Equinor reported net income of $4.84bn (Nkr46.39bn) for the second quarter of 2026 (Q2 2026), up 266.7% from $1.32bn in the same period last year.
The Norwegian energy company’s basic earnings per share (EPS) for Q2 2026, ended 30 June, rose year-over-year (YoY) by 298% to $1.99 from $0.50.
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Equinor’s total revenues and other income for the quarter amounted to $35.18bn, reflecting a 40% increase from $25.15bn in the previous year. This growth was attributed to performance across its business segments.
Adjusted operating income was $11.48bn, while adjusted net income was $3.22bn, leading to an adjusted EPS of $1.33. Reported net operating income increased to $12.99bn from $5.72bn in the prior-year quarter, an increase of 127.1%.
These results were influenced by higher global liquid prices and European gas prices, partially offset by lower US gas prices.
The company reported an increase in cash flow from operations after taxes paid, which rose to $7.68bn from $1.94bn in the same quarter of the previous year, a 296% rise.
Equinor’s cash flow from operations before taxes paid and working capital items reached $14.75bn.
The company’s production growth was recorded at 3%, with total equity production reaching 2.165 million barrels of oil equivalent per day (mboe/d), up from 2.096mboe/d in the same quarter last year.
This increase was driven by new fields such as Eirin and Symra coming on stream, supported by Johan Sverdrup and new wells, despite planned turnaround activity and natural decline.
In the international oil and gas reporting segment, production increased by 4% due to contributions from the Adura field in the UK and the Bacalhau field in Brazil. This was partially offset by portfolio changes and operational issues at Roncador in Brazil.
On the Norwegian Continental Shelf (NCS), Equinor awarded contracts for the first wave of NCS tie-back projects and secured strategic transactions to unlock additional value and accelerate development.
During the reported Q2, Equinor, along with partners, took a final investment decision for the Greater PAJ project in Angola. The company also engaged in exploration activity on ten wells, completing seven, with three appraisal wells on the NCS confirming previously reported commercial discoveries.
Equinor realised a European gas price of $15.8 per million British thermal units and a liquids price of $97.9 per barrel of oil in Q2. The company’s organic capital expenditure (capex) was $3.35bn, with total capex at $3.57bn.
The net debt to capital employed adjusted ratio was 10.4% at the end of Q2, compared to 15.3% last quarter.
In the quarter, Equinor paid the final three NCS tax instalments for 2025, totalling $6.4bn.
Equinor president and CEO Anders Opedal said: “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.”
