The Norwegian energy producer’s quarterly earnings jumped on a spike in energy prices, with third-quarter adjusted operating income reaching $12.35B, up from $6.2B in the same period last year. Equinor reported that production rose 2% to 2.17 million boe a day, leading the company to increase its 2026 growth guidance from 3% to around 4%.
High tax rates on the Norwegian shelf limited the windfall, with a 78% marginal tax rate resulting in $6.2B in tax installments during the quarter and leaving $2.86B in profit after tax. This tax burden contributed to an adjusted earnings per share of $1.20, which missed analyst estimates. In other developments, Equinor sold 30% of its Bay du Nord asset in Canada to Shell and will begin the final $1.125B tranche of its $3B share buyback program on Oct 29.