Lower oil prices and production volumes failed to offset rising natural gas prices and output at Equinor NYSE EQNR, which reported on Thursday lower-than-expected adjusted operating income, its key earnings metric, for the third quarter. The Norwegian energy giant booked an adjusted operating income of $6.89 billion for Q3, down by 13% compared to the same period of 2023, and lower than the company-compiled analyst consensus expecting $7.01 billion.
In Norway, however, the company raised its production by 2% year-over-year, thanks to record natural gas output at the Troll field and a production record at the Johan Sverdrup oilfield. In its renewables business, Equinor touted continued investments in assets and the development of low-carbon value chains. Equinor’s renewable power generation jumped by 82% year-on-year. However, the progress at Dogger Bank A, the world’s largest offshore wind farm, is slower than expected, Equinor said.
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