[EQNR] Equinor: Q3 2026 earnings preview, Norwegian tax catch-up vs. buybacks

Equinor, the Norwegian state-controlled oil and gas producer and one of Europe's largest suppliers of pipeline gas, is scheduled to report Q3 2026 earnings on 2026-10-28, covering the third quarter of 2026, ending September 30, 2026 [1]. In the latest disclosed period, the second quarter of 2026, group equity production was 2,165 thousand barrels of oil equivalent per day (mboe/d), up 3% year on year; the group average liquids price was $97.9 per barrel; adjusted operating income was $11.48 billion, up 76%; adjusted earnings per share were $1.33; and cash flow from operations after taxes paid was $7.68 billion [2]. The company has kept its full-year guidance for oil and gas production to grow around 3% from the 2025 level and for organic capital expenditure of around $13 billion [3], and on the second-quarter call management said the three-week shutdown of the Johan Castberg field from mid-June to mid-July will cut third-quarter production by a net 14,000 barrels per day [4]. Analyst estimates compiled by Drillr put third-quarter revenue at an average of $33.39 billion (5 analysts), net income at $3.34 billion and earnings per share at $1.37 (only 2 analysts) [5]; the earnings calendar shows an EPS estimate of $1.363, and the same source's second-quarter estimate of $1.377 was close to the actual adjusted EPS of $1.33, which indicates these figures track the adjusted measure [1].

Three things matter most in this report. The first is production: group output already fell from 2,313 mboe/d in the first quarter to 2,165 in the second [2], and the third quarter adds maintenance and the Castberg outage, so whether output holds near 2,100 and the roughly 3% full-year growth guidance survives will show whether profit growth comes from both volume and price or from oil and gas prices alone. The second is trading profit in Marketing, Midstream and Processing (MMP): the segment earned adjusted operating income of $787 million in the first quarter and $777 million in the second [6], about twice management's long-run average guidance of roughly $400 million per quarter [4], and a fall back toward guidance in the third quarter would mean part of first-half profit should be treated as a one-off gain from market dislocation. The third is cash: Norwegian petroleum tax on high-priced 2026 profits is paid in instalments, with the first instalment of NOK 23.3 billion due on August 1 [7], so whether third-quarter cash flow still covers capital spending, dividends and buybacks after the jump in tax payments, and whether the fourth buyback tranche launches as planned after the third-quarter results [8], is the direct test of whether shareholder distributions can be sustained.

Company Background and Business Structure

Equinor is an integrated energy company controlled by the Norwegian state, with profits heavily concentrated on the Norwegian continental shelf (NCS). The company was formerly Statoil and renamed Equinor in 2018; it is headquartered in Stavanger, Norway, and listed on the Oslo Stock Exchange and the New York Stock Exchange under the ticker EQNR. Besides its direct shareholding, the Norwegian state holds large field interests through the State's Direct Financial Interest (SDFI), and Equinor sells the state's gas in its own name, for the state's account and risk. At its Capital Markets Day on June 16, 2026, the company announced an intention to raise the 2026 buyback programme by $1.5 billion to up to $3 billion, including shares to be redeemed from the Norwegian state, and set a buyback range of $2-4 billion per year from 2027, based on an oil price of $60-80 per barrel and a European gas price of $7-11 per mmbtu [8].

From 2026, Equinor reports six segments: E&P Norway, E&P International, E&P USA, MMP, Power and Other. Of the group's $11.48 billion adjusted operating income in the second quarter of 2026, E&P Norway contributed $9.19 billion, about 80%, E&P International $843 million, E&P USA $720 million and MMP $777 million, while Power lost $30 million [9]. Of the quarter's 2,165 mboe/d of equity production, NCS entitlement production was 1,415 [10], international equity production 317 and US equity production 433 [11].

