EQNR

It has been about a month since the last earnings report for Par Petroleum (PARR). Shares have added about 14.7% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Par Petroleum due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Par Pacificreported second-quarter 2026 adjusted earnings of $10.10 per share, surging 555.8% from $1.54 a year ago. The figure beat the Zacks Consensus Estimate of $8.20 by 23.2%. Quarterly revenues jumped 56.8% year over year to $2.97 billion and topped the consensus estimate of $2.48 billion by 19.9%. The strong quarterly results were driven by strong refining economics and commercial execution as the refining adjusted gross margin reached $680.4 million despite total throughput declining 2.8% to 181.4 thousand barrels per day (Mbpd). The Refining segment generated operating income of $629.9 million, up sharply from $81.3 million in the prior-year quarter. Segment adjusted EBITDA rose to $552 million from $108.4 million, underscoring the stronger margin environment across the refining system. The adjusted gross margin per throughput barrel climbed to $41.22 from $13.65. The combined market index increased to $32.94 per barrel from $13.76, while production costs grew to $7.71 per barrel from $7.20. The Hawaii Index averaged $46.06 per barrel compared with $8.57 a year earlier. Hawaii throughput declined to 73.2 Mbpd from 88.1 Mbpd, but the refinery's adjusted gross margin expanded to $57 per barrel from $10.18. The quarterly margin included a favorable net price lag impact of $76.5 million, or $11.49 per barrel, as lower June product prices benefited volumes sold using prior-period pricing. Production costs increased to $6.43 per barrel from $4.18. Management said that the Hawaii turnaround was substantially complete, with most processing units online. Montana throughput increased to 52.7 Mbpd from 44.2 Mbpd. Its adjusted gross margin rose to $37.22 per barrel from $22.30, while production costs fell to $10.16 per barrel from $14.18. Washington throughput was 41.2 Mbpd compared with 40.8 Mbpd, and adjusted gross margin advanced to $20.31 per barrel from $11.47. Wyoming throughput increased to 14.3 Mbpd from 13.5 Mbpd, while the adjusted gross margin reached $34.03 per barrel versus $18.57. Wyoming's results included a negative first-in, first-out (FIFO) inventory impact of $3.2 million, or $2.48 per barrel. The Retail segment reported operating income of $14.6 million, down from $20.8 million. Adjusted EBITDA declined to $17.3 million from $23.3 million, while fuel sales volume was nearly flat at 30.7 million gallons versus 30.8 million gallons. Same-store fuel volumes decreased 0.8%, though inside sales revenues improved 1.0%. Logistics operating income slipped to $22.5 million from $23.7 million. The adjusted gross margin increased to $35.1 million from $34.4 million, while adjusted EBITDA remained steady at $29.8 million. Consolidated adjusted EBITDA was $571.3 million compared with $137.8 million in the year-ago quarter. GAAP net income attributable to Par Pacific stockholders rose to $462.1 million, or $9.35 per diluted share, from $59.5 million, or $1.17 per share. Operating income increased to $634.6 million from $96.8 million. Interest expenses and financing costs declined to $14.3 million from $22.1 million, though the quarter included $11.5 million in debt extinguishment and commitment costs, and $144 million in income tax expenses. Net cash provided by operations totaled $282.6 million, including working capital outflows of $312.2 million and deferred turnaround spending of $19.5 million. Excluding those items, the operating cash flow was $614.3 million. Investing activities used $39.7 million, while financing activities used $223 million. Par Pacific ended June with $185 million in cash, gross term debt of $505.7 million, and net term debt of $320.7 million. Total liquidity stood at $1.4 billion. The company also completed a $500-million senior unsecured notes offering and reduced term debt by more than $130 million. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted -9.53% due to these changes. Currently, Par Petroleum has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. It comes with little surprise Par Petroleum has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. Par Petroleum is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Equinor (EQNR), a stock from the same industry, has gained 14.3%. The company reported its results for the quarter ended June 2026 more than a month ago. Equinor reported revenues of $35.18 billion in the last reported quarter, representing a year-over-year change of +39.9%. EPS of $1.33 for the same period compares with $0.64 a year ago. Equinor is expected to post earnings of $1.46 per share for the current quarter, representing a year-over-year change of +294.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Equinor. Also, the stock has a VGM Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for HF Sinclair (DINO). Shares have added about 7.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is HF Sinclair due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for HF Sinclair Corporation before we dive into how investors and analysts have reacted as of late. HF Sinclair Corporation reported second-quarter 2026 adjusted earnings of $5.31 per share, up 212.4% year over year. The figure surpassed the Zacks Consensus Estimate of $4.39 by 21.0%. Sales and other revenues increased 53.2% to $10.39 billion from $6.78 billion recorded a year ago. The top line beat the consensus estimate of $7.50 billion by 38.5%. The strong quarterly results were driven by higher refining margins, increased refinery throughput and improved refinery utilization. The higher crude oil charge, which rose 3.9% year over year to 639,680 barrels per day (Bbl/d), further supported the strong performance. Refining segment revenues, including intersegment sales, increased to $9.23 billion from $6.02 billion a year earlier. Segment income before interest and taxes surged to $877 million from $166 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $1.02 billion from $476 million. The increase reflected strong margins and volumes across the Mid-Continent and West regions, supported by steady demand, tight supply and