Equinor Profit Falls, Impairments Mount as Oil Price Forecasts Trimmed

Equinor posted a bigger than expected drop in third-quarter profit on Wednesday as oil and gas prices fell, and booked asset impairments on a weaker long-term outlook for crude prices.

The Norwegian energy group's adjusted earnings before tax for July-September fell 9.9% 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.

Equinor 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.

Lower Price Outlook, Weaker Trading

But the group booked net asset impairments for the quarter, including some reversals of previous writedowns, of $754 million, "primarily driven by lower price outlook".

Equinor now expects the benchmark Brent Blend oil price to be $75 per barrel between 2030 and 2040, while it had previously predicted a price of $80 at the start of that decade, declining to $75 by the end.

The biggest impairment was a revaluation of British assets, including the North Sea Rosebank oilfield development, that Equinor is merging with Shell SHEL.L in a deal expected to complete by the