Equinor Earnings Slide on Lower Oil Prices — 2nd Update

By Adam Whittaker and Dominic Chopping

Equinor said third-quarter earnings slumped on weaker oil prices, missing market expectations.

The Norwegian energy major said Wednesday that adjusted operating income--its preferred measure--fell 10% to $6.215 billion against the $6.31 billion analysts had expected, according to a company-compiled consensus.

Net operating income was $5.27 billion, down nearly 25% from $6.905 billion in the same quarter last year, as it booked $754 million in net impairments primarily due to updated forward-looking price assumptions, it said. Adjusted net income tumbled nearly 60% to $932 million.

Equinor said that lower oil prices dragged on its earnings, although this was partially offset by a 7% rise in production and higher gas prices in the U.S.

Losses at its renewable energy business narrowed, thanks to lower development costs following the completion of early-phase work on some of its projects. The operating loss in the unit totaled $59 million in the quarter, from a loss of $1 billion in the second quarter and versus a loss of $166 million in the third quarter last year.

The company had booked a $955 million impairment in the renewables business during the second quarter on dampened expectations for synergies from U.S. offshore wind projects and increased exposure to tariffs. It was forced to suspend construction of its Empire Wind project off the coast of New York earlier this year following a stop-work order from the U.S. government, before the order was later lifted.

Equinor has since then invested $939 million in Danish wind farm developer Orsted as part of a capital raise, maintaining its 10% stake in the company.

Still, the renewables business makes up only a small portion of the company's overall revenue. Based on quarterly data, total revenue and other income from renewables represented 0.1% of Equinor's $26.05 billion total.

The company proposed a quarterly dividend of $0.37 a share and began the fourth tranche, worth $1.27 billion, of its $5 billion buyback program.

The oil major maintained its full-year guidance, continuing to anticipate organic capital expenditure at around $13 billion, with oil and gas production expected to grow 4% from 2024's levels.

Write to Adam Whittaker at adam.whittaker@wsj.com and Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 29, 2025 07:29 ET (11:29 GMT)