Equinor Triples Third-Quarter Profit on Strong Energy Prices and Production Gains
Source Summary
Equinor reported adjusted net income of $2.86 billion for the third quarter, triple the $932 million earned in the same period last year, driven by strong refining margins, elevated oil and natural gas prices, and increased hydrocarbon production. The Norwegian energy company's oil and gas output rose 2% year-over-year to 2.166 million barrels of oil equivalent per day.
Why it matters
Equinor's tripled quarterly profit demonstrates the material financial impact of elevated global oil and gas prices on major energy producers' earnings and cash generation.