By product, crude oil and European gas make up the bulk of revenue. Of $105.24 billion in 2025 revenue from contracts with customers, crude oil accounted for $58.40 billion, natural gas $25.29 billion (European gas $21.22 billion), refined products $10.38 billion, natural gas liquids $7.04 billion and power $2.10 billion [12]. The three E&P segments sell their output to MMP at internal transfer prices, and MMP then sells to European utilities, refiners, trading counterparties and end customers at spot and short-term contract prices; management says the company does not hedge its production [13]. On the cost side, the main items are field operating costs, transport, electricity and environmental charges, depreciation and exploration expense, plus the 78% marginal tax rate on the NCS.

Financial History and Current Position

Equinor's annual revenue swings sharply with oil and gas prices, and Norwegian petroleum tax takes most of its profit. On the basis of the company's annual reports, total revenue fell from $149.00 billion at the 2022 energy-crisis peak (net income of $28.75 billion that year) to $102.50 billion in 2024 (net income of $8.81 billion). In fiscal 2025, total revenues and other income were $106.46 billion [12], income before tax was $25.09 billion and income tax was $20.03 billion, about 80% of pre-tax income, leaving net income attributable to shareholders of only $5.04 billion [14].

The 2025 cash flow statement shows the same tax weight. Cash flow from operating activities was $19.97 billion for the year, taxes paid were $20.46 billion, capital expenditures and investments were $13.99 billion, dividends paid were $4.79 billion and proceeds from asset sales were $2.46 billion [14]. Among the segments, E&P Norway earned net operating income of $24.12 billion, MMP $1.70 billion, E&P USA $668 million and E&P International $470 million, while the renewables segment lost $1.61 billion, including $1.36 billion of impairments [15].

Profit rose clearly in the second quarter of 2026 on high oil and gas prices. Adjusted operating income was $11.48 billion, above $9.77 billion in the first quarter and $6.54 billion in the second quarter of 2025; first-half adjusted operating income was $21.25 billion, up 40% [2]. Second-quarter net income was $4.84 billion (versus $1.32 billion a year earlier), adjusted EPS was $1.33 (versus $1.48 in the first quarter) and the group average liquids price was $97.9 per barrel (versus $63.0 a year earlier) [2], while the realised European piped gas price was $15.79 per mmbtu (versus $12.00 a year earlier) [6].

Cash and the balance sheet improved even more in the second quarter, but part of that reflects timing. Cash flow from operations after taxes paid was $7.68 billion, compared with $6.02 billion in the first quarter and only $1.94 billion a year earlier; organic capital expenditure was $3.35 billion and total capital expenditure $3.57 billion; net cash flow before capital distribution was $5.48 billion; and the ratio of net debt to capital employed adjusted fell from 17.8% at the end of 2025 and 15.3% at the end of the first quarter to 10.4%, a decline partly offset by a $2.82 billion liability to the state that was settled in July [7]. On distributions, the second-quarter cash dividend was $0.39 per share, the second buyback tranche of $375 million was completed on July 16, and a third tranche of up to $1.125 billion began on July 23 and ends no later than October 26 [16].

Operating Model

Equinor's revenue equals the oil, gas and power it sells externally multiplied by market prices, and E&P segment revenue is roughly entitlement production multiplied by realised prices. Almost all group revenue is booked through MMP's external sales, which include the company's own output (average equity production of 2,239 mboe/d in the first half of 2026 [2]), the SDFI volumes sold for the Norwegian state and oil and gas bought from third parties. Prices move with Brent, European day-ahead and month-ahead gas prices and Henry Hub, and because the company does not hedge production [13], price changes show up in revenue almost within the same quarter.

Adjusted operating income equals revenue minus purchases, operating and administrative expenses, depreciation and exploration expense, and the core of that profit is E&P Norway. In the second quarter, E&P Norway had revenue of $12.07 billion, operating and administrative expenses of $1.14 billion, depreciation and amortisation of $1.65 billion and adjusted operating income of $9.19 billion; higher environmental costs and electricity prices, together with a stronger Norwegian krone against the dollar, pushed operating expenses up [10]. Tax is the second key variable: of E&P Norway's $9.19 billion pre-tax profit in the second quarter, $7.10 billion was booked as tax, compared with only $433 million of MMP's $777 million, and the group's effective tax rate on adjusted operating income was 70.1% [9]. Each extra dollar of pre-tax profit at MMP therefore leaves shareholders roughly twice as much as a dollar earned on the NCS.

