EQNR · Equinor ASA

Equinor ASA delivered strong Q1 2026 results with adjusted operating income of USD 9.77 billion, a 13% increase from Q1 2025, propelled by record-high equity production of 2,313 MBOE/D, up 9% year-over-year. Key drivers included a 10% production surge on the Norwegian Continental Shelf (NCS) from Johan Castberg, Halten East, and Verdande fields, plus new wells, partially offset by natural declines. Internationally, contributions from Adura in the UK and Bacalhau in Brazil boosted output, while US onshore gas and offshore wells achieved record levels. Higher liquids prices at USD 78.6/bbl (11% above Q1 2025) and elevated US gas prices supported revenues, despite softer European gas at USD 12.9/mmbtu. Marketing, Midstream & Processing (MMP) excelled through trading optimization amid volatility. Net operating income of USD 8.78 billion dipped slightly 1% YoY due to derivative effects and lower third-party volumes. Adjusted net income rose to USD 3.70 billion, yielding EPS of USD 1.48. Cash flow from operations after taxes paid reached USD 6.02 billion, funding organic capex of USD 3.04 billion. Net debt to capital employed improved to 15.3%. Strategic highlights featured seven NCS discoveries from 11 wells, Raia gas field drilling in Brazil, and onshore wind acquisition. Capital returns remained competitive with USD 0.39/share dividend and ongoing USD 1.5 billion 2026 buy-back, including a new USD 375 million tranche. Sustainability metrics showed SIF at 0.26 and upstream CO₂ intensity at 5.9 kg/BOE, reflecting operational discipline. CEO Anders Opedal highlighted exceptional performance and NCS reliability amid geopolitical tensions, reinforcing long-term value creation.