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
“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.”
More energy through strong production
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.
The addition of production from Adura in the
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
The reported net operating income of
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
In the quarter,
Cash flow from operations after taxes paid* ended at
Organic capital expenditure* was
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,
Moreover, production started at both the Symra and the Eirin field, of which the latter is expected to extend the production from the
In the quarter,
Capital distribution
The board of directors has decided a cash dividend of
At the Capital Markets Day on 16 June this year,
The second tranche of the share buy-back programme for 2026 was completed on
All share buy-back amounts include shares to be redeemed by the Norwegian State.
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*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
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Further information from:
Investor relations
+47 918 01 791 (mobile)
Press
+47 412 60 584 (mobile)
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
Attachments
- Equinor Financial Statements and Review Second Quarter 2026
- CFO presentation Second quarter 2026 results
