Equinor ASA said second-quarter adjusted operating income fell 13% from a year earlier to $6.53 billion as weaker oil prices offset higher gas realisations and a 2% increase in output to 2.096 million barrels of oil equivalent a day. The Norwegian producer reported an average liquids price of $63 a barrel, down from $77.60 in the same period of 2024. The quarter was marked by a $955 million impairment on the company’s U.S. offshore wind ambitions. Roughly $763 million related to the Empire Wind 1 project and its South Brooklyn Marine Terminal, with the balance tied to the Empire Wind 2 lease. Chief Financial Officer Torgrim Reitan cited higher steel costs stemming from U.S. tariffs and an uncertain regulatory outlook under President Donald Trump for the writedown. Equinor added that heightened geopolitical volatility made conditions more challenging for its trading division, echoing warnings from other European oil and gas majors ahead of earnings season. Despite the charge, the company held its quarterly dividend at $0.37 a share and launched a third tranche of share repurchases of up to $1.27 billion, keeping its target of returning $9 billion to investors this year.