Cash flow equals operating cash flow before tax and working capital, minus taxes paid, plus or minus working capital changes, minus capital expenditure. NCS tax on a year's profit is paid in five instalments in the second half of that year and five in the first half of the next [7], so when prices rise, cash arrives before the tax, and the tax catches up one to three quarters later. On the first-quarter call, management said that in a high-price scenario the Norwegian tax lag would raise future tax liabilities by around $4 billion [13]. Cash is used, in order, for organic capital expenditure of around $13 billion for the year [3], a quarterly dividend of $0.39 per share and buybacks of up to $3 billion in 2026 [16], while trading collateral ties up or releases cash as prices swing [13].

Industry and Competitive Position

Equinor is more exposed to European gas prices than most international oil companies. NCS gas flows through the Gassco pipeline network to markets including Germany, the UK and France, and the company sells 70% of its gas exposure at day-ahead prices and 30% at month-ahead prices, which management says lets it capture full value from current market volatility [4]. Management also noted that Europe entered the 2026 autumn and winter heating season with average gas storage at only 53% of capacity, more than 15 percentage points below the five-year average [4]; with LNG flows through the Strait of Hormuz disrupted, Europe's reliance on Norwegian pipeline gas has increased.

Compared with European peers such as BP, Shell and TotalEnergies, Equinor's production and profit are more concentrated in a single low-cost, high-tax region. Management said in the first quarter that unit production cost should fall from $6.6 to $6 per barrel of oil equivalent during the year [13], and the company aims to keep unit production cost in the top quartile of its peer group [3]. Its international business is smaller but growing in Brazil, Angola and the UK, while its US shale gas is exposed to Henry Hub and regional price spreads: E&P USA's internal gas price was only $1.96 per mmbtu in the second quarter, and the company curtailed production in Appalachia North because of low basin prices [11]. The limit of this comparison is that the available material has no like-for-like peer data on unit costs or gas price exposure, so it can only be qualitative.

Core Debates

Can Norwegian shelf output hold up the 3% growth target through maintenance season and the Castberg outage?

This question matters because the NCS determines the quality of Equinor's profit growth. E&P Norway earned net operating income of $24.12 billion in 2025 [15] and adjusted operating income of $9.19 billion in the second quarter of 2026, 80% of the group total [9]. Group production rose 6% year on year in the first half [2], but the second and third quarters are maintenance season: the company estimates scheduled maintenance will reduce equity production by around 35,000 boe per day for the full year [3], and the third quarter also absorbs the Castberg outage of around 14,000 barrels per day [4].

The current evidence supports continued growth, but it also leaves room for another reading. Second-quarter group equity production was 2,165 mboe/d, up 3% year on year, and NCS production rose 4% as new fields including Eirin and Symra came on stream [17]; entitlement production was 1,415, compared with 1,525 in the first quarter and 1,359 in the second quarter of 2025, with an average liquids price of $102.3 per barrel and an internal gas price of $14.07 per mmbtu [10]. Management said the 3% full-year guidance is more robust than at the start of the year and that Johan Sverdrup's 2026 decline will land at the low end of the 10%-20% range [4]. The alternative reading is that the 6% first-half growth came mainly from the first-quarter peak of 2,313 with no maintenance, that output already fell 6% sequentially in the second quarter [2], and that maintenance plus the outage could bring third-quarter output close to last year's level, leaving price as the main driver of profit growth.

The financial transmission runs from production and price into E&P Norway revenue, then through a high tax rate into after-tax profit. New fields ramping up and a slower Johan Sverdrup decline support NCS production, which is sold to MMP at internal prices to form E&P Norway revenue; European day-ahead and month-ahead gas prices and Brent set realised prices, which in turn set the segment's adjusted operating income. Because of the 78% marginal tax rate, after-tax NCS profit is about 22% of pre-tax profit, and E&P Norway's adjusted operating income after tax was $2.09 billion in the second quarter [9].

