Equinor profit soars on wartime oil and gas prices

Equinor reported a sharp jump in second-quarter adjusted pretax profit to $11.48 billion from $6.54 billion a year earlier, driven by surging oil and gas prices tied to war-related supply disruptions in the Middle East. The result was broadly in line with analyst expectations and highlighted strong production, higher realized oil prices, and improved downstream trading. Equinor’s shares were already up 54% year-to-date, outperforming the 30% rise in European energy stocks. The company also reiterated its 2026 output growth target of 3% and its planned $13 billion investment level, while continuing to boost shareholder returns through doubled buybacks and reduced renewable spending. The article underscores how geopolitical risk and elevated Brent prices are strengthening cash flow and earnings across major European energy producers.