Equinor (EQNR) Q1 2026 earnings summary

Executive summary

• Achieved record-high production, up 9% year-over-year, driven by new fields, strong U.S. output, and operational performance.

• Adjusted operating income reached $9.8 billion, net income was $3.1 billion, and cash flow from operations after tax was $6 billion.

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

• Board approved a $0.39/share dividend and a $375 million share buyback tranche, with total buybacks guided at $1.5 billion for the year.

• Maintained focus on cost control, capital discipline, and reliable energy supply amid market volatility and geopolitical uncertainty.

Financial highlights

• Adjusted operating income rose 13% year-over-year to $9.77 billion; adjusted earnings per share was $1.48.

• Net income was $3.1 billion; cash flow from operations after tax totaled $6 billion, impacted by higher tax payments.

• Net debt ratio decreased to 15.3%, with a strong cash position of $20 billion.

• Organic CapEx for the quarter was $3 billion; total CapEx $4.28 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

• Production guidance for 2024/2026 remains at 3% growth, with no changes to CapEx or capital distribution guidance.

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

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

• No plans to increase share buybacks beyond the $1.5 billion base unless supported by earned cash.

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