Equinor sees gains from rising energy costs
Norwegian company Equinor recorded high profits during the second quarter of 2026, amounting to $11.48 billion. This was driven by rising oil and gas prices following tensions in the Middle East that impacted global energy supplies. Oil prices averaged $97.9 per barrel, while European gas prices increased by 32%. The company benefited from strong production and higher prices, with its target to grow oil and gas production by 3% in 2026 and investments of around $13 billion. Additionally, the company announced that it would double its share buyback programs and scale back investments in renewable energy due to weak demand.
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