Equinor's U.S, Global Oil & Gas Output Hits Records

---

Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

---

Summary

A rocky geopolitical climate is driving strong results for Equinor, which is seeing record quarterly output in the U.S. alone. But executives warn the market is far from predictable and unlikely to calm down in the coming months.

---

Record Output, with More Ahead

Record quarterly production in the U.S. helped Equinor ASA maintain "excellent operational performance, with high regularity and new fields on stream" in the first quarter, though executives acknowledged the effects of the U.S.-Iranian conflict would not ease up anytime soon. According to Industrial Info Resources data, Equinor is proposing or developing more than $15 billion worth of projects across the U.S. and Canada, more than 95% of which is attributed to grassroot projects.

"For 2026, we expect $13 billion in organic capex [capital expenditures] and around 3% growth in oil and gas production," said Torgrim Reitan, the chief financial officer of Equinor, of his company's global outlook in a quarterly earnings-related conference call Wednesday. In the first quarter of 2026, "we produced more than 2.3 million barrels per day (bpd). This is an all-time high, up 9% compared to same quarter last year."

U.S.-based production stood at 449,000 barrels of oil equivalent per day (boe/d), also a quarterly record, which Reitan attributed to the company's interest in the Caesar Tonga oil field in the Gulf of Mexico, which it acquired from Shell plc in 2019, and its onshore natural gas position.

One of Equinor's most closely watched projects is the Sparta development in the Gulf of Mexico, for which Shell owns 51% and Equinor owns 49%. The centerpiece of the project is its floating production unit (FPU) in the Garden Banks area of the Sparta Field, a 10,000-ton structure designed to produce 100,000 boe/d from a reservoir that Shell estimates holds 244 million boe. Other key aspects to the project include a drilling campaign that would create initial eight oil and gas production wells; a hull to support the FPU; and the installation of subsea infrastructure.

Construction on the Sparta project began in early 2024. For a more in-depth look at this multi-faceted project, the Industrial Info Resources Global Market Intelligence (GMI) Oil & Gas Plant and Project databases offer details--including construction schedules, investment values and necessary equipment--in a plant profile and project reports on the FPU, drilling campaign, hull and subsea infrastructure.

Equinor also chalked up significant progress on its proposed development of the Bay du Nord Field, offshore Newfoundland and Labrador, which the provincial government is now reviewing for approval. Equinor believes the project could produce as much as 160,000 bpd in what would be Canada's first deepwater drilling in the Atlantic. For more information, see Industrial Info Resources' May 7, 2026, article - Canada's Bay du Nord Deepwater Oil Project Closer to Reality.

The bulk of Equinor's oil and gas output comes from its holdings in Europe's North Sea, where the company announced earlier this year it had discovered between 9 million and 17 million boe in the well-developed Sleipner area. Industrial Info Resources is tracking $18 billion worth of active and proposed oil and gas projects from Equinor in the North Sea; for more details, readers can consult a list of project reports.

By the Numbers

• More than $15 billion: Total value of Equinor's projects across the U.S. and Canada
• 449,000 boe/d: Equinor's U.S.-based production in first-quarter 2026, a quarterly record
• 244 million boe: Estimated total potential holdings for Shell and Equinor's Sparta development

No Hiding from Iran War

"The war in the Middle East is creating high volatility and imbalances in the market," Reitan said in the earnings call. "It is not clear when this conflict will be resolved or how long it will take to restore infrastructure in the region, or what the lasting impact to the markets will look like."

In an interview with CNBC the same day, Reitan estimated it would take at least six months for activity in the Strait of Hormuz to return to normal, if the war were to end in the near term.

On the renewables front, Reitan said in the earnings call that Equinor's current priority is "to finalize and conclude the projects that we have under development in the U.S., in U.K. and Poland," with the acceleration partly influenced by the reduced support for renewable projects from the U.S. federal government. However, despite the Trump administration's frequent attempts to halt it, Equinor's Empire Wind project offshore Long Island remains under construction and is set to wrap up next year; for more information, readers can consult a detailed list of project reports.

Equinor also is at work on several battery energy-storage system (BESS) projects across the U.S., including one project set to be completed in the coming weeks: the stand-alone Citrus Flatts BESS in Harlingen, Texas. Developed by subsidiary East Point Energy, the project is designed to bolster the power grid in Texas' Cameron County, especially during periods of high demand. For more information, readers can consult a detailed plant profile and project report.

The Industrial Info Resources GMI Project and Plant databases offer a full list of detailed reports for projects mentioned in this article, and a full list of related plant profiles.

Industrial Info Resources also offers a full list of reports for Equinor's active and proposed projects across the U.S. and Canada.

Key Takeaways

• Amid growing geopolitical conflicts, Equinor is hitting record oil and gas production levels.
• One executive estimates it would take at least six months for activity in the Strait of Hormuz to return to normal.
• Equinor's Empire Wind project remains under construction and is set to wrap up next year.

---

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).