Equinor v rámci třetí tranše programu zpětného odkupu mezi 31. srpnem a 4. zářím odkoupila 700 000 vlastních akcií za průměrnou cenu 400,9647 NOK za kus. Celkem už v této tranši odkoupila 4 348 520 akcií.
Please see below information about transactions made under the third tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 22 July 2026.
The duration of the buy-back tranche: 23 July to no later than 26 October 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 22 July 2026, available here: https://newsweb.oslobors.no/message/678529
From 31 August to 4 September 2026, Equinor ASA has purchased a total of 700,000 own shares at an average price of NOK 400.9647 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 31 AugustOSE142,000397.542656,451,049.20 CEUX TQEX 1 SeptemberOSE140,000403.711956,519,666.00 CEUX TQEX 2 SeptemberOSE138,000405.826556,004,057.00 CEUX TQEX 3 SeptemberOSE140,000401.640056,229,600.00 CEUX TQEX 4 SeptemberOSE140,000396.220955,470,926.00 CEUX TQEX Total for the periodOSE700,000400.9647280,675,298.20 CEUX TQEX Previously disclosed buy-backs under the trancheOSE3,648,520385.54871,406,682,284.31CEUX TQEX Total3,648,520385.54871,406,682,284.31 Total buy-backs under the tranche (accumulated)OSE4,348,520388.03031,687,357,582.51CEUX TQEX Total4,348,520388.03031,687,357,582.51 Following completion of the above transactions, Equinor ASA owns a total of 18,803,431 own shares, corresponding to 0.79% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 7,883,495 own shares, corresponding to 0.33% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor v rámci třetí tranše programu zpětného odkupu mezi 17. a 21. srpnem koupil 721 000 vlastních akcií za průměrnou cenu 394,7557 NOK za kus. Celkem už v této tranši odkoupil 2 928 004 akcií.
Please see below information about transactions made under the third tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 22 July 2026.
The duration of the buy-back tranche: 23 July to no later than 26 October 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 22 July 2026, available here: https://newsweb.oslobors.no/message/678529
From 17 August to 21 August 2026, Equinor ASA has purchased a total of 721,000 own shares at an average price of NOK 394.7557 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 17 AugustOSE148,000387.765557,389,294.00 CEUX TQEX 18 AugustOSE146,000393.190257,405,769.20 CEUX TQEX 19 AugustOSE144,000394.846856,857,939.20 CEUX TQEX 20 AugustOSE143,000398.879657,039,782.80 CEUX TQEX 21 AugustOSE140,000399.472255,926,108.00 CEUX TQEX Total for the periodOSE721,000394.7557284,618,893.20 CEUX TQEX Previously disclosed buy-backs under the trancheOSE2,207,004381.7162842,449,219.30CEUX TQEX Total2,207,004381.7162842,449,219.30 Total buy-backs under the tranche (accumulated)OSE2,928,004384.92711,127,068,112.50CEUX TQEX Total2,928,004384.92711,127,068,112.50 Following completion of the above transactions, Equinor ASA owns a total of 17,382,915 own shares, corresponding to 0.73% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 6,462,979 own shares, corresponding to 0.27% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor uvedl, že v Namibii na průzkumném bloku PEL 90 doufá v „poměrně velký“ nález ropy. Minulý týden koupil 17,4% podíl v projektu vedeném společností Chevron.
The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi... Purchase Licensing Rights, opens new tab Read more
CompaniesSTAVANGER, Norway, Aug 25 (Reuters) - The disruption to energy flows in the Strait of Hormuz is making it more attractive for Equinor (EQNR.OL), opens new tab to develop a long-stalled liquefied natural gas export plant in Tanzania, the Norwegian company said on Tuesday.
The U.S.-Israeli war with Iran is reshaping the global energy industry, stripping Qatar and other Gulf producers of their reputation as some of the world's most reliable suppliers as Tehran struck export plants and blocked shipments.
Sign up here.
Discovered more than a decade ago, the massive Tanzania gas deposit is expected to cost about $42 billion to develop, the East African nation has estimated, and would provide an alternative source of supply for Asian customers.
YEARS OF NEGOTIATIONSBut Equinor's talks with Tanzania over detailed investment terms and conditions have been ongoing for years, and hopes for a breakthrough have been dashed on several occasions.
"You don't want to wait too long to put new LNG volumes on the market, so maybe now is a good time to get on with it," Equinor's head of international operations, Philippe Mathieu, told reporters at an energy conference in Norway on Tuesday.
When asked if the Middle East LNG disruption is making the Tanzania project more attractive, Mathieu said: "Exactly. It means you are producing LNG in an area which is not exposed to these kinds of geopolitical challenges."
Equinor and Shell (SHEL.L), opens new tab are joint operators of the mega gas project, which would unlock 47.13 trillion cubic feet of natural gas deposits, while Exxon Mobil (XOM.N), opens new tab, Pavilion Energy, Medco Energi (MEDC.JK), opens new tab and Tanzania's national oil company TPDC are partners.
NAMIBIA OIL EXPLORATIONMathieu also said Equinor hopes to make a "pretty big" oil discovery in Namibia's PEL 90 exploration licence, hoping to match major nearby finds made by TotalEnergies (TTEF.PA), opens new tab and Galp (GALP.LS), opens new tab.
Equinor last week said it had bought a 17.4% stake in the Chevron-operated (CVX.N), opens new tab prospect and that exploration drilling would take place later this year.
Reporting by Nerijus Adomaitis. Editing by Terje Solsvik and Mark Potter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Equinor, Aker BP a Vaar Energi chtějí v podprozkoumaných částech norského kontinentálního šelfu vrtat asi pět průzkumných vrtů s vysokým potenciálem ročně. Náklady ve výši 750 milionů USD ročně si rozdělí rovným dílem.
Key Takeaways Equinor and partners will explore underexplored NCS regions for larger oil and gas discoveries.The group plans about five high-impact wells yearly, sharing an estimated $750 million annual cost.Equinor sees bigger finds as key to sustaining Norway's oil and gas industry beyond 2035. Equinor ASA (EQNR - Free Report) announced a collaboration with Aker BP and Vaar Energi to boost exploration activities in the Norwegian Continental Shelf (“NCS”). While Norway remains one of the largest oil and gas producers in Europe, its oil production is expected to decline sharply after 2030 unless new hydrocarbon finds are discovered, according to a report by the Norwegian Offshore Directorate (“NOD”). Equinor, Aker BP and Vaar Energi will work together to drill new wells across underexplored regions of the NCS. The companies aim to find large oil and gas discoveries on the Shelf after years of focusing on smaller discoveries close to existing fields.
Partnership to Share Exploration Costs and RisksThe less-explored regions are likely to have higher exploration risk and are typically more expensive to drill than mature regions. However, successful exploration may lead to large oil and gas discoveries. The three companies plan to combine their technical expertise, geological data, exploration technology and drilling capabilities to proceed with select exploration opportunities that have the potential to yield high returns. Equinor believes that the three companies can share the cost and risk of exploring underexplored regions by working together.
Equinor Shifts Focus Beyond Near-Field ExplorationAn Equinor spokesperson mentioned that while near-field exploration is important, it is not enough for long-term value creation. Near-field exploration has a lower risk profile as it can be tied back to existing infrastructure to facilitate higher production and resource recovery. However, Equinor believes that the company should focus on bigger hydrocarbon finds to support Norway’s oil and gas industry beyond 2035.
The three companies plan to evaluate around 20 to 25 exploration projects over the next four to five years. Notably, the companies aim to drill about five high-impact exploration wells each year to pursue bigger oil and gas finds. The combined drilling cost for this assignment is estimated at $750 million annually and will be shared equally among the three companies. Additionally, the Equinor spokesperson reportedly mentioned that the initial drilling activity would focus on Haltenbanken in the Norwegian Sea. The companies may later expand exploratory drilling to other parts of the NCS.
