Equinor stock gains outlook support from stronger Q3 results

Equinor reported stronger third-quarter results on Wednesday, October 28, 2026, and raised its full-year production outlook. The company said adjusted operating income reached USD 12.35 billion, while adjusted net income came to USD 2.86 billion. The results were supported by higher oil and European gas prices, stronger refining margins and increased production, according to Equinor.

Higher production supports earnings

Equinor's reported net operating income rose to USD 11.95 billion from USD 5.27 billion in the year-earlier quarter. Net income reached USD 2.54 billion, compared with a net loss of USD 204 million a year earlier. Adjusted earnings per share were USD 1.20.

Total equity production increased 2 percent year over year to 2.166 million barrels of oil equivalent per day. International oil and gas production rose 21 percent, helped by additions from Adura in the United Kingdom and Bacalhau in Brazil, as well as lower turnaround activity. Production on the Norwegian continental shelf remained stable.

The company increased its 2026 oil and gas production growth guidance from 3 percent to around 4 percent. Chief Executive Anders Opedal said high third-quarter production allowed Equinor to capture additional value from higher prices. He also pointed to safe and efficient operations and record results at the Mongstad refinery.

Cash flow and capital returns

Cash flow from operations after taxes paid was USD 8.14 billion. Organic capital expenditure amounted to USD 3.28 billion, while total capital expenditure reached USD 3.82 billion. Equinor's adjusted net debt-to-capital ratio fell to 3.8 percent at the end of the quarter from 10.4 percent in the previous quarter.

The board approved a cash dividend of USD 0.39 per share for the third quarter. Equinor also launched the fourth and final 2026 buyback tranche on October 29, with a maximum value of USD 1.125 billion. The full-year buyback programme is expected to reach up to USD 3 billion.

Energy portfolio expands

Equinor continued to broaden its energy portfolio during the quarter. The company acquired bp's interest in the Bay du Nord project offshore Canada and sold a 30 percent interest to Shell in October. It also acquired an interest in the Lackawanna gas-fired power plant in Pennsylvania and entered Namibia through an exploration licence interest.

Equinor stock traded at 42.60 euros on Lang & Schwarz at 15:39 CET on Tuesday, October 27, 2026. The quote predates the third-quarter release and is presented as the latest available dated trading indication.

Investors can follow the real-time quote of Equinor stock for subsequent price movements.

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Further news and analyses on Equinor stock cover the company's next developments. Equinor's next scheduled results publication is for the fourth quarter and full year 2026 on February 3, 2027.