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6-K
1
equinorfinancialstatements.htm
EQUINOR SECOND QUARTER 2026 REPORT

Equinor Financial Statements and Review Q2 2026

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File Number 1-15200
Equinor ASA
(Translation of registrant’s name into English)
FORUSBEEN 50 NO-4035, STAVANGER, Norway
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F X      Form 40-F
This Report on Form 6-K contains a report of the second quarter 2026 results of Equinor ASA.

2026

Second quarter
Financial statements and review

Equinor second quarter 2026

2

Press release

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Key figures

Operational

2,165

MBOE/D

Equity oil & gas production per 
day

1.19

TWh

Total power generation,
Equinor share

0.91

TWh

Renewable power 
generation, 
Equinor share

Financial

12.99

11.48

USD BILLION

USD BILLION

Net operating
income

Adjusted operating 
income*

7.68

1.33

USD BILLION

USD

Cash flow from operations 
after taxes paid*

Adjusted earnings 
per share*

0.39

3

USD PER SHARE

USD BILLION

Announced cash 
dividend per share

Share buy-back 
programme for 2026

Sustainability

0.25

SIF

Serious incident 
frequency (per million 
hours worked)

6.0

KG / BOE

CO₂ upstream intensity. 
Scope 1 CO₂ emissions, 
Equinor operated, 100% basis 
for the first half of 2026

5.0

MILLION TONNES CO2e

Absolute scope 1+2 GHG 
emissions for the first half 
of 2026 

Always safe
High value
Low carbon

Equinor second quarter 2026

3

Press release

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Equinor second quarter 2026 results

Equinor delivered an adjusted operating income* of USD 11.48 billion in the second quarter of 2026. Equinor reported a net operating income of USD 12.99 billion 
and a net income of USD 4.84 billion. Adjusted net income* was USD 3.22 billion, leading to adjusted earnings per share* of USD 1.33.

Delivering on strategy: more energy, growing cash flow and 
superior returns
•Contracts awarded for first wave of NCS tie-back projects
•Strategic transactions on the NCS to harmonise ownership and 
progress Ringvei Vest
•FID taken for Greater PAJ in Angola

Strong production, cash flow and financial results
•Production growth of 3%
•High value creation from asset-backed trading
•Cash flow from operations after taxes paid* of USD 7.7 billion

Capital distribution
•Second quarter cash dividend of USD 0.39 per share
•Third tranche of the share buy-back of up to USD 1,125 million
•Expected share buy-back of USD 3 billion for 2026

Anders Opedal, President and CEO of Equinor ASA:
“Strong production in the second quarter enabled us to capture value 
from higher prices, contributing to strong cash flow and financial results.” 
“We made progress on our priorities set out at the Capital Markets Day to 
deliver more energy, growing cash flow and superior returns. In the 
quarter, we strengthened our portfolio through project execution and 
strategic transactions.”
“Reliable energy is important in a volatile world marked by heightened 
geopolitical tension. Our role is to deliver energy safely and efficiently 
every day.”
Anders Opedal

Equinor second quarter 2026

4

Press release

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Financial information 

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Net operating income/(loss)

12,993

8,784

5,721

>100%

21,776

14,595

49%

Net income/(loss)

4,836

3,105

1,317

>100%

7,940

3,947

>100%

Basic earnings per share (USD)

1.99

1.24

0.50

>100%

3.23

1.48

>100%

Adjusted operating income*

11,482

9,770

6,535

76%

21,252

15,180

40%

Adjusted net income*

3,225

3,695

1,670

93%

6,920

3,460

>100%

Adjusted earnings per share* (USD)

1.33

1.48

0.64

>100%

2.81

1.29

>100%

Cash flows provided by operating activities

9,470

5,213

2,477

>100%

14,683

11,518

27%

Cash flow from operations after taxes paid*

7,677

6,019

1,938

>100%

13,696

9,332

47%

Net cash flow before capital distribution*

5,484

2,947

(1,289)

N/A

8,431

3,257

>100%

Operational information

Group average liquids price (USD/bbl) [1]

97.9

78.6

63.0

55%

87.9

66.6

32%

Total equity liquids and gas production (mboe per day) [3]

2,165

2,313

2,096

3%

2,239

2,109

6%

Total power generation (TWh) Equinor share

1.19

1.39

1.12

6%

2.58

2.52

2%

Renewable power generation (TWh) Equinor share

0.91

0.98

0.83

11%

1.89

1.58

19%

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported 
numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and Supplementary disclosures.
* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures. 
[ ] For items marked with numbers within brackets, see End notes in the Supplementary disclosures. 

Adjusted 
operating income*

E&P equity liquids 
and gas production

Total power 
generation 
Equinor share

Key figures by segment

(USD million)

(mboe/day)

(TWh)

E&P Norway

9,187

1,415

0.03

E&P International

843

317

E&P USA

720

433

MMP1)

777

Power1)

(30)

1.16

Other incl. eliminations

(15)

Equinor Group Q2 2026

11,482

2,165

1.19

Equinor Group Q2 2025

6,535

2,096

1.12

Equinor Group first half 2026

21,252

2,239

2.58

Equinor Group first half 2025

15,180

2,109

2.52

Net debt to capital employed adjusted*

30 June 2026

31 December 2025

%-point change

Net debt to capital employed adjusted*

10.4%

17.8%

(7.4%)

Dividend (USD per share)

Q2 2026

Q1 2026

Q2 2025

Cash dividend per share

0.39

0.39

0.37

In the first six months of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 
share buy-back programmes for USD 354 million.

