Equinor's shares have climbed 22.2% over the past month, driven by a strong earnings rebound and improved operational performance. Second-quarter 2026 adjusted earnings reached $1.33 per share, up 107.8% year-over-year, while revenues rose 40% to $35.18 billion. Equity oil and gas production increased 3% to 2,165 thousand barrels of oil equivalent per day. Norwegian Continental Shelf output grew 4%, supported by new fields and strong performance from Johan Sverdrup. The company's Marketing, Midstream & Processing segment generated $777 million in adjusted operating income, more than double the prior year's $337 million. However, EQNR now trades at 9.4 times forward earnings, above its five-year median of 7.7 times, leaving less room for commodity price weakness or operational setbacks.

Equinor reported adjusted operating income of $11.48 billion in the second quarter, surpassing consensus projections of $11.37 billion and significantly exceeding the $6.54 billion from the same period in 2025. The Norwegian energy company benefited from geopolitical tensions in the Middle East, with its average realized crude oil price rising to $97.90 per barrel, up from $63 per barrel the previous year. Chief Financial Officer Torgrim Reitan cautioned that the trading desk generated roughly double its typical quarterly performance. The downstream and marketing division earned $777 million, well above forecasts of $623 million and standard guidance of $400 million. Equinor raised its 2026 share repurchase target from $1.5 billion to $3 billion whilst reducing capital investment in offshore wind and low-carbon projects. Total equity production increased 3% year-over-year to 2.165 million barrels of oil equivalent per day.

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.