Equinor profit surges on wartime oil and gas prices
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Equinor reported a sharp rise in second-quarter profit, driven by elevated oil and gas prices amid the Ukraine conflict. Net income reached $8.4 billion, up from $4.6 billion a year earlier. The Norwegian energy giant benefited from its role as a key supplier to Europe.
Quarterly Results
Equinor's adjusted earnings before interest and tax rose to $15.4 billion in the second quarter, from $5.1 billion a year earlier. The company attributed the increase to higher realized prices for oil and gas, as well as increased production from its Johan Sverdrup field. Revenue more than doubled to $36.5 billion.
Market Context
Oil prices have surged since Russia's invasion of Ukraine, with Brent crude averaging above $110 per barrel in the quarter. European gas prices also spiked as Russia cut supplies. Equinor, as a major exporter to Europe, has been a key beneficiary, though it faces calls from some politicians to reinvest more of its windfall.
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