Equity Oil Co. reported net income of $56,884 for the three months ended June 30, less than 1 cent per share, compared to a net loss of $26,885 for the second quarter 1987.

Total revenues for the second quarter were $3.35 million, down 2 percent from $3.44 million for the same period last year.Net income for the six months ended June 30 was $89,731 or 1 cent per share compared with $16,250, less than 1 cent per share, reported in the 1987 first half.

Equity's total revenues of $6.67 million for the first half of 1988 were 8 percent higher than the $6.20 million reported for the prior half-year period.

The Salt Lake-based company said oil production increased 5 percent to 343,685 barrels in the first half from 328,701 barrels in the corresponding 1987 period. Gas production increased 21 percent to 391,492 thousand cubic feet (MCF).

"These solid increases in production offset an average oil price approximately 9 percent lower than in the same period in 1987," said Fred H. Evans, president.

"The company's strong working capital position has made it possible to proceed with our 1988 exploration program and meet our commitment for development expenditures, despite the continuing volatility of the price of oil," said Evans.

During the first half, the company participated in drilling 10 wells completing two oil and three gas wells, said Evans.