Equinor ASA’s natural gas production and related revenues continued to rise in the third quarter as it answers Europe’s call to replace lost Russian imports, but management sees more volatility on the horizon, including from potential price cap policies.

Equinor earnings

CEO Anders Opedal said the firm and Norway as a whole have taken on an increased role “as a reliable energy provider” and are “going to great lengths to keep the energy production high and secure.”

During 3Q2022, Equinor increased its gas supply to Europe by 11% from the year-prior period. Last year’s third quarter had previously been a high mark for Equinor’s recent gas production volumes as it began ramping up activity to meet growing demand.

Equinor’s combined production totaled 2.02 million boe/d during...