favorable crack spreads. Adjusted refinery gross margin increased 57.3% to $25.95 per produced barrel sold. Refinery utilization improved to 94.3% from 90.8%, while sales of produced refined products rose to 668,670 Bbl/d from 649,210 recorded in the prior year. Renewables segment revenues nearly doubled to $486 million from $258 million in the prior-year quarter. The business generated income before interest and taxes of $30 million against a loss of $4 million a year ago. Adjusted EBITDA reached $123 million, reversing a loss of $2 million a year earlier. Results benefited from increased renewable identification number (RIN) prices, improved Producer’s Tax Credit benefits and higher volumes. Sales of produced renewables products rose to 59.9 million gallons from 54.8 million gallons, while adjusted gross margin increased to $2.46 per gallon from 36 cents per gallon. Lubricants and Specialties segment revenues increased to $999 million from $645 million. Income before interest and taxes increased to $181 million from $33 million, and adjusted EBITDA rose to $207 million from $55 million. The improvement was driven by higher sales volumes and product prices. Sales of produced refined products increased 24.7% to 39,847 barrels per day. The segment also recorded a $46 million first-in, first-out inventory benefit compared with a $20 million charge in the year-ago period. Marketing segment revenues increased to $1.37 billion from $826 million. Income before interest and taxes rose to $20 million from $18 million, while EBITDA improved to $28 million from $25 million. Branded fuel sales volumes rose 14.7% to 386.7 million gallons. The number of branded sites reached 1,832 at quarter-end, up from the 1,719 recorded in the year-ago quarter. Adjusted marketing gross margin remained steady at 10 cents per gallon despite the volume expansion. HF Sinclair’s Midstream segment generated revenues of $167 million in the second quarter of 2026, up from the $157 million a year earlier. External customer revenues rose to $32 million from $28 million, while intersegment revenues increased to $135 million from $129 million. Segment income before interest and income taxes was $95 million, down from the $98 million in the prior-year quarter. Adjusted EBITDA remained unchanged at $112 million. Total pipeline and terminal asset volumes increased 6.1% year over year to 2.02 million barrels per day (MMB/d) from 1.91 MMB/d, supported by higher affiliate crude pipeline and terminal volumes. HF Sinclair’s total operating costs and expenses increased 42% year over year to $9.22 billion in the second quarter of 2026 from $6.51 billion. The increase mainly reflected higher cost of materials and other expenses, which rose 50% to $8.13 billion as revenues and operating activity expanded. Operating expenses increased 14% to $654 million, while selling, general and administrative expenses rose 14% to $130 million. Depreciation and amortization edged up 1% to $228 million. Other operating expenses climbed to $47 million from $9 million, primarily reflecting an impairment charge in the Renewables segment. Lower-of-cost-or-market inventory valuation adjustments declined to $30 million from $148 million in the year-ago quarter. Despite the higher overall expense base, sales growth outpaced cost growth, helping consolidated income from operations rise to $1.17 billion from $275 million. Net cash provided by operating activities totaled $1.51 billion in the quarter. Cash and cash equivalents were $2.26 billion as of June 30, 2026 while consolidated debt was $2.77 billion. DINO returned $265 million to stockholders through dividends and share repurchases. The company paid $89 million in dividends and spent $179 million on buybacks, including excise tax. Its board raised the regular quarterly dividend 5% to 52.5 cents per share. HF Sinclair plans to separate its Lubricants and Specialties segment into an independent publicly traded company. The transaction is targeted for completion in the second half of 2027, subject to final board approval, regulatory clearances, financing and other customary conditions. HF Sinclair intends to retire its Mississauga base oil refining assets, with the transition expected to be substantially completed during 2027. The remaining company will focus on refining, midstream, marketing and renewables, while the new lubricants business will pursue a capital-light model centered on specialty products, brands and customer relationships. HF Sinclair expects the favorable fundamentals that supported its strong second-quarter performance to persist into the third quarter of 2026. Management pointed to steady demand, tight refined-product supply and favorable crack spreads as supportive factors for refining operations. It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 19.67% due to these changes. At this time, HF Sinclair has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise HF Sinclair has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. HF Sinclair belongs to the Zacks Oil and Gas - Refining and Marketing industry. Another stock from the same industry, Equinor (EQNR), has gained 0.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Equinor reported revenues of $35.18 billion in the last reported quarter, representing a year-over-year change of +39.9%. EPS of $1.33 for the same period compares with $0.64 a year ago. For the current quarter, Equinor is expected to post earnings of $1.46 per share, indicating a change of +294.