Equinor second quarter 2026

5

Press release

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

More energy through strong production
Equinor delivered high production in the second 
quarter with a total equity production of 2,165 mboe 
per day in the second quarter. This is a 3% increase 
compared to 2,096 mboe per day in the same 
quarter last year.
Production from new fields, including Eirin and 
Symra coming on stream, drove a 4% production 
increase on the Norwegian continental shelf (NCS) 
compared to the second quarter of 2025. Johan 
Sverdrup and new wells supported the production, 
while planned turnaround activity and natural decline 
partially offset the result.
The addition of production from Adura in the UK and 
the Bacalhau field in Brazil, as well as lower 
turnaround activity, contributed to a 4% production 
increase in the international oil and gas reporting 
segment compared to the same period last year. 
This was partially offset by portfolio changes, in 
addition to natural decline and operational issues at 
Roncador in Brazil.
The production in the US was stable in the quarter 
compared to the same quarter last year.
Total power generation was 1.19 TWh. Driven by 
Dogger Bank B and new onshore assets, renewable 
power generation increased by 11% compared to the 
second quarter of 2025. The increase in total power 
generation was partially offset by lower gas-to-power 
generation. 
Growing cash flow with strong financial 
results
Equinor delivered an adjusted operating income* of 
USD 11.48 billion and USD 3.44 billion after tax* in 
the second quarter. The results are primarily 
impacted by higher liquid prices globally and 
European gas prices, partially offset by lower US gas 
prices.
The reported net operating income of USD 12.99 
billion is up from USD 5.72 billion in the same 
quarter last year. Results were supported by higher 
prices, positive derivative effects and the sale of 
assets in Argentina.
Equinor realised a European gas price of USD 15.8 
per mmbtu and a liquids price of USD 97.9 per bbl in 
the second quarter.
The Marketing, Midstream and Processing results 
were strong, primarily driven by strong crude trading 
and refining performance.
Adjusted operating and administrative expenses* 
were higher compared to the same quarter last year. 
This was mainly due to higher transportation costs 
from increased freight rates and currency effects.
High production combined with higher prices 
generated cash flows provided by operating 
activities, before taxes paid and working capital 
items, of USD 14.75 billion.
In the quarter, Equinor paid the final three NCS tax 
instalments for 2025 totalling USD 6.4 billion.
Cash flow from operations after taxes paid* ended at 
USD 7.68 billion.
Organic capital expenditure* was USD 3.35 billion 
and total capital expenditures were USD 3.57 billion.
The net debt to capital employed adjusted ratio* was 
10.4% at the end of the second quarter, compared to 
15.3% last quarter.
Executing on strategy
On the NCS, Equinor awarded contracts for the first 
wave of NCS tie-back projects and secured a series 
of strategic transactions to unlock additional value, 
accelerate development and strengthen the position 
in key areas.
Moreover, production started at both the Symra and 
the Eirin field, of which the latter is expected to 
extend the production from the Gina Krog platform 
by seven years.
In the quarter, Equinor, together with partners, took a 
final investment decision for the offshore oil 
development Greater PAJ project in Angola. 
Equinor had exploration activity on ten wells in the 
quarter. Seven wells were completed, of which three  
appraisal wells on the NCS confirm previously 
reported commercial discoveries.

Health, safety and the environment

Twelve months average per 
Q2 2026

Full year 2025

Serious incident frequency (SIF)

0.25

0.21

First half 2026

Full year 2025

Upstream CO₂ intensity (kg CO₂/boe)

6.0

6.3

First half 2026

First half 2025¹⁾

Absolute scope 1+2 GHG emissions (million tonnes CO₂e)

5.0

4.9

1)Due to a change in the assets included within operational control boundaries related to Technical Service Provider arrangements, 
the 2025 results have been restated. For further information, see the 2025 Annual report.

Equinor second quarter 2026

6

Press release

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Capital distribution 
The board of directors has decided a cash dividend of 
USD 0.39 per share for the second quarter 2026. This is in 
line with the communication on 4 February 2026, when 
results for the fourth quarter of 2025 were announced.  
At the Capital Markets Day on 16 June this year, Equinor 
announced an intention to increase the share buy-back 
programme for 2026 by USD 1.5 billion. This brings the 
total expected programme for 2026 to up to USD 3 billion, 
including shares to be redeemed from the Norwegian 
State. The board has decided to initiate a third tranche of 
the share buy-back programme for 2026 of up to USD 
1,125 million. The tranche will commence on 23 July and 
end no later than 26 October 2026. 
The second tranche of the share buy-back programme for 
2026 was completed on 16 July 2026 with a total value of 
USD 375 million.
All share buy-back amounts include shares to be 
redeemed by the Norwegian State.

Equinor second quarter 2026

7

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Second quarter 2026 review

Group review

8

Outlook 

10

Supplementary operational disclosures

11

Exploration & Production Norway

13

Exploration & Production International

14

Exploration & Production USA

15

Marketing, Midstream & Processing

16

Power

17

Equinor second quarter 2026

8

Group review

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Group review

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total revenues and other income

35,177

27,843

25,145

40%

63,020

55,066

14%

Total operating expenses

(22,184)

(19,059)

(19,424)

14%

(41,244)

(40,471)

2%

Net operating income/(loss)

12,993

8,784

5,721

>100%

21,776

14,595

49%

Net financial items

37

960

38

(2%)

997

56

>100%

Income tax

(8,194)

(6,639)

(4,441)

84%

(14,833)

(10,704)

39%

Net income/(loss)

