Equinor first-quarter profit rises more than expected

Wed, 06th May 2026 06:10

* Adjusted pretax profit $9.77 bln vs forecast $9.0 bln

* Oil and gas ⁠output hits record 2.3 million barrels per day

* Share price up 62% year-to-date on higher energy prices

OSLO, ‌May 6 (Reuters) - Equinor on Wednesday reported a bigger-than-expected rise in first-quarter profits, lifted by record 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.

The downstream division, which includes energy trading, reported a profit of $787 million, exceeding the $693 million expected by analysts and beating the ‌unit's $400 million long-term quarterly guidance.

Brent crude futures have climbed well above $100 per barrel since the outbreak of the Iran war after trading between $60 and $70 for much of the ⁠past 12 ⁠months, and the spot price for physical delivery has ‌risen even more.

Europe's benchmark gas price has also risen sharply, and is now trading around 50% higher after as Qatar is prevented from delivering liquefied natural gas (LNG).

Equinor produced a record ‌2.31 million barrels of oil equivalent per day (boed) in the first quarter, up from 2.12 million boed a year earlier and beating the 2.22 million forecast by analysts.