Equinor Asa · OSL:EQNR
Equinor Asa — Q1 2026 Earnings Presentation
12 slides from Equinor Asa's earnings presentation, May 6, 2026
Slide 1: First quarter 2026 results
First quarter 2026 results Torgrim Reitan Chief financial officer 6 May 2026 Open
Slide 2: Highlights First quarter 2026
Highlights First quarter 2026 Record production and high prices drive strong financial results 9.8BN USD 3.1 BN USD − Production growth of 9% from strong operational performance Adjusted operating Net income − Capturing value from volatility through trading income − Maintaining cost and capital disc
Slide 3: Safety: performance indicators
Safety: performance indicators Serious Incident Frequency (SIF) Total Recordable Injury Frequency (TRIF) Oil and gas leakages Serious incidents and near-misses per million hours worked. Personal injuries per million hours worked. Number of leakages with rate above 0.1 kg/second 12-month average. 12-
Slide 4: O&G production growth of 9%
1Q 2026 Oil and gas production (equity) O&G production growth of 9% mboe/d 2 313 2 313 2 123 2 123 449 Oil and gas 424 1 161 339 − NCS production driven by high regularity and new fields on 1 078 309 stream: Johan Castberg, Halten East, and Verdande − Record high production in the US 1 390 1 525 1 0
Slide 5: Financial results
1Q 2026 Financial results Highlights Realised prices 1Q26 1Q25 Liquids (USD/bbl) 78.6 70.6 − E&P Norway: 10% production growth, excellent operational European gas (USD/mmbtu) 12.95 14.80 performance, and high realised prices N. American gas (USD/mmbtu) 5.94 4.06 − E&P International: increased produc
Slide 6: Cash flow
1Q 2026 Cash flow - CFFO after tax of USD 6 bn, impacted by increase Cash flow (USD million) 1Q26 1Q25 in collaterals Cash flow from operations3 10,291 10,620 - Two NCS tax instalments totaling USD 4.2 billion1 Total taxes paid (4,272) (3,226) - 2Q26: three payments of NOK 20.0 billion Cash flow fro
Slide 7: Outlook 2026
Outlook 2026 Outlook Organic Oil and gas Quarterly Share capex1 production growth dividend buy back ~13 ~3 39 1.5 BN USD PERCENT CENTS PER BN USD SHARE 1. Ba s e d on US D/NOK of 10 7 | 1Q 2026 results Open 6 May 2026
Slide 8: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use including levels of industry product supply, demand and pricing, in particular in light of significant price volatility for oil and words such as "ambi
Slide 9: Investor Relations in Equinor
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com Bård Glad Pedersen Senior Vice President bgp@equinor.com +47 91 80 17 91 Lars Valdresbråten IR Senior Manager Norway lava@equinor.com +47 40 28 17 89 Lindsey Gannaway IR Senior Manager UK liga@equinor.com +44 7889 808223 Er
Slide 10: Appendix
Appendix 10 | 1Q 2026 results Open 6 May 2026
Slide 11: Financial results
1Q 2026 Financial results 1Q 2026 3,105 8,784 986 9,770 950 (7,024) 3,695 Million USD Net income Net operating Adjustments Adjusted Adjusted net Adjusted Adjusted Income operating financial income tax 1 net income income items 1Q 2025 2,630 8,874 (228) 8,646 (230) (6,626) 1,789 Million USD 1. Income
Slide 12: Segment results
1Q 2026 Segment results Adjusted operating E&P Norway E&P International E&P USA MMP PWR income Million USD Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 1Q 26 7,696 1,693 616 299 745 566 787 349 (1) 1 1Q 25 7,453 1,664 531 114 511 394 251 99 (46) 16 Net operati