Equinor (EQNR) Q1 2026 earnings summary

Executive summary

• Achieved record-high production of over 2.3 million bbl per day, up 9% year-over-year, driven by new field ramp-ups, high regularity, and strong U.S. and international output.

• Reported adjusted operating income of $9.8 billion and net income of $3.1 billion for the quarter, supported by higher production and strong commodity prices.

• Strategic milestones included seven new discoveries on the Norwegian continental shelf, start of drilling at Raia in Brazil, and expansion in renewables.

• Initiated first quarterly dividend from Adura and continued disciplined capital allocation, including share buybacks.

• Maintained focus on cost control, capital discipline, and reliable energy supply amid volatile markets.

Financial highlights

• Adjusted operating income reached $9.8 billion, up 13% year-over-year; net income was $3.1 billion; adjusted EPS was $1.48.

• Cash flow from operations after tax was $6.02 billion, impacted by higher tax payments.

• Net debt to capital employed adjusted ratio improved to 15.3%, with a strong cash position of ~$20 billion.

• Organic capital expenditure for the quarter was $3.04 billion.

• Ordinary cash dividend set at $0.39 per share, with a share buyback program up to $375 million for the quarter.

Outlook and guidance

• Organic capital expenditures for 2026 projected at ~$13 billion, with oil and gas production growth guidance of around 3%.

• No changes to CapEx or production outlook for 2024; scheduled maintenance to reduce equity production by ~35 mboe/d for the full year.

• Higher commodity prices could increase 2026 cash flow from operations by $8 billion, but also raise future tax liabilities by $4 billion.

• Quarterly dividend maintained at $0.39 per share; share buyback target for the year is $1.5 billion.

• Ambition to maintain unit production cost in the top quartile of peer group.