Equinor had adjusted earnings of $9.77 billion, up from $780 million in the same period in 2020, and $2.78 billion after tax in third-quarter 2021, up from $270 million in the same period last year.
IFRS net operating income was $9.57 billion, up from a loss of $2.02 billion in the same period in 2020, and the IFRS net income was $1.41 billion, compared to a loss of $2.12 billion in third-quarter 2020.
Net operating income was impacted by higher prices for gas and liquids, significant positive effects from derivatives mainly related to European gas, and net reversal of impairments of $510 million including a reversal of $980 million related to an offshore asset in E&P Norway and an impairment of $480 million related to a refinery in the marketing, midstream, and processing segment.
Equinor delivered total equity production of 1.996 MMboe/d in the quarter, up from 1.994 MMboe/d in the same period in 2020. Production from a new field and increased production from Johan Sverdrup, as well as solid production efficiency and optimized gas production was partially offset by the divestment of Bakken and the shutdown of Hammerfest LNG, Equinor said. Equity production of renewable energy for the quarter was 304 GWh, down from 319 GWh for the same period last year, impacted by lower wind than the seasonal average.
At the end of the quarter, Equinor had completed 17 exploration wells with 6 commercial discoveries and 11 wells were ongoing. Adjusted exploration expenses in the quarter were $210 million, compared to $300 million in the same quarter of 2020.
Cash flows provided by operating activities before taxes paid and changes in working capital amounted to $10.80 billion for the quarter, compared to $3.34 billion for the same period in 2020. Organic capital expenditure was $5.89 billion for the first 9 months of 2021. At the end of the quarter adjusted net debt to capital employed was 13.2%, down from 16.4% in second-quarter 2021.