4,836

3,105

1,317

>100%

7,940

3,947

>100%

Adjusted total revenues and other income*

34,023

28,403

25,115

35%

62,426

54,713

14%

Adjusted purchases* [2]

(16,320)

(12,528)

(12,838)

27%

(28,849)

(28,355)

2%

Adjusted operating and administrative expenses*

(3,441)

(3,432)

(3,094)

11%

(6,873)

(6,237)

10%

Adjusted depreciation, amortisation and net 
impairments*

(2,591)

(2,520)

(2,466)

5%

(5,111)

(4,630)

10%

Adjusted exploration expenses*

(189)

(152)

(183)

3%

(341)

(310)

10%

Adjusted operating income/(loss)*

11,482

9,770

6,535

76%

21,252

15,180

40%

Adjusted net financial items*

(313)

950

(106)

>100%

637

(336)

N/A

Income tax less tax effect on adjusting items 

(7,944)

(7,024)

(4,758)

67%

(14,969)

(11,384)

31%

Adjusted net income* 

3,225

3,695

1,670

93%

6,920

3,460

>100%

Basic earnings per share (in USD)

1.99

1.24

0.50

>100%

3.23

1.48

>100%

Adjusted earnings per share* (in USD)

1.33

1.48

0.64

>100%

2.81

1.29

>100%

Capital expenditures and Investments

2,872

3,116

3,401

(16%)

5,988

6,428

(7%)

Cash flows provided by operating activities

9,470

5,213

2,477

>100%

14,683

11,518

27%

Cash flows from operations after taxes paid*

7,677

6,019

1,938

>100%

13,696

9,332

47%

Operational information

Quarters

Change

First half

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total equity liquid and gas production (mboe/day)

2,165

2,313

2,096

3%

2,239

2,109

6%

Total entitlement liquid and gas production (mboe/day)

2,032

2,200

1,979

3%

2,115

1,990

6%

Total Power generation (TWh) Equinor share

1.19

1.39

1.12

6%

2.58

2.52

2%

Renewable power generation (TWh) Equinor share

0.91

0.98

0.83

11%

1.89

1.58

19%

Average Brent oil price (USD/bbl)

104.5

80.6

67.8

54%

92.6

71.7

29%

Group average liquids price (USD/bbl) [1]

97.9

78.6

63.0

55%

87.9

66.6

32%

E&P Norway average internal gas price (USD/mmbtu)

14.07

11.19

10.60

33%

12.57

11.96

5%

E&P USA average internal gas price (USD/mmbtu)

1.96

4.69

2.41

(19%)

3.37

2.82

20%

Operations and financial results
Equinor delivered strong production in the second 
quarter of 2026 amid seasonal turnaround activity, 
capturing value from high prices and realising strong 
financial results.
In E&P Norway, the ramp-up of the Johan Castberg, 
Halten East and Verdande fields drove higher 
production in both the second quarter and first half of 
2026 compared to the same periods last year. 
Production in the quarter was further supported by 
strong contributions from Johan Sverdrup and new 
wells brought on stream, while natural decline and 
planned turnarounds partially offset the increase.
Production in E&P USA remained broadly stable in 
the second quarter of 2026 compared to the same 
quarter last year. Increased operational activity in the 
Appalachian region earlier in the year and new 
offshore wells more than offset natural decline, 
resulting in higher production for the first half of 
2026.
An increased number of assets following the 
formation of Adura, together with the start-up of 
production from Bacalhau in the fourth quarter of 
2025, contributed to higher E&P International 
production in both the second quarter and first half of 
2026. The increase was partially offset by the sale of 
the 40% operated interest in Peregrino in late 2025 
and the divestment of Argentina onshore assets in 
the quarter.
Renewable power generation increased by 11% in 
the second quarter and 19% in the first half of 2026 
compared to the same periods last year, supported 
by the ramp-up of Dogger Bank and contributions 
from the newly operational asset Serra da Babilônia 
Solar. The increase in renewable generation more 

Equinor second quarter 2026

9

Group review

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

than offset lower gas-to-power generation, resulting 
in higher total power generation in both periods.
In the second quarter, Marketing, Midstream and 
Processing delivered strong results amid geopolitical 
market volatility, primarily driven by Crude, Products 
and Liquids through high physical margins in crude 
trading and strong shipping optimisation. Strong 
European refining margins also contributed to group 
performance.
Revenue for the second quarter and first half of 2026 
increased compared to the same periods last year, 
mainly driven by higher commodity prices, despite 
reduced sales of third-party volumes.
Operating and administrative expenses increased in 
the quarter and first half of 2026, largely driven by 
higher transportation costs from increased freight 
rates, and other variable elements. The increase 
was further impacted by the strengthening of the 
NOK against the USD. Portfolio changes in E&P 
International partially offset the increase. For the first 
half of 2026, reduced business development and 
early-phase project activity within the power and low 
carbon solutions businesses also partially offset the 
increase.
The ramp-up of new fields on the NCS and 
strengthening of the NOK against the USD 
contributed to higher depreciation in the quarter and 
first half of 2026. The increase was partially offset by 
increased proved reserves and the classification of 
certain E&P International assets as held for sale.
Exploration expenses increased in the second 
quarter and first half of 2026 compared to the same 
periods last year, mainly due to higher field 
development costs across the portfolio, partially 
offset by a higher capitalisation rate in E&P Norway.
In the second quarter, net operating income included 
a gain on the sale of Argentina onshore assets and 
an impairment related to an onshore asset in 
Norway.
Net financial items was slightly lower in the second 
quarter of 2026 compared to the same quarter last 
year, but increased in the first half of 2026 relative to 
the same period last year, benefitting from positive 
fair value development on financial investments 
earlier in the year.

