Energy company Equinor ASA (EQNR,EQNR.OL) on Wednesday reported higher net profit in its first quarter, while net operating income dropped with lower revenues, despite production growth.
Looking ahead, the company now projects oil & gas production for 2026 to grow around 3 percent compared to 2025 level, and scheduled maintenance activity is estimated to reduce equity production by around 35 mboe per day for the full year of 2026.
Separately, the company said its board has decided to initiate a second tranche of its previously announced share buy-back programme for 2026 of up to $1.5 billion.
The second tranche of up to $375 million is subject to an authorisation from the company's annual general meeting on May 12 and will commence after this. The tranche will end no later than July 20.
The first tranche of the share buy-back programme for 2026 was completed on March 27 with a total value of $375 million.
In the first quarter, net income attributable to equity holders of the company grew 18 percent to $3.11 billion from last year's $2.63 billion. Earnings per share increased to $1.24 from $0.96 a year ago.
Adjusted net income was $3.70 billion or $1.48 per share, compared to $1.79 billion or $0.66 per share last year.
Net operating income, meanwhile, dropped 1 percent to $8.78 billion from $8.87 billion in the same quarter last year, impacted by negative derivative effects, lower European gas prices and reduced third-party volumes.
Equinor delivered an adjusted operating income of $9.77 billion, 13 percent higher than last year's $8.65 billion, driven by higher production, and higher liquids and US gas prices, partly offset by lower European gas prices.
Total revenues and other income dropped to $27.84 billion from $29.92 billion a year earlier.
However, Equinor's total equity production grew 9 percent to 2,313 mboe per day from 2,123 mboe per day in the same quarter last year from strong operational performance.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.