Despite rising production and stable operating costs, Equinor's third-quarter profit fell. Lower oil prices meant that reported operating profit fell to $5.27 billion from $6.91 billion in the same period last year, while net profit showed a loss of $0.20 billion. Adjusted operating profit ended at $6.21 billion and $1.51 billion after tax, the company said in a statement.
Production increased seven percent to 2.13 million barrels of oil equivalent per day compared to 1.98 million barrels in the third quarter last year. The growth was driven, among other things, by activities on the Norwegian continental shelf, where production now grew by percent driven by the Johan Sverdrup, Johan Castberg and Halten East fields. In the US, production increased by 29 percent, while divestments in Nigeria and Azerbaijan dampened development in other regions.
In October, Equinor started production from the Bacalhau field in Brazil, the company's largest international offshore project, which is expected to contribute significantly to earnings up to 2030.
- We are delivering strong operations this quarter. High-performing fields and new fields coming on stream on the Norwegian continental shelf are driving production growth, says Anders Opedal, CEO of Equinor.
Equinor maintains a tight cost focus with stable operating expenses and a 50 percent reduction in costs in the Renewables business. Two early electrification projects have also been put on hold.
The company is paying a cash dividend of USD 0.37 per share and is also implementing a share buyback program of up to USD 1.27 billion in the fourth quarter. The total capital distribution for 2025 is expected to be around 9 billion dollars.
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