Norwegian oil company Equinor has reported a substantial increase in profits over the last few months, with earnings rising to $11.5 billion (approximately 43.6 billion zł). This surge is largely attributed to the spike in oil and gas prices resulting from the ongoing conflict between the United States and Iran, according to reports from “The Guardian”.
Equinor’s profits nearly doubled in just three months by the end of June, positioning the company as a clear beneficiary of the Iranian conflict and the closure of the Strait of Hormuz. These developments prompted an increase in oil production as Equinor aimed to fill market gaps caused by delays and fuel shortages.
The conflict in the Middle East has significantly driven up oil prices, with Brent crude fluctuating between $75 and over $100 per barrel from April to June this year, compared to about $60 to $70 during the same period last year. Equinor has benefited from these price increases as well.
Anders Opedal, President and CEO of Equinor, stated, “Strong production in the second quarter allowed us to capture value from higher prices, contributing to strong cash flows and high financial results.” He emphasized the importance of reliable energy in a world marked by heightened geopolitical tensions, reiterating the company’s commitment to providing energy safely and efficiently every day.
The increase in production and rising energy prices led to adjusted earnings of $6.5 billion for Equinor in the April to June period, surpassing analysts’ expectations of $11.37 billion.
Established in 1972, Equinor, previously known as Statoil, operates in numerous countries and specializes in oil and gas extraction while expanding its renewable energy segment, particularly in offshore wind energy. The company is also investing significantly in large wind projects in Poland, including offshore wind farms in the Baltic Sea developed in partnership with Polenergia.
