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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.
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2026
Second quarter
Financial statements and review
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Equinor second quarter 2026
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
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
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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
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Equinor second quarter 2026
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
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
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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
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
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
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.
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1) USD/NOK exchange rate assumption of 10
Equinor second quarter 2026
11
Supplementary operational disclosures
SECOND QUARTER
2026 REVIEW
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
SECOND QUARTER
2026 REVIEW
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.
crop_baltykiiandiii-vlcsnaa.jpg
Equinor second quarter 2026
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
SECOND QUARTER
2026 REVIEW
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
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
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
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
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
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
the second quarter of 2026 and first half of 2026,
relative to the corresponding periods in 2025, was
primarily attributable to the ramp-up of Dogger Bank
B and contributions from the newly operational asset
Serra da Babilônia Solar. Lower gas-to-power
generation partially offset the increase in total power
generation.
Financial results
Adjusted operating loss* in the second quarter of
2026 reflected solid trading and optimisation results,
driven by favourable market conditions, weather-
driven volatility and value capture across power
markets. Producing assets were impacted by
seasonal wind conditions and maintenance activity
during the summer season, while early-phase project
development costs reflected continued growth
activity across the portfolio.
Stronger power trading results and a favourable one-
off event related to insurance reduced the adjusted
operating loss* compared to the same quarter last
year. Results from producing assets remained
broadly stable, and project development costs were
also in line with the second quarter of 2025.
For the first half of 2026, the adjusted operating loss*
declined compared to the same period last year,
driven by the same factors as in the second quarter,
as well as lower early-phase project costs.
Net operating income includes fair value changes in
derivatives. The second quarter of 2025 included an
impairment loss of USD 955 million related to US
offshore wind projects.
Additions to PP&E, intangibles and equity accounted
investments in the second quarter of 2026 were
mainly related to the Empire Wind project in the US.
With effect from the first quarter of 2026, the new
Power business area (PWR) is presented as a
reportable segment in Equinor’s financial statements.
The PWR business area is responsible for all power
activities, including the activities formerly included in
Renewables (REN) and flexible power assets
transferred from the business area Marketing,
Midstream and Processing (MMP), as well as Danske
Commodities’ power trading business.
Equinor second quarter 2026
19
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
CONSOLIDATED STATEMENT OF INCOME
Quarters
First half
Quarters
First half
(unaudited, in USD million)
Note
Q2 2026
Q1 2026
Q2 2025
2026
2025
(unaudited, in USD million)
Note
Q2 2026
Q1 2026
Q2 2025
2026
2025
Revenues
34,523
27,816
25,130
62,339
54,514
Interest income and other financial income
229
370
303
600
639
Net income/(loss) from equity accounted investments
130
(21)
9
109
22
Interest expenses and other financial expenses
(435)
(433)
(351)
(868)
(676)
Other income
524
48
6
572
530
Other financial items
243
1,023
86
1,266
94
Total revenues and other income
35,177
27,843
25,145
63,020
55,066
Net financial items
37
960
38
997
56
Purchases [net of inventory variation]
(15,933)
(12,964)
(12,739)
(28,897)
(28,182)
Income/(loss) before tax
13,029
9,744
5,759
22,773
14,651
Operating expenses
(3,070)
(3,115)
(2,752)
(6,185)
(5,595)
Selling, general and administrative expenses
(273)
(309)
(329)
(582)
(652)
Income tax
(8,194)
(6,639)
(4,441)
(14,833)
(10,704)
Depreciation, amortisation and net impairments
(2,719)
(2,520)
(3,422)
(5,239)
(5,731)
Exploration expenses
(189)
(152)
(183)
(341)
(310)
Net income/(loss)
4,836
3,105
1,317
7,940
3,947
Total operating expenses
(22,184)
(19,059)
(19,424)
(41,244)
(40,471)
Attributable to equity holders of the company
4,848
3,106
1,313
7,954
3,939
Attributable to non-controlling interests
(12)
(2)
5
(14)
8
Net operating income/(loss)
12,993
8,784
5,721
21,776
14,595
Basic earnings per share (in USD)
1.99
1.24
0.50
3.23
1.48
Diluted earnings per share (in USD)
1.99
1.24
0.50
3.22
1.47
Weighted average number of ordinary shares outstanding (in
millions)
2,431
2,496
2,622
2,463
2,670
Weighted average number of ordinary shares outstanding diluted
(in millions)
2,439
2,503
2,629
2,471
2,676
Equinor second quarter 2026
20
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
crop_tle-dsc01601a.jpg
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters
First half
(unaudited, in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Net income/(loss)
4,836
3,105
1,317
7,940
3,947
Actuarial gains/(losses) on defined benefit pension plans
30
(13)
(187)
17
(301)
Income tax effect on income and expenses recognised in OCI1)
(8)
5
44
(3)
73
Items that will not be reclassified to the Consolidated statement of
income
22
(7)
(144)
14
(228)
Foreign currency translation effects
(264)
166
1,472
(98)
2,774
Share of OCI from equity accounted investments
(30)
17
(37)
(14)
(3)
Items that may be subsequently reclassified to the Consolidated
statement of income
(294)
183
1,435
(111)
2,771
Other comprehensive income/(loss)
(272)
175
1,291
(97)
2,543
Total comprehensive income/(loss)
4,564
3,280
2,609
7,843
6,490
Attributable to the equity holders of the company
4,576
3,282
2,604
7,857
6,482
Attributable to non-controlling interests
(12)
(2)
5
(14)
8
1)Other comprehensive income (OCI).
Equinor second quarter 2026
21
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
CONSOLIDATED BALANCE SHEET
At 30 June
At 31 December
(in USD million)
Note
2026 (unaudited)
2025 (audited)
ASSETS
Property, plant and equipment
2, 3
62,950
61,241
Intangible assets
5,973
5,950
Equity accounted investments
8,191
8,504
Deferred tax assets
5,196
5,053
Pension assets
2,253
2,107
Derivative financial instruments
978
1,020
Financial investments
7,548
6,839
Prepayments and financial receivables
2,379
2,073
Total non-current assets
95,467
92,787
Inventories
2,916
3,330
Trade and other receivables
11,751
10,819
Prepayments and financial receivables1)
4,996
3,885
Derivative financial instruments
1,125
667
Financial investments
15,664
14,297
Cash and cash equivalents
8,062
5,036
Total current assets
44,513
38,034
Assets classified as held for sale
919
906
Total assets
140,899
131,727
1) Includes collateral deposits of USD 2 billion for 30 June 2026 related to certain requirements set out by exchanges where Equinor is
participating. The corresponding figure for 31 December 2025 is USD 1.3 billion.
At 30 June
At 31 December
(in USD million)
Note
2026 (unaudited)
2025 (audited)
EQUITY AND LIABILITIES
Shareholders' equity
43,063
40,424
Non-controlling interests
69
74
Total equity
43,132
40,497
Finance debt
21,594
23,763
Lease liabilities
2,649
2,221
Deferred tax liabilities
14,792
14,524
Pension liabilities
4,335
4,076
Provision and other liabilities
14,506
14,715
Derivative financial instruments
1,265
1,150
Total non-current liabilities
59,140
60,450
Trade and other payables
11,022
9,700
Provisions and other liabilities
2,834
3,299
Current tax payable
14,326
10,994
Finance debt
6,807
4,047
Lease liabilities
1,369
1,190
Dividends payable
927
923
Derivative financial instruments
1,164
448
Total current liabilities
38,448
30,601
Liabilities directly associated with the assets classified as held for sale
178
179
Total liabilities
97,767
91,230
Total equity and liabilities
140,899
131,727
Equinor second quarter 2026
22
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(unaudited, in USD million)
Share capital
Additional paid-in
capital
Retained earnings
Foreign currency
translation reserve
OCI from equity
accounted
investments
Shareholders' equity
Non-controlling
interests
Total equity
At 1 January 2025
1,052
—
52,407
(11,385)
268
42,342
38
42,380
Net income/(loss)
3,939
3,939
8
3,947
Other comprehensive income/(loss)
(228)
2,774
(3)
2,543
2,543
Total comprehensive income/(loss)
—
—
3,711
2,774
(3)
6,482
8
6,490
Dividends
(1,937)
(1,937)
(1,937)
Share buy-back
—
—
(4,955)
(4,955)
(4,955)
Other equity transactions
—
(11)
(11)
5
(6)
At 30 June 2025
1,052
—
49,216
(8,611)
265
41,921
51
41,972
At 1 January 2026
995
—
48,028
(8,919)
319
40,424
74
40,498
Net income/(loss)
7,954
7,954
(14)
7,940
Other comprehensive income/(loss)
14
(98)
(14)
(97)
(97)
Total comprehensive income/(loss)
—
—
7,969
(98)
(14)
7,857
(14)
7,843
Dividends
(1,899)
(1,899)
(1,899)
Share buy-back1)
—
—
(3,299)
(3,299)
(3,299)
Other equity transactions
—
(20)
(19)
9
(10)
At 30 June 2026
995
—
50,779
(9,016)
305
43,063
69
43,132
1)For more information see note 7 Capital distribution
Equinor second quarter 2026
23
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters
First half
(unaudited, in USD million)
Note
Q2 2026
Q1 2026
Q2 2025
2026
2025
Income/(loss) before tax
13,029
9,744
5,759
22,773
14,651
Depreciation, amortisation and net impairments, including
exploration write-offs
2,720
2,530
3,427
5,250
5,738
(Gains)/losses on foreign currency transactions and balances
(231)
(189)
177
(419)
201
(Gains)/losses on sale of assets and businesses
(467)
—
(12)
(467)
(511)
(Increase)/decrease in other items related to operating activities
(92)
(1,285)
(537)
(1,377)
(936)
(Increase)/decrease in net derivative financial instruments
(444)
341
(157)
(103)
(173)
Cash collaterals for commodity derivative transactions
248
(861)
347
(613)
465
Interest received
251
183
395
434
661
Interest paid
(263)
(173)
(231)
(436)
(307)
Cash flow provided by operating activities before taxes paid and
working capital items
14,752
10,291
9,167
25,043
19,788
Taxes paid
(7,075)
(4,272)
(7,229)
(11,347)
(10,456)
(Increase)/decrease in working capital
1,793
(806)
540
987
2,187
Cash flows provided by operating activities
9,470
5,213
2,477
14,683
11,518
Cash (used)/received in business combinations
—
—
—
—
(26)
Capital expenditures and investments
(2,872)
(3,116)
(3,401)
(5,988)
(6,428)
(Increase)/decrease in financial investments
(1,363)
432
3,916
(931)
2,537
(Increase)/decrease in derivative financial instruments
288
114
191
403
402
(Increase)/decrease in other interest-bearing items
(51)
(43)
(166)
(94)
(45)
Proceeds from sale of assets and businesses
558
88
340
646
424
Cash flows provided by/(used in) investing activities
(3,439)
(2,526)
880
(5,965)
(3,136)
Quarters
First half
(unaudited, in USD million)
Note
Q2 2026
Q1 2026
Q2 2025
2026
2025
New finance debt
—
—
2,135
—
3,642
Repayment of finance debt
(873)
(778)
(1,255)
(1,651)
(1,255)
Repayment of lease liabilities
(429)
(399)
(379)
(828)
(743)
Dividends paid
(971)
(920)
(1,024)
(1,891)
(2,935)
Share buy-back
(83)
(271)
(265)
(354)
(815)
Net current finance debt and other financing activities
(1,547)
553
(691)
(995)
(3,003)
Cash flows provided by/(used in) financing activities
(3,903)
(1,816)
(1,480)
(5,719)
(5,109)
Net increase/(decrease) in cash and cash equivalents
2,128
871
1,878
2,999
3,274
Effect of exchange rate changes in cash and cash equivalents
14
13
191
27
261
Cash and cash equivalents at the beginning of the period
5,920
5,036
7,368
5,036
5,903
Cash and cash equivalents at the end of the period
8,062
5,920
9,437
8,062
9,437
Equinor second quarter 2026
24
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
Note 1. Organisation and basis of preparation
Organisation and principal activities
Equinor Group (Equinor) consists of Equinor ASA
and its subsidiaries. Equinor ASA is incorporated and
domiciled in Norway and listed on the Oslo Børs
(Norway) and the New York Stock Exchange (USA).
