Equinor ASA: 2Q solid and deleveraging supports TP +6%; Next macro steps the key near term driver

Research evidence excerpt

Equinor ASA: 2Q solid and deleveraging supports TP +6%; Next macro steps the key near term driver

J P M O R G A N Europe Equity Research

22 July 2026

Equinor ASA Underweight

EQNR.OL, EQNR NO

2Q solid and deleveraging supports TP +6%; Next Price (22 Jul 26):Nkr379.60

macro steps the key near term driver ▲Price Target (Jun-27):Nkr360.00 Prior (Jun-27):Nkr340.00

Equinor published a solid 2Q and the shares moved up led by strong gearing to a

further US/Iran stimulated leg up in intraday oil & EU gas prices. Operations are European Oil & Gas

on-track. A recent outage at the Johan Castberg asset seems under control, leaving Matthew Lofting, CFA AC

unchanged 3% y/y production growth appearing conservative; we forecast +4%. (44-20) 7134-6301

Half-year net debt beat JPMe helped by working cap. Combined with a 3Q Brent matthew.lofting@jpmorgan.com

MtM to $85/bbl (prev. $75), our YE gearing forecast falls to 7.5% which takes our Tianyu Wu

TP +6% to NOK360. On a relative and valuation inclusive basis preferred OWs (44-20) 3493-1281

tianyu.wu@jpmorgan.com

include Shell/TotalEnergies for global gas, Eni for intl O&G growth and Var in J.P. Morgan Securities plc

Norway; while, in the near-term, Equinor’s O&G beta makes next M East

geopolitical steps the key to price performance. Specialist Sales contact details:

Ian Mitchell - Specialist Sales -

Key CC takeaway. Equinor framed a potentially vulnerable European gas European Energy

market into winter 2026/27 with gas storage currently only modestly >50% (15pp (44-20) 7134-1356

below the seasonal avg.) and, even in the scenario of Hormuz normalisation, ian.e.mitchell@jpmorgan.com

increasing risk storage fails to rebuild to 80% by beginning winter. While regional Key Changes (FYE Dec)