Equinor ASA: CMD answers more (if not all) questions

Research evidence excerpt

Equinor ASA: CMD answers more (if not all) questions

Accessible version

Equinor ASA

CMD answers more (if not all) questions

Reiterate Rating: NEUTRAL | PO: 340.00 NOK | Price: 323.80 NOK

Key takeaways 17 June 2026

Equity• We reiterate our Neutral rating with limited upside to our new PO (NOK340 from

NOK360) after a slight cut to our estimates

• We believe investors will welcome incremental visibility on 2027+ cash returns (albeit Key Changes

without leaving upside to consensus) (US$) Previous Current

• Questions remain open on the use of Equinor's fast-degearing balance sheet Price Obj. NOK360.00 NOK340.00

2026E EPS 5.65 5.67

More questions answered 2027E2028E EPSEPS 4.553.29 4.453.20

Equinor upgraded its production guidance out to 2030 (to 2.3mmboe/d from

2.2mmboe/d) achieved via a (limited) upgrade of its organic capex budget into 2030 Christopher Kuplent >>

(Group capex is now guided at $11-13bn per annum 2028 to 2030 vs. $11.5bn in Research Analyst

consensus for 2028). Equinor’s new buyback guidance also answers questions on its MLI+44 (UK)20 7995 8222

medium term payout policy (although at the $3bn p.a. midpoint leaves limited upside to christopher.kuplent@bofa.com

consensus and implies ~8% total cash yields inline with peers (see Exhibit 8). Matthew Smith >>

Research Analyst

Key question remains open MLI+44 (UK)20 7996 7109

matt.smith1@bofa.com

Our updated estimates continue to show Equinor’s balance sheet degearing fast (in fact

Cian Evans-Cowie >>

we see a turn to net cash by 2027). This remains the open question as growing balance Research Analyst

sheet strength will, in our view, still drive up investor concerns over future M&A appetite MLI (UK)

+44 20 7995 0940

(with still fresh memories of Equinor’s Orsted experience). cian.evans-cowie@bofa.com