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days. Equinor has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HF Sinclair Corporation (DINO) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. SLB stock has delivered a 119.7% total return over the past five years, and the current Discounted Cash Flow (DCF) intrinsic value estimate still points to a sizeable 41.9% implied discount to the share price, even though market based valuation multiples look roughly in line with peers. For investors, that mix raises the question of whether the recent gains have fully reflected the long term cash flow potential that the DCF is capturing. Over the past five years SLB has returned 119.7%, which puts recent share price strength front and center in any assessment of what is already priced in. The partnership work with Equinor on the MV Island Captain and the AI enabled operations center deployment with ADNOC can support expectations for future offshore and digital services demand, while recent profit pressure from conflict related disruptions in the Middle East highlights how regional instability may still weigh on cash generation. On Simply Wall St's broader checks SLB scores 5 out of 6, which suggests the stock still screens as relatively cheap across most valuation lenses. The stock's next move may depend on whether SLB's current price already reflects those long term cash flows that the DCF implies are still undervalued. Find out why SLB's 61.0% return over the last year is lagging behind its peers. The Discounted Cash Flow (DCF) model values SLB based on the cash it is expected to generate for shareholders. SLB produced trailing twelve month free cash flow of about $4.0b in dollar terms, and the model assumes that cash flow grows from this level rather than shrinking, then settles into a slower expansion phase over time. On those assumptions, the DCF points to an intrinsic value of about $89.67 per share compared with a current market price that implies a 41.9% discount. The recent profit hit from Middle East conflict disruptions helps explain why the price may sit below the cash flow estimate, even as SLB signs longer term offshore and digital contracts with Equinor and ADNOC. Overall, the DCF output suggests SLB stock currently screens as undervalued relative to its estimated cash flow value. Our Discounted Cash Flow (DCF) analysis suggests SLB is undervalued by 41.9%. Track this in your watchlist or portfolio, or discover 51 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for SLB. P/E is a useful cross check for SLB because earnings still sit at the center of how many investors look at established energy services companies. SLB currently trades on a P/E of about 24.9x, which is below the peer group average of 35.1x and also below the wider Energy Services industry average of 26.9x. That means the stock is not priced at a premium to its closest listed competitors on this metric. The fair P/E ratio for SLB is estimated at 26.3x. That is only slightly above the current multiple, so the gap between where SLB trades and where the model would expect it to trade, given its size, margins and risk profile, is modest. The P/E does not point to a bargain, but it also does not flag a stretched valuation relative to what the company’s earnings might usually support. Overall, SLB looks roughly fairly valued on its P/E multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the valuation checks for SLB leave off and explain what would need to be true about SLB's future growth, margins and earnings for the stock to be worth materially more or less than today's price, based on the market's current expectations. Rather than a single multiple or model result, each narrative lays out the assumptions behind its fair value so you can compare them with SLB's reported numbers over time. Community views on SLB sit far apart, with one camp focused on digital and low carbon upside and the other on energy transition risks and costs. Bull case: 27% undervalued Read the full Bull Case to see why SLB could be undervalued Bear case: roughly fairly valued Read the full Bear Case to see why SLB could be overvalued Do you think there's more to the story for SLB? Head over to our Community to see what others are saying! SLB screens as undervalued on a Discounted Cash Flow (DCF) view, while its P/E multiple looks about right compared with peers. That combination suggests the market is cautious about how much of the projected cash generation will actually be realized, despite broadly supportive valuation checks. The real hinge from here is whether SLB can turn its offshore and digital contracts into consistent free cash flow while managing geopolitical and energy transition risks. The answer to that question will decide whether the current discount reflects opportunity or simply compensates for those uncertainties. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SLB. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Crescent Energy Company CRGY reported second-quarter 2026 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 45 cents by 40%. The bottom line also increased from the year-ago adjusted earnings of 43 cents. The outperformance was supported by strong production, higher oil realizations and continued operating efficiencies. Houston, TX-based oil and gas exploration and production company’s revenues of $1.4 billion beat the Zacks Consensus Estimate of $1.22 billion by 14.25%. The top line also increased sharply from $898 million in the year-ago quarter. Crescent Energy Company price-consensus-eps-surprise-chart | Crescent Energy Company Quote The quarter was marked by solid production, lower operating costs and record cash generation. Crescent produced 335 thousand barrels of oil equivalent per day (MBoe/d), which beat our consensus mark of 331 MBoe/d, while adjusted operating expenses were about 9% below the prior annual guidance midpoint. Total production averaged 335 MBoe/d, up from 263 MBoe/d in the year-ago quarter. Oil production increased to 140 thousand barrels per day (MBbls/d) from 108 MBbls/d. The figure was also above our consensus estimate of 136 MBbls/d. Natural gas production rose to 715 million cubic feet per day (MMcf/d) from 644 MMcf/d, while NGL production increased to 76 MBbls/d from 48 MBbls/d. Natural gas production was 2.5% below our consensus estimate, while NGL production was 7.6% above our consensus estimate. During the quarter, Crescent drilled 43 gross operated wells and brought 32 gross operated wells online. Capital expenditures, excluding acquisitions, totaled $284 million. Crescent continued to make progress in the Permian, where it has moved from the stabilization phase following the acquisition into optimization. Permian production totaled 124 MBoe/d, with oil accounting for 42% of volumes. Capital spending in the basin was $104 million. Crescent drilled nine gross wells and turned 12 gross wells in line during the quarter. Importantly, the company increased its Permian synergy target to $250-$300 million, roughly three