Norwegian energy group Equinor reported on Wednesday 28 October 2026 its strongest quarterly profit in almost four years, driven by a surge in oil and gas prices as the Middle East war disrupted energy supplies.

Strongest quarter in almost four years

Adjusted earnings before tax for July to September rose to $12.34 billion, from $6.22 billion a year earlier, slightly ahead of the $12.19 billion predicted in a poll of 21 analysts compiled by Equinor. On the adjusted operating income measure used by Dow Jones, the figure was $12.35 billion, from $6.215 billion a year earlier, against the same $12.19 billion expectation.

Production target raised

Chief executive Anders Opedal said high production in the third quarter enabled the group to capture additional value from higher prices. Production rose 2% in the quarter, and Equinor raised its full-year 2026 oil and gas production growth target to around 4%, from around 3% previously.

Dow Jones attributed part of the result to exceptional refining margins from lost global refining capacity and strong gas trading, alongside higher prices linked to the Iran war. Reuters noted Equinor shares are up 86% year to date, outperforming a 43% rise in European energy stocks, and that the group has no direct exposure to the Middle East.

Sources: Reuters and Wall Street Journal / Dow Jones.