Aker BP Q1 In Line After Equinor's Record Profits, Mideast War Demand Surge

Aker BP reported Q1 EBITDA of $2.66 billion in line with expectations on May 7, confirming major projects on track for 2027 startup amid steady Norwegian output. This follows Equinor's May 6 disclosure of record Q1 adjusted earnings before tax at $9.77 billion—beating $9.0 billion estimates—fueled by 2.313 million boe/d production and March price spikes from the Iran war closing the Strait of Hormuz, cutting ~12 million bpd exports. The week began May 4 with Equinor's $1.8 billion (NOK 17 billion) drilling contract extensions to sustain ~1.2 million boepd toward 2035, boosting Asia-Pacific LNG and product shipments to India and Australia.