What remains unresolved is where third-quarter production will land and how much of the profit growth comes from volume. The third-quarter report needs to show whether group equity production holds at 2,100 mboe/d, whether the roughly 3% full-year growth guidance is maintained, and whether E&P Norway profit stays above the year-earlier level. If third-quarter production falls below 2,100 mboe/d or the company cuts its growth guidance, the view that both volume and price are rising no longer holds.

Is MMP's twice-guidance trading profit a step-up in capability or a one-off from market dislocation?

MMP matters more to earnings per share than its profit size suggests, because it handles almost all of Equinor's external sales and is taxed at a lower rate. In 2025 MMP had revenue of $104.77 billion but, after $97.24 billion of purchases, net operating income of only $1.70 billion [15]. MMP's effective tax rate was about 56% in the second quarter, against about 77% for E&P Norway [9]; on that basis, an extra $400 million of pre-tax profit at MMP adds roughly as much to after-tax net income as an extra $700-800 million on the NCS.

The current evidence shows MMP's excess profit has now appeared in two consecutive quarters, but its source supports two readings. MMP's adjusted operating income was $787 million in the first quarter and $777 million in the second, against only $337 million in the second quarter of 2025; in the second quarter, Crude, Products and Liquids earned $355 million (versus $178 million a year earlier), Gas and LNG earned $291 million (versus $485 million in the first quarter), and liquids sales volumes were 242.6 million barrels, down 7% year on year [6]. Management attributed the excess to crude trading and high refining margins at the Mongstad refinery, where the FCC margin reached $25 per barrel in the second quarter, while warning that MMP is highly sensitive to market volatility and geopolitical dislocation and that strong second-quarter results are not expected to be sustained at the same level in every future quarter [4]. The alternative reading is that this profit came from price dislocations caused by conflict in the Middle East and Europe's gas shortage.

The financial transmission starts with price spreads, runs through MMP profit and then enters group net income at a lower tax rate. Geographic and time spreads in European gas and LNG, crude quality differentials and refined-product cracks set MMP's trading profit and Mongstad's refining margin, which together make up MMP adjusted operating income. Management's long-run average guidance is around $400 million pre-tax per quarter, with a target of raising it to $500 million over time [4]; because MMP does not bear the NCS special tax, the same pre-tax profit contributes about twice as much to group after-tax profit as it would on the NCS.

What remains unresolved is how much of the $700-800 million quarterly profit will remain once price dislocations ease. The third-quarter report needs to show whether MMP stays above its $400 million guidance, whether Crude and Products holds near twice its year-earlier level, and whether Gas and LNG stays profitable. If MMP falls back below $400 million, part of first-half profit should be treated as a one-off trading gain.

With Norwegian taxes catching up on high-price profits from August, can Equinor's cash still fund buybacks and deleveraging?

This question bears directly on whether distributions can last, because Norwegian petroleum tax takes about 80% of Equinor's profit and is paid with a lag. The final three Norwegian corporation tax instalments on 2025 earnings were paid in the second quarter of 2026, and instalments on 2026 earnings start on August 1 [7]. Second-quarter cash flow from operations after taxes paid of $7.68 billion was therefore flattered [2], and whether third-quarter cash can keep covering around $13 billion of full-year investment [3] and up to $3 billion of buybacks [8] is the direct test of sustainable distributions.

The current evidence shows very strong second-quarter cash, but part of it reflects timing. Taxes paid in the second quarter were $7.08 billion (versus $7.23 billion a year earlier), a working capital decrease added $1.79 billion of cash, net cash flow before capital distribution was $5.48 billion, and the net debt ratio fell from 15.3% to 10.4%; the first instalment on 2026 earnings, NOK 23.3 billion, was due on August 1 [7], or about $2.3 billion at the company's USD/NOK assumption of 10 [3]. Management said that at current forward prices the net debt ratio should fall below 10% by year-end, and that it has no plans to raise 2026 buybacks beyond $3 billion [4]. The alternative reading is that second-quarter cash strength came partly from the tax lag and working capital inflows, and that once tax payments catch up in the third quarter, cash flow will run well below what profits suggest.