Exploration Push Could Strengthen EQNR’s Resource BaseEquinor’s exploration efforts are mainly focused on sustaining long-term production. By targeting underexplored regions, which involve higher costs and greater drilling risk, the company leans into the potential for successful high-impact discoveries, which could provide significant growth opportunities and support the Norwegian oil and gas industry. Furthermore, it could strengthen EQNR’s asset base and offset production decline from mature fields.
Equinor, Aker BP Make New Gas DiscoveryOn a different note, the Norwegian integrated energy company, along with Aker BP, has recently made a natural gas and condensate discovery in the Linga prospect, according to an announcement by the NOD. The gas discovery was made approximately 10 miles northwest of the Balder field in the North Sea. The NOD also stated that preliminary estimates suggest that the recoverable resources at the discovery could be between 0.1 and 2.1 million standard cubic meters of oil equivalent.
EQNR’s Zacks Rank & Key PicksEQNR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Par Pacific and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
Equinor uzavřel s ORLENem tříletou smlouvu na dodávky 5 až více než 9 milionů tun ropy ročně, počínaje zářím. Odběr z Johan Sverdrup posiluje prodeje i dosah EQNR v Evropě.
Key Takeaways Equinor will supply ORLEN with 5-9 million tons of crude annually for three years starting in September.Johan Sverdrup's low-emission production strengthens the competitiveness of Equinor's key upstream asset.Equinor's broader Polish portfolio spans crude, gas, LNG, offshore wind, solar, onshore wind and batteries. Equinor ASA (EQNR - Free Report) has strengthened its position in the European energy market by signing a three-year crude oil supply agreement with Poland’s ORLEN.
Beginning in September, Equinor will supply crude from the Johan Sverdrup field on the Norwegian continental shelf, with annual volumes ranging from 5 million tons to more than 9 million tons. The agreement allows Equinor to supply other crude grades produced from Norwegian fields.
Stable Crude Offtake Supports EQNR’s Sales VisibilityThe deal provides EQNR with a sizeable and relatively stable market for its crude production. ORLEN plans to process the oil at refineries in Poland, Lithuania and the Czech Republic, extending Equinor’s reach across Europe.
The agreement strengthens the relationship between the two companies at a time when European buyers remain focused on supply security and dependable energy partners.
Johan Sverdrup Strengthens EQNR’s Upstream PortfolioJohan Sverdrup is the highest-producing oil field on the Norwegian continental shelf and remains an important contributor to European energy supply.
The field is known for highly energy-efficient production and significantly lower production-related carbon-dioxide emissions than the global average, mainly because it is powered from shore. These characteristics support the competitiveness of one of EQNR’s key upstream assets.
Poland Expansion Broadens EQNR’s Energy FootprintThe ORLEN agreement fits into Equinor’s broader energy presence in Poland. Beyond crude oil, EQNR supplies pipeline gas and liquefied natural gas (LNG), while developing the Baltyk offshore wind projects with Polenergia.
Through Wento, Equinor is expanding its portfolio of solar, onshore wind and battery-storage assets in the country.
Long-Term Deal Reinforces EQNR’s Investment AppealThe agreement strengthens sales visibility and deepens Equinor’s commercial position in an important European market. Although financial terms remain confidential, the three-year duration and large annual supply range are likely to support resilient crude marketing and therefore strengthen its business model.
Combined with EQNR’s broader oil, gas and renewable-energy presence in Poland, the deal reinforces the company’s diversified role in Europe’s energy market.
EQNR’s Zacks Rank & Key PicksEquinor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Valero Energy Corporation (VLO - Free Report) , Par Pacific Holdings, Inc. (PARR - Free Report) and HF Sinclair Corporation (DINO - Free Report) . The business models of VLO, PARR and DINO are sensitive to crude price fluctuations. Valero, Par Pacific and HF Sinclair currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.
Valero operates 14 global refineries with a daily refinery throughput capacity of 3 million barrels. The refiner’s ethanol operations are spread across 12 U.S. ethanol plants. During the second quarter of 2026, VLO recorded strong gains in its ethanol sector. Margins expanded to $1.15 per gallon from 52 cents per gallon and operating income rose to 75 cents per gallon compared with 13 cents per gallon a year earlier.
Par Pacific operates an integrated energy platform spanning 219,000 barrels per day of refining capacity, logistics, retail and a 46% stake in Laramie Energy across Hawaii, the Pacific Northwest and the Rockies. The company’s logistics network includes 13 million barrels of storage, pipeline network, marine terminals, rail facilities and truck racks, supporting the movement and marketing of conventional and renewable fuels. PARR reported a strong second-quarter 2026 adjusted EBITDA of $571.3 million, higher than the $137.8 million a year earlier, while adjusted net income increased to $499.2 million from $78.3 million a year ago.
HF Sinclair is an independent refiner producing gasoline, diesel, jet fuel, renewable diesel, lubricants and specialty products. In second-quarter 2026, DINO’s adjusted EBITDA increased to $1.5 billion from $665 million a year earlier, driven by stronger refining margins, higher volumes and solid execution. Meanwhile, the company’s renewable fuels adjusted EBITDA rose to $123 million against a $2 million loss reported a year ago due to increased renewable identification number prices, improved Producer’s Tax Credit benefits and higher volumes.
Equinor, Aker BP a Vaar Energi spojí síly při průzkumu méně probádaných oblastí norského šelfu. Chtějí v příštích čtyřech až pěti letech prověřit a otestovat asi 20 až 25 příležitostí a ročně vrtat kolem pěti vysoce dopadových vrtů.
Equinor (EQNR.OL), Aker BP (AKRBP.OL) and Vaar Energi (VAR.OL) are teaming up to drill wells in less explored areas of Norway's continental shelf, aiming to make major new oil and gas discoveries after years of smaller finds, they said on Monday.
Drilling in areas that have seen little or no prior exploration activity is more expensive than in mature regions and is associated with greater risk of drilling dry holes, but could also yield bigger finds.
"By joining forces we are improving the exploration portfolio and we are also reducing the risk," Kjetil Hove, Equinor's head of Norwegian operations, told a joint press conference.
The three companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities, they said.
Much of Norway's drilling in recent years concentrated on finding reserves around existing oil and gas fields, yielding a number of smaller discoveries that were quickly brought into production.
"Near-field exploration remains crucial, but we also need to pursue bigger opportunities to sustain activity and value creation beyond 2035," Hove said.
Norway's output is set to sharply decline during the next decade unless significant new finds are made, government forecasts show.
Over the next four to five years, the three companies plan to mature and test a portfolio of approximately 20 to 25 exploration opportunities, with an ambition to drill around five high-impact wells annually.
Starting in 2028, the combined annual drilling cost is estimated at around $750 million, divided equally between the three, they said.
Most of the initial drilling would take place at Haltenbanken in the Norwegian Sea, but could extend to all parts of Norway's continental shelf, Hove told Reuters.
Norway, Europe's largest oil and gas producer, encourages energy firms to drill for more reserves, hoping to extend the life of its petroleum industry for decades to come despite concerns from environmental groups over the climate impact.
Uniper uzavřel s Equinorem 15letou smlouvu na dovoz více než 30 TWh plynu ročně od roku 2027. Dohoda poběží do konce roku 2041 a pokryje téměř 3 % ročních německých dovozů plynu.
Germany's Uniper (UN0k.DE) has signed a deal to import more than 30 terawatt hours of gas a year from Equinor (EQNR.OL) from 2027, the companies said on Monday, reinforcing Norway's position as the key supplier to Europe's biggest economy.
The deal, equivalent to around 2.8 billion cubic metres of natural gas per year, runs until the end of 2041, and equates to nearly 3% of Germany's annual gas imports.
Norway supplied 44% of Germany's gas imports, according to network regulator Bundesnetzagentur, taking Russia's place as the largest supplier after Moscow ended most energy ties with Europe following its full-scale invasion of Ukraine.
The contract with Equinor marks Uniper's latest effort to diversify its supplies and follows its agreement with Canada as companies seek to bolster energy security after shortages linked to the Iran war.
