Norway’s state oil company almost doubled its quarterly profits as the US-Israeli war on Iran choked off supplies from the Gulf and sent oil and gas prices soaring, allowing it to offer more cash to shareholders while cutting back on renewables.
Equinor reported adjusted earnings before tax of $11.48bn (£8.6bn) for the three months to the end of June, up from $6.54bn in the same period last year, slightly ahead of the $11.37bn average forecast in a poll of 17 analysts compiled by the company.
