Norway's state oil company Equinor nearly doubled its quarterly profits as conflict in the Middle East disrupted Gulf oil supplies and drove prices higher. The company reported adjusted earnings before tax of $11.48bn for the three months to end-June, up from $6.54bn in the same period last year. Attacks on shipping reduced traffic through the Strait of Hormuz, which previously carried about a fifth of global oil supplies. Brent crude swung between $75 and over $100 per barrel during the quarter, compared with $60-$70 a year earlier. Equinor's average oil price reached $97.90 per barrel, up from $63 previously. European gas prices rose 32%. The Stavanger-based company announced it would return $3bn to investors through share buybacks in 2026, double the previous plan, whilst reducing renewable energy spending.

Equinor reported second-quarter adjusted net income of $3.44 billion, beating the $3.36 billion analyst estimate. The Norwegian energy company produced 2.2 million barrels of oil equivalent per day, a 3% increase year-on-year. Higher production and stronger European natural gas prices boosted performance. Chief Financial Officer Torgrim Reitan said trading results were nearly double normal levels. The company doubled its planned 2026 share buyback to $3 billion. Equinor shares rose 3.2% in Oslo trading. Norway's gas supply role has grown since Russia's 2022 Ukraine invasion reduced shipments to Europe. Recent turbine problems kept the Johan Castberg field offline for three weeks, though it has since returned to full capacity.

Equinor shares rose as much as 3% on Wednesday after the Norwegian energy group reported second-quarter results that exceeded market expectations. The company posted adjusted operating income of $11.48 billion, ahead of the $11.37 billion analyst consensus. Cash flow from operations after taxes reached $7.68 billion, surpassing expectations of $7.32 billion. The Marketing, Midstream and Processing division generated adjusted operating income of $777 million, beating forecasts of $623 million, benefiting from supply disruptions linked to the closure of the Strait of Hormuz. However, the Exploration and Production International segment underperformed with $843 million in adjusted operating income, below expectations of $1.09 billion, due to operational issues at Brazil's Roncador field and the sale of Argentine assets.