Norwegian energy company Equinor reported significant growth in its financial results for the second quarter, driven by higher oil and gas prices as well as improvements in production processes.

In the second quarter, Equinor sold gas to the European market at a price of $15.8 per million British thermal units and liquid hydrocarbons at $97.9 per barrel. For comparison, during the same period last year, these figures were $12 per million BTU and $63 per barrel, respectively. In the United States, the gas price was $2.30 per million BTU.

The company reported an adjusted operating profit of $12.99 billion and a net profit of $4.84 billion for the second quarter, both of which significantly exceeded analysts' expectations.

Production increased by 3% both in Norway and internationally, reaching 2.1 million barrels of oil equivalent per day.

Key operational achievements included signing contracts for the first wave of subsea field development projects in Norway, strategic deals to harmonize ownership and advance the Ringvei Vest project, as well as the approval of the Greater PAJ project in Angola.

The company also emphasized the importance of ensuring stable and efficient energy supplies amid rising geopolitical tensions, as well as continuing to implement priority projects and strategic deals to strengthen its portfolio and increase cash flow.