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Equinor Q1 Earnings Beat on Higher Production Volumes & Liquid Prices
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Key Takeaways
EQNR posted Q1 earnings of $1.48 per share, beating estimates as liquids and gas production increased.
EQNR's Norway production increased 10%, supported by new fields and additional wells coming online.
Equinor maintained 2026 output growth guidance and launched a new $375M share buyback tranche.
Equinor ASA (EQNR - Free Report) reported first-quarter 2026 adjusted earnings per share of $1.48, which topped the Zacks Consensus Estimate of $1.01 by 46.5%. The bottom line increased 124.2% from the year-ago quarter’s 66 cents.
Total quarterly revenues of $27.8 billion declined 7% from $29.9 billion in the prior-year quarter. The top line missed the Zacks Consensus Estimate of $28.2 billion by 1.4%.
The strong quarterly earnings can be primarily attributed to increased liquids and gas production across major Exploration & Production segments and higher liquid prices.
Exploration & Production Norway (E&P Norway) reported adjusted operating income of $7,696 million, up 3% from $7,453 million in the year-ago quarter. The improvement was driven by higher production and strong price realization in the quarter. Increased operating expenses offset the positives.
The company’s average daily production of liquids and gas increased 10% to 1,525 thousand barrels of oil equivalent per day (MBoe/d) from 1,390 MBoe/d in the prior-year quarter. The year-over-year increase was driven by new fields, such as Johan Castberg, Halten East and Verdande, and additional wells coming into production.
E&P International of EQNR Shows Improvement
Adjusted operating income of Exploration & Production International (E&P International) was $616 million, up 16% from $531 million in the year-ago quarter. The segment was primarily affected by improved production volumes and higher liquids prices. The first-quarter results include the positive impact of an underlift timing effect and lower operating expenses. However, losses from the equity-accounted joint venture Adura partially offset the positives.
The average daily equity production of liquids and gas increased 10% to 339 MBoe/d from 309 MBoe/d in the year-ago quarter. Production improved year over year due to the start-ups of Adura and Bacalhau in late 2025. However, positives were partially offset by the sale of the Peregrino interest, natural decline and operational issues at Roncador.
Equinor’s E&P USA Segment
Exploration & Production USA (E&P USA) of Equinor generated an adjusted operating income of $745 million from this segment. The figure increased 45% from $511 million in the first quarter of 2025. The segment was primarily aided by higher natural gas prices and increased gas and liquids production volumes.
The integrated firm’s average equity production of liquids and gas was 449 MBoe/d, up 6% from 424 MBoe/d in the year-ago period. The increase was primarily driven by growth in gas production volumes from the Appalachia onshore assets and from new wells, which were brought to production.
Marketing, Midstream & Processing (MMP) reported adjusted earnings of $787 million, a more-than-100% increase from $251 million a year ago. The segment benefited from stronger product and LPG trading margins, complemented by optimized gas operations in Europe and North America.
Equinor’s Power Segment
Equinor began reporting Power as a separate segment starting in the first quarter. The Power segment centralizes all power activities, merging the previous Renewables portfolio, flexible assets from MMP and Danske Commodities’ trading operations. The segment’s adjusted operating result was close to break-even, helped by power trading, while total power generation was broadly stable year over year, even as renewables increased.
Equinor’s Cash Flow Hit by Taxes
Cash flow from operations after taxes paid was $6.02 billion, down from $7.39 billion a year ago, primarily due to higher tax payments in the quarter. Equinor ended the first quarter with net cash flow of $1.8 billion compared with $2.1 billion in the year-ago period. Organic capital expenditures amounted to $3 billion for the quarter, in line with the company’s annual spending framework.
Equinor’s Balance Sheet
As of March 31, 2026, the company reported $5.9 billion in cash and cash equivalents. Its long-term debt and lease liabilities totaled $25 billion.
EQNR Maintains 2026 Growth & Capital Returns
Equinor kept its 2026 outlook intact, expecting oil and gas production to grow around 3% in 2026 compared with 2025 levels. Organic capital expenditures for the year are projected to be approximately $13 billion. Guidance remains unchanged despite a solid first quarter production, as management prepares for future turnarounds.
The board approved a quarterly cash dividend of 39 cents per share and initiated a second tranche of the 2026 share buyback program of up to $375 million, consistent with the broader plan for up to $1.5 billion in buybacks this year.
EQNR’s Zacks Rank & Other Key Picks
EQNR currently sports a Zacks Rank #1 (Strong Buy).
Chevronr eported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.
