Equinor Lifts Output Guidance as Middle East Disruptions Inflate Quarterly Profit

Equinor has raised its production growth target for 2026 to around 4%, up from the 3% previously guided, as the Norwegian energy major capitalised on supply interruptions in the Middle East to post stronger third-quarter results.

Adjusted operating profit for the three months came in at USD 12.35 billion, with net income of USD 2.54 billion. Adjusted earnings per share reached USD 1.20. Reuters attributed the profit uplift to higher oil and gas prices triggered by the Middle East supply disruptions, and reported that the adjusted pre-tax result beat analyst expectations.

Alongside the numbers, Equinor set the terms for the fourth and final buyback tranche of 2026, worth up to USD 1.125 billion, of which as much as USD 371.3 million is earmarked for on-market purchases. The tranche opens on 29 October 2026 and is scheduled to close no later than 1 February 2027, fixing the timetable for completion of the announced programme. The board also approved a cash dividend of USD 0.39 per share for the third quarter, payable on 26 February 2027.

Aker BP Tie-Up Targets Hard-to-Recover Reservoirs

On the operational side, Equinor and Aker BP agreed on Monday to a strategic collaboration covering hard-to-recover deposits on the Norwegian Continental Shelf. The partnership centres on joint technology development, standardisation and knowledge sharing, with Aker BP stating that greater economies of scale should enable more economical development and higher recovery rates.

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At the Wisting project, Equinor and its licence partners awarded Aibel a planning contract on 22 October for the topsides of the production vessel. The partners intend to decide on the concept selection and further steps towards the end of 2026, with a final investment decision planned for late 2027.

Peterhead Clearance Comes With Strings Attached

Separately, the Scottish government gave the green light yesterday to the planned gas-fired power station with carbon capture that SSE and Equinor are developing at Peterhead — a regulatory hurdle cleared, though construction is far from assured. The build still depends on a final investment decision and on delivery of Scotland's carbon capture and storage cluster, leaving investors with project progress rather than a confirmed start on site.

According to Energy Voice, the new plant would sit alongside the existing facility, with capacity of up to 910 megawatts and carbon capture of at least 90%. It is also intended to support the Acorn CCS storage project. That link is pivotal: capturing and storing CO? requires the associated infrastructure, and SSE stresses that further progress on the power station hinges on the Scottish CCS cluster. The permit does not remove that dependency.

The developers expect around 1,000 jobs during construction and dozens of permanent positions, putting the economic value to north-east Scotland at GBP 60 million — figures that reflect company expectations rather than realised effects. SSE frames the scheme as a flexible complement to renewable generation, an energy-system argument that will only be tested once further project decisions are taken.

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Climate Groups Push Back

The approval has drawn opposition. As The Independent reported, Friends of the Earth Scotland warns of a binding commitment of at least 30 years to internationally priced and volatile gas, and criticises carbon capture as "greenwashing". Oxfam Scotland likewise called the decision contradictory on climate policy. The existing Peterhead plant is expected to keep running at least into the mid-2030s, with the new facility planned as a neighbouring project rather than a confirmed immediate replacement.

For Equinor, the two developments present contrasting pictures: partners point to a flexible backstop for renewables and regional employment, while environmental organisations question the long-term use of fossil gas. The approval settles neither debate — and until a final investment decision and the CCS cluster are delivered, the company holds a permitted project option rather than a secured new power station.

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