Norway's Equinor Q3 adjusted operating income nearly doubles on higher output, gas prices

Overview

• Norway energy producer's Q3 adjusted operating income rose to $12.35 bln

• Company's Q3 production grew 2% yr/yr, driven by new fields and international growth

• Company launched final 2026 share buyback tranche of up to $1.125 bln

Outlook

• Equinor raises 2026 oil and gas production growth guidance to ~4% from 3%

Result Drivers

• HIGH PRODUCTION AND PRICES - Co said increased production and higher liquid and European gas prices drove results

• REFINING AND LNG TRADING - Strong refining margins and performance, along with LNG trading, contributed to results

• INTERNATIONAL SEGMENT GROWTH - Growth in international segment, driven by new fields and lower turnaround activity

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 15 "hold" and 9 "sell" or "strong sell"

• The average consensus recommendation for the integrated oil & gas peer group is "buy."

• Wall Street's median 12-month price target for Equinor ASA is NOK397.50, about 9.8% below its October 27 closing price of NOK440.50

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads

• Oct 27 - Norway's Gassco schedules -6.6 mcm/day outage at Kollsnes gas processing plant Oct. 28 at 0500 to Oct. 29 at 0500

• Oct 27 - Natgas producer EQT's Q3 profit beats expectations on lower operating costs

• Oct 27 - Natural gas producer Range Resources' Q3 adjusted EPS, net income beat estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)