The registered office address is Forusbeen 50,
N-4035, Stavanger, Norway.
The objective of Equinor is to develop, produce and
market various forms of energy and derived products
and services, as well as other businesses. The
activities may also be carried out through
participation in or cooperation with other companies.
Equinor Energy AS, a 100% owned operating
subsidiary of Equinor ASA and owner of all of
Equinor's oil and gas activities and net assets on the
Norwegian continental shelf, is a co-obligor or
guarantor of certain debt obligations of Equinor ASA.
Equinor's condensed interim financial statements for
the second quarter of 2026 were authorised for issue
by the board of directors on 21 July 2026.
Basis of preparation
These condensed interim financial statements are
prepared in accordance with IAS 34 Interim Financial
Reporting as issued by the International Accounting
Standards Board (IASB) and as adopted by the
European Union (EU). The condensed interim
financial statements do not include all the
information and disclosures required by IFRS®
Accounting Standards for a complete set of financial
statements and should be read in conjunction with
the Consolidated annual financial statements for
2025. IFRS Accounting Standards as adopted by the
EU differs in certain respects from IFRS Accounting
Standards as issued by the IASB, however the
differences do not impact Equinor's financial
statements for the periods presented.
Certain amounts in the comparable years have been
reclassified to conform to current year presentation.
As a result of rounding differences, numbers or
percentages may not add up to the total.
The condensed interim financial statements are
unaudited.
Accounting policies
The accounting policies applied in the preparation of
the condensed interim financial statements are
consistent with those applied in the preparation of
Equinor’s consolidated annual financial statements
as at, and for the year ended, 31 December 2025.
A description of the material accounting policies is
included in Equinor’s consolidated annual financial
statements for 2025. When determining fair value,
there have been no changes to the valuation
techniques or models and Equinor applies the same
sources of input and the same criteria for
categorisation in the fair value hierarchy as disclosed
in the Consolidated annual financial statements for
2025.
For information about IFRS Accounting Standards,
amendments to IFRS Accounting Standards and
IFRIC® Interpretations effective from 1 January
2026, that could affect the consolidated financial
statements, please refer to note 2 in Equinor’s
consolidated annual financial statements for 2025.
None of the amendments to IFRS Accounting
Standards effective from 1 January 2026 have had a
significant impact on the condensed interim financial
statements. Equinor has not early adopted any IFRS
Accounting Standards, amendments to IFRS
Accounting Standards or IFRIC Interpretations
issued but not yet effective.
Use of judgements and estimates
The preparation of financial statements in conformity
with IFRS Accounting Standards requires
management to make judgments, estimates and
assumptions that affect the application of accounting
policies and the reported amounts of assets,
liabilities, income and expenses. The estimates and
associated assumptions are reviewed on an on-
going basis and are based on historical experience
and various other factors that are believed to be
reasonable under the circumstances. These
estimates and assumptions form the basis for
making judgments about carrying values of assets
and liabilities that are not readily apparent from other
sources. Actual results may differ from these
estimates. Please refer to
note 2 in Equinor’s consolidated annual financial
statements for 2025 for more information about
accounting judgement and key sources of estimation
uncertainty.
Equinor second quarter 2026
25
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
crop_ojb-18182a.jpg
Note 2. Segments
Equinor’s operations are organised into business areas
and followed up through operating segments in order to
effectively manage and execute our strategy, including
the ability to measure the progress of the business
against its strategic goals. The operating segments are
defined based on the components of Equinor that are
regularly reviewed by the chief operating decision maker,
Equinor's Chief Executive Officer (CEO).
With effect from the first quarter 2026, the Power
business area (PWR) is presented as a reportable
segment in Equinor’s financial statements. PWR is
responsible for all power activities, including the activities
formerly included in Renewables (REN), flexible power
assets transferred from the business area Marketing,
Midstream and Processing (MMP), as well as Danske
Commodities’ power trading business, formerly included
in MMP. Restated historical figures are shown in the
tables following the comparative quarterly segment
tables.
The following reportable segments correspond to the
operating segments: Exploration & Production Norway
(E&P Norway), Exploration & Production International
(E&P International), Exploration & Production USA (E&P
USA), Marketing, Midstream & Processing (MMP) and
Power (PWR). Based on materiality considerations, the
remaining business areas Projects, Drilling &
Procurement (PDP) and Technology, Digital & Innovation
(TDI), as well as Corporate staff and functions, are
aggregated into the reportable segment Other. The
majority of the costs in PDP and TDI is allocated to the
three Exploration & Production segments, MMP and
PWR.
The accounting policies of the reporting segments are
consistent with those described in these Consolidated
financial statements, except for the following:
movements related to changes in asset retirement
obligations are excluded from the line item Additions to
PP&E, intangibles and Equity accounted investments,
and provisions for onerous contracts reflect only
obligations towards group external parties. The
measurement basis of segment profit is net operating
income/(loss). Deferred tax assets, pension assets, non-
current financial assets, total current assets and total
liabilities are not allocated to the segments. Transactions
between the segments, mainly from the sale of crude oil,
gas, and related products, are performed at defined
internal prices which have been derived from market
prices. The transactions are eliminated upon
consolidation.
Equinor second quarter 2026
26
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Second quarter 2026
(in USD million)
E&P Norway
E&P International
E&P USA
MMP
Power
Other
Eliminations
Total Group
Revenues third party
89
203
77
33,479
656
20
—
34,523
Revenues and other income inter-segment
11,979
1,384
1,297
9
25
10
(14,705)
—
Net income/(loss) from equity accounted investments
—
94
—
(2)
44
(7)
—
130
Other income
2
521
—
—
—
1
—
524
Total revenues and other income
12,070
2,202
1,374
33,487
725
25
(14,705)
35,177
Purchases [net of inventory variation]
—
78
—
(30,576)
(574)
—
15,138
(15,933)
Operating, selling, general and administrative expenses
(1,139)
(565)
(270)
(1,380)
(131)
3
138
(3,343)
Depreciation and amortisation
(1,648)
(284)
(359)
(243)
(15)
(43)
—
(2,591)
Net impairment (losses)/reversals
—
—
—
(128)
—
—
—
(128)
Exploration expenses
(96)
(67)
(25)
—
—
—
—
(189)
Total operating expenses
(2,882)
(838)
(654)
(32,326)
(720)
(39)
15,276
(22,184)
Net operating income/(loss)
9,187
1,363
720
1,161
5
(15)
572
12,993
Additions to PP&E, intangibles and equity accounted investments
1,901
440
366
262
588
19
—
3,574
Balance sheet information
Equity accounted investments
5
5,277
—
300
2,408
201
—
8,191
Non-current segment assets
32,983
13,198
11,738
4,249
5,920
834
—
68,923
Non-current assets not allocated to segments
18,353
Total non-current assets
95,467
Equinor second quarter 2026
27
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
First quarter 2026
(in USD million)
E&P Norway
E&P International
E&P USA
MMP
Power
Other
Eliminations
Total Group
Revenues third party
88
183
69
26,644
795
36
—
27,816
Revenues and other income inter-segment
10,353
1,411
1,314
2
29
10
(13,119)
—
Net income/(loss) from equity accounted investments
—
(91)
—
38
34
(2)
—
(21)
Other income
34
1
—
—
—
13
—
48
Total revenues and other income
10,475
1,504
1,383
26,684
859
57
(13,119)
27,843
Purchases [net of inventory variation]
(1)
(60)
—
(24,385)
(721)
—
12,203
(12,964)
Operating, selling, general and administrative expenses
(1,092)
(507)
(281)
(1,515)
(133)
(88)
193
(3,423)
Depreciation and amortisation
(1,575)
(285)
(352)
(254)
(13)
(42)
—
(2,520)
Net impairment (losses)/reversals
—
—
—
—
—
—
—
—
Exploration expenses
(111)
(37)
(5)
—
—
—
—
(152)
Total operating expenses
(2,779)
(888)
(638)
(26,154)
(866)
(130)
12,396
(19,059)
Net operating income/(loss)
7,696
616
745
530
(7)
(72)
(723)
8,784
Additions to PP&E, intangibles and equity accounted investments
1,863
743
243
707
679
41
—
4,275
Equinor second quarter 2026
28
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Second quarter 2025
(in USD million)
E&P Norway
E&P International
E&P USA
MMP¹⁾
Power¹⁾
Other
Eliminations
Total Group
Revenues third party
75
155
61
24,423
394
23
—
25,130
Revenues and other income inter-segment
8,165
1,191
980
17
13
8
(10,374)
—
Net income/(loss) from equity accounted investments
—
—
—
2
8
(1)
—
9
Other income
(4)
2
—
—
9
—
—
6
Total revenues and other income
8,236
1,348
1,040
24,441
424
31
(10,374)
25,145
Purchases [net of inventory variation]
1
(67)
—
(22,716)
(338)
—
10,383
(12,739)
Operating, selling, general and administrative expenses
(1,077)
(504)
(306)
(1,149)
(134)
(33)
121
(3,081)
Depreciation and amortisation
(1,338)
(310)
(536)
(231)
(14)
(38)
—
(2,466)
Net impairment (losses)/reversals
—
—
—
—
(955)
—
—
(955)
Exploration expenses
(115)
(51)
(16)
—
—
—
—
(183)
Total operating expenses
(2,530)
(932)
(858)
(24,096)
(1,441)
(70)
10,504
(19,424)
Net operating income/(loss)
5,706
415
183
345
(1,018)
(40)
130
5,721
Additions to PP&E, intangibles and equity accounted investments
1,674
622
294
254
718
15
—
3,577
1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables below.
