When oil prices plunged to historic lows in April, the majority of oil producers, including OPEC+ nations, responded by drastically cutting production to get rid of the huge supply overhang. However, one oil company responded by doing just the opposite: Ramping up production and storing the excess oil in anticipation of a market rebound. Norwegian oil and gas giant Equinor ASA (NYSE: EQNR) is one of a handful of oil companies that have managed to turn a profit in this tumultuous market after its oil storage bet paid off big time. Equinor has reported a surprise adjusted net income of $646M for the second quarter, trouncing Wall Street’s expectations for a loss of $250M thanks to huge trading profits despite a huge 53 percent plunge in revenue to $8.04B. Equinor’s marketing division delivered record-high results, with Q2 adjusted earnings for the company’s marketing, midstream, and processing division clocking in […]