OSLO (Reuters) -Equinor reported a bigger-than-expected decline of 9.9% in third-quarter profits on Wednesday as oil and gas prices fell from a year ago, and maintained its outlook for production growth.
The Norwegian energy group’s adjusted earnings before tax for July-September fell to $6.21 billion from $6.89 billion a year earlier, slightly lagging the $6.31 billion predicted in a poll of 21 analysts compiled by Equinor.
The company maintained a projection that its oil and gas output will grow by 4% this year compared to 2024 and kept its forecast for capital expenditure in 2025 of $13 billion.
“High performing fields and new fields coming on stream on the Norwegian continental shelf, drive production growth,” CEO Anders Opedal said in a statement.
In February, Equinor followed rivals such as Shell and BP in promising higher oil and gas output while scaling back investment in renewables, citing challenging market conditions for the green energy transition.
(Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)
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