Equinor Non-GAAP EPS of $1.20 misses by $0.15, revenue of $33.19B misses by $960M

• Equinor press release (EQNR): Q3 Non-GAAP EPS of $1.20 misses by $0.15.
• Revenue of $33.19B (+27.4% Y/Y) misses by $960M.
• Cash flow from operations after taxes paid ended at USD 8.14 billion.
• Organic capital expenditure was USD 3.28 billion and total capital expenditures were USD 3.82 billion. The net debt to capital employed adjusted ratio was 3.8% at the end of the third quarter, compared to 10.4% last quarter.
• Outlook: Organic capital expenditures are estimated at around USD 13 billion for 2026.
• Oil & gas production for 2026 is estimated to grow around 4% compared to 2025 levels.
• Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group.
• Scheduled maintenance activity is estimated to reduce equity production by around 35 mboe per day for the full year of 2026.

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