Equinor Hikes Buyback as Earnings Jump on Higher Energy Prices

By Adam Whittaker

Equinor hiked its quarterly share buyback as production growth enabled the company to capture higher oil and gas prices triggered by the conflict in the Middle East.

The Norwegian energy major on Wednesday said second-quarter adjusted operating income--its preferred measure--jumped over 75% to $11.48 billion from the same period a year prior. This compares with the $11.37 billion analysts had expected, according to a company-compiled consensus.

Equinor has benefited from high oil and gas prices due the Iran war. Its 3% on-year production growth aligned with a more than 50% rise in oil prices from the same period a year earlier.

With no direct exposure to the region, the company has been better suited than some peers to fully capture the price rises, leaving its shares outperforming peers over the year to date, RBC Capital Markets analyst Biraj Borkhataria wrote earlier this week.

The company said it would buy back up to $1.125 billion shares over the quarter, compared with the $375 million buyback it announced in May. The company is planning on buying up to $3 billion of shares over the full year.

Equinor said its earnings were boosted by a strong oil trading result and refining performance.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

July 22, 2026 01:37 ET (05:37 GMT)