Commodities
Home›Commodities›Energy›Equinor profits nearly double to $11.5bn as Iran-linke…
Equinor profits nearly double to $11.5bn as Iran-linked tensions lift prices
Equinor said strong second-quarter production let it capture higher oil and gas prices, following earlier disruption to shipping through the Strait of Hormuz.
Norway’s state energy champion Equinor said its profits nearly doubled to $11.5 billion in the three months ended June 30, helped by higher oil and gas prices tied to the war against Iran, according to The Guardian Business.
The outlet reports Equinor also benefited from decisions to increase oil and gas production at the start of the conflict, filling a market gap after a near-halt in shipping through the Strait of Hormuz contributed to slumping Gulf oil flows.
Equinor’s adjusted profits of $6.5 billion compared with the same April to June period last year, and the company also reported results above analysts’ predicted profits of $11.37 billion.
The article says Brent crude swung between about $75 and more than $100 a barrel between April and June, compared with roughly $60 to $70 last year, and noted energy prices rose further after the US carried out its 11th night of strikes on Iran.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%