On July 23, 2025, Norway’s state-controlled oil and gas company Equinor announced a significant decline in its second-quarter profit, reflecting softer oil prices and an extended outage at its liquefied natural gas (LNG) facility in northern Norway. The company reported a profit of $2.1 billion for the quarter, a 35% decrease from the $3.2 billion recorded in the same period last year. The Hammerfest LNG plant, a key asset, experienced a 45-day outage due to technical issues, reducing output by approximately 1.2 million barrels of oil equivalent. Oil prices averaged $78 per barrel during the quarter, down from $85 the previous year, contributing to the financial drop. Equinor’s production remained steady at 1.9 million barrels of oil equivalent per day, supported by ongoing projects in the North Sea and Barents Sea. The company maintained its full-year production guidance of 1.9 to 2.0 million barrels per day and announced plans to invest $12 billion in new projects by 2026, focusing on offshore energy. The profit decline follows a period of strong performance, with Equinor distributing $2.5 billion in dividends to shareholders earlier this year. The company’s leadership emphasized resilience, citing a robust project pipeline and efforts to mitigate operational challenges. The announcement drew attention from investors and analysts, with Equinor’s stock price adjusting slightly by 2% in early trading following the release.
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