Equinor Earnings Beat Estimates as War Roils Energy Markets

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessEquinor Earnings Beat Estimates as War Roils Energy MarketsEquinor ASA posted earnings that beat expectations as production climbed and the Iran war drove European natural gas prices higher, helping to boost its lucrative trading business.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Equinor ASA posted earnings that beat expectations as production climbed and the Iran war drove European natural gas prices higher, helping to boost its lucrative trading business.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAdjusted net income after tax rose to $3.44 billion in the second quarter, surpassing the $3.36 billion average analyst estimate. “It is driven by strong operations,” Chief Financial Officer Torgrim Reitan said in a Bloomberg Television interview on Wednesday. In the trading division, the result was “almost twice as high as in a normal quarter.”The war is fueling profits for the world’s top energy companies as the disruption in the Strait of Hormuz keeps huge amounts of oil and gas off global markets. Many of the firms have large trading desks, allowing them to take advantage of the market upheaval. Equinor also avoided the production shut-ins faced by many peers since it has no direct asset exposure in the Persian Gulf.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Stavanger, Norway-based company produced 2.2 million barrels of oil equivalent a day in the quarter, up 3% from a year earlier, it said in a statement. It expects to repurchase $3 billion of shares in 2026, double what it planned at the start of the year.Norway has become increasingly key to Europe’s gas supply since Moscow’s 2022 invasion of Ukraine halted most Russian shipments to the continent. This year, the Iran conflict has again tightened the market, with liquefied natural gas cargoes unable to exit Hormuz. That creates greater competition between global buyers at a time when Europe needs to refill depleted inventories ahead of winter.“When it comes to the European gas market, it is a vulnerable situation,” Reitan said. “We are very uncertain about how we will enter the winter.”—With assistance from Ott Ummelas.(Updates with comments from CFO starting in third paragraph.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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