Equinor second quarter 2026
29
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
First half 2026
(in USD million)
E&P Norway
E&P International
E&P USA
MMP
Power
Other
Eliminations
Total Group
Revenues third party
177
386
146
60,123
1,451
56
—
62,339
Revenues and other income inter-segment
22,332
2,794
2,611
11
55
20
(27,823)
—
Net income/(loss) from equity accounted investments
—
3
—
36
78
(9)
—
109
Other income
36
521
—
—
—
14
—
572
Total revenues and other income
22,544
3,705
2,757
60,170
1,584
82
(27,823)
63,020
Purchases [net of inventory variation]
(1)
18
—
(54,960)
(1,295)
—
27,341
(28,897)
Operating, selling, general and administrative expenses
(2,231)
(1,072)
(551)
(2,895)
(263)
(85)
331
(6,767)
Depreciation and amortisation
(3,223)
(569)
(711)
(497)
(28)
(84)
—
(5,111)
Net impairment (losses)/reversals
—
—
—
(128)
—
—
—
(128)
Exploration expenses
(206)
(104)
(31)
—
—
—
—
(341)
Total operating expenses
(5,661)
(1,726)
(1,293)
(58,480)
(1,586)
(169)
27,672
(41,244)
Net operating income/(loss)
16,883
1,979
1,465
1,690
(2)
(87)
(152)
21,776
Additions to PP&E, intangibles and equity accounted investments
3,764
1,182
609
969
1,266
60
—
7,849
Equinor second quarter 2026
30
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
First half 2025
(in USD million)
E&P Norway
E&P International
E&P USA
MMP¹⁾
Power¹⁾
Other
Eliminations
Total Group
Revenues third party
133
308
124
52,796
1,106
48
—
54,514
Revenues and other income inter-segment
17,649
2,555
2,113
25
23
16
(22,381)
—
Net income/(loss) from equity accounted investments
—
—
—
8
15
(1)
—
22
Other income
506
56
—
1
(35)
2
—
530
Total revenues and other income
18,288
2,919
2,237
52,830
1,108
64
(22,381)
55,066
Purchases [net of inventory variation]
—
(65)
—
(49,466)
(996)
—
22,345
(28,182)
Operating, selling, general and administrative expenses
(1,968)
(1,071)
(617)
(2,471)
(272)
(83)
234
(6,247)
Depreciation and amortisation
(2,465)
(705)
(906)
(457)
(23)
(75)
—
(4,631)
Net impairment (losses)/reversals
—
—
—
—
(1,100)
—
—
(1,100)
Exploration expenses
(206)
(84)
(21)
—
—
—
—
(310)
Total operating expenses
(4,639)
(1,924)
(1,543)
(52,394)
(2,392)
(158)
22,579
(40,471)
Net operating income/(loss)
13,650
995
694
436
(1,283)
(94)
198
14,595
Additions to PP&E, intangibles and equity accounted investments
4,083
1,383
601
461
1,499
45
—
8,073
1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables below.
Equinor second quarter 2026
31
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Restatement of previously reported segment information
Income statement and balance sheet information
by segment (in USD million)
Q1 2025
Q2 2025
First half 2025
Q3 2025
First nine months 2025
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
(in USD million)
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
Revenues third party
29,066
18
28,372
712
24,795
22
24,423
394
53,861
40
52,796
1,106
25,719
16
25,171
563
79,579
56
77,967
1,669
Revenues and other income inter-segment
13
5
8
10
25
5
17
13
38
10
25
23
28
11
24
16
66
22
49
38
Net income/(loss) from equity accounted
investments
(9)
22
6
7
(21)
31
2
8
(30)
53
8
15
(1)
(9)
12
(22)
(31)
44
20
(7)
Other income
1
(44)
1
(44)
—
9
—
9
1
(35)
1
(35)
8
15
8
15
9
(20)
9
(20)
Total revenues and other income
29,072
1
28,388
685
24,798
67
24,441
424
53,870
68
52,830
1,108
25,753
34
25,215
572
79,623
102
78,045
1,680
Purchases [net of inventory variation]
(27,407)
—
(26,749)
(658)
(23,055)
—
(22,716)
(338)
(50,462)
—
(49,466)
(996)
(23,988)
(7)
(23,476)
(519)
(74,450)
(7)
(72,941)
(1,515)
Operating, selling, general and administrative
expenses
(1,353)
(107)
(1,322)
(138)
(1,182)
(101)
(1,149)
(134)
(2,535)
(208)
(2,471)
(272)
(1,323)
(70)
(1,291)
(102)
(3,858)
(278)
(3,762)
(374)
Depreciation and amortisation
(227)
(8)
(226)
(9)
(232)
(12)
(231)
(14)
(460)
(21)
(457)
(23)
(217)
(13)
(215)
(14)
(676)
(33)
(673)
(37)
Net impairment (losses)/reversals
—
(145)
—
(145)
—
(955)
—
(955)
—
(1,100)
—
(1,100)
283
(3)
283
(3)
283
(1,103)
283
(1,103)
Exploration expenses
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Total operating expenses
(28,987)
(260)
(28,297)
(950)
(24,469)
(1,069)
(24,096)
(1,441)
(53,456)
(1,329)
(52,394)
(2,392)
(25,244)
(92)
(24,698)
(638)
(78,701)
(1,421)
(77,092)
(3,030)
Net operating income/(loss)
84
(259)
91
(265)
329
(1,002)
345
(1,018)
413
(1,260)
436
(1,283)
509
(59)
517
(66)
922
(1,319)
953
(1,349)
Additions to PP&E, intangibles and equity
accounted investments
207
780
207
780
254
718
254
718
461
1499
461
1499
307
773
307
773
768
2271
768
2271
Balance sheet information
Equity accounted investments
732
1,781
294
2,219
721
1,958
289
2,390
721
1,958
289
2,390
714
1,933
303
2,345
714
1,933
303
2,344
Non-current segment assets
3,364
3,627
3,364
3,627
3,530
3,639
3,530
3,639
3,530
3,639
3,530
3,639
3,825
4,487
3,825
4,487
3,825
4,487
3,825
4,487
Equinor second quarter 2026
32
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Income statement and balance sheet information
by segment (in USD million)
Q4 2025
Full year 2025
Full year 2024
As reported
Restated
As reported
Restated
As reported
Restated
(in USD million)
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
MMP
REN
MMP
PWR
Revenues third party
24,961
17
24,041
936
104,540
73
102,008
2,605
101,208
72
98,851
2,429
Revenues and other income inter-segment
222
9
(80)
311
288
31
(31)
349
507
20
284
244
Net income/(loss) from equity accounted
investments
(30)
55
(18)
43
(61)
99
2
36
(59)
100
(15)
56
Other income
(7)
9
(7)
9
2
(10)
2
(10)
136
124
136
124
Total revenues and other income
25,146
90
23,937
1,299
104,769
192
101,981
2,980
101,792
317
99,255
2,853
Purchases [net of inventory variation]
(22,793)
(1)
(21,638)
(1,156)
(97,243)
(8)
(94,579)
(2,671)
(92,789)
—
(90,515)
(2,274)
Operating, selling, general and administrative
expenses
(1,332)
(118)
(1,280)
(170)
(5,190)
(396)
(5,042)
(544)
(4,919)
(687)
(4,815)
(791)
Depreciation and amortisation
(243)
(14)
(241)
(16)
(919)
(47)
(913)
(53)
(949)
(34)
(945)
(38)
Net impairment (losses)/reversals
—
(252)
—
(252)
283
(1,355)
283
(1,355)
191
(271)
191
(271)
Exploration expenses
—
—
—
—
—
—
—
—
—
—
—
—
Total operating expenses
(24,368)
(385)
(23,159)
(1,594)
(103,069)
(1,806)
(100,251)
(4,624)
(98,466)
(993)
(96,084)
(3,375)
Net operating income/(loss)
778
(295)
778
(295)
1,700
(1,614)
1,730
(1,644)
3,326
(676)
3,172
(522)
Additions to PP&E, intangibles and equity
accounted investments
374
565
374
565
1142
2837
1142
2837
953
2153
940
2166
Balance sheet information
Equity accounted investments
693
2,039
302
2,430
693
2,039
302
2,430
768
1,530
322
1,975
Non-current segment assets
3,899
4,772
3,899
4,772
3,899
4,772
3,899
4,772
3,259
3,138
3,259
3,138
1 Increase is mainly due to weakening of USD versus NOK.
2 Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.
Equinor second quarter 2026
33
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Non-current assets by country
At 30 June
At 31 December
(in USD million)
2026
2025
Norway1
37,097
35,932
USA
17,454
16,472
Brazil
10,974
10,234
UK
7,103
7,349
Angola
1,252
1,248
Poland
1,022
1,088
Canada
932
1,015
Denmark
750
768
Germany
281
301
Sweden
203
214
Other
47
1,074
Total non-current assets2
77,114
75,695
Note 3. Acquisitions and disposals
Disposals
Divestment of onshore assets in Argentina
On 7 May 2026, Equinor closed a transaction with Vista Energy to divest its full onshore position in Argentina’s
Vaca Muerta basin. The transaction included Equinor’s 30% non-operated interest in Bandurria Sur and its 50%
non-operated interest in Bajo del Toro. At closing, the fair value of the consideration amounted to USD 1,425
million, comprising USD 722 million in cash including interim period adjustments, USD 408 million in NYSE-listed
Vista Energy shares and contingent consideration linked to production volumes and oil prices over a five-year
period. A gain before tax of USD 467 million has been recognised in the second quarter within the E&P
International segment and reported as Other Income in the Consolidated Statement of Income.
Held for sale
Sale of remaining interests in the Peregrino field in Brazil
Equinor has agreed to sell its remaining 20% interest in the Peregrino field. The sale is expected to be completed
within 2026, subject to regulatory and legal approvals. As of 30 June 2026, assets held for sale amounted to USD
919 million, and liabilities directly associated with the assets held for sale amounted to USD 178 million. Peregrino
is part of the E&P International segment.
Equinor second quarter 2026
34
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Note 4. Revenues
Revenues from contracts with customers by geographical areas
When attributing the line item Revenues from contracts with customers for the second quarter of 2026 to the
country of the legal entity executing the sale, Norway and the USA accounted for 81% and 17%, respectively (82%
and 14%, respectively, for the first quarter of 2026, and 75% and 22%, respectively, for the second quarter of
2025).
For the first half of 2026, Norway and the USA accounted for 81% and 16% of such revenues, respectively (76%
and 21%, respectively, for the first half of 2025). Revenues from contracts with customers mainly reflect such
revenues from the reporting segment MMP.
Revenues from contracts with customers and other revenues
Quarters
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Crude oil
19,118
14,852
13,863
33,970
29,945
Natural gas
7,303
7,237
5,918
14,540
13,509
- European gas
6,026
5,561
4,874
11,587
11,240
- North American gas
444
1,074
477
1,518
1,029
- Other incl. Liquefied natural gas
833
602
568
1,435
1,240
Refined products
3,902
3,369
2,374
7,271
4,956
Natural gas liquids
2,414
1,844
1,825
4,259
3,849
Power
588
723
357
1,311
1,031
Transportation
360
305
323
665
625
Other sales
125
178
108
303
213
Revenues from contracts with customers
33,810
28,509
24,769
62,319
54,128
Total other revenues1)
713
(694)
361
20
387
Revenues
34,523
27,816
25,130
62,339
54,514
1)This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind with
commodities.
Note 5. Financial items
Quarters
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Interest income and other financial income
229
370
303
600
639
Interest expenses and other financial expenses
(435)
(433)
(351)
(868)
(676)
Net foreign currency exchange gains/(losses)
231
189
(177)
419
(201)
Gains/(losses) on financial investments
(132)
933
113
800
87
Gains/(losses) other derivative financial instruments
145
(99)
150
46
208
Net financial items
37
960
38
997
56
The gain on financial investments in the first half of 2026 was mainly driven by positive fair value adjustments of
the Ørsted investment in the first quarter of 2026.
Equinor has a US Commercial paper programme available with a limit of USD 5 billion. As of 30 June 2026, USD
0.5 billion were utilised compared to USD 0.2 billion utilised as of 31 December 2025.
Equinor second quarter 2026
35
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Note 6. Income taxes
Quarters
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Income/(loss) before tax
13,029
9,744
5,759
22,773
14,651
Income tax
(8,194)
(6,639)
(4,441)
(14,833)
(10,704)
Effective tax rate
62.9%
68.1%
77.1%
65.1%
73.1%
The effective tax rate of 62.9% for the second quarter of 2026 decreased compared to 77.1% in 2025. The
decrease was mainly due to lower share of income from NCS, subject to the statutory tax rate of 78%. Effective
reported tax rate of 65.1% for the first half of 2026, decreased compared to 73.1% in the first half of 2025, also due
to the lower share of income from NCS.