"For us it's really important that we rebuild our portfolio," Uniper CEO Michael Lewis told Reuters after signing the deal in Stavanger, Norway, adding the agreement could not come at a more important moment.
"When you look at the turbulence in the energy markets over the last few years, it's critical that we diversify our energy supplies. Different suppliers, different routes, whether that's pipeline or LNG," Lewis said.
LONG-TERM GAS DEMAND
Both Lewis and Equinor CEO Anders Opedal stressed the importance of Norwegian supply for European energy security.
The agreement also sends a strong signal from European industry that Norwegian gas will remain in demand for years to come, Opedal told Reuters.
"This is the first contract that goes into the 2040s," he said.
The companies also said they would expand cooperation on lower-emission gas projects, highlighting the relatively low carbon intensity of Norwegian gas, although they did not provide further details.
Lewis said gas would remain a necessary transition fuel as Germany seeks to phase out coal, arguing that increased gas use in the near term could lower emissions while supporting longer-term decarbonisation goals in combination with carbon capture technology.
Sources previously told Reuters that Equinor is among the parties interested in state-owned Uniper, which Berlin is seeking to divest after rescuing the utility during Europe's energy crisis in 2022.
Opedal declined to comment when asked whether Equinor had expressed interest in the stake.
Equinor 14. srpna 2026 koupila na OSE 415 000 vlastních akcií za průměrnou cenu NOK 382,7682. Po transakci drží 16 809 915 vlastních akcií, tedy 0,70 % kapitálu.
Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management.
Date on which the buy-back programme was announced: 4 February 2026.
The duration of the buy-back programme: 13 February 2026 to 15 January 2027.
Size of the buy-back programme: The total purchase amount under the programme is NOK 1,971,000,000 and the maximum shares to be acquired is 19,600,000 shares, of which up to 7,920,000 shares can be acquired in the period from 13 February 2026 to 15 May 2026, and up to 11,680,000 shares can be acquired in the period from 15 May 2026 to 15 January 2027.
On 14 August 2026, Equinor ASA has purchased a total of 415,000 own shares at the Oslo Stock Exchange at an average price of NOK 382.7682 per share.
Aggregated overview of transactions per day:
DateAggregated volume (number of shares)Weighted average share price (NOK)Total transaction value (NOK)14 August 2026415,000382.7682158,848,803Previously disclosed buy-backs under the programme (accumulated)2,984,081330.0844984,998,523Total buy-backs under the programme3,399,081336.51661,413,847,326 Following the completion of the above transactions, Equinor ASA owns a total of 16,809,915 own shares, corresponding to 0.70% of Equinor ASA’s share capital, including shares purchased under the previous buy-back programme for the share-based incentive programmes for employees, and shares purchased under Equinor’s disclosed buy-back programmes which will be used to reduce the issued share capital of the company.
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor koupí 87,71 % akcií třídy A v Lackawanna Energy Center za 940 milionů USD. Plynová elektrárna o výkonu 1 483 MW mu poskytne přímou expozici na trh PJM.
Key Takeaways Equinor will acquire 87.71% of Lackawanna Energy Center's Class A shares for $940 million.The 1,483-MW gas-fired plant gives Equinor direct exposure to the PJM power market.Lackawanna's proximity to Equinor's Appalachian gas position strengthens its gas-to-power platform. Equinor ASA (EQNR - Free Report) has struck a $940 million deal to acquire 87.71% of the Class A shares in the 1,483-megawatt Lackawanna Energy Center in Pennsylvania, subject to a potential purchase-price reduction at closing. The Class A shares provide preferential dividend rights, adding another feature to the transaction's cash-flow profile.
The gas-fired combined-cycle plant gives Equinor direct exposure to the PJM power market, which serves nearly 70 million consumers across 13 states. The acquisition diversifies EQNR's revenue streams beyond traditional oil and gas, incorporating an operational asset with near-term cash flow potential.
Lackawanna's Operating Profile Adds ScaleLackawanna is a gas-fired combined-cycle plant with 1,483 megawatts of capacity and annual net electricity generation of nearly 9 terawatt-hours. The facility consists of three combined-cycle units, each comprising a gas turbine, steam turbine, generator and heat recovery system.
The plant began commercial operations in January 2019, giving Equinor exposure to an established operating asset rather than a project still under construction. Lackawanna has an average heat rate of 6,375 British thermal unit per kilowatt-hour, highlighting its operating profile in the PJM market.
Deal Structure Supports Cash Flow VisibilityThe transaction gives Equinor access to an operating asset that can begin contributing cash flow immediately, while investor-protection mechanisms enhance visibility into longer-term returns. Acquiring an existing facility reduces construction and commissioning risks that typically accompany new power projects.
Invenergy’s continued role as manager and operator further lowers execution risk, allowing Equinor to participate in the PJM market through an established platform.
Appalachian Gas Creates Strategic FitLackawanna is located close to Equinor’s Appalachian Basin position, which has daily production capacity of more than 1.7 billion cubic feet of natural gas. The proximity creates a strategic link between EQNR’s existing gas portfolio and a large gas-fired power asset.
Rising electricity demand from data centers, industrial activity and broader electrification in PJM could strengthen the long-term value of Equinor’s gas-to-power platform.
Growth Potential Comes With Execution RisksThe transaction is expected to pave the way for deeper collaboration with Invenergy, giving Equinor opportunities to expand its presence in the PJM market over time. However, the $940 million investment still carries risks tied to regulatory approvals, power-price volatility and EQNR’s non-operating role in Lackawanna.
While the acquisition is likely to improve diversification and add a more visible source of cash flow for Equinor, future returns will depend on market conditions and effective execution. For EQNR, the deal represents a targeted expansion into power generation that complements the company’s existing U.S. gas portfolio rather than signaling a broad shift away from hydrocarbons.
EQNR’s Zacks Rank & Key PicksEquinor currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the energy sector are Valero Energy Corporation (VLO - Free Report) , Cactus, Inc. (WHD - Free Report) and HF Sinclair Corporation (DINO - Free Report) . Valero and HF Sinclair currently sport a Zacks Rank #1 (Strong Buy) each, while Cactus carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Valero operates 14 global refineries with a daily refinery throughput capacity of 3 million barrels. The refiner’s ethanol operations are spread across 12 U.S. ethanol plants. During the second quarter of 2026, VLO recorded strong gains in its ethanol sector. Margins expanded to $1.15 per gallon from 52 cents per gallon and operating income rose to 75 cents per gallon compared with 13 cents per gallon a year earlier.
Cactus designs, manufactures and services highly engineered wellhead, pressure-control and spoolable pipe technologies used in oil and natural gas drilling, completion and production operations. The company operates primarily through its pressure control and spoolable technologies businesses, serving customers across major U.S. shale basins and select international markets. WHD in its latest earnings call expects Spoolable Technologies revenues to rise another 15%-20% sequentially in the third quarter, supported by Latin American orders and higher domestic activity. WHD ended June with $365.8 million in cash and no bank debt, giving it financial flexibility to support capacity expansion and continued international growth.
HF Sinclair is an independent refiner producing gasoline, diesel, jet fuel, renewable diesel, lubricants and specialty products. In second-quarter 2026, DINO’s adjusted EBITDA increased to $1.5 billion from $665 million a year earlier, driven by stronger refining margins, higher volumes and solid execution. Meanwhile, the company’s renewable fuels adjusted EBITDA rose to $123 million against a $2 million loss reported a year ago due to increased renewable identification number prices, improved Producer’s Tax Credit benefits and higher volumes.
Equinor v rámci třetí tranše programu zpětného odkupu mezi 10. a 13. srpnem koupil 597 632 vlastních akcií za průměrnou cenu 384,3668 NOK za kus. Celkem už v této tranši vykoupil 2 207 004 akcií.
Please see below information about transactions made under the third tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 22 July 2026.
