Equinor raises output target – renewable power generation up 26%
Europe's key gas supplier from Norway benefits from high prices and more than doubles operating income. Oil and gas output is now expected to grow by around 4% in 2026.
Symbolic image · Photo: Swinsto101 / Wikimedia Commons, CC BY-SA 3.0 (cropped and resized)
Norwegian energy group Equinor, one of Europe's most important gas suppliers, benefited from high energy prices in the third quarter. Net operating income rose to $11.95 billion from $5.27 billion a year earlier, or $12.35 billion on an adjusted basis. Net income came to $2.54 billion. Equinor realised an average of $20.0 per million British thermal units for European gas and $92.3 per barrel for liquids.
Production reached 2.166 million barrels of oil equivalent per day, up 2% year on year. Equinor therefore raised its 2026 oil and gas production growth guidance from 3% to around 4%. "High production in the third quarter enabled us to capture additional value from higher prices," CEO Anders Opedal said. Unplanned outages at the Johan Castberg and Troll fields held output back, and Equinor signed new supply agreements with companies in Poland, the Netherlands and Germany.
Renewable power generation rose 26%, driven mainly by the Dogger Bank offshore wind farm in the UK and a new onshore asset in Brazil. Total power generation fell to 1.32 terawatt-hours due to lower gas-fired output. Shareholders receive a quarterly dividend of $0.39 per share, and the final share buyback tranche of up to $1.125 billion starts on 29 October.