Note 7. Capital distribution
Dividend for the second quarter 2026
On 21 July 2026, the board of directors resolved to declare a cash dividend for the second quarter of 2026 of USD
0.39 per share. The Equinor shares will trade ex-dividend 13 November 2026 on the Oslo Børs and 16 November
for ADR holders on the New York Stock Exchange. Payment date will be 25 November 2026.
Share buy-back programme 2026
Based on the authorisation from the annual general meeting on 12 May 2026, the board of directors will, on a
quarterly basis, decide on share buy-back tranches. On 16 June 2026, Equinor announced an intention to increase
the share buy-back programme for 2026 by USD 1.5 billion to up to USD 3.0 billion, including shares to be
redeemed from the Norwegian state.
In the first quarter of 2026, Equinor launched the first tranche of USD 375 million, of which USD 124 million was
acquired in the market in first quarter. In May 2026, Equinor launched a second tranche of USD 375 million,
including shares to be redeemed from the Norwegian state, and entered into an irrevocable agreement with a third
party to purchase shares for USD 124 million in the market. Of this second tranche, shares for USD 83 million have
been purchased in the market and settled as of 30 June 2026.
On 21 July 2026, the board of directors resolved to initiate a third share buy-back tranche of up to USD 1,125
million for 2026, including shares to be redeemed from the Norwegian state. This third tranche will start 23 July
2026 and end no later than 26 October 2026.
In order to maintain the Norwegian state’s ownership share in Equinor, a proportionate share of the second, third
and fourth tranches of the 2025 programme as well as the first tranche of the 2026 programme was redeemed and
cancelled through a capital reduction by the annual general meeting on 12 May 2026. The liability to the Norwegian
state of USD 3,052 million (NOK 28 billion) following the capital reduction has been recognised as reduction in
shareholders’ equity and was settled in July 2026. A proportionate share of the second and third tranches of the
2026 programme will be redeemed and cancelled at the annual general meeting in May 2027.
First half
Equity impact of share buy-back programmes (in USD million)
2026
2025
First tranche
124
397
Second tranche
124
418
Norwegian state share1)
3,052
4,141
Total
3,299
4,955
1) Relates to second to fourth tranche of previous year programme and first tranche of current year programme
Equinor second quarter 2026
36
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Note 8. Subsequent events
Suit for an annulment of Petrobras’ sale of the interest in BM-S-8 to Equinor
In March 2017, an individual connected to the Union of Oil Workers of Sergipe (Sindipetro) filed a class action suit
against Petrobras, Equinor, and ANP - the Brazilian Regulatory Agency - to seek annulment of Petrobras’ sale of
the interest and operatorship in BM-S-8 to Equinor, which was closed in November 2016 after approval by the
partners and authorities. During the last years, court decisions that confirm Equinor’s position have been issued at
the first and second court instance levels. The plaintiff still had the possibility of a narrower scope appeal. On 20
July 2026, Equinor received a confirmation that the plaintiff had not appealed within the deadline and the case is
now closed with no material financial impact for Equinor.
Equinor second quarter 2026
37
Condensed Interim financial statements and notes
SECOND QUARTER
2026 REVIEW
Responsibility statement
Today, the board of directors and the chief executive
officer have reviewed and approved the Equinor ASA
Condensed interim financial statements as of
30 June 2026.
Pursuant to the Norwegian Securities Trading Act
section 5-6 with pertaining regulation we confirm to
the best of our knowledge that:
•the Equinor ASA Condensed interim financial
statements for the first half of 2026 have been
prepared in accordance with IFRSs as adopted
by the European Union (EU), IFRSs as issued by
the International Accounting Standards Board
(IASB) and additional Norwegian disclosure
requirements in the Norwegian Accounting Act,
and that
•the Condensed interim financial statements give
a true and fair view of the assets, liabilities,
financial position and results of the company and
the group taken as a whole, and that
•the Condensed interim financial statements give
a fair view of important events that have occurred
during the first six months of the financial year
and their impact on the Condensed interim
financial statements, major related party
transactions and the principal risks and
uncertainties for the remaining six months of the
financial year. 
Oslo, 21 July 2026
/s/  JARLE ROTH
CHAIR
/s/  ANNE DRINKWATER
/s/  FINN BJØRN RUYTER
/s/  HAAKON BRUUN-HANSSEN
DEPUTY CHAIR
/s/  MIKAEL KARLSSON
/s/  FERNANDA LOPES LARSEN
/s/  DAWN SUMMERS
/s/  HILDE MØLLERSTAD
/s/  FRANK INDRELAND GUNDERSEN
/s/  GEIR LEON VADHEIM
/s/  ANDERS OPEDAL
PRESIDENT AND CEO
crop2_f475dec800854de1aa75.jpg
Equinor second quarter 2026
Equinor second quarter 2026
Supplementary disclosures
Exchange rates
Quarters
Change
First half
Full year
Change
Exchange rates
Q2 2026
Q1 2026
Q2 2025
Q2 on Q2
2026
2025
Change
2025
Q2 on FY
USD/NOK
Average daily rate
9.4240
9.7267
10.2974
(8%)
9.5803
10.7006
(10%)
10.3912
(9%)
Period-end rate
9.9267
9.7517
10.0977
(2%)
9.9267
10.0977
(2%)
10.0791
(2%)
EUR/USD
Average daily rate
1.1627
1.1702
1.1334
3%
1.1666
1.0897
7%
1.1277
3%
Period-end rate
1.1394
1.1498
1.1720
(3%)
1.1394
1.1720
(3%)
1.1750
(3%)
Use and reconciliation of Non-GAAP financial
measures
Non-GAAP financial measures are defined as
numerical measures that either exclude or include
amounts that are not excluded or included in the
comparable measures calculated and presented in
accordance with GAAP (i.e., IFRS Accounting
Standards in the case of Equinor). The following
financial measures included in this report may be
considered non-GAAP financial measures:
Adjusted operating income is based on net
operating income/ (loss) and adjusts for certain items
affecting the income for the period to separate out
effects that management considers may not be well
correlated to Equinor’s underlying operational
performance in the individual reporting period.
Management believes adjusted operating income
provides an indication of Equinor’s underlying
operational performance and facilitates comparison
of operational trends between periods.
Adjusted operating income after tax equals
adjusted operating income less tax on adjusted
operating income. Tax on adjusted operating income
is computed by adjusting the income tax for tax
effects of adjustments made to net operating
income. The tax rate applied is the tax rate
applicable to each adjusting item and tax regime,
adjusted for certain foreign currency effects as well
as effects of specific changes to deferred tax assets.
Management believes adjusted operating income
after tax provides an indication of Equinor’s
underlying operational performance after tax and
facilitates comparisons of operational trends after tax
between periods as it reflects the tax charge
associated with operational performance excluding
the impact of financing. Tax on adjusted operating
income should not be considered indicative of the
amount of current or total tax expense (or taxes
payable) for the period.
Adjusted net income is based on net income/(loss)
and provides additional transparency to Equinor’s
underlying financial performance by also including
net financial items and the associated tax effects.
This measure includes adjustments made to arrive at
adjusted operating income after tax, in addition to
specific adjustments related to net financial items
and related tax effects, as well as certain
adjustments to income tax as described below.
Management believes this measure provides an
indication of Equinor’s underlying financial
performance including the impact from financing and
facilitates comparison of trends between periods.
Adjusted Earnings Per Share (Adjusted EPS) is
computed by dividing Adjusted net income by the
weighted average number of shares outstanding
during the period. Earnings per share is a metric that
is frequently used by investors, analysts and other
parties to assess a company's profitability per share.
Management believes this measure provides an
indication of Equinor’s underlying financial
performance including the impact from financing and
facilitates comparison of trends between periods.
The non-GAAP financial measures presented above
are supplementary measures and should not be
viewed in isolation or as substitutes for net operating
income/(loss), net income/(loss) and earnings per
share, which are the most directly comparable IFRS
Accounting Standards measures. The reconciliation
tables later in this report reconcile the above non-
GAAP measures to the most directly comparable
IFRS Accounting Standards measure or measures.
There are material limitations associated with the
above measures compared with the IFRS
Accounting Standards measures, as these non-
GAAP measures do not include all the items of
revenues/ gains or expenses/losses of Equinor that
are required to evaluate its profitability on an overall
basis. The non-GAAP measures are only intended to
be indicative of the underlying developments in
trends of our on-going operations.
Adjusted operating income adjusts for the
following items:
•Changes in fair value of derivatives:
In the ordinary course of business, Equinor
enters into commodity derivative contracts to
manage the price risk exposure relating to future
sale and purchase contracts. These commodity
derivatives are measured at fair value at each
reporting date, with the movements in fair value
recognised in the income statement. By contrast,
the related sale and purchase contracts are not
recognised until the transaction occurs resulting
in timing differences. Therefore, the unrealised
movements in the fair value of these commodity
derivative contracts are excluded from adjusted
operating income and deferred until the time of
the physical delivery to minimise the effect of
these timing differences. Further, embedded
derivatives within certain gas contracts and
contingent consideration related to historical
divestments are carried at fair value. Any
accounting impacts resulting from such changes
in fair value are also excluded from adjusted
operating income, as these fluctuations are not
indicative of the underlying performance of the
business.
•Periodisation of inventory hedging effect:
Equinor enters into derivative contracts to
manage price risk exposure relating to its
commercial storage. These derivative contracts
are carried at fair value while the inventories are
Equinor second quarter 2026
accounted for at the lower of cost or market
price. An adjustment is made to align the
valuation principles of inventories with related
derivative contracts. The adjusted valuation of
inventories is based on the forward price at the
expected realisation date. This is so that the
valuation principles between commercial
storages and derivative contracts are better
aligned.
•The operational storage is not hedged and is
not part of the trading portfolio. Cost of goods
sold is measured based on the FIFO (first-in,
first-out) method, and includes realised gains or
losses that arise due to changes in market
prices. These gains or losses will fluctuate from
one period to another and are not considered
part of the underlying operations for the period.
•Impairment and reversal of impairment are
excluded from adjusted operating income since
they affect the economics of an asset for the
lifetime of that asset, not only the period in which
it is impaired, or the impairment is reversed.
Impairment and reversal of impairment can
impact both the exploration expenses and the
depreciation, amortisation and net impairment
line items.
•Gain or loss from sales of assets is eliminated
from the measure since the gain or loss does not
give an indication of future performance or
periodic performance; such a gain or loss is
related to the cumulative value creation from the
time the asset is acquired until it is sold.
•Eliminations (Internal unrealised profit on
inventories): Volumes derived from equity oil
inventory vary depending on several factors and
inventory strategies, i.e., level of crude oil in
inventory, equity oil used in the refining process
and level of in-transit cargoes. Internal profit
related to volumes sold between entities within
the group, and still in inventory at period end, is
eliminated according to IFRS Accounting
Standards (write down to production cost). The
proportion of realised versus unrealised gain
fluctuates from one period to another due to
inventory strategies and consequently impact net
operating income/ (loss). Write-down to
production cost is not assessed to be a part of
the underlying operational performance, and
elimination of internal profit related to equity
volumes is excluded in adjusted operating
income.
•Other items of income and expense are
adjusted when the impacts on income in the
period are not reflective of Equinor’s underlying
operational performance in the reporting period.
Such items may be unusual or infrequent
transactions, but they may also include
transactions that are significant which would not
necessarily qualify as either unusual or
infrequent. However, other items adjusted do not
constitute normal, recurring income and
operating expenses for the company. Other items
are carefully assessed and can include
transactions such as provisions related to
reorganisation, early retirement, etc.