The duration of the buy-back tranche: 23 July to no later than 26 October 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 22 July 2026, available here: https://newsweb.oslobors.no/message/678529
From 10 August to 13 August 2026, Equinor ASA has purchased a total of 597,632 own shares at an average price of NOK 384.3668 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 10 AugustOSE151,723377.509357,276,843.52 CEUX TQEX 11 AugustOSE148,909391.521958,301,134.61 CEUX TQEX 12 AugustOSE149,000387.605557,753,219.50 CEUX TQEX 13 AugustOSE148,000380.937056,378,676.00 CEUX TQEX Total for the periodOSE597,632384.3668229,709,873.63 CEUX TQEX Previously disclosed buy-backs under the trancheOSE1,609,372380.7320612,739,345.67CEUX TQEX Total1,609,372380.7320612,739,345.67 Total buy-backs under the tranche (accumulated)OSE2,207,004381.7162842,449,219.30CEUX TQEX Total2,207,004381.7162842,449,219.30 Following completion of the above transactions, Equinor ASA owns a total of 16,462,779 own shares, corresponding to 0.69% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 5,741,979 own shares, corresponding to 0.24% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor za měsíc přidal 22,2 %, protože se mu výrazně zlepšily výsledky, produkce i obchodování. Ve 2. čtvrtletí upravený EPS vyskočil o 107,8 % na 1,33 USD a tržby vzrostly o 40 % na 35,18 mld. USD.
Key Takeaways Equinor gained 22.2% in a month as earnings rebounded, production rose and trading strengthened.Second-quarter adjusted EPS jumped 107.8%, as revenues rose 40% and operating income climbed 76%.A 9.4X forward multiple and lower 2027 earnings and sales estimates leave less room for setbacks. Equinor ASA (EQNR - Free Report) shares have gained 22.2% in the past month, putting the rally’s durability at center stage. The advance has coincided with a sharp earnings rebound, higher production and stronger trading contributions.
The operating recovery is meaningful, but expectations have also risen. A valuation above historical and sub-industry levels, together with lower 2027 consensus estimates, leaves less room for commodity, execution or cash-flow setbacks.
EQNR’s Earnings Rebound Supports the RallySecond-quarter 2026 adjusted earnings reached $1.33 per share, up 107.8% from 64 cents a year earlier. Revenues increased 40% to $35.18 billion, while adjusted operating income rose 76% to $11.48 billion.
The quarter was not flawless. Earnings missed the Zacks Consensus Estimate, although revenues edged past the consensus mark. Higher liquids and European gas prices, production growth and trading performance still provided broad support for the year-over-year improvement.
Equinor Production Growth Adds Operating SupportEquity oil and gas production rose 3% to 2,165 thousand barrels of oil equivalent per day. Norwegian Continental Shelf output increased 4%, helped by new fields, new wells and better-than-planned performance from Johan Sverdrup.
First-half production increased 6%, making Equinor’s roughly 3% full-year growth guidance more dependable. Planned third-quarter turnarounds and the temporary Johan Castberg outage remain offsets, but management retained its 2026 outlook.
EQNR Trading Strength Broadens the Cash-Flow MixMarketing, Midstream & Processing generated $777 million in adjusted operating income, up from $337 million a year earlier and well above normal-quarter guidance of about $400 million. Crude trading, shipping optimization, refining and liquefied natural gas trading all contributed.
Shell plc (SHEL - Free Report) also cited broad operational strength across its businesses in second-quarter 2026. BP p.l.c. (BP - Free Report) reported stronger refining and customer results, showing why integrated portfolios can supplement upstream earnings when market conditions shift.
Equinor’s Valuation Leaves Less Room for ErrorEQNR trades at 9.4X forward 12-month earnings, above its five-year median of 7.7X and the Zacks sub-industry’s 9.3X. The premium is modest against the peer group but wider against Equinor’s own trading history.
That setup narrows the cushion if commodity prices weaken, trading results normalize or projects slip. The recent share-price move therefore places more weight on continued operating delivery rather than valuation expansion alone.
EQNR’s 2027 Estimates Test Rally DurabilityThe Zacks Consensus Estimate points to 2027 earnings of $3.75 per share, down from $4.93 in 2026. Consensus sales are projected to decline to $105.13 billion from $120.28 billion.
Growth normalization could make safety, tax timing and project execution more influential. Serious incident frequency remained above the 2025 level, Norwegian tax installments can make quarterly cash conversion uneven and the larger project pipeline raises delivery demands.
Image Source: Zacks Investment Research
EQNR’s Strong Scores Meet a Hold SignalThe bottom line is balanced. Equinor’s earnings, production and trading results support the recent recovery, but valuation and lower 2027 estimates reduce the margin for disappointment after a 22.2% monthly gain.
EQNR currently carries a Zacks Rank #3 (Hold). Its Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A are favorable, but Style Scores complement the Zacks Rank rather than replace it. The combination supports holding interest more than chasing the rally without further estimate-revision confirmation.
Equinor v rámci třetí tranše programu zpětného odkupu od 27. do 31. července koupil 660 000 vlastních akcií za průměrnou cenu NOK 382,2365. Po transakcích drží 15 135 775 vlastních akcií, tedy 0,63 % kapitálu.
Please see below information about transactions made under the third tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 22 July 2026.
The duration of the buy-back tranche: 23 July to no later than 26 October 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 22 July 2026, available here: https://newsweb.oslobors.no/message/678529
From 27 July to 31 July 2026, Equinor ASA has purchased a total of 660,000 own shares at an average price of NOK 382.2365 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 27 JulyOSE125,000373.786046,723,250.00 CEUX TQEX 28 JulyOSE125,000374.202346,775,287.50 CEUX TQEX 29 JulyOSE125,000387.176848,397,100.00 CEUX TQEX 30 JulyOSE150,000388.342358,251,345.00 CEUX TQEX 31 JulyOSE135,000386.141552,129,102.50 CEUX TQEX Total for the periodOSE660,000382.2365252,276,085.00 CEUX TQEX Previously disclosed buy-backs under the trancheOSE220,000391.487786,127,300.00CEUX TQEX Total220,000391.487786,127,300.00 Total buy-backs under the tranche (accumulated)OSE880,000384.5493338,403,385.00CEUX TQEX Total880,000384.5493338,403,385.00 Following completion of the above transactions, Equinor ASA owns a total of 15,135,775 own shares, corresponding to 0.63% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 4,414,975 own shares, corresponding to 0.18% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor v rámci třetí tranše programu zpětného odkupu koupil 220 000 vlastních akcií za průměrnou cenu 391,4877 NOK za kus. Po těchto transakcích drží 14 475 775 vlastních akcií, tedy 0,61 % kapitálu.
Please see below information about transactions made under the third tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 22 July 2026.
The duration of the buy-back tranche: 23 July to no later than 26 October 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 22 July 2026, available here: https://newsweb.oslobors.no/message/678529
From 23 July to 24 July 2026, Equinor ASA has purchased a total of 220,000 own shares at an average price of NOK 391.4877 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 23 JulyOSE100,000394.860639,486,060.00 CEUX TQEX 24 JulyOSE120,000388.677046,641,240.00 CEUX TQEX Total for the periodOSE220,000391.487786,127,300.00 CEUX TQEX Previously disclosed buy-backs under the trancheOSE CEUX TQEX Total Total buy-backs under the tranche (accumulated)OSE220,000391.487786,127,300.00CEUX TQEX Total220,000391.487786,127,300.00 Following completion of the above transactions, Equinor ASA owns a total of 14,475,775 own shares, corresponding to 0.61% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 3,754,975 own shares, corresponding to 0.16% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor ve 2. čtvrtletí zvýšila produkci o 3 % na 2,165 milionu barelů ropného ekvivalentu denně a čistý zisk podle IFRS dosáhl 4,8 miliardy USD. Firma nechala celoroční výhled beze změny.
Equinor ASA (NYSE:EQNR) reported higher second-quarter earnings and production, with Chief Financial Officer Torgrim Reitan saying the company is executing in line with plans presented at its recent Capital Markets Day to grow energy output, cash flow and returns through 2030.
