Equinor Q1 Income $9.77B, Output Climbs 9%, Approves $0.39 Dividend and $375M Buyback
Equinor reported adjusted operating income of $9.77 billion and net income of $3.70 billion ($1.48 per share) in Q1, driven by record production of 2.313 million boe/d, up 9% year-over-year. The board approved a $0.39 per share dividend and launched a $375 million tranche of its $1.5 billion buyback program.
1. First Quarter Earnings
Equinor achieved adjusted operating income of $9.77 billion and adjusted net income of $3.70 billion ($1.48 per share) in Q1 2026, with reported net income at $3.10 billion. Higher liquids prices ($78.6/barrel) and U.S. natural gas prices, partially offset by weaker European gas prices ($12.9/mmbtu), underpinned the strong results.
2. Record Production Growth
Total equity production rose 9% year-over-year to a record 2.313 million barrels of oil equivalent per day, led by new output from Johan Castberg, Halten East and Verdande fields, alongside expanded U.S. gas operations.
3. Strategic Project Advances
In Brazil, drilling commenced at the Raia gas field while the Bacalhau field began contributing to output. Equinor also acquired the Esquina do Vento onshore wind project, with construction slated for later this year, strengthening its renewables portfolio.
4. Shareholder Distributions and Cash Flow
Operating cash flow after taxes reached $6.02 billion despite $4.2 billion in tax payments, with organic capex of $3.04 billion. The board approved a $0.39 per share dividend and authorized a $375 million buyback tranche toward a $1.5 billion annual repurchase program.