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Equinor Q1 Earnings Beat on Higher Production Volumes & Liquid Prices
Key Takeaways
Equinor ASA (EQNR - Free Report) reported first-quarter 2026 adjusted earnings per share of $1.48, which topped the Zacks Consensus Estimate of $1.01 by 46.5%. The bottom line increased 124.2% from the year-ago quarter’s 66 cents.
Total quarterly revenues of $27.8 billion declined 7% from $29.9 billion in the prior-year quarter. The top line missed the Zacks Consensus Estimate of $28.2 billion by 1.4%.
The strong quarterly earnings can be primarily attributed to increased liquids and gas production across major Exploration & Production segments and higher liquid prices.
Equinor ASA Price, Consensus and EPS Surprise
Equinor ASA price-consensus-eps-surprise-chart | Equinor ASA Quote
Segmental Analysis of Equinor
Equinor’s E&P Norway Portrays Norway Strength
Exploration & Production Norway (E&P Norway) reported adjusted operating income of $7,696 million, up 3% from $7,453 million in the year-ago quarter. The improvement was driven by higher production and strong price realization in the quarter. Increased operating expenses offset the positives.
The company’s average daily production of liquids and gas increased 10% to 1,525 thousand barrels of oil equivalent per day (MBoe/d) from 1,390 MBoe/d in the prior-year quarter. The year-over-year increase was driven by new fields, such as Johan Castberg, Halten East and Verdande, and additional wells coming into production.
E&P International of EQNR Shows Improvement
Adjusted operating income of Exploration & Production International (E&P International) was $616 million, up 16% from $531 million in the year-ago quarter. The segment was primarily affected by improved production volumes and higher liquids prices. The first-quarter results include the positive impact of an underlift timing effect and lower operating expenses. However, losses from the equity-accounted joint venture Adura partially offset the positives.
The average daily equity production of liquids and gas increased 10% to 339 MBoe/d from 309 MBoe/d in the year-ago quarter. Production improved year over year due to the start-ups of Adura and Bacalhau in late 2025. However, positives were partially offset by the sale of the Peregrino interest, natural decline and operational issues at Roncador.
Equinor’s E&P USA Segment
Exploration & Production USA (E&P USA) of Equinor generated an adjusted operating income of $745 million from this segment. The figure increased 45% from $511 million in the first quarter of 2025. The segment was primarily aided by higher natural gas prices and increased gas and liquids production volumes.
The integrated firm’s average equity production of liquids and gas was 449 MBoe/d, up 6% from 424 MBoe/d in the year-ago period. The increase was primarily driven by growth in gas production volumes from the Appalachia onshore assets and from new wells, which were brought to production.
EQNR's Marketing, Midstream & Processing Adds Leverage
Marketing, Midstream & Processing (MMP) reported adjusted earnings of $787 million, a more-than-100% increase from $251 million a year ago. The segment benefited from stronger product and LPG trading margins, complemented by optimized gas operations in Europe and North America.
Equinor’s Power Segment
Equinor began reporting Power as a separate segment starting in the first quarter. The Power segment centralizes all power activities, merging the previous Renewables portfolio, flexible assets from MMP and Danske Commodities’ trading operations. The segment’s adjusted operating result was close to break-even, helped by power trading, while total power generation was broadly stable year over year, even as renewables increased.
Equinor’s Cash Flow Hit by Taxes
Cash flow from operations after taxes paid was $6.02 billion, down from $7.39 billion a year ago, primarily due to higher tax payments in the quarter. Equinor ended the first quarter with net cash flow of $1.8 billion compared with $2.1 billion in the year-ago period. Organic capital expenditures amounted to $3 billion for the quarter, in line with the company’s annual spending framework.
Equinor’s Balance Sheet
As of March 31, 2026, the company reported $5.9 billion in cash and cash equivalents. Its long-term debt and lease liabilities totaled $25 billion.
EQNR Maintains 2026 Growth & Capital Returns
Equinor kept its 2026 outlook intact, expecting oil and gas production to grow around 3% in 2026 compared with 2025 levels. Organic capital expenditures for the year are projected to be approximately $13 billion. Guidance remains unchanged despite a solid first quarter production, as management prepares for future turnarounds.
The board approved a quarterly cash dividend of 39 cents per share and initiated a second tranche of the 2026 share buyback program of up to $375 million, consistent with the broader plan for up to $1.5 billion in buybacks this year.
EQNR’s Zacks Rank & Other Key Picks
EQNR currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , BP plc (BP - Free Report) and Eni S.p.A. (E - Free Report) . CVX, BP and E each currently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevronr eported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.