Core Insights - Equinor ASA (EQNR) will resume construction of the Empire Wind project after receiving a preliminary injunction from a U.S. District Court, which emphasized the potential irreversible consequences of further delays [1][9] - The Empire Wind project aims to meet the increasing energy demand in the U.S. and is expected to provide electricity for nearly 500,000 homes in New York [2][9] Project Status and Economic Impact - The Empire Wind project is over 60% complete, and any further disruptions could jeopardize its execution and lead to significant financial damages for the company [4][9] - Equinor has indicated that delays beyond January 16, 2026, could severely impact project economics, potentially resulting in cost overruns and loan defaults, with losses estimated up to $5.3 billion [3][9] Industry Context - The Empire Wind project is part of a broader effort to enhance grid reliability amid rising energy demand in the U.S. [2] - The offshore wind sector has faced disruptions, particularly during the Trump administration, affecting multiple large-scale projects on the U.S. East Coast [3]

Financial Data and Key Metrics Changes - Adjusted operating income was $6.2 billion before tax, while net income was -$0.2 billion, impacted by net impairments mainly due to lower long-term oil price outlook [3] - Cash flow from operations after tax was strong at $14.7 billion year to date, with adjusted earnings per share at $0.37 [4][11] - The company distributed $5.6 billion to shareholders, including $4.3 billion from buybacks [11] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, reaching 2,130,000 barrels per day, with NCS production growing by 9% [7] - E&P Norway adjusted operating income totaled $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [8][9] - Renewables results showed high project activity but significantly lower business development costs, with operating costs for renewables down by around 50% compared to the previous year [4][10] Market Data and Key Metrics Changes - Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the U.S. [8] - U.S. onshore gas production was up 40%, capturing higher prices, while international production was down due to temporary stops and divestments [7][8] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS until 2035, focusing on smaller discoveries and quicker developments [75] - A more active role in Ørsted is being pursued, with plans for a board seat to enhance collaboration and shareholder value [16][22] - The company is cautious about further capital commitments in offshore wind due to current industry challenges [17][30] Management's Comments on Operating Environment and Future Outlook - The management highlighted the volatility in energy markets due to geopolitical unrest and trade tensions, but expressed confidence in the company's solid balance sheet and strong production [4][11] - Future capital distribution will prioritize cash dividends and share buybacks, with a competitive approach to capital allocation [56][58] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [10] - The Peregrino asset was shut in but resumed production, with plans to divest a 60% ownership position [40] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming on stream, particularly Johan Castberg [13][15] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role to improve shareholder value and believes that a closer collaboration will benefit both Equinor and Ørsted [16][22] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and divestment of gas infrastructure assets [19][20] Question: What is the status of the Peregrino disposal? - Peregrino resumed production and is expected to divest 60% ownership, with a transaction value of $3.5 billion [40] Question: What is the outlook for the global gas market? - The short-term market appears tighter than expected, with significant LNG projects coming online, but demand from Asia remains healthy [32][34] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company is currently in public consultation with the regulator [68][70]