Taxes 
The effective reported tax rate of 62.9% for the 
second quarter of 2026 decreased compared to 
77.1% in the second quarter of 2025. The decrease 
was mainly due to lower share of income from NCS, 
subject to the statutory tax rate of 78%.
For the same reason, effective reported tax rate 
decreased from 73.1% in the first half of 2025 to 
65.1% in the first half of 2026. 
Cash flow and net debt 
High commodity prices, combined with strong 
production, generated cash flow provided by 
operating activities before taxes paid and working 
capital items of USD 14,752 million in the quarter, up 
from USD 9,167 million in the same period last year.
Cash flow from operations after taxes paid* 
increased to USD 7,677 million from USD 1,938 
million in the same quarter last year, mainly 
reflecting higher income before tax. For the first half 
of 2026, cash flow from operations after taxes paid* 
increased to USD 13,696 million compared to USD 
9,332 million in the same period last year.
Tax payments in the second quarter totalled USD 
7,075 million, compared with USD 7,229 million in 
the same period last year. The payments mainly 
represented the final three scheduled Norwegian 
corporation tax instalments related to 2025 earnings. 
NCS instalments related to 2026 earnings are 
scheduled with five instalments in the second half of 
2026 and five instalments in the first half of 2027. 
The first instalment is due 1 August 2026 with a total 
amount of NOK 23.3 billion. 
A working capital decrease of USD 1,793 million 
positively impacted cash flow in the second quarter 
of 2026, mainly reflecting lower inventory and 
receivable balances driven by price and volume 
effects during the quarter.
Net cash flow before capital distribution* increased 
from USD 2,947 million in the first quarter to USD 
5,484 million in the second quarter, mainly due to 
higher cash flow from operations after taxes paid*. 
The divestment of onshore assets in Argentina also 
contributed to the increase in the quarter.
In the second quarter, net cash flow* amounted to an 
inflow of USD 4,430 million, after capital distributions 
of USD 1,054 million. This compares with an outflow 
of USD 2,579 million in the same quarter last year.
A decrease in net interest-bearing debt adjusted*, 
mainly due to higher cash, cash equivalents and 
current financial investments, reduced the net debt 
to capital employed adjusted* ratio at the end of 
June 2026 to 10.4%, from 15.3% at the end of March 
2026. The reduction was partially offset by a USD 
2,821 million liability to the state, which was settled 
in July. The liability relates to share buy-backs for the 
second to fourth tranches of the 2025 programme 
and the first tranche of the 2026 programme. These 
share buy-backs were approved at the general 
meeting held on 12 May 2026. Equity was impacted 
by capital distributions of USD 5.1 billion, comprising 
dividends from the previous two quarters of USD 1.9 
billion and share buy-back of USD 3.2 billion, 
including the liability to the state.

Capital distribution
The board of directors has decided a cash dividend 
of USD 0.39 per share for the second quarter 2026. 
This is in line with the communication on 4 February 
2026, when results for the fourth quarter of 2025 
were announced.  
At the Capital Markets Day on 16 June this year, 
Equinor announced an intention to increase the 
share buy-back programme for 2026 by USD 1.5 
billion. This brings the total expected programme for 
2026 to up to USD 3 billion, including shares to be 
redeemed from the Norwegian State. The board has 
decided to initiate a third tranche of the share buy-
back programme for 2026 of up to USD 1,125 
million. The tranche will commence on 23 July and 
end no later than 26 October 2026. 
The second tranche of the share buy-back 
programme for 2026 was completed on 16 July 2026 
with a total value of USD 375 million.
All share buy-back amounts include shares to be 
redeemed by the Norwegian State.

Health, safety and the environment 
The twelve-month average serious incident 
frequency (SIF) for the period ending 30 June 2026 
was 0.25, an increase from 2025 which ended at 
0.21.
Equinor’s absolute Scope 1 and 2 GHG emissions 
from operated production (100% basis) were 5.0 
million tonnes CO₂e in the first half of 2026, 
representing an increase of 0.1 million tonnes CO₂e 
compared to the same period last year. The increase 
was primarily driven by the start-up at Bacalhau, as 
well as higher production at Hammerfest LNG 
following the 2025 turnaround. This was partially 
offset by operatorship transfers within the 
international portfolio, including Mariner and 
Peregrino. 

Equinor second quarter 2026

10

Outlook

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Outlook 
•Organic capital expenditures* are estimated at 
around USD 13 billion for 20261.
•Oil & gas production for 2026 is estimated to 
grow around 3% compared to 2025 level [4].
•Equinor’s ambition is to keep the unit of 
production cost in the top quartile of its peer 
group.
•Scheduled maintenance activity is estimated to 
reduce equity production by around 35 mboe per 
day for the full year of 2026.
These forward-looking statements reflect current 
views about future events and are, by their nature, 
subject to significant risks and uncertainties because 
they relate to events and depend on circumstances 
that will occur in the future. Deferral of production to 
create future value, gas off-take, timing of new 
capacity coming on stream and operational regularity 
and levels of industry product supply, demand and 
pricing represent the most significant risks related to 
the foregoing production guidance. Our future 
financial performance, including cash flow and 
liquidity, will be affected by geopolitical and 
macroeconomic conditions, changes in the 
regulatory and policy landscape, the development in 
realised prices, including price differentials, tolls and 
tariffs and other factors discussed elsewhere in the 
report.
Risk and uncertainties
The description of key risks in chapter 5.2 (Risk 
Factors) of Equinor's Integrated Annual Report for 
the year ended 31 December 2025 provides an 
overview of the principal risks and uncertainties 
which may affect Equinor in the remaining six 
months of the financial year. The Value chain risks, 
Safety, security and sustainability risks, and 
Compliance and business integrity  risks described 
therein and summarised in the section “Forward 
Looking Statements” in the Supplementary 
disclosures could, separately or in combination, have 
an adverse effect on our operational and financial 
performance (including cash flows and liquidity), the 
implementation of our strategy, our reputation and 
the market price of our securities. 
For further information, see section Forward-looking 
statements in the report.

