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Equinor tripled its adjusted net income for the third quarter from a year earlier, on the back of strong refining margins, high oil and natural gas prices, and increased hydrocarbon production.
The Norwegian energy major on Wednesday reported an adjusted net income of $2.86 billion for the third quarter, tripled from the $932 million income for the same period last year.
Equinor’s oil and gas production rose by 2% year-over-year to 2.166 million barrels of oil equivalent per day (boepd).
Furthermore, the company realized a European gas price of $20.0 per million British thermal units (MMBtu) in the third quarter, up from $15.79 per MMBtu in the second quarter. The realized gas price also surged by 75% compared to the third quarter of 2025, as European gas prices spiked this summer amid a lack of LNG supply from Qatar due to the Iran war and the disruption at the Strait of Hormuz.
Equinor’s averaged realized liquids price soared by 42% from a year earlier to $92.3 per barrel in the third quarter, as the Middle East conflict keeps oil prices elevated and above $100 per barrel since early September.
The results of the Marketing, Midstream and Processing (MMP) division were also strong, primarily driven by high refining margins and strong refining performance, as well as LNG trading, the company said.
The results in the MMP division confirmed the company’s expectation from earlier this month that this segment would earn more than the guidance of $400 million for the third quarter, thanks to very strong refining margins and high proceeds from oil and LNG trading.
Equinor’s post-tax adjusted operating income in the MMP division came in at $574 million, above the guidance and well above the $195-million income for the third quarter of 2025.
“High production in the third quarter enabled us to capture additional value from higher prices. Based on safe and efficient operations we are increasing our 2026 guiding for oil and gas production growth from 3 to around 4 per cent,” Equinor’s president and CEO Anders Opedal said.
“At the Mongstad refinery, our operational performance was strong and we achieved record results.”
By Tsvetana Paraskova for Oilprice.com
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