Equinor Raises 2026 Output Outlook as Adjusted Net Income More Than Triples

Equinor raised its 2026 oil and gas production-growth outlook to about 4% as third-quarter adjusted net income after tax more than tripled, supported by higher realized prices and refining margins.

The company released its third-quarter results Oct. 28. Adjusted net income after tax, a non-GAAP measure, was $2.86 billion, compared with $932 million a year earlier. Reported net income was $2.54 billion, following a $200 million net loss in Q3 2025. Adjusted operating income reached $12.35 billion, up from $6.21 billion. These are separate measures of performance and should not be treated as interchangeable.

Total equity production averaged 2.166 million barrels of oil equivalent per day, a 2% increase from a year earlier. The updated outlook lifts the expected growth rate from 3% to about 4%. Equinor President and CEO Anders Opedal said, “High production in the third quarter enabled us to capture additional value from higher prices.”

Equinor’s realized European gas price rose to $20 per million British thermal units (MMBtu), from $11.40 a year earlier. Its realized liquids price increased to $92.30 per barrel, compared with $64.90. The quarter-over-quarter comparison was mixed: the gas price rose from $15.79 per MMBtu in Q2, while the liquids price fell from $97.90 per barrel.

The board set a third-quarter cash dividend of $0.39 per share and approved the final 2026 share-buyback tranche, worth up to $1.125 billion. The buyback is scheduled to start Oct. 29 and end no later than Feb. 1, 2027.

The production-growth update adds to earlier coverage of Equinor’s Q3 revenue, earnings per share and cash flow.