Norwegian energy company Equinor announced on Wednesday that its profits rose in the second quarter due to higher oil and gas prices.

The company's President and CEO Anders Opedal said: 'Strong production in the second quarter enabled us to benefit from higher prices, contributing to strong cash flows and financial results.'

Net operating income rose to $12.99 billion, compared to $5.72 billion last year.

Net profit rose to $4.84 billion, or $1.99 per share, compared to $1.31 billion, or $0.50 per share, last year.

Revenue, after accounting for variations, rose to $3.22 billion, or $1.33 per share, compared to $1.67 billion, or $0.64 per share, last year.

Equinor plans to launch the third tranche of its share buyback program worth $3 billion to repurchase up to 1.125 million shares, between July 23 and October 26.