Reitan said Equinor produced 2.165 million barrels of oil equivalent per day in the quarter, up 3% from the same period last year. Adjusted operating income totaled $11.5 billion before tax, while IFRS net income was $4.8 billion. Adjusted earnings per share were $1.33. Cash flow from operations after tax reached $13.7 billion year to date.
“While energy markets remain impacted by geopolitical unrest, we continue to focus on what we control, our operations, how we remain robust through price cycles, and our commitment to cost and capital discipline,” Reitan said.
Production Growth Driven by Norway and New Fields Reitan said production on the Norwegian continental shelf rose 4%, driven by new fields including Johan Castberg, Halten East and Verdande, with Eirin and Symra also coming on stream during the quarter. He highlighted another strong quarter from Johan Sverdrup, where Equinor now expects the annual decline to be at the low end of its previously indicated 10% to 20% range.
Production was affected by turnarounds, maintenance and a temporary outage at Johan Castberg. In response to an analyst question, Reitan said issues related to turbine waste heat took 18 days to resolve, and the field resumed production on July 13. He said the impact to Equinor in the third quarter would be about 14,000 barrels per day.
Internationally, production growth was supported by Adura in the U.K. and Bacalhau in Brazil, offsetting lower ownership in Peregrino and the divestment of onshore Argentina assets. Reitan said first-half production growth totaled 6%, making the company’s full-year guidance of 3% growth “more robust,” though Equinor left its production guidance unchanged.
Financial Results Lifted by Prices, Trading and Refining Equinor said liquids and European gas prices were higher than the same quarter last year, while U.S. gas prices were lower. Adjusted operating income in E&P Norway was $9.2 billion before tax and $2.1 billion after tax. In international E&P, Reitan said operating income nearly doubled on 4% production growth and an improved portfolio.
The company’s Marketing, Midstream and Processing segment delivered $777 million in pretax income, well above its $400 million-per-quarter guidance. Reitan attributed the performance to crude trading and strong results at the Mongstad refinery, which benefited from higher margins. He said European refinery product markets were tight, with FCC margins around $25 per barrel in the second quarter, and that Mongstad continued to deliver strong results early in the third quarter.
Power results reflected a strong contribution from power trading for a second consecutive quarter. Equinor produced 1.2 terawatt-hours of power in the quarter, with growth from Dogger Bank in the U.K. and new onshore assets.
Cash Flow, Divestments and Shareholder Returns Cash flow from operations before tax was $14.8 billion in the quarter. Equinor paid $7.1 billion in taxes, including three Norwegian continental shelf installments totaling about $6.4 billion. Organic capital expenditure was $3.4 billion, and net cash flow before distributions was positive $5.5 billion.
The company distributed $1.1 billion to shareholders during the quarter. Its board approved an ordinary cash dividend of $0.39 per share and a third tranche of share buybacks of up to $1.125 billion, including the Norwegian state’s share.
Reitan said Equinor ended the quarter with about $24 billion in cash and cash equivalents, while its net debt ratio declined to 10.4%. At current forward prices, he said the company expects the net debt ratio to be somewhat below 10% at year-end.
Equinor also recorded proceeds from portfolio actions. The sale of Argentina onshore assets generated $558 million in proceeds during the quarter, in addition to $88 million received in the first quarter, and Equinor recorded a $467 million gain. A partial divestment of its financial position in Scatec generated $171 million in proceeds and an accumulated recorded gain of $61 million.
Gas Market Outlook and Capital Allocation Asked about European natural gas markets, Reitan described the situation as “vulnerable” heading into autumn and winter, citing uncertainty around LNG flows and European storage levels. He said storage was 53% full, more than 15 percentage points below average, and that Equinor does not expect Europe to reach 80% storage before winter.
Reitan said Equinor is already producing gas at maximum levels in the short term, but can optimize flows through its production and transportation system toward markets where gas is most needed and prices are highest. He said Equinor keeps its natural gas exposure floating, with 70% linked to day-ahead prices and 30% to month-ahead prices.
On whether strong cash flow could lead to share buybacks above the $3 billion now planned for the year, Reitan said no. He said additional cash has been directed toward increasing oil and gas investments by $1 billion, strengthening the balance sheet and doubling the share buyback program for the year.
Project Pipeline and Cost Focus Reitan pointed to several projects supporting future growth, including the ramp-up of Bacalhau, which he said is expected to reach plateau by year-end. He also cited Raia in Brazil, Sparta in the Gulf of Mexico, Rosebank and Jekta in the U.K., and the recently sanctioned Greater PAJ project in Angola.
On Bay du Nord in Canada, Reitan said BP is handing its ownership to Equinor and that the timeline remains unchanged, with a sanctioning target in 2027. He said Equinor is working to bring in another partner and described the project as supported by the Canadian government.
Reitan said Equinor continues to manage cost inflation through portfolio-level contracting, standardization and simplification. He said the company’s new developments have a break-even below $40 per barrel and that its NCS 2035 operating model aims to double development speed and cut costs by half across a portfolio of projects.
Equinor left its guidance unchanged for production, capital spending and capital distribution, with Reitan saying the quarter demonstrated progress toward the company’s stated objectives of increasing production by 150,000 barrels per day to 2030, growing cash flow from operations by 30% and targeting a 15% return on capital employed through the decade.
About Equinor ASA (NYSE:EQNR) Equinor ASA (NYSE: EQNR) is a Norway-based integrated energy company headquartered in Stavanger. Historically established as Statoil in the 1970s to develop Norway’s petroleum resources, the company changed its name to Equinor in 2018 to reflect a strategic shift toward a broader energy portfolio. Equinor’s operations span the full upstream value chain, including exploration, development and production of oil and natural gas, alongside trading and marketing activities that support its global commercial operations.
In recent years Equinor has pursued a transition strategy that combines continued development of conventional oil and gas resources with growing investments in low‑carbon energy.
Evropa podle šéfa Equinoru pravděpodobně nesplní cíl naplnit zásobníky plynu na 80 % před zimou. Zásoby jsou jen na 54 % a kontinent tak čeká větší cenová volatilita.
Anders Opedal, CEO of Equinor, speaks to Reuters reporters as major oil executives, energy ministers, mining and government officials attend CERAWeek by S&P Global in Houston, Texas, U.S.,... Purchase Licensing Rights, opens new tab Read more
SummaryCompaniesStorage levels below five-year averageAsian buyers draw LNG cargoes from EuropeEurope will be more exposed to price swings, Equinor CEO saysOSLO, July 22 (Reuters) - The CEO of Europe's largest supplier of natural gas expects the region to fall short of its goal to fill gas storage sites to 80% of capacity before the winter, hampered by market tightness that has increased competition from buyers in Asia.
Gas volumes at European storage sites are significantly lower than the five-year average and at their second-lowest level in 15 years, Equinor (EQNR.OL), opens new tab chief Anders Opedal told Reuters on Wednesday after the company reported its highest quarterly profit since early 2023.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
"We do not think that Europe will necessarily be able to fill up its stocks to more than 80% this autumn," Opedal said.
As a result of lower gas storage levels, which currently stand at 54%, Europe will be more exposed to market price swings this winter than in previous winters, he added.
The U.S.-Iran war has effectively halted shipping through the Strait of Hormuz, including about a fifth of the world's liquefied natural gas, typically delivered to Asian customers.
Europe, meanwhile, has been unable to call on Russian pipeline gas as those supplies are phased out because of the war in Ukraine.
Equinor says that Europe relies on LNG to meet about 30% of its import needs, but supply is now missing.
"The gas that was supposed to come from Qatar was supposed to go to Asia, and that means that LNG that earlier in the year came into Europe is now going to Asia," Opedal said, referring to the increased competition for global supplies.
Reporting by Nora Buli Editing by Terje Solsvik and David Goodman
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Equinor ve 2. čtvrtletí 2026 zvýšil upravený provozní zisk na 11,48 mld. USD a čistý zisk na 4,84 mld. USD. Produkce vzrostla o 3 % na 2 165 mboe denně.
