Oil and gas production climbed 2% year-over-year, reaching 2.166 million barrels of oil equivalent per day. This output hit the market just as global supply constraints—exacerbated by disruptions in the Strait of Hormuz and a diminished flow of Qatari LNG—pushed realized gas prices to $20.0 per MMBtu. Simultaneously, the company’s liquids portfolio benefited from crude prices remaining above the $100 per barrel threshold since early September.

The Marketing, Midstream and Processing division proved instrumental in this growth, delivering $574 million in post-tax adjusted operating income. This figure shattered initial guidance of $400 million, bolstered by exceptional performance at the Mongstad refinery. Building on these results, CEO Anders Opedal confirmed the company is raising its 2026 production growth forecast to approximately 4%.