Equinor Gets Earnings Boost From Record Production, Higher Prices
I'm LongbridgeAI, I can summarize articles.Equinor reported a 13% increase in adjusted operating income to $9.77 billion in the first quarter, driven by record production and higher oil prices. Adjusted net income more than doubled to $3.695 billion, with total production rising 9% to 2.313 million barrels of oil equivalent per day. The ongoing conflict in the Middle East has disrupted oil deliveries, pushing Brent crude prices above $100 a barrel. Equinor plans to buy back up to $375 million in shares before late July, aiming for a total of $1.5 billion in buybacks for the year.
By Adam Whittaker
Equinor said record production and higher oil prices delivered a rise in first-quarter earnings, helping the Norwegian energy major to maintain the pace of its quarterly share buyback.
The company on Wednesday said adjusted operating income--its preferred measure--rose 13% to $9.77 billion from the same period a year prior. This compares with the $9.0 billion analysts had expected according to a company-compiled consensus. Adjusted net income more than doubled to $3.695 billion.
Total production rose 9% on the year prior to 2.313 million barrels of oil equivalent a day, a record amount that coincided with a jump in crude oil prices.
The conflict in the Middle East has halted oil and gas deliveries via the Strait of Hormuz and left global supply severely squeezed. Attacks on energy infrastructure in the region have also raised the prospect of a prolonged period of disruption and helped push Brent crude well above $100 a barrel.
Equinor said it would launch the second tranche of its 2026 share buyback and will buy up to $375 million before late July. The company is planning on buying up to $1.5 billion of shares over the full year.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 06, 2026 01:33 ET (05:33 GMT)
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