Equinor (OSE:EQNR, NYSE:EQNR) 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 projectsStrategic transactions on the NCS to harmonise ownership and progress Ringvei VestFID taken for Greater PAJ in Angola
Strong production, cash flow and financial results
Production growth of 3%High value creation from asset-backed tradingCash flow from operations after taxes paid* of USD 7.7 billion
Capital distribution
Second quarter cash dividend of USD 0.39 per shareThird tranche of the share buy-back of up to USD 1,125 millionExpected share buy-back of USD 3 billion for 2026
Anders Opedal, President and CEO of Equinor ASA:
“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.
Equinor v rámci druhé tranše programu zpětného odkupu koupil od 6. do 10. července 507 713 vlastních akcií za průměrnou cenu 327,3386 NOK za kus. Celkem už v této tranši odkoupil 3 261 816 akcií.
Please see below information about transactions made under the second tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 6 May 2026.
The duration of the buy-back tranche: 19 May to no later than 20 July 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 6 May 2026, available here: https://newsweb.oslobors.no/message/672447
From 6 July to 10 July 2026, Equinor ASA has purchased a total of 507,713 own shares at an average price of NOK 327.3386 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 6 JulyOSE114,796316.412536,322,889.35 CEUX TQEX 7 JulyOSE105,000323.521433,969,747.00 CEUX TQEX 8 JulyOSE95,000335.687331,890,293.50 CEUX TQEX 9 JulyOSE95,000333.444131,677,189.50 CEUX TQEX 10 JulyOSE97,917330.218132,333,965.70 CEUX TQEX Total for the periodOSE507,713327.3386166,194,085.05 CEUX TQEX Previously disclosed buy-backs under the trancheOSE2,754,103335.7185924,603,196.68CEUX TQEX Total2,754,103335.7185924,603,196.68 Total buy-backs under the tranche (accumulated)OSE3,261,816334.41411,090,797,281.73CEUX TQEX Total3,261,816334.41411,090,797,281.73 Following completion of the above transactions, Equinor ASA owns a total of 13,767,701 own shares, corresponding to 0.58% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 3,261,816 own shares, corresponding to 0.14% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor od 29. června do 3. července odkoupil 439 635 vlastních akcií za průměrnou cenu 313,6694 NOK za kus. V rámci druhé tranše programu už nakoupil 2 754 103 akcií.
Please see below information about transactions made under the second tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 6 May 2026.
The duration of the buy-back tranche: 19 May to no later than 20 July 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 6 May 2026, available here: https://newsweb.oslobors.no/message/672447
From 29 June to 3 July 2026, Equinor ASA has purchased a total of 439,635 own shares at an average price of NOK 313.6694 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 29 JuneOSE100,000311.491531,149,150.00 CEUX TQEX 30 JuneOSE99,635312.093931,095,475.73 CEUX TQEX 1 JulyOSE CEUX TQEX 2 JulyOSE120,000313.420837,610,496.00 CEUX TQEX 3 JulyOSE120,000317.041238,044,944.00 CEUX TQEX Total for the periodOSE439,635313.6694137,900,065.73 CEUX TQEX Previously disclosed buy-backs under the trancheOSE2,314,468339.9067786,703,130.95CEUX TQEX Total2,314,468339.9067786,703,130.95 Total buy-backs under the tranche (accumulated)OSE2,754,103335.7185924,603,196.68CEUX TQEX Total2,754,103335.7185924,603,196.68 Following completion of the above transactions, Equinor ASA owns a total of 13,259,988 own shares, corresponding to 0.55% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 2,754,103 own shares, corresponding to 0.12% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor prodloužila dohodu s CHC Helikopter Service do 31. ledna 2030 a zajistila si leteckou přepravu i SAR pro offshore provoz v centrálním Norsku. Současně uzavřela s Transocean záměr o tři vrtné plošiny za zhruba 1 miliardu USD.
Key Takeaways EQNR extends its agreement with CHC Helikopter Service through 2030 for personnel transport and SAR services.Equinor signed a letter of intent with Transocean for three drilling rigs worth about $1 billion.The rigs support Equinor's plan to produce 1.3 MMboe/d by 2035 through new wells and subsea projects. Equinor ASA (EQNR - Free Report) has extended its agreement with CHC Helikopter Service through 2030, exercising two contract options worth NOK 1.7 billion. The extension secures helicopter transport and search-and-rescue (SAR) services for its offshore operations in Central Norway, ensuring uninterrupted support for personnel safety and emergency preparedness.
CHC will continue operating Sikorsky S-92 helicopters, with two passenger helicopters and one backup SAR helicopter operating from Kristiansund, one passenger helicopter with medical evacuation capability operarting from Bronnoysund, and one dedicated SAR helicopter stationed at the Heidrun platform. Effective from Feb. 1, 2028, to Jan. 31, 2030, the agreement maintains critical helicopter support for EQNR's offshore operations.
On July 1, 2026, Equinor signed a letter of intent with Transocean worth approximately $1 billion to secure three Cat D drilling rigs for a combined seven rig-years. The agreement covers the Transocean Enabler (three years), Transocean Encourage (two years) and Transocean Endurance (two years) at day rates below $400,000, demonstrating disciplined capital allocation and a long-term production strategy through 2035.
The rigs will help Equinor drill new subsea developments and enhanced recovery wells more efficiently, supporting management’s target of producing 1.3 million barrels of oil equivalent per day (MMboe/d) by 2035, with roughly 70% of production expected to come from new wells. EQNR also plans to deliver more than 125 wells annually, 75 subsea projects and 200 well-plugging operations through 2035.
The CHC agreement reduces operational risks by guaranteeing reliable logistics for Equinor's offshore operations in Central Norway. Securing proven, winterized Cat D rigs years in advance reduces well costs, accelerates drilling activity and supports production growth. These agreements strengthen Equinor's business, generate additional cash flows and reinforce its appeal to investors.
Equinor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Aker BP ASA (AKRBY - Free Report) , Vista Energy, S.A.B. de C.V. (VIST - Free Report) and Cenovus Energy Inc. (CVE - Free Report) . AKRBY and VIST currently carry a Zacks Rank #2 (Buy) each, and CVE sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Aker BP operates major hubs on the Norwegian Continental Shelf, including Alvheim, Edvard Grieg/Ivar Aasen, Valhall, Skarv and Ula, while also holding an ownership stake in Johan Sverdrup. AKRBY has broadened its exploration footprint by acquiring a 19% interest in promising licenses such as Grosbeak, Swisher, Toppand and Rover.
Operating across 205,600 acres in Vaca Muerta, Argentina's leading shale basin, Vista is positioned for substantial long-term growth. Backed by these extensive assets, VIST targets a daily production capacity of 200,000 barrels of oil equivalent by 2030.
Cenovus drives integrated oil and gas operations across Canada and the United States through its upstream assets and downstream refineries. To increase production and enhance cash flow, CVE is advancing key growth initiatives, including the Christina Lake North and Sunrise expansions, the West White Rose offshore project and Foster Creek optimizations.
BP prodává svůj 37,2% podíl v projektu Bay du Nord v Kanadě partnerovi Equinor, který se stane jediným vlastníkem. BP tak dál přeskupuje portfolio směrem k výnosnějším projektům.
Item 1 of 2 Fuel prices are displayed on a board at a BP gas station in Afferden, Netherlands, April 13, 2026. REUTERS/Piroschka van de Wouw
[1/2]Fuel prices are displayed on a board at a BP gas station in Afferden, Netherlands, April 13, 2026. REUTERS/Piroschka van de Wouw Purchase Licensing Rights, opens new tab
SummaryCompaniesSale is part of BP portfolio simplificationMore than 400 million barrels of oil expected from first phaseDevelopment investment estimated at about $9.8 billionLONDON, July 6 (Reuters) - BP (BP.L), opens new tab has agreed to sell its stake in the Bay du Nord offshore oil project in Canada to partner Equinor (EQNR.OL), opens new tab as the British energy major sharpens its focus on higher-return opportunities.
