Equinor’s quarterly profit nearly triples on higher oil and gas prices
Equinor reported adjusted net income of $2.86 billion for the third quarter, up sharply from $932 million a year earlier, as stronger crude and gas prices combined with better refining margins lifted results.
The Norwegian energy group lifted its combined oil and gas output by 2% compared with the previous year, bringing daily production to 2.166 million barrels of oil equivalent for the quarter. CEO Anders Opedal said the higher volumes allowed the company to capture extra benefit from the favorable pricing environment, and Equinor lifted its 2026 production growth target for oil and gas to around 4%, up from the 3% goal set previously.
European gas prices captured by the company climbed to $20.0 per million British thermal units, up from $15.79 in the prior three-month period and representing a 75% jump from the same quarter last year. The rally in gas prices came after a summer squeeze in LNG cargoes from Qatar, linked to fallout from the conflict involving Iran and disruptions around the Strait of Hormuz.
Average liquids prices realized by Equinor increased 42% year-over-year to $92.3 a barrel, with crude markets supported by continuing tension in the Middle East and prices staying above the $100 threshold since early September.
The company’s Marketing, Midstream and Processing division also outperformed expectations, posting post-tax adjusted operating income of $574 million — beating Equinor’s own guidance and far above the $195 million booked in the same quarter a year prior. Executives attributed the gain to strong refining margins, a record quarter at the Mongstad refinery, and healthy LNG trading results.
Why it matters for markets: Continued firmness in European gas and crude prices keeps supporting earnings across energy companies and can shape investor sentiment toward the sector more broadly. Ongoing Middle East-related supply risks, together with oil trading above $100 per barrel, remain key drivers for Brent crude, gas price benchmarks and energy stocks in the period ahead.
Source: OilPrice.com