times the original target of $90-$100 million. Approximately $190 million of annualized synergies have already been captured. The gains are being driven by lower well and operating costs, improved workover and artificial-lift programs, better field operations and commercial optimization. Management expects a large portion of the updated synergy target to be captured as the company exits 2026 and moves into 2027. The Eagle Ford business produced 169 MBoe/d, with oil representing 39% of volumes. Capital spending totaled $147 million. Crescent drilled 26 gross wells and brought 16 gross wells online during the quarter. Operational efficiencies remain a key driver in the basin. Well costs have declined more than 25% since 2023, while workover and artificial-lift optimization are supporting base production. CRGY is also seeing encouraging results from the Austin Chalk, which could expand its economic drilling inventory. CRGY continued to improve drilling and completion efficiency in the Uinta Basin. Year-to-date drilling efficiency increased to roughly 1,600 feet per day from about 1,300 feet in the 2025 program. Completion efficiency increased to approximately 3,000 lateral feet per day from about 1,600 feet. Simulfrac utilization reached 100% of gross wells turned in line, while drilling, completion and facilities costs declined to below $800 per foot from approximately $950 in the 2025 program. These efficiencies are helping CRGY lower development costs and improve returns across its portfolio. Oil remained the largest revenue contributor at $1.23 billion,more than doubling from $602.5 million in the year-ago quarter. The figure was also above our consensus estimate by 18.9%.Natural gas revenues declined to $33.8 million from $159 million, while NGL revenues increased to $129.4 million from $98.1 million. Midstream and other revenues totaled $5 million compared with $38.4 million a year earlier.  Natural gas revenues declined 61.2%, and NGL revenues declined 5.8%, while Midstream and other revenues declined 17% compared with our Consensus estimates. Average realized oil prices before derivative settlements were $96.61 per barrel, up significantly from $61.47 a year ago. Natural gas realizations, however, declined to 52 cents per Mcf from $2.71. NGL prices fell to $18.67 per barrel from $22.59. The company's total realized price before derivative settlements increased to $45.63 per Boe from $35.96 a year ago. CRGY generated record adjusted EBITDAX of $798 million, up from $513.9 million in the year-ago quarter. Levered free cash flow reached a record $418 million, while operating cash flow totaled a record $707 million. The company ended June with approximately $2.2 billion of liquidity. Total debt was approximately $5.17 billion, while net debt stood at $4.9 billion. Consolidated net leverage was 1.6 times. CRGY further strengthened its balance sheet in July by redeeming the remaining $259 million of its 7.75% senior notes due 2029 at par. The transaction reduced interest expense and eliminated the company's nearest debt maturity. Pro forma liquidity following the redemption was expected to remain around $2 billion. CRGY's board of directors declared a fixed quarterly dividend of 12 cents per share. As of June 30, CRGY had approximately $336 million remaining under its share-repurchase authorization. The minerals and royalties business produced 13 MBoe/d, more than doubling from 6 MBoe/d in the prior-year quarter. Oil production from the business increased to 6 MBbls/d from 2 MBbls/d. Average realized prices before derivatives totaled $51.45 per Boe, compared with $34.95 a year earlier. Operating expenses were $4.26 per Boe compared with $5.40 in the prior-year period.  The business generated $49.4 million of adjusted EBITDAX during the quarter compared with $15.9 million a year earlier. This Zacks Rank #3 (Hold) company raised its 2026 total production guidance to 327-335 MBoe/d from 320-335 MBoe/d. The expected oil mix remains 40-42%. The company lowered adjusted operating expense guidance to $11-$12 per Boe from $11.50-$12.50. Production tax guidance was reduced to 5-6% of commodity revenues from 6-7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Importantly, Crescent maintained its development capital guidance at $1.325-$1.425 billion, despite the higher production outlook. The combination of increased volumes and lower operating costs is expected to support additional free cash flow. At current commodity prices, management expects to generate more than $1 billion of levered free cash flow in 2026. Crescent intends to use its financial flexibility to maintain the dividend, reduce debt and pursue accretive acquisitions or opportunistic share repurchases. While we have discussed CRGY’s second-quarter results in detail, let us take a look at three other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Norway-based integrated oil and gas operator, Equinor ASA EQNR, reported second-quarter 2025 adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of 66 cents. The bottom line declined 25% from the year-ago quarter’s level of 84 cents. Weak quarterly results can be attributed to lower liquids production across major segments and reduced liquids prices. Natural declines and portfolio divestments in Nigeria and Azerbaijan also contributed to the decrease in overall production. As of June 30, 2025, the company reported $9,472 million in cash and cash equivalents. Its long-term debt was $24,505 million. During the same time, Equinor generated a negative net cash flow of $2,579 million compared with $4,022 million in the year-ago period. Equinor’s capital expenditures amounted to $3.4 billion in the second quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Equinor ASA EQNR shares have gained 22.2% in the past month, putting the rally’s durability at center stage. The advance has coincided with a sharp earnings rebound, higher production and stronger trading contributions. The operating recovery is meaningful, but expectations have also risen. A valuation above historical and sub-industry levels, together with lower 2027 consensus estimates, leaves less room for commodity, execution or cash-flow setbacks. Second-quarter 2026 adjusted earnings reached $1.33 per share, up 107.8% from 