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Equinor second-quarter profit jumps 93% on higher oil and gas prices

Equinor posted adjusted operating income after tax of $3.225 billion, while cash flow from operations rose to $9.47 billion from $2.477 billion.

Reported · Written up by our desk · Energy

Equinor said its second-quarter profit surged 93% year over year as higher global oil and gas prices, tied to the Middle East crisis, drove windfall earnings for major energy producers. The company reported adjusted operating income after tax of $3.225 billion for the quarter, up from $1.670 billion a year earlier, and slightly below a company-provided analyst consensus estimate of $3.38 billion.

The company also reported adjusted operating income up 76% to $11.482 billion, ahead of the consensus projection of $11.37 billion. Equinor attributed the increase to higher liquid prices worldwide and a rise in European natural gas prices, which were only partly offset by lower U.S. natural gas prices.

For the quarter, Equinor said it realized a European gas price of $15.8 per million British thermal units, up 32% from a year earlier, and a liquids price of $97.9 per barrel, up 55% year over year. It added that higher group oil and gas production helped boost earnings between April and June.

Equinor reported total equity production increased 3% year over year to 2.165 million barrels of oil equivalent per day, supported by rising output offshore Norway and volumes from its Adura JV with Shell in the UK and from the Bacalhau field in Brazil. Cash flow from operations rose to $9.47 billion from $2.477 billion, helped by higher production and prices.

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