Equinor ASA reported adjusted operating income of $12.35 billion for third-quarter 2026, nearly double the $6.22 billion recorded a year earlier, supported by higher oil and natural gas prices, increased production, and stronger refining margins.

The Norwegian energy major posted net income of $2.54 billion, compared with a net loss of $204 million in the year-earlier quarter. Adjusted net income reached $2.86 billion, or $1.20/share.

Equinor realized an average liquids price of $92.30/bbl and a European natural gas price of $20/MMbtu during the quarter, reflecting tighter energy markets amid Middle East supply disruptions.

Production, outlook

Equinor's equity oil and gas production averaged 2.166 MMboe/d in the quarter, up 2% year over year.

Production on the Norwegian continental shelf remained broadly stable as contributions from new fields, including Halten East and Verdande, and new wells offset natural declines and unplanned losses at Johan Castberg and Troll.

International production increased 21%, driven by higher volumes from Adura in the UK and Bacalhau offshore Brazil, as well as reduced maintenance activity. US production declined due to planned offshore downtime and natural field declines.

Citing stronger operational performance, Equinor raised its full-year 2026 oil and gas production growth guidance to about 4% from 3%.

"High production in the third quarter enabled us to capture additional value from higher prices," said Anders Opedal, Equinor's president and chief executive officer.

Refining, financial performance

Equinor's Marketing, Midstream and Processing segment benefited from stronger refining margins, high utilization, and LNG trading activity. The Mongstad refinery in Norway delivered a record earnings contribution during the quarter.

Cash flow from operations after taxes reached $8.14 billion. Organic capital expenditures totaled $3.28 billion, while the company's adjusted net debt-to-capital-employed ratio declined to 3.8% at quarter-end from 10.4% in the previous quarter.

Portfolio developments

Equinor continued reshaping its upstream portfolio, including acquiring bp's interest in the Bay du Nord offshore oil project in Canada. In October, the company agreed to sell a 30% interest in the project to Shell as development planning progresses toward a final investment decision.

The company also expanded its exploration position in Namibia and established an exploration partnership with Aker BP and Vår Energi on the Norwegian continental shelf.

Equinor's board approved a quarterly cash dividend of $0.39/share and a fourth-quarter share repurchase tranche of up to $1.125 billion. The company expects its full-year 2026 share repurchases to total up to $3 billion.