Equinor has underlined a strong start to 2026, reporting adjusted operating income of USD 9.77 billion and adjusted net income of USD 3.70 billion for the first quarter. Net income reached USD 3.10 billion, supported by record production of 2,313 mboe per day, higher liquids prices and firmer US gas prices, partly offset by weaker European gas markets and derivatives effects.
The group’s marketing and trading arm delivered solid contributions, particularly in product sales and US gas, helping to capture additional value from continued commodity price volatility. Equinor ended the quarter with an adjusted net debt to capital employed ratio of 15.3%, down from 17.8% at the end of 2025, reinforcing its capacity to fund both investment and shareholder distributions.
Second buy-back tranche for 2026
Building on these results, Equinor will, after its annual general meeting on 12 May 2026, commence the second tranche of its 2026 share buy-back programme, with a total size of up to USD 375 million. Within this, shares worth up to USD 123.8 million will be purchased in the market, with the remainder achieved through the redemption of shares from the Norwegian State to keep the State’s ownership at 67%.
The tranche, which will run no later than 20 July 2026, forms part of a wider 2026 buy-back framework of up to USD 1.5 billion announced alongside Equinor’s fourth-quarter and full-year 2025 results. Equinor will enter into a non-discretionary agreement with a third party to execute the market purchases, meaning trading decisions will be taken independently of the company.
The second tranche is conditional on the AGM renewing the board’s authorisation to repurchase shares, which would allow market purchases of up to 78 million shares within a price range of NOK 50 to NOK 1,000 per share. The authorisation is expected to remain valid until the AGM in May 2027, and in any case no later than 30 June 2027.
All shares bought back in the market under this tranche will be cancelled through a capital reduction proposed to the AGM in May 2027, alongside the redemption and cancellation of a proportionate number of the State’s shares. The overall aim is to reduce Equinor’s issued share capital, supporting earnings per share and maintaining a balanced capital distribution framework alongside a quarterly cash dividend of USD 0.39 per share.
Strategic positioning and outlook
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President and CEO Anders Opedal said the combination of “exceptional operational performance and record-high production” and higher prices had delivered strong financial results in the quarter. Management reiterated its strategy of balancing investment in oil and gas with continued growth in renewables and low-carbon solutions, while using buy-backs and dividends to return surplus capital.
Future tranches of the 2026 buy-back will be decided by the board on a quarterly basis, taking into account market conditions, balance sheet strength and dividend policy, and will remain subject to renewed authorisation and agreement with the Norwegian State. Investors will now focus on how Equinor manages commodity price swings, executes its project pipeline and sustains shareholder returns through the rest of 2026.
