17 analysts compiled by the company. Net operating income more than doubled to $12.99B (£9.7B) from $5.72B (£4.3B), net income reached $4.84B (£3.6B), and shares in Osl…
Norwegian energy company Equinor reported on Wednesday that it almost doubled its profit in the second quarter of this year. From April to June, it reported an adjusted operating profit of $11.5 billion (244 billion crowns), compared to $6.5 billion (138 billion crowns) in the same period last year. The company benefited from rising oil and gas prices, which were supported by the worsening security situation in the Middle East, as well as from i…
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