Equinor ASA reported adjusted operating income of $12.35 billion for third-quarter 2026, nearly double the $6.22 billion recorded a year earlier, supported by higher oil and natural gas prices, increased production, and stronger refining margins. The Norwegian energy major posted net income of $2.54 billion, compared with a net loss of $204 million in the year-earlier quarter. Adjusted net income reached $2.86 billion, or $1.20/share. Equinor realized an average liquids price of $92.30/bbl and a European natural gas price of $20/MMbtu during the quarter, reflecting tighter energy markets amid Middle East supply disruptions. Production, outlook Equinor’s equity oil and gas production averaged 2.166 MMboe/d in the quarter, up 2% year over year. Production on the Norwegian continental shelf remained broadly stable as contributions from new fields, including Halten East and Verdande, and new wells offset natural declines and unplanned losses at Johan Castberg and Troll. International production increased 21%, driven by higher volumes from Adura in the UK and Bacalhau offshore Brazil, as well as reduced maintenance activity. US production declined due to planned offshore downtime and natural field declines. Citing stronger operational performance, Equinor raised its full-year 2026 oil and gas production growth guidance to about 4% from 3%. “High production in the third quarter enabled us to capture additional value from higher prices,” said Anders Opedal, Equinor’s president and chief executive officer. Refining, financial performance Equinor’s Marketing, Midstream and Processing segment benefited from stronger refining margins, high utilization, and LNG trading activity. The Mongstad refinery in Norway delivered a record earnings contribution during the quarter. Cash flow from operations after taxes reached $8.14 billion. Organic capital expenditures totaled $3.28 billion, while the company’s adjusted net debt-to-capital-employed ratio declined to 3.8% at quarter-end from 10.4% in the previous quarter. Portfolio developments Equinor continued reshaping its upstream portfolio, including acquiring

US crude oil inventories for the week ended Oct. 23, excluding the Strategic Petroleum Reserve, decreased by 1.9 million bbl from the previous week, according to data from the US Energy Information Administration (EIA). At 410.6 million bbl, US crude oil inventories are 4% below the 5-year average for this time of year, the EIA report indicated. Gasoline inventories increased 3.9 million bbl, 2% below the 5-year average. Propane-propylene inventories decreased 100,000 bbl, 12% above the 5-year average. Total commercial petroleum inventories decreased by 3.0 million bbl for the week. Distillate inventories decreased 1.5 million bbl, 10% below the 5-year average. US crude oil refinery inputs averaged 16.5 million b/d for the week ended Oct. 23, which was 123,000 b/d less than the previous week’s average. Refineries operated at 92.8% of capacity. Gasoline output averaged 9.2 million b/d, and distillate production decreased to 5.2 million b/d. Crude oil imports increased 616,000 b/d to 6.4 million b/d. The 4-week average of 6.3 million b/d is 9.3% above the year-ago level. Gasoline imports averaged 399,000 b/d; distillate imports averaged 157,000 b/d. Over the past four weeks, total product supplied averaged 20.8 million b/d, up 0.2% year over year. The 4-week average for gasoline product supplied decreased 0.7% year over year to 8.6 million b/d, while the 4-week average for distillate product supplied decreased 0.6% to 4.0 million b/d. The 4-week average for jet fuel product supplied decreased 3.5% year over year.

WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced the financial close of a $5.1 billion loan package to Alliant Energy to lower electricity costs, expand firm power generation, and strengthen grid reliability in Iowa and Wisconsin. The investments will add more than 2.6 gigawatts (GW) of new or upgraded power generation capacity and deliver more than $1 billion in electricity cost savings for American families and businesses across both states. Today’s announcement advances President Trump’s Executive Order Strengthening the Reliability and Security of the United States Electric Grid by ensuring our nation has the dependable power needed to meet growing electricity demand and strengthen American energy security. “The Energy Department is delivering on President Trump’s promise to lower electricity costs and unleash the full potential of American energy,” said U.S. Secretary of Energy Chris Wright. “These investments will drive down energy costs for families and businesses in Iowa and Wisconsin, strengthen our nation’s electric grid, and fuel American prosperity for decades to come.” The projects will add enough electricity to power the equivalent of nearly 2 million homes—lowering costs and strengthening grid reliability in Iowa and Wisconsin. The investments will support new natural gas-fired power plants, energy storage systems, and upgrades to existing generation facilities, create hundreds of construction-related jobs, and deliver affordable, reliable energy for American families and businesses. “Thanks to President Trump and Secretary Wright’s leadership, EDF is putting capital to work to expand America’s reliable energy infrastructure,” said EDF Director Gregory A. Beard. “By bringing new, dependable power online, we are strengthening our nation’s energy security and lowering electricity costs for families and businesses across Iowa and Wisconsin.” This loan marks the Trump Administration’s tenth financial close, and the sixth and seventh utility financing completed through the Energy Dominance Financing Program.