64 cents a year earlier. Revenues increased 40% to $35.18 billion, while adjusted operating income rose 76% to $11.48 billion. The quarter was not flawless. Earnings missed the Zacks Consensus Estimate, although revenues edged past the consensus mark. Higher liquids and European gas prices, production growth and trading performance still provided broad support for the year-over-year improvement. Equity oil and gas production rose 3% to 2,165 thousand barrels of oil equivalent per day. Norwegian Continental Shelf output increased 4%, helped by new fields, new wells and better-than-planned performance from Johan Sverdrup. First-half production increased 6%, making Equinor’s roughly 3% full-year growth guidance more dependable. Planned third-quarter turnarounds and the temporary Johan Castberg outage remain offsets, but management retained its 2026 outlook. Marketing, Midstream & Processing generated $777 million in adjusted operating income, up from $337 million a year earlier and well above normal-quarter guidance of about $400 million. Crude trading, shipping optimization, refining and liquefied natural gas trading all contributed. Shell plc SHEL also cited broad operational strength across its businesses in second-quarter 2026. BP p.l.c. BP reported stronger refining and customer results, showing why integrated portfolios can supplement upstream earnings when market conditions shift. EQNR trades at 9.4X forward 12-month earnings, above its five-year median of 7.7X and the Zacks sub-industry’s 9.3X. The premium is modest against the peer group but wider against Equinor’s own trading history. That setup narrows the cushion if commodity prices weaken, trading results normalize or projects slip. The recent share-price move therefore places more weight on continued operating delivery rather than valuation expansion alone. The Zacks Consensus Estimate points to 2027 earnings of $3.75 per share, down from $4.93 in 2026. Consensus sales are projected to decline to $105.13 billion from $120.28 billion. Growth normalization could make safety, tax timing and project execution more influential. Serious incident frequency remained above the 2025 level, Norwegian tax installments can make quarterly cash conversion uneven and the larger project pipeline raises delivery demands. Image Source: Zacks Investment Research The bottom line is balanced. Equinor’s earnings, production and trading results support the recent recovery, but valuation and lower 2027 estimates reduce the margin for disappointment after a 22.2% monthly gain. EQNR currently carries a Zacks Rank #3 (Hold). Its Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A are favorable, but Style Scores complement the Zacks Rank rather than replace it. The combination supports holding interest more than chasing the rally without further estimate-revision confirmation. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Equinor ASA (EQNR) : Free Stock Analysis Report BP p.l.c. (BP) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

STEINHAUSEN, Switzerland, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) today issued a quarterly Fleet Status Report that provides the current activity and contractual status of the Company’s fleet of offshore drilling rigs. UPDATES This quarter’s report includes the following updates: Deepwater Conqueror – Awarded a two-well contract extension by an unnamed operator in the U.S. Gulf. Deepwater Proteus – Awarded a two-well contract with two one-well options by an unnamed operator in the U.S. Gulf. Deepwater Skyros – Awarded a one-well extension by Murphy in Ivory Coast. Transocean Norge – Awarded a five-well contract with three one-well options by Harbour Energy in Norway. Transocean Equinox – Awarded a two-well contract with five one-well options by Santos in Australia. The aggregate incremental backlog associated with these firm fixtures is approximately $292 million. In addition, Equinor executed an agreement, conditional upon receipt of approvals from license partners, for three harsh environment semisubmersible rigs on the Norwegian shelf: Transocean Enabler – Three-year program in direct continuation of the rig’s current program. Transocean Encourage – Two-year program in direct continuation of the rig’s current program. Transocean Endurance – Two-year program after conclusion of her current program and mobilization back to Norway from Australia. The total value of the Equinor agreement is approximately $1.0 billion. As of August 5, 2026, the total backlog is approximately $6.7 billion. This figure excludes $1.0 billion of backlog for work with Equinor, which will be added subject to receipt of approvals from license partners. The report can be accessed on the Company’s website: www.deepwater.com. ABOUT TRANSOCEAN Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh environment floaters. FORWARD-LOOKING STATEMENTS The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “approximately” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. Factors that could cause actual results to differ materially include, but are not limited to, the level of activity in offshore oil and gas exploration and development, exploration success by producers, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including our expectations regarding the timing, completion and anticipated benefits of the proposed business combination with Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, and other risks discussed in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the Company’s website at www.deepwater.com. This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved, when making any investment decision involving Transocean securities. ANALYST CONTACT: Sarah Davidson +1 713-232-7217 MEDIA CONTACT: Kristina Mays+1 713-232-7734

