Equinor (EQNR) CMD 2026 summary

Strategic direction and growth targets

• Production to grow by 150,000 boe/d, reaching 2.3 million boe/d by 2030, with NCS output at 1.35 million boe/d in 2030 and 1.3 million boe/d in 2035.

• International oil and gas production to rise 30% to 950,000 boe/d by 2030, with cash flow from operations up 80% to $9 billion in 2030.

• Integrated power business targets a fourfold increase to over 20 TWh by 2030, with nominal equity returns above 10% and self-funding expected from 2027-2030.

• Technology, AI, and digitalization drive operational efficiency, exploration success, and production optimization, with significant cash flow improvements.

• Committed to net zero by 2050, with a 50% reduction in scope 1 and 2 GHG emissions by 2030 and net carbon intensity cut by 15-30% by 2035.

Financial guidance and capital allocation

• Organic capex planned at $11–13 billion per year to 2030, with 60% for NCS, 30% for international oil and gas, and 10% for integrated power.

• Free cash flow after capex and leases projected at over $40 billion for 2026-2030, with 30% growth in cash flow from operations between 2025 and 2030.

• Cash breakeven after dividend and leases reduced to ~$50 per barrel, improving resilience to lower prices.

• Share buybacks doubled to $3 billion for 2026, with a new framework of $2–4 billion annually from 2027, adjusted quarterly based on commodity prices and balance sheet strength.

• Dividend per share targeted to grow by more than 5% annually, with ROACE expected above 15% for 2026-2030.

Operational improvements and business developments

• NCS production outlook for 2030 and 2035 increased by 100,000 boe/d, supported by 27 new discoveries and accelerated project cycles.

• Over 500 investment opportunities identified on the NCS, with a break-even below $35 per barrel and payback under 2.5 years.

• International business focused in nine core countries, with a 25% uplift in cash margins and unit production cost reduced by 30% to $5.50 per barrel by 2030.

• Power business to triple cash flow from operations by 2030, driven by mega projects in offshore wind and flexible assets, with a shift toward more flexible, short-cycle investments.

• Trading and midstream operations expected to grow operating income by 25% by 2030, targeting $500 million per quarter, leveraging asset-backed trading and digital tools.