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The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced a conditional loan commitment of up to $5 billion to finance nuclear uprates and modernization across Constellation Energy’s nuclear fleet in Illinois, Maryland, and Pennsylvania. The modernization efforts will add nearly 1.1 gigawatts (GW) of electricity, strengthening the grid and lowering costs for millions of Americans across the PJM Interconnection, L.L.C. (PJM) and Midcontinent Independent System Operator (MISO) regions. The loan advances President Trump’s Executive Order, Reinvigorating the Nuclear Industrial Base, which calls for DOE to facilitate 5 GW of power uprates from existing nuclear reactors. In March 2026, in accordance with the Executive Order, DOE launched its Utility Power Reactor Incremental Scaling Effort (UPRISE) to accelerate the expansion of the nation’s nuclear capacity by maximizing power generation from existing reactors. To date, 95% of President Trump’s 5-GW uprate and restart goal has been identified. “The Energy Department is accelerating President Trump’s American nuclear renaissance and unlocking the full potential of our nation’s nuclear fleet,” said U.S. Secretary of Energy Chris Wright. “Uprates that maximize power generation from our existing nuclear facilities are yet another example of the commonsense energy addition policies the Trump Administration is embracing—ensuring more affordable, reliable, and secure energy for American families and businesses.” The projects will add enough electricity to power more than 930,000 homes—lowering costs and strengthening grid reliability in Illinois, Maryland, Pennsylvania, and across the PJM and MISO regions. The investments will support more than 10,000 project-related jobs across Constellation’s nuclear fleet while delivering affordable, reliable power to American homes and businesses. “EDF is delivering on President Trump and Secretary Wright’s commitment to unleash American nuclear power by financing projects that modernize and expand our nation’s existing nuclear plants,” said EDF Director Gregory A. Beard. “These investments will add

Argentina’s Neuquén province awarded eight blocks to PCR, Patagonia Energy, GeoPark, JPM Energía, the Phoenix–Continental Resources partnership, and Selva María Oil in a round intended to expand exploration of Vaca Muerta. Committed work programs include 11 horizontal wells to assess acreage outside the formation’s main commercial developments. The awards were made Oct. 21 under Round 1/2026 of the Neuquén Exploration Plan, organized by Gas y Petróleo del Neuquén (GyP). The provincial company will retain an interest in all the blocks. The round attracted 20 bids from 10 bidders for eight of the 15 areas offered. Petrolera Comodoro Rivadavia (PCR) secured three blocks: La Tropilla I, Águila Mora Noreste, and Santo Domingo II. Its program includes one horizontal well per block, each with a 1,500-m lateral and 25 hydraulic fracturing stages. The company will also acquire and process 3D seismic data covering a total of 380 sq km. Patagonia Energy secured Corralera Noroeste, where it will drill three horizontal wells with 3,000-m laterals and a combined 150 fracturing stages. Its commitment also includes 85 sq km of 3D seismic. GeoPark will add Corralera Noreste to its portfolio. The initial program comprises two horizontal wells, each with a 2,000-m lateral and 30 fracturing stages, during a 4-year exploration period. The company will hold a 90% working interest, with GyP retaining 10%. JPM Energía secured Pampa de las Yeguas II NE. Its proposal includes one horizontal well with a 3,000-m lateral and 53 fracturing stages. The Phoenix–Continental Resources partnership was selected for Corralera Sur, with a program comprising one horizontal well with a 1,500-m lateral and 14 fracturing stages. Seismic work includes 150 sq km of acquisition and 105 sq km of specialized processing. Selva María Oil secured Chasquivil Sur, where it will drill one horizontal well with a 1,500-m lateral and 30