Growing conflict in the Middle East has significantly altered global energy trading channels in 2026, leading to a steep gap between vulnerable producers and protected operators. Equinor ASA (NYSE:EQNR) emerged as a key beneficiary of this geopolitical tension during the second quarter, with its average realized crude oil price rising significantly to $97.90 per barrel, up from $63 per barrel the previous year. Although peers in the Persian Gulf experienced operational shutdowns and logistics issues around the Strait of Hormuz, Equinor ASA (NYSE:EQNR) continued to operate without interruption, as the company's production base remains established on the Norwegian continental shelf, with growing international contributions from the UK's Adura field and Brazil's Bacalhau project. This macro backdrop produced strong top-line operational results. Equinor reported $11.48 billion in adjusted operating income before tax in the second quarter, exceeding consensus projections of $11.37 billion and marking a significant rise from the $6.54 billion reported in the second quarter of 2025. Total equity production increased 3% year-over-year to an average of 2.165 million barrels of oil equivalent per day, driven by a 4% volume increase on the Norwegian continental shelf. Operating cash flow increased to $9.47 billion, allowing Equinor to cut its adjusted net debt-to-capital-employed ratio from 17.8% at the end of 2025 to 10.4% by June 30. While Equinor's headline cash generation appears to be top-notch, the mix of its earnings provides a key reality check. During the quarterly conference call, Chief Financial Officer Torgrim Reitan explicitly said that the company's trading desk generated roughly double the performance of a typical quarter. Equinor's downstream and marketing division earned $777 million, far above Wall Street's forecasts of $623 million and the segment's standard quarterly guidance of $400 million. This outperformance highlights a key distinction for investors. Equinor's quarterly beat was mostly driven by acute market volatility and limited arbitrage opportunities produced by Middle Eastern supply interruptions, rather than a permanent shift in base production economics. Management reacted to the cash windfall by increasing capital payouts to shareholders while shifting its fundamental capital allocation strategy. Equinor ASA (NYSE:EQNR) raised its projected 2026 share repurchase target from $1.5 billion to $3 billion, launching a third tranche of up to $1.125 billion from late July to October. Along with this aggressive capital distribution, Equinor ASA (NYSE:EQNR) has decreased capital investment on lower-return offshore wind and low-carbon projects. Equinor's valuation profile sets itself apart significantly from historical norms and European integrated counterparts. The company trades at a forward price-to-earnings ratio of about 8.3x, reflecting market projections that current high crude prices will eventually normalize. Equinor has exceeded the broader European energy sector's average gain of 30%, owing to a 54.83% year-to-date advance, causing sell-side anxiety in an environment where analyst ratings lean bearish. Despite Wall Street's cautious sentiment, institutional investors were actively positioning in Equinor ahead of the geopolitical price spike. Data from Insider Monkey's Q1 2026 database shows that 28 elite hedge funds maintained long holdings in Equinor ASA (NYSE:EQNR) at the end of the quarter, up from 20 in the fourth quarter of 2025. Smart-money investors saw Equinor's non-Persian Gulf asset base as structurally secure, collecting shares to capture the company's growing capital return profile before geopolitical instability drove realized crude prices near $100 per barrel. Equinor ASA (NYSE:EQNR) remains a well-managed, low-debt energy company with a strong European production base. However, with CFO Torgrim Reitan stating that trading profits were double their steady-state level and trailing valuation multiples trading near decade highs, the current share price appears to reflect elevated expectations for earnings and geopolitical conditions. While doubling share buybacks and a deliberate shift away from lower-return renewables provide considerable downside protection, investors should wait for geopolitical and trade volatility to ease before committing more capital to new positions. While we acknowledge the risk and potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EQNR and that has 10,000% upside potential, check out our report about this cheapest AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years Disclosure: None. Follow Insider Monkey on Google News.

Equinor ASA EQNR reported second-quarter 2026 adjusted earnings of $1.33 per share, missing the Zacks Consensus Estimate of $1.38 by 3.6%. The bottom line surged 107.8% from 64 cents in the year-ago quarter. Quarterly revenues of $35.18 billion increased 40% year over year and surpassed the consensus estimate of $35.09 billion by 0.2%. The results were supported by higher liquids and European gas prices, 3% production growth and strong trading performance. Equinor ASA price-consensus-eps-surprise-chart | Equinor ASA Quote Equinor’s adjusted operating income increased 76% year over year to $11.48 billion. Adjusted net income climbed 93% to $3.23 billion. Reported net operating income more than doubled to $12.99 billion, aided by higher commodity prices, positive derivative effects and the sale of assets in Argentina. The company realized an average liquids price of $97.90 per barrel, up 55% from $63 per barrel a year earlier. Total equity liquids and gas production reached 2,165 thousand barrels of oil equivalent (Mboe) per day. Total power generation attributed to Equinor in the second quarter was 1.19 terawatt-hours (TWh) compared with 1.12 TWh a year ago. The realized European piped gas price rose to $15.79 per million British thermal units (MMBtu) from $12 MMBtu in the year-earlier period. However, the U.S. piped gas price declined 16% year over year to $2.30 MMBtu. Exploration & Production (E&P) Norway generated adjusted operating income of $9.19 billion, up 61% from $5.71 billion in the prior-year quarter. The improvement reflected robust production levels and stronger realized prices, partly offset by higher operating expenses. E&P Norway liquids and gas production increased 4% to 1,415 MBoe per day. The ramp-up of the Johan Castberg, Halten East and Verdande fields, along with new wells coming online, contributed to the production increase. Planned turnaround activity and natural decline partially offset these gains. Exploration & Production International generated adjusted operating income of $843 million, up from $429 million a year earlier. Average daily equity production