Equinor CEO Eldar Sætre. Photo: Vidar Ruud/AFP/Getty Images

Oil-and-gas giant Equinor posted a $4.8 billion third-quarter profit on Thursday morning, roughly double the amount from the same period last year.

Why it matters: The results from the multinational oil giant formerly known as Statoil show how the industry is reaping the benefits from higher oil prices even though their haul was slightly below analysts' forecasts.

The intrigue: The Norwegian company said it's cutting $1 billion from its 2018 capital spending levels, bringing them down to $10 billion thanks to what the company called "capital discipline and efficient project execution."

  • Via the Financial Times, the move is "likely to soothe investor fears that costs will start to head substantially higher following the oil price recovery to above $75 per barrel."

What's next: Companies including ExxonMobil, Shell, BP and Chevron report their earnings next week.

Go deeper

Amy Harder, author of Generate
2 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes. A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."

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