Equinor's Earnings Double as Upended Energy Markets Offer Windfall
By Adam Whittaker
Equinor's third-quarter earnings doubled on elevated oil and gas prices, and a jump in refining margins triggered by global conflicts which have upended energy markets.
The Norwegian energy major on Wednesday said third-quarter adjusted operating income--its preferred measure--rose to $12.35 billion from $6.215 billion in the same period a year prior. This compares with the $12.19 billion analysts had expected, according to a company-compiled consensus.
Equinor's performance was boosted by higher oil and gas prices due the Iran war coupled with 2% production growth. Exceptional refining margins caused by the loss of millions of barrels of global refining capacity, and a strong gas trading performance aided the results.
Shares in the energy major have outperformed many of its peers this year, pushed higher by the absence of assets in the Middle East and its significant exposure to European gas markets, where prices have soared.
The company maintained its share buy back rate of up to $1.125 billion over the quarter. The company is planning on buying up to $3 billion of shares over the full year.
Equinor lifted its full-year 2026 oil and gas production target to around 4% growth versus 2025, from around 3% previously.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
October 28, 2026 02:34 ET (06:34 GMT)
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