rose 4% to 317 MBoe per day, driven by contributions from Adura in the U.K. and the start-up of Bacalhau in Brazil. Lower turnaround activity further contributed to the production increase, partially offset by the Peregrino and Argentina divestments, natural production declines and operational issues at Roncador. Exploration & Production USA’s adjusted operating income jumped to $720 million from $183 million a year earlier. The increase was supported by stable production volumes, higher liquids prices and lower operating and administrative expenses in the reported quarter. Equity liquids and gas production averaged 433 Mboe in the second quarter compared with 431 Mboe in second-quarter 2025, supported by higher U.S. offshore production. Marketing, Midstream & Processing reported adjusted operating income of $777 million, up from $337 million in the year-ago period. The result exceeded management’s normal quarterly guidance of roughly $400 million. Strong crude trading, shipping optimization and refining performance drove the improvement. High refinery margins and solid operating reliability at the Mongstad refinery further supported the results. LNG trading performed above expectations, while the company’s regular gas-trading activities were broadly in line with normal levels. The Power segment recorded an adjusted operating loss of $30 million compared with a loss of $80 million a year earlier. Strong power trading contributions and the benefits of a one-off event related to insurance helped narrow the loss. Renewable generation rose 11% to 0.91 terawatt-hours, reflecting the ramp-up of Dogger Bank and contributions from new onshore assets. Lower gas-to-power generation partly offset the renewable gains. Cash flow from operations after taxes paid totaled $7.68 billion, up from $1.94 billion a year earlier. The company paid $7.08 billion in taxes, including three Norwegian Continental Shelf tax installments totaling $6.4 billion. Organic capital expenditures were $3.35 billion. Equinor generated net cash flow before capital distribution of $5.48 billion in the second quarter. As of June 30, 2026, the company reported $8.1 billion in cash and cash equivalents, along with an adjusted net debt-to-capital-employed ratio of 10.4%, down from 17.8% at the end of 2025. Equinor continues to expect oil and gas production to grow approximately 3% in 2026. First-half production increased 6%, providing stronger support for the full-year target despite planned third-quarter turnarounds and a temporary outage at Johan Castberg. The company maintained its organic capital expenditure forecast of about $13 billion. Its board approved a quarterly dividend of 39 cents per share in the second quarter and initiated a third share-repurchase tranche of up to $1.125 billion. Equinor expects total 2026 share repurchases of up to $3 billion. EQNR currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are Par Pacific Holdings PARR, Valero Energy VLO and FuelCell Energy FCEL. While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here. Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products. Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions. FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Equinor ASA (EQNR) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report Par Pacific Holdings, Inc. (PARR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, July 22, 2026 at 2:00 a.m. ET Head of Investor Relations - Brd Glad Pedersen CFO - Torgrim Reitan Operator: I would like to turn the call over to Bård Glad Pedersen, Head of Investor Relations. Bård, you may begin. Bård Glad Pedersen: Thank you operator. Good morning all. Thank you for joining the analyst call for Equinor's second quarter results. Our CFO, Torgrim Reitan, will as usual, present the results before we open for a Q&A. You can already now sign up for questions by pressing star one on your phone. We plan to complete the session within one hour in total. With that, I hand it to you, Torgrim, to take us through the results. Torgrim Reitan: Well, thank you Bård. Good morning. Thank you for joining us. I hope you are all enjoying your summer. Today, it is five weeks since our Capital Markets Day, where we shared with you our updated plans to deliver more energy, growing cash flow, and superior returns. We showed you an improved portfolio delivering production growth of 150,000 bpd to 2030, a growth in cash flow from operations of 30%, and an industry-leading 15% return on capital employed. With this, we expect to deliver over $40 billion in free cash flow towards 2030. Not to forget, we presented a break even after dividend of $50 per bbl. This is a reduction of this break-even price of $10 per bbl. In the second quarter, we took several concrete steps to deliver on this. On the Norwegian continental shelf, we awarded the contracts for the first wave of tieback projects. This is an important first within our new NCS 2035 operating model, aiming to double the speed of developments and reduce costs by half. The contracts awarded for the first wave supports these improvements. We continued to use business development as a tool to harmonize ownership across licenses. We have done this through a series of swaps with DNO, Aker BP, and Vår Energi, supporting progress on the Ringvei Vest project. Internationally, we took the final investment decision for the Greater PAJ project in Angola, where we expect to generate more than $50 per bbl in cash flow from operations. Greater PAJ is an important step in building longevity within the international E&P business and growing cash flow from operations by 80% towards 2030. We also delivered strong results in the quarter. Production grew by 3% with well executed turnarounds and new fields like Eirin and Symra coming on stream during the quarter. With this, we capture value from higher prices and our trading business captures value uplift from increased volatility, delivering strong contribution to our results this quarter. We report adjusted operating income of $11.5 billion before tax, and an IFRS net income of $4.8 billion. Year to date, our cash flow from operations after tax has been strong at $13.7 billion. This quarter our adjusted earnings per share were $1.33. While energy markets remain impacted