•Change in accounting policy is adjusted when
the impacts on income in the period are unusual
or infrequent, and not reflective of Equinor’s
underlying operational performance in the
reporting period.
Adjusted net income incorporates the
adjustments above, as well as the following items
impacting net financial items:
•Changes in fair value of financial derivatives
used to hedge interest bearing instruments.
Equinor enters into financial derivative contracts
to manage interest rate risk on long term interest-
bearing liabilities including bonds and financial
loans. The financial derivative contracts (hedging
instruments) are measured at fair value at each
reporting date, with movements in fair value
recognised in the income statement. The long
term interest-bearing liabilities are measured at
amortised cost and not remeasured at fair value
at each reporting date. This creates
measurement differences and therefore the
movements in the fair value of these financial
derivative contracts and associated tax effects
are excluded from the calculation of adjusted net
income and deferred until the time the underlying
instrument is matured, exercised, or settled.
Management believes that this appropriately
reflects the economic effect of these risk
management activities in each period and
provides an indication of Equinor’s underlying
financial performance.
•Foreign currency gains/losses on positions
used to manage currency risk exposure
related to future payments in NOK and
foreign currency gains/losses on
intercompany bank balances. Foreign currency
gains/losses on positions used to manage
currency risk exposure (cash equivalents/
financial investments and related currency
derivatives where applicable), as well as
currency gains/losses on intercompany bank
balances are eliminated from adjusted net
income. The currency effects on intercompany
bank balances are mainly due to a large part of
Equinor’s operations having a functional currency
different from USD, and these effects are offset
within equity as other comprehensive income
arising on translation from functional currency to
presentation currency USD. These currency
effects increase volatility in financial
performance, which does not reflect Equinor’s
underlying financial performance. Management
believes that these adjustments remove periodic
fluctuations in Equinor’s adjusted net income.
Adjustments made to arrive at adjusted operating
income and adjusted net income listed above are
similarly applied to net income/(loss) from equity
accounted investments when relevant.
Adjustments to income tax and tax rate:
•Derecognition of deferred tax assets or
recognition of previously unrecognised
deferred tax assets. These changes are related
to taxable income in future reporting periods and
are not reflective of performance in the current
reporting period.
•Income tax effects arising only when
calculating income tax in the functional
currency USD. Certain group companies have
USD as functional currency, which is different
from the currency in which the taxable income is
measured (tax currency). Income tax effects
arising only when calculating income tax in the
functional currency USD, that are not part of the
tax calculation in the tax currency, are adjusted
for. Management believes this better aligns the
effective tax rate in functional currency with the
statutory tax rate in the period.
Net debt to capital employed ratio – In Equinor’s
view, net debt ratios provide a more informative
picture of Equinor’s financial strength than gross
interest-bearing financial debt. Three different net
debt to capital ratios are presented below: 1) net
debt to capital employed, 2) net debt to capital
employed adjusted, including lease liabilities, and 3)
net debt to capital employed adjusted.
These calculations are based on 1) Equinor’s gross
interest-bearing financial liabilities as recorded in the
Consolidated balance sheet 2) Net interest-bearing
debt before adjustments, which excludes cash, cash
equivalents and current financial investments from
gross interest-bearing debt, and 3) net interest
bearing debt adjusted, including lease liabilities
which adjusts the above measure for other interest-
bearing elements.
The following adjustments are made in calculating
the net debt to capital employed adjusted, including
lease liabilities ratio and the net debt to capital
employed adjusted ratio: financial investments held
in Equinor Insurance AS (classified as Current
financial investments in the Consolidated balance
sheet) are treated as non-cash and excluded from
Equinor second quarter 2026
the calculation of these non-GAAP measures, as
these investments are not readily available for the
group to meet short term commitments. These
adjustments result in a higher net debt figure and in
Equinor’s view provides a more prudent measure of
the net debt to capital employed ratio than would be
the case without such exclusions. Additionally, lease
liabilities are further excluded in calculating the net
debt to capital employed adjusted ratio. The table
Calculation of capital employed and net debt to
capital employed ratio later in this report details the
calculations for these non-GAAP measures and
reconciles them with the most directly comparable
IFRS Accounting Standards financial measure or
measures.
Organic capital expenditures (organic
investments/capex) – Capital expenditures is defined
as Additions to PP&E, intangibles and equity
accounted investments, which excludes assets held
for sale, as presented in note 2 Segments to the
Condensed interim financial statements. Organic
capital expenditures are capital expenditures
excluding expenditures related to acquisitions,
leased assets and other investments with
significantly different cash flow patterns. Equinor
believes this measure gives stakeholders relevant
information to understand the company’s
investments in maintaining and developing its
assets. Forward-looking organic capital expenditures
included in this report are not reconcilable to its most
directly comparable IFRS Accounting Standards
measure without unreasonable efforts, because the
amounts excluded from such IFRS Accounting
Standards measure to determine organic capital
expenditures cannot be predicted with reasonable
certainty.
Cash flows from operations after taxes paid
(CFFO after taxes paid) represents, and is used by
management, to evaluate cash generated from
operating activities after taxes paid, which is
available for investing activities, debt servicing and
distribution to shareholders. Cash flows from
operations after taxes paid is not a measure of our
liquidity under IFRS Accounting Standards and
should not be considered in isolation or as a
substitute for an analysis of our results as reported in
this report. Our definition of Cash flows from
operations after taxes paid is limited and does not
represent residual cash flows available for
discretionary expenditures. The table Calculation of
CFFO after taxes paid and net cash flow later in this
report provides a reconciliation of Cash flows from
operations after taxes paid to its most directly
comparable IFRS Accounting Standards measure,
Cash flows provided by operating activities before
taxes paid and working capital items, as of the
specified dates.
Net cash flow before capital distribution - Net
cash flow before capital distribution represents, and
is used by management to evaluate, cash generated
from operational and investing activities available for
debt servicing and distribution to shareholders. Net
cash flow before capital distribution is not a measure
of our liquidity under IFRS Accounting Standards
and should not be considered in isolation or as a
substitute for an analysis of our results as reported in
this report. Our definition of Net cash flow before
capital distribution is limited and does not represent
residual cash flows available for discretionary
expenditures. The table Calculation of CFFO after
taxes paid and net cash flow later in this report
provides a reconciliation of Net cash flow before
capital distribution to its most directly comparable
IFRS Accounting Standards measure, Cash flows
provided by operating activities before taxes paid
and working capital items, as of the specified dates.
Net cash flow - Net cash flow represents, and is
used by management to evaluate, cash generated
from operational and investing activities available for
debt servicing. Net cash flow is not a measure of our
liquidity under IFRS Accounting Standards and
should not be considered in isolation or as a
substitute for an analysis of our results as reported in
this report. Our definition of Net cash flow is limited
and does not represent residual cash flows available
for discretionary expenditures. The table Calculation
of CFFO after taxes paid and net cash flow later in
this report provides a reconciliation of Net cash flow
to its most directly comparable IFRS Accounting
Standards measure, Cash flows provided by
operating activities before taxes paid and working
capital items, as of the specified dates.
For more information on our definitions and use of
non-GAAP financial measures, see section 5.5 Use
and reconciliation of non-GAAP financial measures
in Equinor's 2025 Annual Report.
Equinor second quarter 2026
Reconciliation of adjusted operating income
The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal.
Items impacting net operating income/(loss) in the
second quarter of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Net operating income/(loss)
12,993
9,187
1,363
720
1,161
5
557
Total revenues and other income
35,177
12,070
2,202
1,374
33,487
725
(14,680)
Adjusting items
(1,154)
—
(521)
—
(598)
(35)
—
Changes in fair value of derivatives
(4)
—
—
—
31
(35)
—
Gain/loss on sale of assets
(467)
—
(467)
—
—
—
—
Other adjustments
(54)
—
(54)
—
—
—
—
Periodisation of inventory hedging effect
(629)
—
—
—
(629)
—
—
Adjusted total revenues and other income
34,023
12,070
1,681
1,374
32,888
691
(14,680)
Purchases [net of inventory variation]
(15,933)
—
78
—
(30,576)
(574)
15,138
Adjusting items
(387)
—
—
—
185
—
(572)
Eliminations
(572)
—
—
—
—
—
(572)
Operational storage effects
185
—
—
—
185
—
—
Adjusted purchases [net of inventory variation]
(16,320)
—
78
—
(30,391)
(574)
14,567
Operating and administrative expenses
(3,343)
(1,139)
(565)
(270)
(1,380)
(131)
141
Adjusting items
(98)
—
—
—
(98)
—
—
Other adjustments
8
—
—
—
8
—
—
Provisions
(106)
—
—
—
(106)
—
—
Adjusted operating and administrative expenses
(3,441)
(1,139)
(565)
(270)
(1,477)
(131)
141
Items impacting net operating income/(loss) in the
second quarter of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Depreciation, amortisation and net impairments
(2,719)
(1,648)
(284)
(359)
(371)
(15)
(43)
Adjusting items
128
—
—
—
128
—
—
Impairment
128
—
—
—
128
—
—
Adjusted depreciation, amortisation and net
impairments
(2,591)
(1,648)
(284)
(359)
(243)
(15)
(43)
Exploration expenses
(189)
(96)
(67)
(25)
—
—
—
Adjusting items
—
—
—
—
—
—
—
Adjusted exploration expenses
(189)
(96)
(67)
(25)
—
—
—
Sum of adjusting items
(1,511)
—
(521)
—
(384)
(35)
(572)
Adjusted operating income/(loss)
11,482
9,187
843
720
777
(30)
(15)
Tax on adjusted operating income
(8,047)
(7,100)
(354)
(163)
(433)
3
—
Adjusted operating income/(loss) after tax
3,435
2,087
489
557
344
(27)
(15)
Equinor second quarter 2026
Items impacting net operating income/(loss) in the
second quarter 2025 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP¹⁾
Power¹⁾
Other
Net operating income/(loss)
5,721
5,706
415
183
345
(1,018)
90
Total revenues and other income
25,145
8,236
1,348
1,040
24,441
424
(10,343)
Adjusting items
(30)
—
—
—
(22)
(8)
—
Changes in fair value of derivatives
(4)
—
—
—
5
(9)
—
Gain/loss on sale of assets
(19)
—
—
—
—
(19)
—
Other adjustments
6
—
—
—
(15)
21
—
Periodisation of inventory hedging effect
(12)
—
—
—
(12)
—
—
Adjusted total revenues and other income
25,115
8,236
1,348
1,040
24,419
416
(10,343)
Purchases [net of inventory variation]
(12,739)
1
(67)
—
(22,716)
(338)
10,382
Adjusting items
(99)
—
—
—
31
—
(130)
Eliminations
(130)
—
—
—
—
—
(130)
Operational storage effects
31
—
—
—
31
—
—
Adjusted purchases [net of inventory variation]
(12,838)
1
(67)
—
(22,685)
(338)
10,252
Operating and administrative expenses
(3,081)
(1,077)
(504)
(306)
(1,149)
(134)
89
Adjusting items
(13)
—
14
—
(17)
(10)
—
Gain/loss on sale of assets
15
—
14
—
—
1
—
Provisions
(28)
—
—
—
(17)
(12)
—
Adjusted operating and administrative expenses
(3,094)
(1,077)
(490)
(306)
(1,166)
(144)
89
Items impacting net operating income/(loss) in the
second quarter 2025 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP¹⁾
Power¹⁾
Other
Depreciation, amortisation and net impairments
(3,422)
(1,338)
(310)
(536)
(231)
(969)
(38)
Adjusting items
955
—
—
—
—
955
—
Impairment
955
—
—
—
—
955
—
Adjusted depreciation, amortisation and net
impairments
(2,466)
(1,338)
(310)
(536)
(231)
(14)
(38)
Exploration expenses
(183)
(115)
(51)
(16)
—
—
—
Adjusting items
—
—
—
—
—
—
—
Adjusted exploration expenses
(183)
(115)
(51)
(16)
—
—
—
Sum of adjusting items
813
—
14
—
(8)
938
(130)
Adjusted operating income/(loss)
6,535
5,706
429
183
337
(80)
(40)
Tax on adjusted operating income
(4,793)
(4,461)
(138)
(41)
(248)
63
33
Adjusted operating income/(loss) after tax
1,741
1,244
291
141
89
(17)
(7)
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 the tables below.