 1) USD/NOK exchange rate assumption of 10

Equinor second quarter 2026

11

Supplementary operational disclosures

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Supplementary operational disclosures

Quarters

Change

First half

Quarters

Change

First half

Operational information

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Operational information

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Prices

Equity production (mboe per day)

Average Brent oil price (USD/bbl)

104.5

80.6

67.8

54%

92.6

71.7

29%

E&P Norway equity liquids production

690

730

655

5%

710

640

11%

E&P Norway average liquids price (USD/bbl) 

102.3

84.1

65.4

57%

92.9

69.2

34%

E&P International equity liquids production

261

272

267

(2%)

266

270

(1%)

E&P International average liquids price (USD/bbl)

93.0

73.0

60.1

55%

81.7

64.2

27%

E&P USA equity liquids production

156

150

147

6%

153

147

4%

E&P USA average liquids price (USD/bbl)

84.4

60.9

56.3

50%

72.9

58.7

24%

Group equity liquids production

1,107

1,152

1,070

4%

1,130

1,057

7%

Group average liquids price (USD/bbl) [1]

97.9

78.6

63.0

55%

87.9

66.6

32%

E&P Norway equity gas production

724

795

704

3%

759

734

3%

Group average liquids price (NOK/bbl) [1]

923

765

649

42%

842

713

18%

E&P International equity gas production

56

67

39

45%

62

37

66%

E&P Norway average internal gas price (USD/mmbtu) [7]

14.07

11.19

10.60

33%

12.57

11.96

5%

E&P USA equity gas production

277

299

283

(2%)

288

281

3%

E&P USA average internal gas price (USD/mmbtu) [7]

1.96

4.69

2.41

(19%)

3.37

2.82

20%

Group equity gas production

1,058

1,161

1,026

3%

1,109

1,052

5%

Realised piped gas price Europe (USD/mmbtu) [6]

15.79

12.95

12.00

32%

14.29

13.44

6%

Total equity liquids and gas production [3] [5]

2,165

2,313

2,096

3%

2,239

2,109

6%

Realised piped gas price US (USD/mmbtu) [6]

2.30

5.94

2.73

(16%)

4.11

3.30

24%

Power generation

Entitlement production (mboe per day)

Total power generation (TWh) Equinor share

1.19

1.39

1.12

6%

2.58

2.52

2%

E&P Norway entitlement liquids production

690

730

655

5%

710

640

11%

Renewable power generation (TWh) Equinor share1)

0.91

0.98

0.83

11%

1.89

1.58

19%

E&P International entitlement liquids production

200

236

224

(11%)

218

224

(3%)

E&P USA entitlement liquids production

142

134

132

7%

138

132

4%

1)Includes Hywind Tampen renewable power generation.

Group entitlement liquids production

1,032

1,100

1,011

2%

1,066

996

7%

E&P Norway entitlement gas production

724

795

704

3%

759

734

3%

E&P International entitlement gas production

41

51

22

85%

46

21

>100%

E&P USA entitlement gas production

234

254

242

(3%)

244

239

2%

Group entitlement gas production

999

1,099

968

3%

1,049

994

6%

Total entitlement liquids and gas production [3] [5]

2,032

2,200

1,979

3%

2,115

1,990

6%

Equinor second quarter 2026

12

Supplementary operational disclosures

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Health, safety and the environment

Twelve months 
average per Q2 2026

Full year 2025

Total recordable injury frequency (TRIF)

2.8

2.3

Serious Incident Frequency (SIF)

0.25

0.21

Oil and gas leakages (number of)1)

5

6

First half 2026

Full year 2025

Upstream CO₂ intensity (kg CO₂/boe)2)

6.0

6.3

First half 2026

First half 2025⁴⁾

Absolute scope 1+2 GHG emissions (million tonnes CO₂e)3)

5.0

4.9

1)Number of leakages with rate above 0.1kg/second during the past 12 months.
2)Operational control, total scope 1 emissions of CO2 from exploration and production, divided by total production (boe). 
3)Operational control, total scope 1 and 2 emissions of CO2 ,CH4 and N2O.
4)Due to a change in the assets included within operational control boundaries related to Technical Service Provider arrangements, the 
2025 results have been restated. For further information see the 2025 Annual report.

