Equinor: Q2 trading statement - model update

Research evidence excerpt

Equinor: Q2 trading statement - model update

Equity Research

European Integrated Energy

8 July 2026

Equinor

Q2 trading statement - model

update

We expect a neutral reaction to Equinor’s Q2 trading EQNR.OL/EQNR NO UNDERWEIGHT

statement, with key drivers largely anticipated. We see strong Unchanged

realised prices were partially offset by slighter lower European Integrated Energy UnchangedPOSITIVE

production volume and higher cost. In MMP, adj EBIT is Price Target NOK 330.00

expected to exceed the normal $400m guidance, reflecting Unchanged

volatilities. Price (07-Jul-26) NOK 326.30 Potential Upside/Downside +1.1%

Source: Bloomberg, Barclays Research

Equinor released its 2Q26 trading statement ahead of its 2Q26 results, due on 22nd July. While

we see the trading statement as a neutral event, Equinor share prices are likely impacted by the Market Cap (NOK mn) 780101

short-term macro momentum and could outperform given the heightened geopolitical risks in Shares Outstanding (mn) 2390.75

the Middle East. We reduce our adjusted operating profit slightly by c.2% to $11.6bn, but Free Float (%) 32.34

increase our net income estimate by c.6% to $3.5bn, taking into account a $400m gain from 52 Wk Avg Daily Volume (mn) 3.5

the sale of Argentina assets. Dividend Yield (%) 4.48

Return on Equity TTM (%) 12.36

E&P Norway – We decrease our 2Q operating income estimate by c.5% to $9.2bn, reflecting Current BVPS (NOK) 17.04

slightly higher costs than we initially estimated. We see Q2 production number slightly softer Source: Bloomberg

due to maintenance and some preliminary NCS production data from NPD too.

Price Performance Exchange-OLE&P USA – We increase our E&P US operating income estimate by c.2% to $674m, due to slightly