Equinor reported a near-doubling of quarterly profit, with adjusted earnings before tax reaching $11.48 billion in the second quarter of 2026, surpassing analysts' expectations of $11.37 billion. Revenue climbed to $35.17 billion from $25.14 billion a year earlier, driven by stronger commodity markets. The company's average realized oil price rose to $97.90 per barrel, up from $63 in the same period last year, while European gas prices increased 32 percent year-over-year.
Total equity production grew 3 percent to 2.165 million barrels of oil equivalent per day. Cash flow from operations surged to $9.47 billion, up from $2.48 billion in the second quarter of 2025. The downstream division posted a $777 million profit, beating analyst estimates.
The Oslo-based energy company maintained its full-year production growth target of 3 percent and a $13 billion investment plan. Equinor will launch a third share buyback tranche of up to $1.13 billion on July 23. Despite a 19 percent share price decline in the second quarter, the stock is up 53 percent year-to-date.