Equinor second quarter 2026
Items impacting net operating income/(loss) in the
first quarter of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Net operating income/(loss)
8,784
7,696
616
745
530
(7)
(795)
Total revenues and other income
27,843
10,475
1,504
1,383
26,684
859
(13,061)
Adjusting items
560
—
—
—
559
1
—
Changes in fair value of derivatives
(185)
—
—
—
(189)
4
—
Gain/loss on sale of assets
(3)
—
—
—
—
(3)
—
Other adjustments
(36)
—
—
—
(36)
—
—
Periodisation of inventory hedging effect
784
—
—
—
784
—
—
Adjusted total revenues and other income
28,403
10,475
1,504
1,383
27,243
860
(13,061)
Purchases [net of inventory variation]
(12,964)
(1)
(60)
—
(24,385)
(721)
12,203
Adjusting items
435
—
—
—
(288)
—
723
Eliminations
723
—
—
—
—
—
723
Operational storage effects
(288)
—
—
—
(288)
—
—
Adjusted purchases [net of inventory variation]
(12,528)
(1)
(60)
—
(24,673)
(721)
12,926
Operating and administrative expenses
(3,423)
(1,092)
(507)
(281)
(1,515)
(133)
105
Adjusting items
(9)
—
—
—
(14)
5
—
Other adjustments
5
—
—
—
—
5
—
Provisions
(14)
—
—
—
(14)
—
—
Adjusted operating and administrative expenses
(3,432)
(1,092)
(507)
(281)
(1,530)
(127)
105
Items impacting net operating income/(loss) in the
first quarter of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Depreciation, amortisation and net impairments
(2,520)
(1,575)
(285)
(352)
(254)
(13)
(42)
Adjusting items
—
—
—
—
—
—
—
Adjusted depreciation, amortisation and net
impairments
(2,520)
(1,575)
(285)
(352)
(254)
(13)
(42)
Exploration expenses
(152)
(111)
(37)
(5)
—
—
—
Adjusting items
—
—
—
—
—
—
—
Adjusted exploration expenses
(152)
(111)
(37)
(5)
—
—
—
Sum of adjusting items
986
—
—
—
257
6
723
Adjusted operating income/(loss)
9,770
7,696
616
745
787
(1)
(72)
Tax on adjusted operating income
(6,908)
(6,002)
(316)
(179)
(437)
2
26
Adjusted operating income/(loss) after tax
2,862
1,693
299
566
349
1
(47)
Equinor second quarter 2026
Items impacting net operating income/(loss) in the
first half of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Net operating income/(loss)
21,776
16,883
1,979
1,465
1,690
(2)
(238)
Total revenues and other income
63,020
22,544
3,705
2,757
60,170
1,584
(27,741)
Adjusting items
(594)
—
(521)
—
(40)
(34)
—
Changes in fair value of derivatives
(188)
—
—
—
(158)
(30)
—
Gain/loss on sale of assets
(470)
—
(467)
—
—
(3)
—
Other adjustments
(90)
—
(54)
—
(36)
—
—
Periodisation of inventory hedging effect
155
—
—
—
155
—
—
Adjusted total revenues and other income
62,426
22,544
3,185
2,757
60,131
1,550
(27,741)
Purchases [net of inventory variation]
(28,897)
(1)
18
—
(54,960)
(1,295)
27,341
Adjusting items
48
—
—
—
(103)
—
152
Eliminations
152
—
—
—
—
—
152
Operational storage effects
(103)
—
—
—
(103)
—
—
Adjusted purchases [net of inventory variation]
(28,849)
(1)
18
—
(55,063)
(1,295)
27,493
Operating and administrative expenses
(6,767)
(2,231)
(1,072)
(551)
(2,895)
(263)
246
Adjusting items
(107)
—
—
—
(112)
5
—
Other adjustments
13
—
—
—
8
5
—
Provisions
(120)
—
—
—
(120)
—
—
Adjusted operating and administrative expenses
(6,873)
(2,231)
(1,072)
(551)
(3,007)
(258)
246
Items impacting net operating income/(loss) in the
first half of 2026 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP
Power
Other
Depreciation, amortisation and net impairments
(5,239)
(3,223)
(569)
(711)
(624)
(28)
(84)
Adjusting items
128
—
—
—
128
—
—
Impairment
128
—
—
—
128
—
—
Adjusted depreciation, amortisation and net
impairments
(5,111)
(3,223)
(569)
(711)
(497)
(28)
(84)
Exploration expenses
(341)
(206)
(104)
(31)
—
—
—
Adjusting items
—
—
—
—
—
—
—
Adjusted exploration expenses
(341)
(206)
(104)
(31)
—
—
—
Sum of adjusting items
(524)
—
(521)
—
(127)
(28)
152
Adjusted operating income/(loss)
21,252
16,883
1,458
1,465
1,564
(31)
(87)
Tax on adjusted operating income
(14,954)
(13,103)
(670)
(342)
(870)
5
26
Adjusted operating income/(loss) after tax
6,298
3,780
788
1,122
693
(25)
(61)
Equinor second quarter 2026
Items impacting net operating income/(loss) in the
first half of 2025 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP¹⁾
Power¹⁾
Other
Net operating income/(loss)
14,595
13,650
995
694
436
(1,283)
104
Total revenues and other income
55,066
18,288
2,919
2,237
52,830
1,108
(22,316)
Adjusting items
(353)
(491)
(49)
—
139
48
—
Changes in fair value of derivatives
109
—
—
—
109
(1)
—
Gain/loss on sale of assets
(469)
(491)
—
—
(1)
23
—
Other adjustments
(39)
—
(49)
—
(15)
25
—
Periodisation of inventory hedging effect
46
—
—
—
46
—
—
Adjusted total revenues and other income
54,713
17,797
2,870
2,237
52,968
1,156
(22,316)
Purchases [net of inventory variation]
(28,182)
—
(65)
—
(49,466)
(996)
22,344
Adjusting items
(173)
—
—
—
25
—
(198)
Eliminations
(198)
—
—
—
—
—
(198)
Operational storage effects
25
—
—
—
25
—
—
Adjusted purchases [net of inventory variation]
(28,355)
—
(65)
—
(49,441)
(996)
22,146
Operating and administrative expenses
(6,247)
(1,968)
(1,071)
(617)
(2,471)
(272)
151
Adjusting items
10
—
14
—
(12)
8
—
Gain/loss on sale of assets
15
—
14
—
—
1
—
Other adjustments
7
—
—
—
—
7
—
Provisions
(12)
—
—
—
(12)
—
—
Adjusted operating and administrative expenses
(6,237)
(1,968)
(1,057)
(617)
(2,482)
(264)
151
Items impacting net operating income/(loss) in the
first half of 2025 (in USD million)
Equinor
Group
E&P
Norway
E&P
International
E&P USA
MMP¹⁾
Power¹⁾
Other
Depreciation, amortisation and net impairments
(5,731)
(2,465)
(705)
(906)
(457)
(1,123)
(75)
Adjusting items
1,101
—
—
—
—
1,101
—
Impairment
1,101
—
—
—
—
1,101
—
Adjusted depreciation, amortisation and net
impairments
(4,630)
(2,465)
(705)
(906)
(457)
(22)
(75)
Exploration expenses
(310)
(206)
(84)
(21)
—
—
—
Adjusting items
—
—
—
—
—
—
—
Adjusted exploration expenses
(310)
(206)
(84)
(21)
—
—
—
Sum of adjusting items
585
(491)
(35)
—
152
1,157
(198)
Adjusted operating income/(loss)
15,180
13,158
960
694
588
(126)
(94)
Tax on adjusted operating income
(11,194)
(10,250)
(555)
(159)
(401)
125
46
Adjusted operating income/(loss) after tax
3,986
2,908
404
535
188
(1)
(48)
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 the tables below.
