We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor Eyes Higher Production in 2026 With Strong NCS Portfolio
Read MoreHide Full Article
Key Takeaways
Equinor posted record 2025 output of 2,137 mboe/d, driven by new NCS and Brazil fields.
EQNR expects 3% production growth in 2026, surpassing its record 2025 levels.
Equinor boosts output via new fields, exploration near infrastructure, and portfolio optimization.
Equinor ASA (EQNR - Free Report) is a Norwegian integrated energy company, primarily involved in exploration and production, with a diversified portfolio of assets and a strong presence in renewables. The company produces oil and gas in several countries, including Norway, Brazil, Angola and the United Kingdom, among others. The Norwegian Continental Shelf ("NCS") is the company’s primary asset, accounting for nearly two-thirds of its equity oil and gas production. In the NCS, Equinor continues to bring new fields online and drive increased recovery from its existing fields to sustain high production levels.
In 2025, the company brought several new fields into production, including Johan Castberg and Halten East, which significantly boosted its production levels. The company made significant progress in its international portfolio, bringing new fields onstream, including the Bacalhau project in Brazil. For full-year 2025, the company achieved record production levels of 2,137 thousand barrels of oil equivalent per day (mboe/d).
EQNR plans to drill approximately 30 new exploration wells in the NCS in 2026. The company has projected a 3% increase in oil and gas production in 2026, raising production levels even higher than the record growth in 2025. In 2026, the company will execute 16 projects in Norway, most of which will be tiebacks to its existing infrastructure with low breakeven costs, supporting greater returns. EQNR’s focus on increasing production levels is expected to benefit the company, especially in the current commodity-price environment.
Other Integrated Energy Companies With a Diversified Portfolio
Eni S.p.A (E - Free Report) is an Italian integrated energy company involved in exploration and production, refining and renewables businesses. The company’s exploration successes were driven by production startups and ramp-ups in Norway, Côte d'Ivoire, Mexico, Congo, Angola, Indonesia and Ghana. In 2025, resource additions from its successful explorations totaled approximately 900 million barrels of oil equivalent. E has a strong focus on energy transition goals, underscored by the expansion of its renewable energy capacity and biofuel operations.
Galp Energia SGPS SA (GLPEY - Free Report) is a Portuguese energy company with a presence in upstream, midstream, refining and renewables. The company’s oil exploration efforts have yielded encouraging results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. In December 2025, the company signed a deal with the French energy giant, TotalEnergies, for a 10% interest in Production Exploration License (“PEL”) 56, where the Venus discovery lies and a 9.4% interest in PEL 91. It exchanged these for a 40% stake in PEL 83, which includes the Mopane discovery.
The company believes that its partnership with Total Energies will allow it to leverage its deepwater expertise and knowledge to de-risk the Mopane discovery and provide a clear development plan for the asset.
EQNR’s Price Performance, Valuation & Estimates
Shares of Equinor have risen 58.5% over the past year compared with the 66.2% increase of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, EQNR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.15X. This is below the broader industry average of 6.37X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EQNR’s 2026 earnings has seen upward revisions over the past 30 days.
View the Zacks #1 Rank List
Image: Bigstock
Equinor Eyes Higher Production in 2026 With Strong NCS Portfolio
Key Takeaways
Equinor ASA (EQNR - Free Report) is a Norwegian integrated energy company, primarily involved in exploration and production, with a diversified portfolio of assets and a strong presence in renewables. The company produces oil and gas in several countries, including Norway, Brazil, Angola and the United Kingdom, among others. The Norwegian Continental Shelf ("NCS") is the company’s primary asset, accounting for nearly two-thirds of its equity oil and gas production. In the NCS, Equinor continues to bring new fields online and drive increased recovery from its existing fields to sustain high production levels.
In 2025, the company brought several new fields into production, including Johan Castberg and Halten East, which significantly boosted its production levels. The company made significant progress in its international portfolio, bringing new fields onstream, including the Bacalhau project in Brazil. For full-year 2025, the company achieved record production levels of 2,137 thousand barrels of oil equivalent per day (mboe/d).
EQNR plans to drill approximately 30 new exploration wells in the NCS in 2026. The company has projected a 3% increase in oil and gas production in 2026, raising production levels even higher than the record growth in 2025. In 2026, the company will execute 16 projects in Norway, most of which will be tiebacks to its existing infrastructure with low breakeven costs, supporting greater returns. EQNR’s focus on increasing production levels is expected to benefit the company, especially in the current commodity-price environment.
Other Integrated Energy Companies With a Diversified Portfolio
Eni S.p.A (E - Free Report) is an Italian integrated energy company involved in exploration and production, refining and renewables businesses. The company’s exploration successes were driven by production startups and ramp-ups in Norway, Côte d'Ivoire, Mexico, Congo, Angola, Indonesia and Ghana. In 2025, resource additions from its successful explorations totaled approximately 900 million barrels of oil equivalent. E has a strong focus on energy transition goals, underscored by the expansion of its renewable energy capacity and biofuel operations.
Galp Energia SGPS SA (GLPEY - Free Report) is a Portuguese energy company with a presence in upstream, midstream, refining and renewables. The company’s oil exploration efforts have yielded encouraging results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. In December 2025, the company signed a deal with the French energy giant, TotalEnergies, for a 10% interest in Production Exploration License (“PEL”) 56, where the Venus discovery lies and a 9.4% interest in PEL 91. It exchanged these for a 40% stake in PEL 83, which includes the Mopane discovery.
The company believes that its partnership with Total Energies will allow it to leverage its deepwater expertise and knowledge to de-risk the Mopane discovery and provide a clear development plan for the asset.
EQNR’s Price Performance, Valuation & Estimates
Shares of Equinor have risen 58.5% over the past year compared with the 66.2% increase of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, EQNR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 3.15X. This is below the broader industry average of 6.37X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EQNR’s 2026 earnings has seen upward revisions over the past 30 days.
Image Source: Zacks Investment Research
EQNR and E each currently sport a Zacks Rank #1 (Strong Buy) while GLPEY carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.