Norwegian energy company Equinor earned $6.21 billion in adjusted operating profit during the third quarter. This equals approximately 62.1 billion Norwegian kroner. The results show a decline from $6.89 billion in the same period last year.
CEO Anders Opedal said the company has worked systematically to control costs. "In a period with both production growth and inflation, our costs have remained stable so far this year," Opedal stated in the earnings release.
Equinor's production increased by 7 percent compared to last year. The growth was mainly driven by the Johan Sverdrup and Johan Castberg fields in the Norwegian Sea.
The company drilled 18 exploration wells on the Norwegian continental shelf during the quarter. Seven of these were classified as commercially viable discoveries. In oil exploration terms, commercially viable means there's enough oil or gas to make extraction profitable given the required investments.
While profits dipped from last year's strong results, Equinor maintains solid earnings amid global energy market fluctuations. The company continues to balance production growth with cost discipline in a challenging economic environment.