Equinor delivered an adjusted operating income* of USD 11.48 billion in the second quarter of 2026. Equinor reported a net operating income of USD 12.99 billion and a net income of USD 4.84 billion. Adjusted net income* was USD 3.22 billion, leading to adjusted earnings per share* of USD 1.33.
Delivering on strategy: more energy, growing cash flow and superior returns
- Contracts awarded for first wave of NCS tie-back projects
- Strategic transactions on the NCS to harmonise ownership and progress Ringvei Vest
- FID taken for Greater PAJ in Angola
Strong production, cash flow and financial results
- Production growth of 3%
- High value creation from asset-backed trading
- Cash flow from operations after taxes paid* of USD 7.7 billion
Capital distribution
- Second quarter cash dividend of USD 0.39 per share
- Third tranche of the share buy-back of up to USD 1,125 million
- Expected share buy-back of USD 3 billion for 2026
Anders Opedal, President and CEO of Equinor ASA:
Anders Opedal, president and CEO. Photo: Ole Jørgen Bratland
'Strong production in the second quarter enabled us to capture value from higher prices, contributing to strong cash flow and financial results.
'We made progress on our priorities set out at the Capital Markets Day to deliver more energy, growing cash flow and superior returns. In the quarter, we strengthened our portfolio through project execution and strategic transactions.
'Reliable energy is important in a volatile world marked by heightened geopolitical tension. Our role is to deliver energy safely and efficiently every day.'
More energy through strong production
Equinor delivered high production in the second quarter with a total equity production of 2,165 mboe per day in the second quarter. This is a 3% increase compared to 2,096 mboe per day in the same quarter last year.
Production from new fields, including Eirin and Symra coming on stream, drove a 4% production increase on the Norwegian continental shelf (NCS) compared to the second quarter of 2025. Johan Sverdrup and new wells supported the production, while planned turnaround activity and natural decline partially offset the result.
The addition of production from Adura in the UK and the Bacalhau field in Brazil, as well as lower turnaround activity, contributed to a 4% production increase in the international oil and gas reporting segment compared to the same period last year. This was partially offset by portfolio changes, in addition to natural decline and operational issues at Roncador in Brazil.
The production in the US was stable in the quarter compared to the same quarter last year.
Total power generation was 1.19 TWh. Driven by Dogger Bank B and new onshore assets, renewable power generation increased by 11% compared to the second quarter of 2025. The increase in total power generation was partially offset by lower gas-to-power generation.
Growing cash flow with strong financial results
Equinor delivered an adjusted operating income* of USD 11.48 billion and USD 3.44 billion after tax* in the second quarter. The results are primarily impacted by higher liquid prices globally and European gas prices, partially offset by lower US gas prices.
The reported net operating income of USD 12.99 billion is up from USD 5.72 billion in the same quarter last year. Results were supported by higher prices, positive derivative effects and the sale of assets in Argentina.
Equinor realised a European gas price of USD 15.8 per mmbtu and a liquids price of USD 97.9 per bbl in the second quarter.
The Marketing, Midstream and Processing results were strong, primarily driven by strong crude trading and refining performance.
Adjusted operating and administrative expenses* were higher compared to the same quarter last year. This was mainly due to higher transportation costs from increased freight rates and currency effects.
High production combined with higher prices generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 14.75 billion.
In the quarter, Equinor paid the final three NCS tax instalments for 2025 totalling USD 6.4 billion.
Cash flow from operations after taxes paid* ended at USD 7.68 billion.
Organic capital expenditure* was USD 3.35 billion and total capital expenditures were USD 3.57 billion.
The net debt to capital employed adjusted ratio* was 10.4% at the end of the second quarter, compared to 15.3% last quarter.
Executing on strategy
On the NCS, Equinor awarded contracts for the first wave of NCS tie-back projects and secured a series of strategic transactions to unlock additional value, accelerate development and strengthen the position in key areas.
Moreover, production started at both the Symra and the Eirin field, of which the latter is expected to extend the production from the Gina Krog platform by seven years.
In the quarter, Equinor, together with partners, took a final investment decision for the offshore oil development Greater PAJ project in Angola.
Equinor had exploration activity on ten wells in the quarter. Seven wells were completed, of which three appraisal wells on the NCS confirm previously reported commercial discoveries.
Capital distribution
The board of directors has decided a cash dividend of USD 0.39 per share for the second quarter 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced.
At the Capital Markets Day on 16 June this year, Equinor announced an intention to increase the share buy-back programme for 2026 by USD 1.5 billion. This brings the total expected programme for 2026 to up to USD 3 billion, including shares to be redeemed from the Norwegian State.?The board has decided to initiate a third tranche of the share buy-back programme for 2026 of up to USD 1,125 million. The tranche will commence on 23 July and end no later than 26 October 2026.
The second tranche of the share buy-back programme for 2026 was completed on 16 July 2026 with a total value of USD 375 million.
All share buy-back amounts include shares to be redeemed by the Norwegian State.
*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
Source: Equinor
