Equinor (NYSE: EQNR) booked lower-than-expected earnings for the third quarter as liquids prices dropped from a year earlier.
The Norwegian energy major on Wednesday reported an adjusted operating income of $6.21 billion for the third quarter of 2025, lower than the company-provided consensus of 21 analysts who had expected $6.31 billion, and below the $6.89 billion booked in the third quarter of 2024.
Yet, the lower liquids prices were partially offset by higher production and higher gas prices in the U.S., Equinor said.
The Norwegian oil and gas major raised its oil and gas production by 7% from a year earlier, to 2.130 million barrels of oil equivalent per day in the third quarter.
Strong production and minimal unplanned downtime at the giant Johan Sverdrup field, combined with the new Johan Castberg and Halten East fields, helped Equinor boost production offshore Norway by 9% year-on-year.
The company kept its guidance for 4% hydrocarbon production growth this year and approved a cash dividend of $0.37 per share for the third quarter of 2025, in line with its plan announced in February. The board of directors has also decided to initiate a fourth and final tranche of up to $1.266 billion of the 2025 share buyback program.
In February this year, Equinor said it would nearly halve its investments in renewables and low carbon solutions to around $5 billion in total after project financing for 2025-2027, as it looks to boost returns for shareholders and adapt to an “uneven energy transition.”
The Norwegian major, which dropped ‘oil’ from its name and rebranded to Equinor seven years ago with more renewables business in mind, acknowledged that market conditions in the clean energy sector have changed and the energy transition is going forward with an uncertain and uneven pace.
At the same time, Equinor expects to boost its oil and gas production by more than 10% by 2027, by developing profitable projects and pursuing infrastructure-led exploration in the Norwegian Continental Shelf.
By Tsvetana Paraskova for Oilprice.com
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