Equinor stock: Q3 profit rebounds as output outlook rises

Equinor reported stronger third-quarter operating results on October 28, 2026, and raised its full-year production outlook. The Norwegian energy company said adjusted operating income reached USD 12.35 billion, while net income was USD 2.54 billion, compared with a loss of USD 204 million in the year-earlier quarter. The figures were published in Equinor's results release.

Higher output supports earnings

Total equity production rose 2 percent year over year to 2,166 thousand barrels of oil equivalent per day. Production on the Norwegian continental shelf was stable, as new fields including Halten East and Verdande offset natural decline and unplanned losses at Johan Castberg and Troll.

International oil and gas production increased 21 percent. Equinor attributed the gain mainly to new production from Adura in the United Kingdom and Bacalhau in Brazil, together with lower turnaround activity. US production declined because of planned offshore downtime and natural decline.

Adjusted net income reached USD 2.86 billion, generating adjusted earnings per share of USD 1.20. Equinor said higher liquids and European gas prices supported the quarter, while lower international liftings reduced sales volumes. The company realized a European gas price of USD 20.0 per million British thermal units and a liquids price of USD 92.3 per barrel.

Guidance and capital returns

Management lifted its 2026 oil and gas production growth guidance from 3 percent to around 4 percent. Chief Executive Anders Opedal said strong production enabled Equinor to capture additional value from higher prices and that safe, efficient operations supported the revised outlook.

Cash flow from operations after taxes paid was USD 8.14 billion. Equinor approved a third-quarter cash dividend of USD 0.39 per share and a fourth, final 2026 buyback tranche of up to USD 1.125 billion. The tranche began on October 29 and is scheduled to end no later than February 1, 2027, taking the potential 2026 buyback programme to USD 3 billion.

What the update means for investors

The release combines better production execution with a higher output target and continued capital returns. The results also show the sensitivity of earnings to commodity prices, refining margins and international sales volumes. Equinor's net debt to adjusted capital employed ratio fell to 3.8 percent at the end of the quarter from 10.4 percent in the previous quarter.

Equinor stock traded at 42.60 euros on Lang & Schwarz at 15:39 CET on Tuesday, October 27, 2026. Investors can follow the real-time quote of Equinor stock.

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