Equinor (EQNR) Q1 2026 (Media) earnings summary

Executive summary

• Achieved record-high equity oil & gas production of 2,313 mboe/d, up 9% year-over-year, driven by new field ramp-ups, international assets, and strong operational performance.

• Adjusted operating income reached $9.8 billion, up 13% year-over-year; net income was $3.1 billion, up 18%.

• Strategic milestones included seven commercial discoveries on the NCS and the start of drilling at Raia in Brazil.

• Delivered a first quarterly dividend from Adura and continued disciplined capital allocation.

• Announced a cash dividend of $0.39 per share and a share buy-back program up to $1.5 billion for 2026.

Financial highlights

• Total revenues were $27.8 billion, down from $29.9 billion year-over-year due to lower third-party sales and European gas prices.

• Adjusted net income was $3.70 billion; adjusted EPS was $1.48, more than double the prior year.

• Cash flow from operations after taxes paid was $6.02 billion, impacted by increased collaterals and higher tax payments.

• Organic capital expenditure was $3.04 billion; total capex was $4.28 billion.

• Ordinary cash dividend set at $0.39 per share, with a share buyback program of up to $375 million in the second tranche.

Outlook and guidance

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

• Oil and gas production for 2026 expected to grow around 3% versus 2025; scheduled maintenance to reduce equity production by ~35 mboe/d.

• Quarterly dividend maintained at $0.39 per share; total share buyback planned at $1.5 billion.

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