Equinor reported its strongest quarterly earnings in nearly four years as elevated oil and European natural-gas prices produced a major increase in profitability.
Third-quarter adjusted operating income reached approximately $12.35 billion, nearly double the $6.2 billion reported a year earlier and slightly above analyst expectations of roughly $12.19 billion.
Adjusted net income reached approximately $2.86 billion, while reported operating income increased sharply from the previous year.
Commodity prices were the dominant driver.
Equinor realized substantially higher prices for European natural gas and liquids during the quarter, while strong refining margins and LNG trading also contributed to earnings.
The Norwegian energy producer increased its full-year oil and gas production-growth forecast to approximately 4%, up from an earlier expectation of roughly 3%.
Third-quarter production reached approximately 2.17 million barrels of oil equivalent per day.
Equinor has benefited from its position as one of Europe’s major energy suppliers during a period when geopolitical disruption has increased the value of reliable production outside conflict zones.
The company maintained its quarterly dividend at $0.39 per share and is continuing its share-repurchase program.
Equinor plans to begin the fourth tranche of its 2026 buyback program on October 29, with as much as $1.125 billion allocated to the tranche.
The results demonstrate how elevated commodity prices are translating into stronger cash flows for major energy producers.
Investors will now watch European natural-gas prices, refining margins and whether Equinor can deliver the higher production growth incorporated into its updated outlook.