Equinor second quarter 2026
Restatement of previously reported segment information
Q1 2025
Q2 2025
First half 2025
Q3 2025
First nine months 2025
Q4 2025
Full year 2025
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
Items impacting net
operating income/
(loss) (in USD million)
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
Net operating
income/(loss)
84
(259)
91
(265)
329
(1,002)
345
(1,018)
413
(1,260)
436
(1,283)
509
(59)
517
(66)
922
(1,319)
953
(1,349)
778
(295)
778
(295)
1,700
(1,614)
1,730
(1,644)
Total revenues and
other income
29,072
1
28,388
685
24,798
67
24,441
424
53,870
68
52,830
1,108
25,753
34
25,215
572
79,623
102
78,045
1,680
25,146
90
23,937
1,299
104,769
192
101,981
2,980
Adjusting items
170
47
161
55
(11)
(19)
(22)
(8)
159
27
139
48
18
(5)
18
(5)
178
22
157
43
(102)
7
(109)
14
76
29
48
57
Changes in fair value
of derivatives
113
—
104
9
(4)
—
5
(9)
109
—
109
(1)
51
—
51
—
159
—
160
(1)
(111)
—
(111)
—
49
—
49
(1)
Gain/loss on sale of
assets
(1)
43
(1)
43
—
(19)
—
(19)
(1)
23
(1)
23
—
(5)
—
(5)
(1)
18
(1)
18
—
—
(1)
18
(1)
18
Other adjustments
—
4
—
4
6
—
(15)
21
6
4
(15)
25
(19)
—
(19)
—
(13)
4
(34)
25
36
15
28
22
22
19
(6)
47
Periodisation of
inventory hedging
effect
58
—
58
—
(12)
—
(12)
—
46
—
46
—
(13)
—
(13)
—
32
—
32
—
(27)
—
(27)
—
6
—
6
—
Provisions
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(8)
—
(8)
—
(8)
—
(8)
Adjusted total
revenues and other
income
29,241
48
28,549
740
24,787
48
24,419
416
54,029
96
52,968
1,156
25,772
29
25,233
567
79,800
124
78,202
1,723
25,044
97
23,828
1,313
104,845
221
102,029
3,037
Purchases [net of
inventory variation]
(27,407)
—
(26,749)
(658)
(23,055)
—
(22,716)
(338)
(50,462)
—
(49,466)
(996)
(23,988)
(7)
(23,476)
(519)
(74,450)
(7)
(72,941)
(1,515)
(22,793)
(1)
(21,638)
(1,156)
(97,243)
(8)
(94,579)
(2,671)
Adjusting items
(6)
—
(6)
—
31
—
31
—
25
—
25
—
3
—
3
—
28
—
28
—
37
—
37
—
65
—
65
—
Operational storage
effects
(6)
—
(6)
—
31
—
31
—
25
—
25
—
3
—
3
—
28
—
28
—
37
—
37
—
65
—
65
—
Adjusted purchases
[net of inventory
variation]
(27,413)
—
(26,756)
(658)
(23,023)
—
(22,685)
(338)
(50,437)
—
(49,441)
(996)
(23,985)
(7)
(23,473)
(519)
(74,422)
(7)
(72,913)
(1,515)
(22,756)
(1)
(21,601)
(1,156)
(97,178)
(8)
(94,515)
(2,671)
Equinor second quarter 2026
Q1 2025
Q2 2025
First half 2025
Q3 2025
First nine months 2025
Q4 2025
Full year 2025
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
As reported
Restated
Items impacting net
operating income/
(loss) (in USD million)
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
MMP
REN
MMP
Power
Operating and
administrative
expenses
(1,353)
(107)
(1,322)
(138)
(1,182)
(101)
(1,149)
(134)
(2,535)
(208)
(2,471)
(272)
(1,323)
(70)
(1,291)
(102)
(3,858)
(278)
(3,762)
(374)
(1,332)
(118)
(1,280)
(170)
(5,190)
(396)
(5,042)
(545)
Adjusting items
5
18
5
18
(17)
(10)
(17)
(10)
(12)
8
(12)
8
53
(3)
53
(3)
41
5
41
5
(35)
10
(35)
10
6
14
6
14
Gain/loss on sale of
assets
—
—
—
—
—
1
—
1
—
1
—
1
—
—
—
—
—
1
—
2
—
7
—
7
—
9
—
9
Other adjustments
—
6
—
6
—
—
—
—
—
7
—
7
—
(4)
—
(4)
—
3
—
3
—
3
—
3
—
6
—
6
Provisions
5
12
5
12
(17)
(12)
(17)
(12)
(12)
—
(12)
—
53
—
53
—
41
—
41
—
(35)
—
(35)
—
6
—
6
—
Adjusted operating
and administrative
expenses
(1,348)
(89)
(1,317)
(120)
(1,198)
(111)
(1,166)
(144)
(2,547)
(199)
(2,482)
(264)
(1,270)
(74)
(1,238)
(105)
(3,817)
(273)
(3,721)
(369)
(1,367)
(109)
(1,315)
(161)
(5,184)
(382)
(5,036)
(530)
Depreciation,
amortisation and net
impairments
(227)
(153)
(226)
(154)
(232)
(968)
(231)
(969)
(460)
(1,121)
(457)
(1,123)
67
(15)
68
(17)
(393)
(1,136)
(389)
(1,140)
(243)
(266)
(241)
(268)
(636)
(1,403)
(630)
(1,408)
Adjusting items
—
146
—
146
—
955
—
955
—
1,101
—
1,101
(283)
3
(283)
3
(283)
1,104
(283)
1,104
—
252
—
252
(283)
1,356
(283)
1,356
Impairment
—
146
—
146
—
955
—
955
—
1,101
—
1,101
15
—
15
—
15
1,101
15
1,101
—
252
—
252
15
1,354
15
1,354
Other adjustments
—
—
—
—
—
—
—
—
—
3
—
3
—
3
—
3
—
—
—
3
—
3
Reversal of
impairment
—
—
—
—
—
—
—
—
(299)
—
(299)
—
(299)
—
(299)
—
—
—
(299)
—
(299)
—
Adjusted depreciation,
amortisation and net
impairments
(227)
(7)
(226)
(8)
(232)
(12)
(231)
(14)
(460)
(20)
(457)
(22)
(217)
(13)
(215)
(14)
(676)
(32)
(673)
(36)
(243)
(14)
(241)
(16)
(919)
(46)
(913)
(52)
Sum of adjusting items
169
210
160
219
4
926
(8)
938
173
1,137
152
1,157
(209)
(6)
(210)
(6)
(37)
1,131
(57)
1,152
(100)
269
(107)
276
(137)
1,400
(165)
1,428
Adjusted operating
income/(loss)
253
(48)
251
(46)
333
(75)
337
(80)
586
(124)
588
(126)
299
(64)
307
(72)
885
(188)
895
(198)
678
(26)
670
(19)
1,563
(214)
1,565
(216)
Tax on adjusted
operating income
(153)
63
(153)
63
(189)
3
(248)
63
(341)
66
(401)
125
(172)
6
(112)
(55)
(513)
72
(512)
71
(489)
(21)
(486)
(24)
(1,003)
51
(998)
47
Adjusted operating
income/(loss) after tax
101
15
99
16
144
(72)
89
(17)
245
(58)
188
(1)
127
(58)
195
(126)
372
(116)
383
(127)
189
(47)
184
(43)
561
(163)
567
(170)
Equinor second quarter 2026
Adjusted operating income after tax by reporting segment
Quarters
Q2 2026
Q1 2026
Q2 2025
(in USD million)
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
E&P Norway
9,187
(7,100)
2,087
7,696
(6,002)
1,693
5,706
(4,461)
1,244
E&P International
843
(354)
489
616
(316)
299
429
(138)
291
E&P USA
720
(163)
557
745
(179)
566
183
(41)
141
MMP1)
777
(433)
344
787
(437)
349
337
(248)
89
Power1)
(30)
3
(27)
(1)
2
1
(80)
63
(17)
Other
(15)
—
(15)
(72)
26
(47)
(40)
33
(7)
Equinor group
11,482
(8,047)
3,435
9,770
(6,908)
2,862
6,535
(4,793)
1,741
Effective tax rates on adjusted operating income
70.1%
70.7%
73.4%
First half 2026
First half 2025
(in USD million)
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
E&P Norway
16,883
(13,103)
3,780
13,158
(10,250)
2,908
E&P International
1,458
(670)
788
960
(555)
404
E&P USA
1,465
(342)
1,122
694
(159)
535
MMP1)
1,564
(870)
693
588
(401)
188
Power1)
(31)
5
(25)
(126)
125
(1)
Other
(87)
26
(61)
(94)
46
(48)
Equinor group
21,252
(14,954)
6,298
15,180
(11,194)
3,986
Effective tax rates on adjusted operating income
70.4%
73.7%
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 the tables below.
Equinor second quarter 2026
Restatement of previously reported segment information
Adjusted operating income after tax by reporting
segment (in USD million)
Reporting segment
Q1 2025
Q2 2025
First half 2025
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
As reported
MMP
253
(153)
101
333
(189)
144
586
(341)
245
REN
(48)
63
15
(75)
3
(72)
(124)
66
(58)
Restated
MMP
251
(153)
99
337
(248)
89
588
(401)
188
Power
(46)
63
16
(80)
63
(17)
(126)
125
(1)
Adjusted operating income after tax by reporting
segment (in USD million)
Reporting segment
Q3 2025
First nine months 2025
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
As reported
MMP
299
(172)
127
885
(513)
372
REN
(64)
6
(58)
(188)
72
(116)
Restated
MMP
307
(112)
195
895
(512)
383
Power
(72)
(55)
(126)
(198)
71
(127)
Adjusted operating income after tax by reporting
segment (in USD million)
Reporting segment
Q4 2025
Full year 2025
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
Adjusted operating
income
Tax on adjusted
operating income
Adjusted operating
income after tax
As reported
MMP
678
(489)
189
1,563
(1,003)
561
REN
(26)
(21)
(47)
(214)
51
(163)
Restated
MMP
670
(486)
184
1,565
(998)
567
Power
(19)
(24)
(43)
(216)
47
(170)
Equinor second quarter 2026
Quarters
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Net operating income/(loss)
A
12,993
8,784
5,721
21,776
14,595
Income tax
B1
8,194
6,639
4,441
14,833
10,704
Tax on net financial items
B2
(71)
95
(2)
24
236
Income tax less tax on net financial items
B = B1 - B2
8,265
6,544
4,443
14,809
10,468
Net operating income after tax
C = A - B
4,728
2,239
1,278
6,967
4,127
Items impacting net operating income/(loss)1)
D
(1,511)
986
813
(524)
585
Tax on items impacting net operating income/(loss)
E
218
(363)
(350)
(146)
(726)
Adjusted operating income after tax
F = C+D+E
3,435
2,862
1,741
6,298
3,986
Net financial items
G
37
960
38
997
56
Tax on net financial items
H
71
(95)
2
(24)
(236)
Net income/(loss)
I = C+G+H
4,836
3,105
1,317
7,940
3,947
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.
Reconciliation of adjusted operating income after tax to net income
Quarters
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Net operating income/(loss)
12,993
8,784
5,721
21,776
14,595
Items impacting net operating income/(loss)1)
A
(1,511)
986
813
(524)
585
Adjusted operating income1)
B
11,482
9,770
6,535
21,252
15,180
Net financial items
37
960
38
997
56
Adjusting items
C
(350)
(10)
(144)
(360)
(392)
Changes in fair value of financial derivatives used to
hedge interest bearing instruments
(145)
99
(150)
(46)
(208)
Foreign currency (gains)/losses on certain intercompany
bank and cash balances
(205)
(109)
7
(314)
(185)
Adjusted net financial items
D
(313)
950
(106)
637
(336)
Income tax
E
(8,194)
(6,639)
(4,441)
(14,833)
(10,704)
Tax effect on adjusting items
F
250
(385)
(317)
(136)
(680)
Adjusted net income
G = B + D + E + F
3,225
3,695
1,670
6,920
3,460
Less:
Adjusting items
H = A + C
(1,860)
976
670
(884)
193
Tax effect on adjusting items
250
(385)
(317)
(136)
(680)
Net income/(loss)
4,836
3,105
1,317
7,940
3,947
Attributable to shareholders of the company
I
4,848
3,106
1,313
7,954
3,939
Attributable to non-controlling interests
J
(12)
(2)
5
(14)
8
Adjusted net income attributable to shareholders of the
company
K = G - J
3,237
3,697
1,666
6,934
3,452
Weighted average number of ordinary shares outstanding
(in millions)
L
2,431
2,496
2,622
2,463
2,670
Basic earnings per share (in USD)
M = I/L
1.99
1.24
0.50
3.23
1.48
Adjusted earnings per share (in USD)
N = K/L
1.33
1.48
0.64
2.81
1.29
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.
Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share
Equinor second quarter 2026
Adjusted exploration expenses
Quarters
Change
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
Q2 on Q2
2026
2025
Change
E&P Norway exploration expenditures
204
214
184
11%
419
351
19%
E&P International exploration expenditures
87
37
74
17%
124
106
17%
E&P USA exploration expenditures
25
5
13
93%
30
18
65%
Group exploration expenditures
317
256
272
16%
573
476
20%
Expensed, previously capitalised exploration expenditures
1
10
5
(80%)
11
6
73%
Capitalised share of current period's exploration activity
(129)
(114)
(95)
36%
(243)
(172)
41%
Impairment (reversal of impairment)
—
1
—
N/A
1
—
N/A
Exploration expenses according to IFRS
189
152
183
3%
341
310
10%
Items impacting net operating income/(loss)1)
—
—
—
N/A
—
—
N/A
Adjusted exploration expenses
189
152
183
3%
341
310
10%
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.
