$EQNR

Africa's LNG exports are projected to grow 175% by 2034, reaching 98 bcm, driven by investments in Mozambique, Nigeria, Angola, Libya, and Ivory Coast. Mozambique's TotalEnergies (TTE) and Eni (E) projects, along with ExxonMobil's (XOM) Rovuma LNG, are key drivers. Nigeria's Train 7 expansion and Senegal-Mauritania's GTA project also contribute. TotalEnergies' Namibia projects and Tanzania's $42B LNG project, involving Equinor (EQNR) and Shell (SHEL), are notable.

Equinor (EQNR) raised its 2026 production growth outlook to 4% but missed Q3 earnings and revenue estimates. Adjusted earnings were $1.20 per share vs. $1.38 expected, and revenues were $33.19B vs. $35.80B expected. The company reported strong cash flow and increased shareholder returns, with a $3B buyback program planned for 2026. Management highlighted growth in international production and natural gas markets but cautioned about potential production declines and cost pressures.

Equinor halted production at its Visund platform in the Norwegian North Sea due to a fire, removing 13.2 million cubic meters per day of gas export capacity. Repairs are needed, but the timeline is uncertain. Visund's output is mostly gas, with Equinor as the majority operator. Other Norwegian fields also face unplanned outages, reducing export nominations. European gas prices fell 2% on Wednesday.

ADIPEC 2026 in Abu Dhabi focuses on energy security, AI, and investment, with 2,250 exhibitors and 239,000 visitors. Key themes include AI in energy operations, LNG, and low-carbon tech. Companies like BP, Siemens, and ADNOC announced deals, including a 5-year LNG supply agreement. Nigeria's oil production increased by 600,000 barrels per day. The event emphasizes downstream industries and investment opportunities in the Middle East's energy sector.

Equinor ASA (EQNR) increased estimated recoverable gas volumes at the Afrodite discovery in the Norwegian North Sea to 77-180 MMBoe. The company plans to evaluate subsea development, leveraging existing infrastructure. EQNR raised its 2026 production growth guidance to 4%. Shell (SHEL) and Eni (E) are also pursuing offshore growth opportunities. EQNR shares gained 89.1% over the past year, with a trailing EV/EBITDA of 2.23X.

Equinor ASA (EQNR) bought back 265,300 shares in two days, totaling 117 million kroner, under its 2026 share buy-back program. The average price was NOK 441.0372 per share. This is part of a tranche announced on October 28, 2026, lasting until February 1, 2027.

Equinor plans to drill 30 exploration wells annually until 2035 to maintain production and supply Europe with oil and gas. CEO Anders Opedal highlighted strong demand and long-term contracts, while noting challenges like low European gas levels and shipping costs. The company is also expanding internationally, with a focus on Brazil.

Equinor delayed its $7.5B Empire Wind project to H1 2027 due to vessel delays. Oyster Renewable started phase two of a hybrid project in Madhya Pradesh, India, with a ₹6,500 crore investment. ENGIE began constructing a 150 MW/300 MWh battery storage project in Australia, targeting 2028 completion.

Equinor's Empire Wind project off New York faces a delay, with first power now expected in early 2027 due to Jones Act vessel requirements. The 810-MW project is 80% complete, with turbine installation delayed. Equinor maintains a $7.5B budget and $2.5B in tax credits, with no change in spending or timing. The delay follows previous regulatory hurdles, including a court case that was dismissed in September 2026.

Six European oil companies (BP, Eni, Equinor, Repsol, Shell, TotalEnergies) reported $89bn in profits for the first nine months of 2026, more than double the same period last year, driven by higher energy prices due to the war with Iran. Shell and TotalEnergies saw refining profits nearly quadruple, while BP's profit nearly quadrupled, exceeding analyst forecasts. Companies used profits to reduce debt and return cash to shareholders, with Shell cutting its 2026 capital spending guidance by $1bn.