Equinor has reported net income of $2.54bn for the third quarter of 2026 (Q3 2026), compared to a net loss of $204m in the same period last year.
The Norwegian energy company’s basic earnings per share (EPS) for Q3 2026 amounted to $1.07, an increase of over 100% from a loss of $0.08 per share in the prior-year period.
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Equinor’s net operating income rose by over 127% to $11.95bn from $5.27bn a year earlier.
The quarter’s adjusted operating income nearly doubled to $12.35bn, up 99% from $6.22bn in Q3 2025, while adjusted net income also rose by 207% to $2.86bn from $932m.
Adjusted earnings per share climbed by 224% to $1.20 from $0.37.
The results were mainly influenced by increased prices for liquids and European gas. Additionally, international liftings fell short of Equinor’s share of production, which led to reduced sales volumes.
The company reported an increase in cash flow from operations after taxes paid, which rose by 53% to $8.14bn from $5.33bn a year earlier.
Net cash flow before capital distribution rose by 148% to $5.18bn from $2.09bn a year earlier.
Equinor reported total equity production of 2.166 million barrels of oil equivalent per day (boepd) in the quarter, a rise of 2% year-on-year.
In the international oil and gas reporting segment, production increased by 21%, primarily due to the addition of output from Adura in the UK and Bacalhau in Brazil. This is combined with reduced turnaround activity, though partially offset by asset divestments and natural decline.
Production levels on the Norwegian Continental Shelf (NCS) were sustained compared to Q3 2025.
Output from new fields, including Halten East and Verdande, together with additional volumes from new wells, compensated for both natural decline and unplanned reductions at Johan Castberg and Troll.
US production declined year-on-year, with onshore volumes stable but lower offshore output due to planned downtime and natural decline.
Marketing, midstream and processing delivered strong results, underpinned by record contribution from the Mongstad refinery, high refining margins, and LNG trading performance.
Equinor raised its full-year 2026 production guidance to approximately 4% growth.
During the reported Q3, the company finalised the acquisition of bp’s interest in Bay du Nord in Canada and later divested a 30% stake to Shell. The project is progressing towards a final investment decision (FID).
Equinor gained access to Namibia by securing an exploration licence and participated in new oil and gas finds in Angola.
During the quarter, Equinor undertook exploration work on 13 wells, completing six, three of which resulted in commercially viable discoveries.
Additionally, a commercial discovery was announced from a well that had been completed in the previous quarter.
In the US, the company expanded its integrated power operations by acquiring a stake in the Lackawanna gas-fired power plant.
Equinor president and CEO Anders Opedal said: “High production in the third quarter enabled us to capture additional value from higher prices. Based on safe and efficient operations we are increasing our 2026 guiding for oil and gas production growth from 3 to around 4%.
“In a period of continued geopolitical tension, we remain committed to safe and reliable operations, supplying the products our customers need. At the Mongstad refinery, our operational performance was strong and we achieved record results.”