Under the agreement, Norway's Equinor will become the sole owner of Bay du Nord, acquiring BP's 37.2% stake, the companies said on Monday without disclosing financial terms.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The agreement represents another step in BP's efforts to reshape its portfolio to improve profitability, reduce debt and focus capital on higher-return oil and gas projects. BP will retain its 100% ownership of two exploration offshore licences in the Canadian province of Newfoundland and Labrador.
Equinor will seek to advance the project toward a final investment decision in early 2027.
The Bay du Nord development lies in the Flemish Pass Basin about 500 km (310 miles) east of St. John's in Newfoundland and Labrador. Expected to tap more than 400 million barrels of oil in its initial phase, the project is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks.
Equinor is targeting first oil for 2031, with required investment estimated at about C$14 billion ($9.84 billion).
($1 = 1.4227 Canadian dollars)
Reporting by Stephanie Kelly Editing by David Goodman
Our Standards: The Thomson Reuters Trust Principles., opens new tab
A London-based senior correspondent covering UK-listed energy companies including BP and Shell and energy developments in Europe, the Middle East and Africa.
Equinor vyměnil aktiva s Var Energi a zvýšil podíly ve Fram na 50 %, v Mulder a Gronngylt na 85 % a v Grosbeak na 36 % v PL090JS a 76 % v PL925. Získává tak více produkčních aktiv a rozšiřuje budoucí rozvojový pipeline na norském kontinentálním šelfu.
Key Takeaways Equinor increased its ownership in Fram, Mulder, Gronngylt and Grosbeak through an asset swap with Var Energi.The deal boosts near-term production while expanding Equinor's future development pipeline on the NCS.Peon will advance as a subsea tie-back to Gjoa, leveraging existing infrastructure to lower development costs. Equinor ASA (EQNR - Free Report) has strengthened its portfolio on the Norwegian Continental Shelf (NCS) through a strategic asset swap with Var Energi, reinforcing its long-term production and value creation strategy. Subject to customary approvals, the carve-out and operatorship transfer will take effect upon transaction closing, with Equinor operating the assets until that time.
Under the agreement, Equinor transferred a 32.5% interest and operatorship in the Peon gas discovery while retaining significant ownership. In return, the company acquired a 5% stake in the producing Fram field, increasing its ownership to 50%. It acquired a 40% interest across the Mulder and Gronngylt discoveries, which raised its stakes in those assets to 85%.
EQNR expanded its presence in the Grosbeak prospect by securing a 15% stake in the PL090JS discovery, increasing its total to 36% and a 10% stake in the PL925 discovery, raising its ownership to 76%. These acquisitions enhance Equinor's position in the highly prospective Troll-Fram area and increase its exposure to producing and near-development assets.
The transaction improves the quality of Equinor's asset portfolio by exchanging a portion of a single undeveloped project for a diversified mix of producing assets and development opportunities. The additional stake in the Fram field is expected to support near-term production and cash flow generation, while increased ownership in the Mulder, Gronngylt and Grosbeak discoveries expands the company's future development pipeline. These assets also benefit from their proximity to existing infrastructure, enabling lower cost development, faster commercialization and improved capital efficiency.
The transaction also accelerates the development of the Peon gas discovery, one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105-195 million barrels of oil equivalent. Located approximately 60 kilometers from the Gjoa field, Peon is slated for development as a subsea tie-back to the established Gjoa platform. By processing the extracted gas at the Karsto plant, EQNR is expected to successfully reduce emissions, cut development costs and extend the lifecycle of existing facilities.
The asset swap aligns with Equinor's broader strategy of optimizing its NCS portfolio through disciplined capital allocation and asset management. By increasing its exposure to high-quality producing assets while accelerating low-cost tie-back developments, EQNR is strengthening its business model and improving its production outlook, ultimately enhancing its appeal to investors.
Equinor currently carries a Zacks Rank #3 (Hold).
With Brent crude prices trading above the $70-per-barrel mark and West Texas Intermediate (“WTI”) crude prices trading around the $70-per-barrel mark, according to oilprice.com, upstream players like W&T Offshore, Inc. (WTI - Free Report) and integrated players like Vista Energy, S.A.B. de C.V. (VIST - Free Report) , Aker BP ASA (AKRBY - Free Report) and EQNR, all of which have a presence in upstream operations, are benefiting from the elevated crude pricing environment. WTI and VIST currently carry a Zacks Rank #2 (Buy) each, while AKRBY sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
W&T Offshore has a strong offshore footprint in the Gulf of America, which spans approximately 605,000 acres and supports a large reserve base. WTI's 1P and 2P reserves provide 20 years’ production potential and resource longevity.
Vista operates 205,600 acres in Argentina's premier shale basin, the Vaca Muerta. Supported by this massive footprint, VIST expects to achieve a production rate of 200 thousand barrels of oil equivalent per day by 2030.
Aker BP extracts oil and gas on the Norwegian continental shelf, serving as operator for the Alvheim, Edvard Grieg/Ivar Aasen, Valhall, Skarv, and Ula field centers, and as a partner in the Johan Sverdrup field. AKRBY strengthened its exploration portfolio across the Norwegian Continental Shelf by acquiring a 19% interest in several high-potential licenses, including Grosbeak, Swisher, Toppand and Rover.
Equinor v rámci druhé tranše zpětného odkupu koupil 476 100 vlastních akcií za průměrnou cenu 312,8869 NOK za kus. Po transakcích drží 67 619 649 vlastních akcií, tedy 2,64 % kapitálu.
Please see below information about transactions made under the second tranche of the 2026 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).
Date on which the buy-back tranche was announced: 6 May 2026.
The duration of the buy-back tranche: 19 May to no later than 20 July 2026.
Further information on the tranche can be found in the stock market announcement on its commencement dated 6 May 2026, available here: https://newsweb.oslobors.no/message/672447
From 22 June to 26 June 2026, Equinor ASA has purchased a total of 476,100 own shares at an average price of NOK 312.8869 per share.
Overview of transactions:
DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK) 22 JuneOSE92,000318.161129,270,821.20 CEUX TQEX 23 JuneOSE92,000317.868629,243,911.20 CEUX TQEX 24 JuneOSE92,100315.206829,030,546.28 CEUX TQEX 25 JuneOSE100,000307.001730,700,170.00 CEUX TQEX 26 JuneOSE100,000307.20030,720,000.00 CEUX TQEX Total for the periodOSE476,100312.8869148,965,448.68 CEUX TQEX Previously disclosed buy-backs under the trancheOSE1,838,368346.9043637,737,682.27CEUX TQEX Total1,838,368346.9043637,737,682.27 Total buy-backs under the tranche (accumulated)OSE2,314,468339.9067786,703,130.95CEUX TQEX Total2,314,468339.9067786,703,130.95 Following completion of the above transactions, Equinor ASA owns a total of 67,619,649 own shares, corresponding to 2.64% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 57,113,764 own shares, corresponding to 2.23% of the share capital).
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Equinor ukončí aktivity v offshore větrné energetice v Japonsku a do konce roku 2026 zavře tokijskou kancelář. Firma po neúspěchu v aukcích přeorientovává strategii na integrované energetické trhy.
The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi... Purchase Licensing Rights, opens new tab Read more
CompaniesOSLO, June 26 (Reuters) - Norway's energy firm Equinor (EQNR.OL), opens new tab has decided to end its offshore wind business activities in Japan and close its Tokyo office by the end of 2026, the company said on its website.
"This decision reflects a reassessment of Equinor's strategic direction, with a strengthened focus on integrated power markets," it added.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The majority state-owned company entered Japan in 2018 but failed to win any leases in successive offshore wind auctions.
It had already pulled back from offshore wind development in several markets, including Vietnam, Spain, Portugal and France, citing rising costs.
