Equinor triples quarterly profit as European gas prices surge 75%

Equinor reported an adjusted net income of $2.86 billion for the third quarter of 2026, three times the $932 million recorded in the same period a year earlier, driven by high oil and gas prices and increased production.

The Norwegian energy company's oil and gas output rose 2% year-on-year to 2.166 million barrels of oil equivalent per day.

European gas prices were a central driver. Equinor realised a European gas price of $20.0 per million British thermal units in the third quarter, up from $15.79 per MMBtu in the second quarter and 75% above the level of Q3 2025. The company attributed the spike to reduced LNG supply from Qatar due to the Iran war and disruption at the Strait of Hormuz.

The company's average realised liquids price rose 42% year-on-year to $92.3 per barrel, with oil prices above $100 per barrel since early September amid the Middle East conflict.

Equinor's Marketing, Midstream and Processing division posted a post-tax adjusted operating income of $574 million, above its $400 million guidance for the quarter, driven by refining margins and LNG trading. The equivalent figure for Q3 2025 was $195 million.

President and CEO Anders Opedal said high production had enabled the company to capture value from higher prices, and raised full-year production growth guidance from 3% to around 4%. Opedal also cited record results at the Mongstad refinery.