OSLO, Oct 27 Reuters Equinor on Friday cut its fullyear oil and gas output guidance while posting a biggerthanexpected profit for the third quarter and maintaining its dividend and share buyback levels.

The Norwegian energy group39;s adjusted earnings before interest and tax for JulySeptember fell to 8.02 billion from a revised 24.5 billion a year earlier, beating the 7.59 billion predicted in a poll of 22 analysts compiled by Equinor.

We continue to contribute to energy security by developing profitable oil and gas projects with low emissions from production, CEO Anders Opedal said in a statement.

Equinor reported an adjusted net income of 2.73 billion, down from a revised 7.19 billion in the same quarter a year ago and beating the 2.24 billion forecast by analysts.

The company cut its fullyear oil and gas production growth target to 1.5 in 2023 from 3 seen previously, dented by heavy maintenance at many of its offshore fields.

The company booked net impairments of 971 million in the quarter, including a 300 million impairment to offshore wind projects in the United States after local authorities rejected a request from energy firms to charge more for the power.

The company also made impairments in Norway, related to reduced reserves at an offshore field and at its refining unit due to weaker margins.

Oil and gas prices soared last year as Russia39;s invasion of Ukraine led to supply disruptions but the cost of energy has since fallen as fears of shortages eased…