Equinor, whose core business remains oil and gas production, further scaled back its renewables ambitions on June 16, scrapping its 2030 installed capacity target.
Instead, the company said it would focus on expanding its integrated power business, combining renewables with gas-to-power generation and other sources.
Reporting by Nerijus Adomaitis, editing by Essi Lehto
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Equinor a partneři u projektu Wisting odložili plán napájení z pevniny kvůli vysokým nákladům a technické složitosti. Místo toho pokračují s řešením založeným na plynové turbíně.
Equinor's logo is seen next to the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins//File Photo Purchase Licensing Rights, opens new tab
CompaniesOSLO, June 25 (Reuters) - Norway's biggest oil company Equinor (EQNR.OL), opens new tab and its partners have dropped plans to electrify the Wisting oilfield from shore due to high costs and technical complexity, it said on Thursday.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Wisting is the largest undeveloped discovery on the Norwegian continental shelf, with estimated resources of nearly 500 million barrels of oil equivalent.
"Power from shore has been thoroughly assessed but was ruled out due to technical complexity and high costs," Trond Bokn, Equinor's senior vice president for project development, said.
"We are now continuing our work on power generation based on an energy-efficient gas turbine solution," he said in a statement.
A final investment decision is planned for the end of 2027.
If sanctioned, Wisting could produce for around 30 years.
Equinor (42.5%) operates the licence alongside Aker BP (AKRBP.OL), opens new tab (27.5%), state-owned Petoro (20%) and INPEX Idemitsu (1605.T), opens new tab (10%).
Equinor and its partners on Thursday submitted for public consultation a proposed programme for the environmental impact assessment of a development of the field.
Partners have selected a Floating Production, Storage, and Offloading (FPSO) vessel as the development concept.
They will assess the potential for carbon capture and storage (CCS) to reduce CO2 emissions from production, Equinor said.
Reporting by Nerijus Adomaitis, editing by Anna Ringstrom
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Equinor a partneři investují přes 4 miliardy norských korun do nového podmořského projektu na ložisku Troll, který zvýší těžbu plynu v Norsku. Zahájení produkce je plánováno nejdříve na rok 2028.
The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner Purchase Licensing Rights, opens new tab
SummaryCompaniesCompanies investing $410 million to expand outputStartup of new wells expected in 2028Owners are Equinor, Petoro, Shell, TotalEnergies, ConocoPhillipsNorway is Europe's biggest gas supplierOSLO, June 19 (Reuters) - Equinor (EQNR.OL), opens new tab and its partners will invest just over 4 billion Norwegian crowns ($410 million) in a new subsea development that will boost gas production from Norway's offshore Troll field, the company said on Friday.
Norway is Europe's biggest supplier of natural gas, meeting around 30% of the continent's annual demand, and the North Sea Troll field is its largest gas resource.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The expansion will lift Norway's output of gas by between 2 million and 2.5 million cubic metres (mcm) per day for the first eight years, a company spokesperson said, corresponding to just under 1% of the country's daily production.
The TWIN project agreed with partners Petoro, Shell (SHEL.L), opens new tab, TotalEnergies (TTEF.PA), opens new tab and ConocoPhillips is expected to contribute a total of around 11 billion standard cubic metres of gas from Troll, Equinor said in a statement.
The companies aim to start production from the new development as early as 2028, said Gunnar Nakken, Equinor's senior vice president for projects and subsea in Norway.
"By simplifying, increasing standardisation, and reusing existing infrastructure and equipment, we are reducing costs and enabling faster production in line with our new ways of working," Nakken said in the statement.
PROJECT IS THIRD STAGE OF TROLL PHASE 3The TWIN project, consisting of two wells in a seabed template and a pipeline connected to existing subsea facilities, is the third step of Troll phase 3, which produces gas from the Troll West reservoir, Equinor said.
It follows the announcement last month that Norway's petroleum safety regulator had given Equinor permission to start gas production from the now completed second phase of Troll phase 3.
Operator Equinor owns a 30.55% stake in Troll, while state company Petoro holds 55.93%, Shell 8.19%, TotalEnergies 3.69% and ConocoPhillips 1.64%.
($1 = 9.7534 Norwegian crowns)
Reporting by Terje Solsvik; Editing by Nora Buli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Equinor do roku 2030 cílí na produkci 2,3 milionu barelů ropného ekvivalentu denně a více než 40 miliard USD volného peněžního toku. Zároveň plánuje v roce 2026 zpětný odkup akcií za 3 miliardy USD.
Key Takeaways Equinor plans to increase production to 2.3 MMBoe/d by 2030, driven by NCS and international growth.Equinor expects more than $40 billion in free cash flow after capex and lease payments during 2026-2030.Equinor plans a $3B 2026 share buyback program and targets annual dividend growth above 5%. Equinor ASA (EQNR - Free Report) presents an updated strategy focused on delivering higher production, stronger cash flows and enhanced shareholder returns through 2030. Equinor plans to increase total production to 2.3 million barrels of oil-equivalent per day (MMBoe/d) by 2030, driven by growth on the Norwegian Continental Shelf (NCS), and a 30% increase in international oil and gas output. EQNR also expects power generation to exceed 20 terawatt-hours by 2030, supported by projects under execution.
The Norwegian integrated giant is balancing disciplined spending with targeted investments and has outlined an $11-$13 billion capital expenditure (capex) plan for 2027. Equinor will direct roughly 60% of these funds to the NCS, 30% to international oil and gas projects and 10% to power. Management expects cash flow from operations (CFFO), after tax to increase 30% between 2025 and 2030, and forecasts more than $40 billion of free cash flow after capex and lease payments during 2026-2030.
Equinor's NCS portfolio remains a key value driver, supported by low-cost subsea developments with break-even prices below $35 per barrel and payback periods of less than 2.5 years. EQNR has upgraded its NCS production forecast by 100,000 barrels of oil-equivalent per day (Boe/d), with targets set at 1.35 MMBoe/d for 2030 and 1.3 MMBoe/d for 2035.
The Norwegian integrated giant is also expanding its international portfolio in key basins such as the United States, Brazil, Angola, the U.K. and Canada. International production is expected to reach 950,000 Boe/d by 2030, generating $20 billion in free cash flow after capital spending and lease payments over the next five years. EQNR expects CFFO to increase 80% to $9 billion in 2030, while trading and market optimization earnings are projected to rise 25% to $500 million per quarter through increased deployment of digital tools and artificial intelligence.
Equinor is expected to strengthen its shareholder return framework by doubling its 2026 share buyback program to $3 billion and introducing the annual buyback guidance of $2-$4 billion from 2027 onward. EQNR aims increasing its quarterly cash dividend per share by more than 5% per year. Combined with a targeted return on average capital employed above 15%, these initiatives reinforce Equinor's commitment to long-term value creation and capital returns.
Equinor currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector that have a presence in the upstream operations are W&T Offshore, Inc. (WTI - Free Report) , YPF Sociedad Anónima (YPF - Free Report) and Ecopetrol S.A. (EC - Free Report) .
As W&T Offshore, YPF and Ecopetrol have upstream presence like Equinor, their business models are highly sensitive to oil and gas price fluctuations. WTI currently carries a Zacks Rank #2 (Buy), and YPF and EC sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
W&T Offshore leverages a diverse portfolio of offshore assets in the Gulf of America to produce oil and natural gas. Holding approximately 605,000 acres, WTI maintains substantial 1P and 2P reserves, supporting a production lifespan of nearly 20 years.
YPF is an integrated energy company that leverages its strong foothold in Argentina’s Vaca Muerta formation to drive production growth. Increased field activity in the coming quarters is expected to boost YPF's oil and gas volumes in the second half of 2026.
Operating across the hydrocarbon value chain, Ecopetrol serves as Colombia’s leading integrated energy company. EC anticipates achieving production of 730,000-740,000 Boe/d in 2026, and plans to maintain this output between 700,000 and 750,000 Boe/d through 2040.