Equinor second quarter 2026

13

Exploration & Production Norway

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Exploration & Production Norway

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total revenues and other income

12,070

10,475

8,236

47%

22,544

18,288

23%

Total operating expenses

(2,882)

(2,779)

(2,530)

14%

(5,661)

(4,639)

22%

Net operating income/(loss)

9,187

7,696

5,706

61%

16,883

13,650

24%

Adjusted total revenues and other income*

12,070

10,475

8,236

47%

22,544

17,797

27%

Adjusted operating and administrative expenses*

(1,139)

(1,093)

(1,077)

6%

(2,232)

(1,968)

13%

Adjusted depreciation, amortisation and net 
impairments*

(1,648)

(1,575)

(1,338)

23%

(3,223)

(2,465)

31%

Adjusted exploration expenses*

(96)

(111)

(115)

(17%)

(206)

(206)

0%

Adjusted operating income/(loss)*

9,187

7,696

5,706

61%

16,883

13,158

28%

Additions to PP&E, intangibles and equity 
accounted investments

1,901

1,863

1,674

14%

3,764

4,083

(8%)

Operational information

Quarters

Change

First half

E&P Norway

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

E&P entitlement liquid and gas production (mboe/
day)

1,415

1,525

1,359

4%

1,469

1,374

7%

Average liquids price (USD/bbl)

102.3

84.1

65.4

57%

92.9

69.2

34%

Average internal gas price (USD/mmbtu)

14.07

11.19

10.60

33%

12.57

11.96

5%

Production and revenues
In the second quarter of 2026, solid production levels 
led to an increase in production compared to the 
same quarter last year. The increase was driven by 
ramp‑up of new fields, primarily Johan Castberg, 
Halten East and Verdande, and new wells, partially 
offset by planned turnarounds and natural decline in 
mature fields. Liquids production increased more 
than gas in the quarter, reflecting the higher share of 
liquids in production from the new fields.
Strong production in the first quarter of 2026 with no  
turnarounds contributed to the marked increase in 
production when comparing the first half of 2026 to 
the same period last year.
A robust production level and increased gas and 
liquids prices resulted in higher total revenues and 
other income during the second quarter of 2026 and 
the first half of 2026, relative to the corresponding 
periods in 2025.
Operating expenses and financial results
Higher environmental costs and increased electricity 
prices were the primary drivers of higher total 
operating expenses in the second quarter and first 
half of 2026 compared to the same periods last year, 
further impacted by the strengthening of the NOK 
against the USD. There was a significant overlift 
effect in the second quarter of 2025 which partially 
offset the relative increase.
Ramp-up of new fields, field-specific investments 
and strengthening of the NOK against the USD led 
to higher depreciation and amortisation costs in the 
second quarter of 2026 compared to the same 
period last year, partially offset by increased proved 
reserves. The same factors drove the increase for 
the first half of 2026 relative to the first half of 2025. 
The exploration activity in the second quarter of 
2026 was lower than in the same quarter last year, 
with activity related to seven wells, including three 
successful appraisal wells. A higher capitalisation 
rate led to a decrease in exploration expenses, 
which was partially offset by increased field 
development costs. For the first half of 2026, higher 
drilling expenditure, together with the factors 
mentioned above, resulted in stable costs compared 
to the same period in 2025.
In the first half of 2025, net operating income 
included a gain related to the swap transaction with 
Petoro of USD 491 million. 
Additions to PP&E, intangibles and equity accounted 
investments in the second quarter of 2026 were 
significantly impacted by the USD/NOK exchange 
rate development. The first half of 2026 was 
positively impacted by a settlement related to the 
Hugin unit; however, additions overall decreased 
from 2025 to 2026, mainly driven by the assets 
acquired in the swap transaction with Petoro in the 
first half of 2025, amounting to USD 1,086 million.

Equinor second quarter 2026

14

Exploration & Production International

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Exploration & Production International

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total revenues and other income

2,202

1,504

1,348

63%

3,705

2,919

27%

Total operating expenses

(838)

(888)

(932)

(10%)

(1,726)

(1,924)

(10%)

Net operating income/(loss)

1,363

616

415

>100%

1,979

995

99%

Adjusted total revenues and other income*

1,681

1,504

1,348

25%

3,185

2,870

11%

Adjusted purchases*

78

(60)

(67)

N/A

18

(65)

N/A

Adjusted operating and administrative expenses*

(565)

(507)

(490)

15%

(1,072)

(1,057)

1%

Adjusted depreciation, amortisation and net 
impairments*

(284)

(285)

(310)

(8%)

(569)

(705)

(19%)

Adjusted exploration expenses*

(67)

(37)

(51)

31%

(104)

(84)

24%

Adjusted operating income/(loss)*

843

616

429

96%

1,458

960

52%

Additions to PP&E, intangibles and equity 
accounted investments

440

743

622

(29%)

1,182

1,383

(15%)

Operational information

Quarters

Change

First half

E&P International

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

E&P equity liquid and gas production (mboe/day)

317

339

306

4%

328

308

7%

E&P entitlement liquid and gas production (mboe/
day)

241

287

246

(2%)

264

245

8%

Production sharing agreements (PSA) effects

76

52

60

27%

64

63

2%

Average liquids price (USD/bbl)

