$EQNR · EQUINOR ASA
Equinor ASA reported Q3 2026 results with adjusted operating income of $12.35 billion, nearly doubling the $6.22 billion from Q3 2025. Adjusted EPS came in at $1.20 versus $0.37 a year ago, supported by a realized liquids price of $92.3/bbl and European gas at $20.0/mmbtu. The company raised its 2026 oil and gas production growth guidance to ~4% (from 3%), expanded its share buyback programme to $3 billion, and declared a $0.39/share quarterly dividend.
- Adjusted operating income of $12.35B, up 99% YoY from $6.22B in Q3 2025
- Adjusted EPS of $1.20 vs $0.37 in Q3 2025, driven by higher liquids ($92.3/bbl) and European gas prices ($20.0/mmbtu)
- Cash flow from operations after taxes paid reached $8.14B, up 53% YoY from $5.33B
- 2026 share buyback programme increased by $1.5B to up to $3B total; Q4 tranche of $1.125B announced
- 2026 oil & gas production growth guidance raised from 3% to ~4%; Q3 equity production of 2,166 mboe/day, up 2% YoY
Extended-hours trading shows EQNR at $47.33, +0.57% vs regular close of $47.06. The raised production guidance and expanded $3B buyback are likely driving the modest after-hours bid.
Equinor delivered a near-doubling of adjusted operating income YoY while simultaneously raising production guidance and expanding capital returns — a trifecta of positive signals for a $115B+ energy major.
Equinor's results benefit from Brent averaging $97/bbl in Q3 (up 40% YoY), a macro tailwind lifting the entire European integrated oil sector. The raised production guidance contrasts with peers facing steeper decline rates.
Effective tax rate of 77.6% in Q3 reflects high NCS income taxed at 78% statutory rate, compressing net income. $628M impairment on a cross-border Norway-UK offshore asset and a $120M provision increase in E&P International weighed on reported net operating income.