Equinor Profit Doubles on Higher Oil Prices, Tax Relief (2)

Equinor ASA more than doubled its quarterly profit and confirmed share buybacks, buoyed by higher energy prices and tax relief in its home market.

Norway’s biggest oil and gas producer benefited from resilient output, cost cuts and favorable tax-policy support to recover from last year’s slump. However, earnings were slightly below market expectations and Equinor’s shares fell.

Increased cash flow has allowed it to boost investor returns, with the company confirming $300 million of share buybacks by September even as it ramps up low-carbon spending. That’s helped to bring its share price back toward pre-pandemic levels.

“We have solid results ...