93.0

73.0

60.1

55%

81.7

64.2

27%

Production and revenues
An increased number of assets following the 
formation of Adura, together with the start-up of 
Bacalhau in the fourth quarter of 2025, led to an 
increase in equity production in the second quarter 
and first half of 2026 compared to the same periods 
last year. Lower turnaround activities further 
contributed to the increase. The increase was 
partially offset by the sale of the 40% operated 
interest in Peregrino in November 2025 and the 
Argentina onshore assets in May 2026. Furthermore, 
operational issues at Roncador and natural 
production decline in certain fields negatively 
impacted overall production volumes in the second 
quarter and the first half of 2026.
Production Sharing Agreements (PSA) effects 
increased in the second quarter and the first half of 
2026 compared to the same periods last year mainly 
due to higher liquids prices. 
Higher prices, together with an overlift timing effect, 
contributed positively to adjusted total revenues and 
other income* in the second quarter and the first half 
of 2026 compared to the same periods last year. 
Operating expenses and financial results
Operating and administrative expenses were higher 
in the second quarter and the first half of 2026 
compared to the same periods last year, primarily 
due to increased operating costs following the start-
up of production at Bacalhau in the fourth quarter of 
2025, as well as higher royalties and variations in the 
over/underlift position.
The increase was partially offset by the sale of the 
40% operated interest in the Peregrino field and the 
transfer of UK assets to Adura.
The classification of the Argentina onshore assets as 
held for sale from February 2026 until their 
divestment in May 2026, together with the 
divestment of the 40% operated interest in the 
Peregrino field in November 2025 and the 
classification of the remaining 20% interest as held 
for sale since May 2025, resulted in lower 
depreciation in the second quarter and the first half 
of 2026 compared to the corresponding periods in 
2025.
Increased early phase costs related to a project in 
Canada led to higher exploration expenses in the 
second quarter and first half of 2026 compared to 
the corresponding periods last year.
Net operating income in the second quarter of 2026 
and first half of 2026 was positively impacted by a 
gain on the sale of the Argentina onshore assets of 
USD 467 million. 
Additions to PP&E, intangibles and equity accounted 
investments decreased in the second quarter and 
first half of 2026, reflecting lower development 
expenditure following the start-up of Bacalhau, as 
well as reduced investments in the Argentina 
onshore assets and Peregrino after their 
classification as held for sale. 

Equinor second quarter 2026

15

Exploration & Production USA

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Exploration & Production USA
Production and revenues

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total revenues and other income

1,374

1,383

1,040

32%

2,757

2,237

23%

Total operating expenses

(654)

(638)

(858)

(24%)

(1,293)

(1,543)

(16%)

Net operating income/(loss)

720

745

183

>100%

1,465

694

>100%

Adjusted total revenues and other income*

1,374

1,383

1,040

32%

2,757

2,237

23%

Adjusted operating and administrative expenses*

(270)

(281)

(306)

(12%)

(551)

(617)

(11%)

Adjusted depreciation, amortisation and net 
impairments*

(359)

(352)

(536)

(33%)

(711)

(906)

(22%)

Adjusted exploration expenses*

(25)

(5)

(16)

60%

(31)

(21)

48%

Adjusted operating income/(loss)*

720

745

183

>100%

1,465

694

>100%

Additions to PP&E, intangibles and equity 
accounted investments

366

243

294

25%

609

601

1%

Operational information

Quarters

Change

First half

E&P USA

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

E&P equity liquid and gas production (mboe/day)

433

449

431

1%

441

427

3%

E&P entitlement liquid and gas production (mboe/
day)

376

387

374

0%

382

371

3%

Royalties

57

62

57

1%

60

57

5%

Average liquids price (USD/bbl)

84.4

60.9

56.3

50%

72.9

58.7

24%

Average internal gas price (USD/mmbtu)

1.96

4.69

2.41

(19%)

3.37

2.82

20%

E&P USA reported stable production volumes in the 
second quarter of 2026 compared with the 
corresponding period in 2025. Lower onshore 
production due to curtailments in Appalachia North in 
response to low basin prices was offset by slightly 
higher US offshore production from new wells 
brought on stream since the second quarter of 2025.  
In the first half of 2026, E&P USA reported higher 
production volumes, compared with the 
corresponding period in 2025, as increased 
operational activity in Appalachia and production 
from new offshore wells more than offset natural field 
decline.
In the second quarter of 2026, higher liquids prices 
more than offset lower natural gas prices, while 
production volumes remained stable, resulting in 
higher total revenues and other income compared 
with the same period in 2025.  For the first half of 
2026, higher liquids and natural gas prices, 
combined with higher production volumes, resulted 
in higher total revenues and other income compared 
with the corresponding period in 2025.
Operating expenses and financial results
Operating and administrative expenses decreased in 
the second quarter and the first half of 2026 
compared with the corresponding periods in 2025, 
primarily due to a favourable legal outcome related 
to a divested legacy asset in the first quarter of 2026 
and lower costs associated with a late-life asset that 
ceased production in the second half of 2025.
The decrease in depreciation, amortisation and net 
impairment charges compared with the second 
quarter and first half of 2025 was primarily 
attributable to the impact of a revised abandonment 
cost estimate for a late-life asset recognised in the 
comparative period. The decrease was further 
supported by increased proved reserves at year-end 
2025 and impairments recognised in 2025 on assets 
with higher depreciation rates.
Exploration expenses were higher in the second 
quarter and first half of 2026 compared with the 
corresponding periods in 2025, primarily due to 
additional seismic acquisitions. No exploration wells 
were drilled in any of the periods.
Additions to PP&E, intangible assets and equity 
accounted investments were higher in the second 
quarter and the first half of 2026 compared with the 
corresponding periods in 2025, primarily reflecting 
continued development of the Sparta field, increased 
drilling activity in the US onshore portfolio and recent 
US offshore lease acquisitions.