Equinor second quarter 2026
Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow
CFFO information
Quarters
Change
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
Q2 on Q2
2026
2025
Change
Cash flows provided by operating activities before taxes paid and working capital items
14,752
10,291
9,167
61%
25,043
19,788
27%
Taxes paid
(7,075)
(4,272)
(7,229)
(2%)
(11,347)
(10,456)
9%
Cash flow from operations after taxes paid (CFFO after taxes paid)
7,677
6,019
1,938
>100%
13,696
9,332
47%
Net cash flow information
Quarters
Change
First half
(in USD million)
Q2 2026
Q1 2026
Q2 2025
Q2 on Q2
2026
2025
Change
Cash flow from operations after taxes paid (CFFO after taxes paid)
7,677
6,019
1,938
>100%
13,696
9,332
47%
(Cash used)/received in business combinations
—
—
—
(68%)
—
(26)
(100%)
Capital expenditures and investments
(2,872)
(3,116)
(3,401)
(16%)
(5,988)
(6,428)
(7%)
Net (increase)/decrease in strategic non-current financial investments1)
171
—
—
N/A
171
—
N/A
(Increase)/decrease in other interest-bearing items
(51)
(43)
(166)
(70%)
(94)
(45)
>100%
Proceeds from sale of assets and businesses
558
88
340
64%
646
424
52%
Net cash flow before capital distribution
5,484
2,947
(1,289)
N/A
8,431
3,257
>100%
Dividend paid
(971)
(920)
(1,024)
(5%)
(1,891)
(2,935)
(36%)
Share buy-back
(83)
(271)
(265)
(69%)
(354)
(815)
(57%)
Net cash flow
4,430
1,756
(2,579)
N/A
6,186
(493)
N/A
1) This line item includes the divestment of an 8.07% shareholding in Scatec ASA in the second quarter of 2026.
Equinor second quarter 2026
Organic capital expenditures
Quarters
First half
(in USD billion)
Q2 2026
Q1 2026
Q2 2025
2026
2025
Additions to PP&E, intangibles and equity accounted investments
3.6
4.3
3.6
7.8
8.1
Less:
Acquisition-related additions
0.1
—
—
0.1
1.3
Right of use asset additions
0.2
1.2
0.2
1.4
0.4
Organic capital expenditures
3.4
3.0
3.4
6.4
6.4
Equinor second quarter 2026
Calculation of capital employed and net debt to capital employed ratio
Calculation of capital employed and net debt to capital employed ratio
At 30 June
At 31 December
(in USD million)
2026
2025
Calculation of capital employed*
Capital employed
A + B1
51,825
52,386
Capital employed adjusted, including lease liabilities
A + B2
52,141
52,674
Capital employed adjusted
A + B3
48,123
49,262
Calculated net debt to capital employed*
Net debt to capital employed
(B1) / (A+B1)
16.8%
22.7%
Net debt to capital employed adjusted, including lease liabilities
(B2) / (A+B2)
17.3%
23.1%
Net debt to capital employed adjusted
(B3) / (A+B3)
10.4%
17.8%
1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial investments.
Calculation of capital employed and net debt to capital employed ratio
At 30 June
At 31 December
(in USD million)
2026
2025
Shareholders' equity
43,063
40,424
Non-controlling interests
69
74
Total equity
A
43,132
40,497
Current finance debt and lease liabilities
8,176
5,237
Non-current finance debt and lease liabilities
24,243
25,984
Gross interest-bearing debt
B
32,419
31,222
Cash and cash equivalents
8,062
5,036
Current financial investments
15,664
14,297
Cash and cash equivalents and financial investment
C
23,725
19,333
Net interest-bearing debt [8]
B1 = B - C
8,693
11,888
Other interest-bearing elements1)
316
288
Net interest-bearing debt adjusted including lease liabilities*
B2
9,009
12,176
Lease liabilities
4,018
3,412
Net interest-bearing debt adjusted*
B3
4,991
8,765
Equinor second quarter 2026
Forward-looking statements
This report contains certain forward-looking
statements that involve risks and uncertainties. In
some cases, we use words such as "ambition",
"continue", "could", "estimate", "intend", "expect",
"believe", "likely", "may", "outlook", "plan", "strategy",
"will", "guidance", "targets", and similar expressions to
identify forward- looking statements. Forward-looking
statements include all statements other than
statements of historical fact, including, among others,
statements regarding Equinor's plans, intentions,
aims, ambitions and expectations; the commitment to
develop as a broad energy company and diversify its
energy mix; the ambition to be a leading company in
the energy transition and reduce net group-wide
greenhouse gas emissions; our ambitions and
expectations regarding decarbonisation; future
financial performance, including earnings, cash flow
and liquidity; expectations and ambitions regarding
value creation and capital discipline; expectations and
ambitions regarding progress on the energy transition
plan; expectations regarding cash flow and returns
from Equinor’s oil and gas portfolio and renewables
and low carbon solutions portfolio; our expectations
and ambitions regarding operated emissions, annual
CO₂ storage, upstream CO₂ intensity and net carbon
intensity; plans to develop fields and projects;
expectations and ambitions regarding exploration
activities and production levels; aims, expectations
and plans for renewables production capacity and
power generation, CO2 transport and storage,
allocation of expenditures across the NCS, our
international oil and gas projects and our integrated
power business and the balance between oil and gas
and renewables production; our intention to optimise
and high-grade our portfolio; robustness of our
portfolio; contributions to energy security; break-even
considerations, targets and other metrics for
investment decisions; future worldwide economic
trends, market outlook and future economic
projections and assumptions, including commodity
price, currency and refinery assumptions;
expectations and ambitions regarding sales, trading
and market strategies; estimates of reserves and
expectations regarding discoveries; organic capital
expenditures* for 2026; expectations and estimates
regarding capacity, production, development,
performance and execution of fields and projects;
expectations and estimates regarding future
operational performance, including oil and gas and
renewable power production and growth; estimates
regarding tax payments; expectations and ambitions
regarding costs, including the ambition to keep unit of
production cost in the top quartile of our peer group;
scheduled maintenance activity and the effects
thereof on equity production; expectations regarding
completion and results of acquisitions, disposals, joint
ventures, partnerships and other strategic and
contractual arrangements; expectations regarding
distributions from joint ventures; ambitions regarding
capital distributions and expected amount and timing
of dividend payments and the implementation of our
share buy-back programme; projected impact of legal
claims against us; and provisions and contingent
liabilities. You should not place undue reliance on
these forward-looking statements. Our actual results
could differ materially from those anticipated in the
forward-looking statements for many reasons.
These forward-looking statements reflect current
views about future events, are based on
management’s current expectations and assumptions
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.
There are a number of factors that could cause actual
results and developments to differ materially from
those expressed or implied by these forward-looking
statements, including levels of industry product
supply, demand and pricing, in particular in light of
significant price volatility for oil and natural gas;
geopolitical, social and/or political instability, including
worsening trade relations and tariffs; unfavourable
macroeconomic conditions and inflationary pressures;
exchange rate and interest rate fluctuations; levels
and calculations of reserves and material differences
from reserves estimates; regulatory stability and
access to resources, including attractive low-carbon
opportunities; changes in market demand and supply
and policy support from governments for renewables;
inability to meet strategic objectives; the effects of
climate change and changes in stakeholder sentiment
and regulatory requirements regarding climate
change; the development and use of new technology;
failure to prevent or manage digital and cyber
disruptions to our information and operational
technology systems and those of third parties on
which we rely; operational problems, including cost
inflation in capital and operational expenditures;
unsuccessful drilling; availability of adequate
infrastructure at commercially viable prices; the
actions of field partners, commercial and strategic
partners and other third-parties; reputational damage;
the actions of competitors; failure to effectively deploy
new technologies or deficiencies in their
implementation; the actions of the Norwegian state as
majority shareholder and exercise of ownership by the
Norwegian state; changes or uncertainty in or non-
compliance with laws and governmental regulations,
conditions or requirements; inability to obtain relevant
approvals from governments and other parties for
activities and transactions; adverse changes in tax
regimes; the political and economic policies of Norway
and other oil/energy-producing countries; regulations
on low-carbon value chains; liquidity, interest rate,
equity and credit risks; risk of losses relating to trading
and commercial supply activities; an inability to attract
and retain personnel; ineffectiveness of crisis
management systems; inadequate insurance
coverage; health, safety and environmental risks;
physical security risks to personnel, assets,
infrastructure and operations from hostile or malicious
acts; failure to meet our ethical and social standards;
actual or perceived non-compliance with legal or
regulatory requirements; and other factors discussed
elsewhere in this report and in Equinor's Integrated
Annual Report for the year ended December 31, 2025
(including section 5.2 - Risk factors thereof). Equinor's
2025 Integrated Annual Report is available at
Equinor's website www.equinor.com.
Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we
cannot assure you that our future results, level of
activity, performance or achievements will meet these
expectations. Moreover, neither we nor any other
person assumes responsibility for the accuracy and
completeness of the forward-looking statements. Any
forward-looking statement speaks only as of the date
on which such statement is made, and, except as
required by applicable law, we undertake no obligation
to update any of these statements after the date of
this report, either to make them conform to actual
results or changes in our expectations.
We use certain terms in this document, such as
"resource" and "resources", that the SEC's rules
prohibit us from including in our filings with the SEC.
U.S. investors are urged to closely consider the
disclosures in our Annual Report on Form 20-F for the
year ended December 31, 2025, SEC File No.
1-15200. This form is available on our website or by
calling 1-800-SEC-0330 or logging on to www.sec.gov
Equinor second quarter 2026
End notes
1.The group's average liquids price is a volume
weighted average of the segment prices of crude
oil, condensate and natural gas liquids (NGL).
2.Transactions with the Norwegian state. The
Norwegian state, represented by the Ministry of
Trade, Industry and Fisheries, is the majority
shareholder of Equinor and it also holds major
investments in other entities. This ownership
structure means that Equinor participates in
transactions with many parties that are under a
common ownership structure and therefore meet
the definition of a related party. Equinor
purchases liquids and natural gas from the
Norwegian state, represented by SDFI (the
State's Direct Financial Interest). In addition,
Equinor sells the State's natural gas production
in its own name, but for the Norwegian state's
account and risk, and related expenditures are
refunded by the State.
3.Equity volumes represent Equinor’s
proportionate share of gross production based on
working interest ownership in a lease or unit.
Entitlement volumes differ from equity volumes
where operations are performed under
production sharing agreements (PSA) that
regulate Equinor’s entitlement to volumes, and in
the USA where entitlement production is
expressed net of royalty interests.
4.The production guidance reflects our estimates of
proved reserves calculated in accordance with
US Securities and Exchange Commission (SEC)
guidelines and additional production from other
reserves not included in proved reserves
estimates.
5.Liquids volumes include oil, condensate and
NGL, exclusive of royalty oil.
6.The group's average realised piped gas prices
include all realised piped gas sales, including
both physical sales and related paper positions.
7.The internal transfer price paid from the MMP
segment to the E&P Norway, E&P International
and E&P USA segments.
8.Since different legal entities in the group lend to
projects and others borrow from banks, project
financing through external bank or similar
institutions is not netted in the balance sheet and
results in over-reporting of the debt stated in the
balance sheet compared to the underlying
exposure in the group. Similarly, certain net
interest-bearing debt incurred from activities
pursuant to the Marketing Instruction of the
Norwegian government are offset against
receivables on the SDFI. Some interest-bearing
elements are classified together with non-interest
bearing elements and are therefore included
when calculating the net interest-bearing debt.
Photos:
Page 1 Einar Aslaksen
Pages 1, 2, 3, 4, 25 Ole Jørgen Bratland
Pages 6, 18 Colin Dobinson
Pages 7, 10, 20 Torstein Lund Eik
Page 12 Thomas Sola
Page 38 Øyvind Gravås
Equinor ASA
Box 8500
NO-4035 Stavanger
Norway
Telephone:+47 51 99 00 00
www.equinor.com
SIGNATURE - 6K FURNISHED
Pursuant to the requirements of the
Securities Exchange Act of 1934, the
registrant has duly caused this report to be
signed on its behalf by the undersigned,
thereunto duly authorised.
EQUINOR ASA
(Registrant)
Dated: 22 July 2026
By:       /s/ Torgrim Reitan                 
Name: Torgrim Reitan
Title: Chief Financial Officer