The financial transmission is a chain with a lag of one to three quarters. High oil and gas prices first lift NCS profit, then tax at 78% is paid in instalments over the following one to three quarters, pulling down cash flow after taxes; subtracting around $13 billion of full-year organic capital expenditure gives net cash flow before capital distribution; subtracting dividends and up to $3 billion of buybacks then sets the direction of the ratio of net debt to capital employed adjusted. The third tranche of up to $1.125 billion runs until October 26 [16], and the company expects to launch the fourth tranche after the third-quarter results [8].

What remains unresolved is how much cash is left once taxes catch up. The third-quarter report needs to show how far taxes paid jump, whether cash flow after taxes covers capital expenditure and dividends, the net debt ratio at the end of September, and whether the fourth buyback tranche launches as described at the Capital Markets Day. If third-quarter net cash flow before capital distribution turns negative, or the net debt ratio climbs back above 15%, the view that high-price cash funds both buybacks and deleveraging no longer holds.

Risks and Falsifiers

Weak US shale gas prices directly depress E&P USA profit. E&P USA's internal gas price was only $1.96 per mmbtu in the second quarter, against $4.69 in the first, and the company curtailed production in Appalachia North because of low basin prices; the segment's adjusted operating income was $720 million in the second quarter, against $745 million in the first [11]. North American gas revenue also fell from $1.074 billion in the first quarter to $444 million in the second [11]. If E&P USA's internal gas price returns above the $2.41 of the second quarter of 2025 in the third quarter without wider curtailments, this risk has not materialised.

Power and renewables are still losing money, and the exposure sits in net operating income rather than adjusted operating income. The renewables segment posted a net operating loss of $1.61 billion in 2025, including $1.36 billion of impairments [15]; the Power segment, reported separately from 2026, had an adjusted operating loss of $30 million in the second quarter, still near breakeven [9]. Further impairments on projects such as US offshore wind would hit net operating income but not adjusted operating income. If Power's third-quarter adjusted operating income is not below zero and no new wind impairment is disclosed, this risk has not widened.

New fields are still in their start-up phase and are more prone to unplanned shutdowns than mature fields. Johan Castberg was shut for three weeks from mid-June to mid-July, which management said will cut third-quarter production by a net 14,000 barrels per day [4], about 0.6% of second-quarter group equity production; at the second-quarter liquids price of about $98 per barrel, the revenue impact is on the order of $120 million for the quarter. If the third-quarter report discloses no new unplanned shutdown and NCS entitlement production is not below 1,400 mboe/d [10], this risk remains limited to the known outage.

Trading gains will fall back as market volatility fades, and management has flagged this itself. Management said strong second-quarter MMP results are not expected to be sustained at the same level in every future quarter [4]; if MMP returns from $777 million to its $400 million guidance level [6], quarterly pre-tax profit would fall by about $380 million. If MMP's third-quarter adjusted operating income is not below $500 million, the concern that excess trading profit is fading is falsified.

The lag in Norwegian petroleum tax will concentrate outflows for tax on high-priced 2026 profits in the second half of 2026 and the first half of 2027. The first instalment of NOK 23.3 billion was due on August 1, 2026, about $2.3 billion at a USD/NOK rate of 10 [7]; management said in the first quarter that in a high-price scenario future tax liabilities would rise by around $4 billion [13]. If third-quarter cash flow from operations after taxes paid is not below the first quarter's $6.02 billion [2], the cash pressure from the tax catch-up is smaller than feared.