Equinor second quarter 2026

16

Marketing, Midstream & Processing

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Marketing, Midstream & Processing

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Total revenues and other income1)

33,487

26,684

24,441

37%

60,170

52,830

14%

Total operating expenses1)

(32,326)

(26,154)

(24,096)

34%

(58,480)

(52,394)

12%

Net operating income/(loss)1)

1,161

530

345

>100%

1,690

436

>100%

Adjusted total revenues and other income*1)

32,888

27,243

24,419

35%

60,131

52,968

14%

Adjusted purchases* [2]1)

(30,391)

(24,673)

(22,685)

34%

(55,063)

(49,441)

11%

Adjusted operating and administrative expenses*1)

(1,477)

(1,530)

(1,166)

27%

(3,007)

(2,482)

21%

Adjusted depreciation, amortisation and net 
impairments*1)

(243)

(254)

(231)

5%

(497)

(457)

9%

Adjusted operating income/(loss)*1)

777

787

337

>100%

1,564

588

>100%

 — Gas and LNG¹⁾²⁾

291

485

224

30%

776

486

60%

 — Crude, Products and Liquids

355

352

178

100%

707

357

98%

 — Other¹⁾

130

(50)

(65)

N/A

80

(255)

N/A

Additions to PP&E, intangibles and equity 
accounted investments

262

707

254

3%

969

461

>100%

Operational information

Quarters

Change

First half

Marketing, Midstream and Processing

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Liquids sales volumes (mmbl)

242.6

260.8

262.3

(7%)

503.4

550.8

(9%)

Natural gas sales Equinor (bcm)

16.7

17.7

16.3

3%

34.4

32.7

5%

Natural gas entitlement sales Equinor (bcm)

14.4

15.4

13.3

8%

29.7

27.0

10%

Realised piped gas price Europe (USD/mmbtu)

15.79

12.95

12.00

32%

14.29

13.44

6%

Realised piped gas price US (USD/mmbtu)

2.30

5.94

2.73

(16%)

4.11

3.30

24%

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial 
statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 
Segments and Supplementary disclosures.
2) Previously named Gas and Power.

Volumes, pricing and revenues
Liquids sales volumes decreased compared to both 
the previous quarter and the first half of last year due 
to lower sales of third-party volumes.
Gas sales volumes decreased compared to the 
previous quarter due to seasonal maintenance on 
the Norwegian continental shelf, but increased 
compared to the first half of last year due to higher 
Equinor international gas production.
The realised European piped gas price increased 
compared to both the previous quarter and the same 
quarter last year, in line with higher market prices 
caused by LNG supply disruption following the 
closure of the Strait of Hormuz. Lower EU gas 
storage levels also supported the increase compared 
to the same quarter last year.
The realised piped gas price in the US decreased 
from the high price of the first quarter, which was 
driven by extreme cold weather. The realised US 
piped gas price declined compared to the same 
quarter last year, mainly driven by increased gas 
production and the growing share of renewable 
energy in the power market.
Financial results
In the second quarter of 2026, Crude, Products and 
Liquids was the main contributor to adjusted 
operating income*, supported by high physical 
margins in crude trading and strong results from 
shipping optimisation, in an environment impacted 
by supply disruption caused by the closure of the 
Strait of Hormuz. Gas and LNG also contributed 
positively, driven by optimisation of piped gas sales 
in Europe and LNG trading. Strong European 
refining margins and stable operations drove the 
high result in the Other subsegment.
Adjusted operating income* remained at a similar 
level compared to the prior quarter. Strong results 
from crude trading, shipping optimisation and high 
refining margins were offset by lower results from 
products and LPG trading.
Adjusted operating income* for the first half of 2026 
was higher than the same period last year across all 
subsegments. The increase was primarily driven by 
stronger trading results in Crude, Products and 
Liquids and Gas and LNG, together with higher 
refining margins and lower costs related to 
developing low carbon projects. The first half of 2026 
was impacted by high shipping rates.
Net operating income includes the net effect of fair 
value changes in storages, fair value changes in 
embedded and hedge derivatives, changes in 
onerous provisions and impairments.
Additions to PP&E, intangibles and equity accounted 
investments in the first half of 2026 included new 
leases for two LNG vessels.

Equinor second quarter 2026

17

Power

PRESS 
RELEASE

SECOND QUARTER 
2026 REVIEW

CONDENSED INTERIM FINANCIAL 
STATEMENTS AND NOTES

SUPPLEMENTARY 
DISCLOSURES

Power

Financial information

Quarters

Change

First half

(unaudited, in USD million)

Q2 2026

Q1 2026¹⁾

Q2 2025¹⁾

Q2 on Q2

2026

2025

Change

Revenues third party, other revenue and other 
income

681

825

416

64%

1,506

1,093

38%

Net income/(loss) from equity accounted 
investments

44

34

8

>100%

78

15

>100%

Total revenues and other income

725

859

424

71%

1,584

1,108

43%

Total operating expenses

(720)

(866)

(1,441)

(50%)

(1,586)

(2,392)

(34%)

Net operating income/(loss)

5

(7)

(1,018)

N/A

(2)

(1,283)

(100%)

Adjusted total revenues and other income*

691

860

416

66%

1,550

1,156

34%

Adjusted purchases* 

(574)

(721)

(338)

70%

(1,295)

(996)

30%

Adjusted operating and administrative expenses*

(131)

(127)

(144)

(9%)

(258)

(264)

(2%)

Adjusted depreciation, amortisation and net 
impairments*

(15)

(13)

(14)

13%

(28)

(22)

28%

Adjusted operating income/(loss)*

(30)

(1)

(80)

(63%)

(31)

(126)

(76%)

Additions to PP&E, intangibles and equity 
accounted investments

588

679

718

(18%)

1,266

1,499

(16%)

Operational information

Quarters

Change

First half

Power

Q2 2026

Q1 2026

Q2 2025

Q2 on Q2

2026

2025

Change

Renewable power generation (TWh) Equinor share2)

0.91

0.98

0.83

11%

1.89

1.58

19%

Total power generation (TWh) Equinor share

1.19

1.39

1.12

6%

2.58

2.52

2%

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial 
statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 
Segments and Supplementary disclosures.
2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR.

Power generation
The increase in renewable power generation during 
th