Equinor first-quarter profit rises more than expected

Wed, 06th May 2026 05:50

OSLO, May 6 (Reuters) - Equinor on Wednesday reported a bigger-than-expected rise in first-quarter profits, lifted ‌by higher output and as oil and ⁠gas prices soared in March due ⁠to the war in the Middle East.

The Norwegian energy group's adjusted earnings before tax for January-March rose to $9.77 billion from $8.65 ‌billion a year earlier, beating the $9.0 billion predicted in a poll of 23 analysts compiled by Equinor.

"This quarter, we deliver exceptional operational performance and record-high production... Combined with higher prices, ‌we present strong financial results," CEO Anders Opedal said in a statement.

Equinor ‌maintained a decision from February to reduce its share buybacks by 70% this year, despite the prospect of windfall profits stemming from Middle East supply ‌disruptions, and kept its regular quarterly cash dividend at $0.39 per share.

The shares of majority state-owned ⁠Equinor ⁠are up 62% year-to-date, outperforming a ‌37% increase in European energy stocks, reflecting its position as a major supplier of oil and gas ‌to Europe and with no direct exposure to the Middle East. (Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)