Equinor Posts Highest Profit Since 2022, Lifts Production Forecast

Equinor on Wednesday reported its strongest quarterly profit in almost four years, driven by a surge in oil and gas prices as the war in the Middle East continued to disrupt global energy supplies, and raised its full-year output target.

The Norwegian group's adjusted earnings before tax for the July to September period rose to $12.4 billion from $6.2 billion a year earlier, ahead of the $12.19 billion predicted in a poll of 21 analysts compiled by Equinor.

"High production in the third quarter enabled us to capture additional value from higher prices," CEO Anders Opedal said in a statement.

Equinor now expects its oil and gas output to rise by around 4% this year, up from 3% growth seen previously.

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