Equinor Raises Output Forecast As Profit Doubles

Norwegian energy producer Equinor raised its 2026 oil and gas production growth forecast to around 4% after higher commodity prices and record earnings at its Mongstad refinery drove a more than doubling of third-quarter operating profit. According to OilPrice, the company previously guided for 3% growth.

Reported operating profit rose to $11.96 billion from $5.27 billion a year earlier. Adjusted operating income reached $12.35 billion, slightly above the $12.19 billion analyst consensus compiled by Equinor. Adjusted earnings per share were $1.20, below the consensus of $1.37. Total quarterly equity production reached 2.166 million barrels of oil equivalent per day, up from 2.130 million barrels a year earlier.

Upstream And Refining Performance

Equinor realized an average European gas price of $20 per million British thermal units and an average liquids price of $92.30 per barrel. High refining margins and strong operational performance at the Mongstad refinery delivered a record contribution, with the Marketing, Midstream and Processing segment generating adjusted operating income of $893 million.

International production rose 21%, supported by the Adura project in the UK, Bacalhau in Brazil, and lower turnaround activity. On the Norwegian continental shelf, production remained broadly flat as output from Halten East, Verdande and new wells offset natural declines and unplanned outages at Johan Castberg and Troll.

Balance Sheet And Shareholder Returns

Cash flow from operations after taxes paid, excluding working capital movements, reached $8.14 billion, an increase of 53% year on year. The adjusted net debt-to-capital-employed ratio fell to 3.8% at the end of September from 10.4% at the end of June.

The company declared a quarterly dividend of $0.39 per share and approved a final 2026 share buyback tranche of up to $1.125 billion, starting October 29. The full-year buyback program is expected to total up to $3 billion.

Key facts

• Equinor raised its 2026 oil and gas production growth forecast to around 4%.
• Third-quarter reported operating profit rose to $11.96 billion from $5.27 billion a year earlier.
• Quarterly equity production reached 2.166 million barrels of oil equivalent per day.
• Adjusted net debt-to-capital-employed ratio dropped to 3.8% at the end of September.
• The company declared a quarterly dividend of $0.39 per share and approved a buyback tranche of up to $1.125 billion.