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.
Equinor CEO Anders Opedal addressed the company's financial performance in their earnings release. "We have worked systematically with costs over time," Opedal stated. "In a period with both production growth and inflation, costs have so far this year been stable."
The company reported a 7 percent production increase, largely driven by output from the Johan Sverdrup and Johan Castberg fields. Both are major offshore oil developments in Norwegian waters.
In exploration activities, Equinor drilled 18 exploration wells on the Norwegian continental shelf. They made seven commercially viable discoveries during the quarter. Commercially viable finds indicate sufficient oil or gas reserves to make extraction economically worthwhile.
While profits remain substantial, the year-over-year decline reflects changing market conditions. The company continues to balance production growth against cost management pressures in the current energy landscape.