With higher oil prices, cash flow from operations (excluding working capital hanges) jumped by $1bn at $3.3bn. Similar to Shell, Equinor is increasing the dividend this quarter, only two quarters after cutting it. In our view this shows the willingness of Equinor to increase the pay-out now the Q2 is in the rear view. However, with the surge in Covid cases and lockdowns in Europe, it might be a tad early to call a recovery.
