Investing.com — Equinor ASA (OL:EQNR) announced a share buyback tranche of up to $1.13 billion on Wednesday, as the Norwegian energy producer raised its full-year production outlook following a sharp rise in quarterly profit.
Adjusted earnings before tax rose to $12.34 billion in the July-September quarter from $6.22 billion a year earlier, exceeding the $12.19 billion consensus estimate compiled by Equinor, as the war in the Middle East disrupted global energy supplies and pushed up commodity prices.
The company raised its forecast for 2026 oil and gas production growth to around 4%, from its previous estimate of 3%, after higher output helped it capture additional value from rising prices. Equity oil and gas production increased 2% year on year to 2.166 million barrels of oil equivalent per day.
Equinor reported net operating income of $11.95 billion, compared with $5.27 billion a year earlier, while net income reached $2.54 billion. Adjusted net income was $2.86 billion, equivalent to adjusted earnings per share of $1.20.
The results were supported by higher oil and European gas prices, alongside strong refining margins and liquefied natural gas trading. Equinor realised an average European gas price of $20 per million British thermal units and a liquids price of $92.30 per barrel during the quarter.
Its Marketing, Midstream and Processing business benefited from high refining margins and strong performance at the Mongstad refinery.
The board approved a third-quarter cash dividend of $0.39 per share and a final share-buyback tranche of up to $1.125 billion, scheduled to begin on October 29.
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