Equinor ASA Capitalising on high prices and volatility - 2Q26 Review

Research evidence excerpt

Equinor ASA Capitalising on high prices and volatility - 2Q26 Review

Global Research

22 July 2026ab

Equinor ASA Equities

NorwayCapitalising on high prices and volatility - 2Q26

Review Oil Companies, Major

12-month rating Neutral

12m price target NKr380.00Solid underlying performance; macro still dominates

Prior : NKr340.00

Equinor delivered another strong quarter as earnings came in 2% above consensus and

CFFO 5% above. Most of the difference came from trading, but oil and gas production Price (22 Jul 2026) NKr378.60

remained at a high level as well despite greater maintenance. We reiterate our Neutral RIC: EQNR.OL BBG: EQNR NO

rating and raise our price target to Nkr380 from Nkr340 on a combination of lower net

debt and higher multiple given higher upside risk near-term. European gas prices have Trading data and key metrics

reacted to the potential risk for this winter following escalation in the Middle East and 52-wk range NKr420.40-227.00

they have pushed through our forecast of €50/MWh for 2H26. We expect the shares to Market cap. NKr923b/US$96.2b

remain supported as long as flows via Hormuz remain severely disrupted. They are Shares o/s 2,439m (ORD)

already up >50% YTD though and are vulnerable in the event of a de-escalation. Free float 33%

Avg. daily volume ('000) 3,156

No change to guidance but some upside potential Avg. daily value (m) NKr1,085.2

While there was no formal change to 2026 guidance, management sounded positive on Common s/h equity (12/26E) US$43.3b

the production outlook and we continue to see risk as likely to the upside given strong P/BV (12/26E) 2.2x

performance in 1H26. We still model production up 4% y/y vs. the +3% guidance,

EPS (UBS, diluted) (USD)

which is deemed "more robust" than at the start of the year. Johan Sverdrup continues