Equinor (EQNR) Q2 2026 earnings summary

Executive summary

• Adjusted operating income reached $11.5 billion, up 76% year-over-year, with IFRS net income at $4.8 billion for Q2 2026, reflecting strong production and financial results.

• Production grew by 3% year-over-year to 2,165,000 barrels per day, driven by new fields in Norway and international assets, with stable US output and strong asset-backed trading.

• Cash flow from operations after tax was $13.7 billion year-to-date and $7.68 billion for the quarter, supported by higher commodity prices and strong production.

• Strategic milestones included contracts for NCS tie-back projects, FID for Greater PAJ in Angola, and portfolio optimization through asset sales.

• Share buyback program for 2026 increased to $3 billion, with $1.1 billion distributed to shareholders this quarter.

Financial highlights

• Adjusted earnings per share were $1.33 for the quarter, up from $0.64 in Q2 2025.

• E&P Norway adjusted operating income was $9.2 billion before tax, with production up 4% year-over-year.

• International E&P operating income was $843 million, with 4% production growth, offset by asset sales and operational issues.

• MMP delivered $777 million pre-tax, well above guidance, driven by strong crude trading and high European refining margins.

• Net cash flow before distribution was $5.5 billion, with $24 billion in cash and equivalents.

Outlook and guidance

• Organic capital expenditures for 2026 are projected at around $13 billion.

• Oil and gas production growth guidance is 3% for 2026, reaffirmed despite operational challenges.

• Scheduled maintenance expected to reduce equity production by about 35 mboe/d for the full year.

• No changes to CapEx or capital distribution guidance; progress aligns with outlook.

• Net debt ratio expected to be below 10% by year-end at current forward prices.