What to Watch Next

• NCS production: whether group equity production, 2,165 mboe/d in the second quarter of 2026 (2,313 in the first), holds after maintenance and the Castberg outage, and whether the roughly 3% full-year guidance stands; a fall below 2,100 or a guidance cut breaks the volume-and-price view.
• NCS profit: whether E&P Norway adjusted operating income, $9.19 billion in the second quarter ($5.71 billion a year earlier), stays above the year-earlier level; a figure below it signals weaker price support.
• MMP trading profit: whether MMP adjusted operating income, $777 million in the second quarter against guidance of about $400 million per quarter, holds up across Crude and Products and Gas and LNG; a fall below $400 million marks part of the profit as one-off.
• Cash after tax: whether cash flow after taxes paid, $7.68 billion in the second quarter with $7.08 billion of tax paid, still covers spending after the August jump in tax payments; negative net cash flow before distribution breaks the view.
• Net debt and buybacks: the net debt ratio at the end of September (10.4% at the end of June) and whether the fourth tranche launches after the third-quarter results (the third tranche is up to $1.125 billion); a ratio back above 15% means buybacks and deleveraging cannot both be funded.

Conclusion

Equinor's results are driven by NCS production, European gas prices and Brent; Norwegian petroleum tax takes a large share of profit, and cash pays that tax with a lag. In the second quarter of 2026, the company earned $11.48 billion of adjusted operating income on 2,165 mboe/d of production and a liquids price of $97.9 per barrel [2], and its net debt ratio fell to 10.4% [7]. The central unresolved relationship is whether cash from high-priced profits can still fund around $13 billion of full-year investment and up to $3 billion of buybacks after the tax catch-up that began in August, the seasonal fall in production and a possible normalisation of MMP trading profit.

Between the second-quarter results and October 1, the third-party material available consisted mainly of rating changes and deal news, such as the Uniper bid, the ORLEN crude contract and the PTT LNG contract, and none of it offered an independently citable interpretation with specific reasoning. No outside views are therefore summarised here, and the assessment of the three debates above rests only on company disclosures and earnings calls.

If the third-quarter report shows production holding above 2,100 mboe/d, MMP still above $400 million, net cash flow before distribution still positive after the jump in tax payments, and the fourth buyback tranche launching on schedule, the view that volume and price are both rising and that cash funds both buybacks and deleveraging would be clearly strengthened. Conversely, if production falls below 2,100, MMP drops below guidance, cash flow after taxes paid falls below the first quarter's $6.02 billion or the net debt ratio climbs back above 15%, that view would need revising, and more of the first half's profit strength should be attributed to prices and timing.

Sources

[1] Drillr earnings calendar (updated 2026-09-30) · EQNR 2026-10-28 call · 2026-09-30 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] EQNR 6-K filed 2026-07-22 · Q2 2026 group key figures · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[3] EQNR 6-K filed 2026-07-22 · 2026 outlook · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[4] EQNR Q2 2026 earnings call 2026-07-22 · guidance and Q&A · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[5] Drillr analyst_financial_estimates (updated 2026-09-30) · EQNR quarter ending 2026-09-30 · 2026-09-30 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] EQNR 6-K filed 2026-07-22 · MMP Q2 2026 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[7] EQNR 6-K filed 2026-07-22 · Q2 2026 cash flow, taxes and net debt · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[8] EQNR 6-K filed 2026-06-16 · Capital Markets Day 2026 capital distribution · 2026-06-16 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[9] EQNR 6-K filed 2026-07-22 · Q2 2026 adjusted operating income by segment · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[10] EQNR 6-K filed 2026-07-22 · E&P Norway Q2 2026 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[11] EQNR 6-K filed 2026-07-22 · E&P International and E&P USA Q2 2026 · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[12] EQNR 20-F filed 2026-03-19 · 2025 revenue by product · 2026-03-19 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=20-F

[13] EQNR Q1 2026 earnings call 2026-05-06 · costs and tax lag · 2026-05-06 · earnings-call · https://gateway.drillr.ai/mcp/private

[14] EQNR 20-F filed 2026-03-19 · 2025 income, tax and cash flow · 2026-03-19 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=20-F

[15] EQNR 20-F filed 2026-03-19 · 2025 segment net operating income · 2026-03-19 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=20-F

[16] EQNR 6-K filed 2026-07-22 · Q2 2026 capital distribution · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K

[17] EQNR 6-K filed 2026-07-22 · Q2 2026 production and prices review · 2026-07-22 · 6-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001140625&type=6-K