Core Insights - Equinor reported adjusted operating income of $6.21 billion in Q3 2025, a 10% decline year-on-year, influenced by lower liquids prices, although this was partially offset by increased production levels and higher gas prices in the US [1] - The company recorded a net loss of $200 million for the quarter, with adjusted net income at $930 million, resulting in adjusted earnings per share of $0.37 [1] Financial Performance - Net operating income was $5.27 billion, down from $6.91 billion in the same period last year, primarily due to net impairments of $754 million linked to updated price assumptions [2] - Impairment reversals of $299 million were noted for an onshore asset in Norway [3] - Adjusted operating and administrative expenses increased, attributed to future operating expenses related to a US offshore asset that ceased production, along with rising transportation costs and currency fluctuations [5] Production Metrics - Total equity production reached 2.13 billion barrels of oil equivalent (bboe) per day, a 7% increase from 1.98 bboe per day year-on-year [5] - Production on the Norwegian Continental Shelf (NCS) grew by 9% year-on-year, driven by strong performance from the Johan Sverdrup and Johan Castberg fields [6] - The US segment reported a 29% increase in oil and gas production compared to the previous year, reflecting acquisitions and heightened offshore output [6] Market Outlook - The company anticipates that its midstream, marketing, and processing segment will generate approximately $400 million in quarterly average adjusted operating income, influenced by evolving market conditions and previous asset divestments [4]

Core Viewpoint - TotalEnergies SE is expected to report a decline in quarterly earnings and revenues, with earnings per share projected at $1.63, down 17.7% year-over-year, and revenues forecasted at $36.17 billion, reflecting a 26.4% decrease compared to the previous year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised upward by 4.9%, indicating a reassessment by analysts of their initial projections [2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3]. Key Metrics Projections - Analysts project 'Combined Liquids and Gas Production per day - Total' to reach 2,501 thousand barrels of oil equivalent per day, an increase from 2,441 thousand barrels in the same quarter last year [5]. - 'Gas Production per day - Total' is estimated at 5,388 thousand cubic feet per day, up from 5,180 thousand cubic feet per day year-over-year [5]. - 'Liquids Production per day - Total' is expected to be 1,508.28 thousand barrels, compared to 1,477.00 thousand barrels in the previous year [6]. - 'Total Refinery Throughput per day' is projected at 1,509.33 thousand barrels, slightly down from 1,511.00 thousand barrels year-over-year [6]. Price and Income Projections - The average price of gas is expected to reach $5.63, up from $5.05 year-over-year [7]. - The average price of liquids is projected at $65.60, down from $81.00 in the previous year [7]. - 'Adjusted net operating income - Exploration & Production' is forecasted to be $1.88 billion, compared to $2.67 billion last year [7]. - 'Adjusted net operating income - Marketing & Services' is expected to be $354.95 million, down from $379.00 million year-over-year [8]. - 'Adjusted net operating income - Refining & Chemicals' is projected at $484.47 million, compared to $639.00 million last year [8]. Stock Performance - TotalEnergies shares have changed by +0.4% in the past month, while the Zacks S&P 500 composite has increased by +5.9% [8].