The company’s performance met analyst expectations, marking a 12% rise over the first quarter. Executives credited the gains to a high-price environment and strong results from crude oil and petroleum product trading. Even with logistical hurdles at the Strait of Hormuz limiting production volumes, the Exploration & Production division generated $3.2 billion in net operating income and $5.8 billion in cash flow, a quarterly increase exceeding 25%.

Average oil selling prices climbed by $17.90 per barrel since the previous quarter, while the European Refining Margin Marker spiked to $12.4 per barrel, nearly tripling from the same period in 2025. This liquidity fueled a 5.9% increase in the second interim dividend to €0.90 per share. Additionally, the board authorized a share buyback program of up to $1.5 billion for the third quarter. The results follow a similar trend across the sector, including a 93% profit surge reported by Equinor, as energy firms capitalize on market instability.