Equinor ASA Q3 2026 Earnings Recap

Equinor’s shares rose 1.1%, a broadly neutral reaction to a quarter with higher production and strong refining contribution, alongside higher near-term tax payments and a delay to Empire Wind’s first power. Management raised its 2026 production-growth outlook to around 4%.

Key Takeaways

• Equity production increased 2% year over year; international production rose 5%, while Norwegian continental shelf production was stable.
• Adjusted operating income was $12.4 billion, and cash flow from operations after tax was $8.1 billion. Adjusted earnings per share were $1.20, including a negative impact from net financial items, mainly foreign-exchange movements.
• Mongstad delivered a record result, and MMP performed well above guidance, supported by refining and LNG; power’s result was close to zero.
• Empire Wind was around 80% complete, but first power is now expected in the first half of 2027, later than planned; management said total capex and the timing of ITC recognition are unchanged.
• Management expects $9.3 billion of tax installments in the fourth quarter and said first-half 2027 tax payments are currently expected to exceed those in the second half of 2026.