Equinor raised its forecast for 2026 oil and gas production growth to around 4%, from 3%, after total equity production rose 2% year over year to 2.166 million barrels of oil equivalent per day in the third quarter. The Norwegian energy company reported $12.35 billion in adjusted operating income and adjusted earnings per share of $1.20.
The adjusted operating income figure exceeded Equinor’s analyst poll estimate of $12.189 billion, while adjusted EPS was below the poll’s $1.37 estimate. The poll collected estimates from 21 analysts; Equinor says its consensus methodology removes the highest and lowest estimate for each item before calculating the average.
Reported operating income was $11.95 billion, compared with $5.27 billion in the third quarter of 2025. Net income was $2.54 billion and adjusted net income was $2.86 billion. Equinor said higher liquids and European gas prices supported results. It reported realized prices of $92.3 per barrel for liquids and $20.0 per million British thermal units for European gas, and cited strong refining margins and operations at the Mongstad refinery.
Operating cash flow after the quarter’s tax payments was $8.14 billion. Equinor also reported $14.68 billion in cash flow before taxes paid and working-capital items, while paying $6.2 billion in Norwegian continental shelf tax installments during the quarter.
“High production in the third quarter contributed to further value creation from higher prices,” President and CEO Anders Opedal said, according to an English translation of the company’s Norwegian release. He said Equinor was raising its 2026 production-growth forecast to around 4%.
The board set a $0.39-per-share dividend for the third quarter and authorized up to $1.125 billion for the fourth tranche of Equinor’s 2026 buyback, scheduled to start Oct. 29. The tranche is scheduled to end no later than Feb. 1, 2027; Equinor expects its total 2026 buyback program to reach up to $3 billion.
