Equinor Raises Operating Income to $11.95 Billion and Increases Production Forecast
Key Facts
Equinor reported operating income of $11.95 billion in the third quarter of 2026, compared with $5.27 billion in the same period a year earlier. The company posted adjusted operating income of $12.35 billion and net income of $2.54 billion. Adjusted net income reached $2.86 billion, while adjusted earnings per share were $1.20. The chief executive said, "High production in the third quarter enabled us to capture additional value from higher prices." The company attributed the results mainly to liquids and European gas prices, while Reuters data showed that adjusted pre-tax profit exceeded analysts’ consensus.
Adjusted pre-tax profit was $12.34 billion in the period from July to September, compared with $6.22 billion a year earlier, Reuters reported, citing company data. The result exceeded the consensus of 21 analysts, which was $12.19 billion. On the company’s measure, adjusted operating income was $12.35 billion, while reported operating income was $11.95 billion; both figures are separate from the pre-tax profit measure cited by Reuters. The realized European gas price was $20.0 per million British thermal units, and the liquids price was $92.3 per barrel. Equinor said delivered international volumes were lower than its share of production, reducing sales volumes despite the effect of higher prices.
Total equity production reached 2.166 million barrels of oil equivalent per day, up 2% year over year. International oil and gas production rose 21% compared with the third quarter last year. The company attributed the segment’s growth to the addition of Adura production in the UK and Bacalhau in Brazil, as well as lower maintenance activity. The increase was offset by the divestment of assets and natural production decline, according to the results statement. The company said higher production helped it benefit from higher prices during the quarter.
Based on these results, Equinor raised its 2026 oil and gas production growth guidance to about 4%, from 3% previously. The updated guidance is a full-year estimate, while total production grew 2% in the third quarter and international production rose 21% year over year. The company targets equity production outside Norway of 950,000 barrels of oil equivalent per day by 2030. It also expects its international portfolio to generate about $20 billion in free cash flow during the period from 2026 to 2030. These targets place international production at the heart of the company’s medium-term plans.
Cash flow from operating activities after tax was $8.14 billion in the third quarter. Organic capital expenditure was $3.28 billion, while total capital expenditure reached $3.82 billion. The adjusted net debt to capital employed ratio fell to 3.8% at the end of the quarter, from 10.4% at the end of the previous quarter. Operationally, the company described results in its Marketing, Midstream and Processing segment as strong, attributing them to high refining margins, refining performance and liquefied natural gas trading. It added that the Mongstad refinery recorded a record contribution during the quarter.
The board decided to pay a cash dividend of $0.39 per share for the third quarter. The fourth tranche of the share buyback program also begins on October 29, with a value of up to $1.125 billion, and is due to end no later than February 1, 2027. The maximum limit for the 2026 buyback program is $3 billion. Equinor shares listed in New York closed at $47.06 on October 27, before the results announcement. The company is scheduled to report fourth-quarter and full-year results on February 4, 2027.