Equinor Lifts Output Guidance as Visund Fire Probe and Brent Slide Test the Stock

Equinor's third-quarter 2026 report landed on 28 October with an adjusted operating profit of USD 12.35 billion, helped along by higher production volumes and firmer oil and gas prices, according to Reuters. Net profit came in at USD 2.54 billion, while adjusted net income reached USD 2.86 billion.

Production target raised, cash returns confirmed

The Norwegian energy major used the quarterly release to lift its full-year 2026 oil and gas output growth forecast to around 4%, up from 3% previously. Adjusted earnings per share for the quarter stood at USD 1.20, and the company declared a dividend of USD 0.39 per share.

Shareholder returns extend beyond the dividend. Buybacks are set to total up to USD 3 billion across the year, a figure that includes shares repurchased from the Norwegian state for cancellation. Roughly two weeks before the results, Equinor announced the fourth and final tranche of its 2026 repurchase programme, worth up to USD 1.125 million, of which up to USD 371.3 million is earmarked for on-market purchases. That tranche was scheduled to start on 29 October and run no later than 1 February 2027, and the company confirmed it has begun.

Fire probe keeps Visund offline

Production capacity at Visund remains shut in following a fire in an electrical facility. The platform is still down while repair work is being prepared, and a Gassco schedule pointed to a possible restart on 16 November — a date explicitly subject to change. Visund can deliver 13.2 million cubic metres of gas per day.

Norway's safety regulator Havtil opened an investigation into the blaze on Wednesday, focusing on the emergency power switchgear room. The Equinor-operated facility was shut down and depressurised, and no injuries were reported. Crews on board have been reduced to 36 people, down from 128 at the time of the incident.

Brent slump and a broker downgrade

Wednesday brought pressure from the crude market. Brent fell 8% and settled at a two-month low, Reuters reported, after results from the US midterm elections stoked hopes of de-escalation in the Iran war and of higher crude exports from the Middle East.

Analyst sentiment added to the drag. Morgan Stanley cut Equinor to "Underweight" from "Equal Weight" with a price target of 375 NOK, Bloomberg reported.