by geopolitical unrest, we continue to focus on what we control, our operations, how we remain robust through price cycles, and our commitment to cost and capital discipline. To capital distribution. At our Capital Markets Day, we announced a doubling of the share buyback program for 2026 from $1.5 billion to $3 billion. We follow up this now, for the quarter, the board approved an ordinary cash dividend of $0.39 per share, and a third tranche of share buyback of up to $1.125 billion, including the state's share. Let's dive into our results. First, let me start with safety, our top priority. Our serious incident frequency and personal injury rate remained relatively stable in the second quarter. We have seen a slight increase in both metrics this year when compared to 2025. We are working very hard to learn from incidents to improve safety and performance further. In the second quarter, we produced 2,165,000 bpd, up 3% from the same quarter last year. On the NCS, our production is up 4%, mainly driven by new fields like Johan Castberg, Halten East, and Verdande. We are adding also Eirin and Symra, which came on stream this quarter. Let me also highlight that we saw another quarter of strong performance from Johan Sverdrup. We have previously indicated a decline of 10%-20% this year from that asset. Based on the strong performance so far, we now expect it to be at the low end of this range. NCS production was impacted by plant turnarounds and maintenance, and also Johan Castberg coming offline for a period towards the end of the quarter and into July. Johan Castberg is now back at plateau after production resumed last week, implying that the impact will be larger in the third quarter than in the second quarter. Internationally, the increase was driven by Adura in the U.K. and Bacalhau in Brazil. The growth more than offsets the decrease from our reduced ownership in Peregrino and the divestment of the onshore Argentina assets. During the first half of 2026, we have delivered in total a very strong production growth of 6%. Therefore, our guidance of a 3% growth for the full year is now more robust than when we started the year. Even taking into account the issues at Johan Castberg and the planned turnarounds also in the third quarter. Within power, we produced 1.2 TWh this quarter. The growth is from Dogger Bank in the U.K. and new onshore assets. Now to our financial results. Liquids and European gas prices were higher than the same quarter last year, while U.S. gas prices were lower. This has impacted our results across the segments. Adjusted operating income in E&P Norway totaled $9.2 billion before tax and $2.1 billion after tax. In our international E&P business, prices increased around 50%, but operating income almost doubled based on production growth of 4% and increased quality in the portfolio. Our E&P U.S. results were driven by high offshore production with higher prices, partly offset by lower gas prices in the U.S. MMP delivered $777 million pre-tax, well above the guiding of $400 million per quarter. This was driven by crude trading and strong performance at our refinery, Mongstad, capturing value from higher margins. Our power results reflect a strong contribution from power trading for the second quarter in a row. In total, we have nearly doubled our adjusted operating income after tax compared to last year, demonstrating the improvements in the portfolio and our ability to capture value in higher price environments. This quarter, cash flow from operations was $14.8 billion before tax. We paid $7.1 billion in taxes, including three NCS installments, summing up to around $6.4 billion. Next quarter, there will be two payments of NOK 23.3 billion each. Also in the second quarter, we received a quarterly cash distribution from Adura of $150 million. The sale of the Argentina onshore assets resulted in cash proceeds of $558 million in the quarter, in addition to $88 million in proceeds received in the first quarter. We also recorded a gain of $467 million during the second quarter. Our financial position in Scatec was partially divested for $171 million during the quarter. Here we have an accumulated recorded gain of $61 million. Organic CapEx was $3.4 billion, and our net cash flow before distribution was +$5.5 billion. This quarter, we distributed $1.1 billion to our shareholders. We strengthened our balance sheet and have a solid financial position with around $24 billion in cash and cash equivalents. Working capital, which is not included in our cash flow from operations, decreased by $1.8 billion to $3.6 billion. This is a lower level than what we usually have. Our net debt ratio decreased to 10.4% this quarter, despite three tax installments paid and the state's share of the buyback from last year booked as a finance debt. This state's share of share buyback was paid in early July, and the cash flow impact will be as such in the third quarter. At current forward prices, we expect the net debt ratio to be somewhat below 10% at the end of the year. Now, to our guidance, where there are no changes. Our progress is in line with our communicated outlook, both in terms of production, CapEx, and capital distribution. Finally, to conclude, I will refer you back to a slide from our Capital Markets Day five weeks ago. The second quarter results demonstrate execution in line with the plans we presented to deliver. More energy, 150,000 bpd production growth to 2030. A growing cash flow, a 30% growth in cash flow from operations, and superior returns. We will continue to lead the industry on return on capital employed, and we aim for 15% through this decade. Now, thank you very much, and I look forward to your questions. Back to you, Bård. Bård Glad Pedersen: Thank you, Torgrim, we are ready to start the Q&A. We have a good list already, but let me remind you that you can sign up for asking a question by pressing star one on your phone. We ask that you limit yourself to two questions each. First, we have Teodor Sveen-Nilsen from SpareBank 1 Markets. Please, Teodor, go ahead. Your line is open. Teodor Sveen-Nilsen: Thank you. Good morning, Torgrim and Bård. Two questions from me. First, on the Johan Castberg production, as far as I understand, there's been some trouble going into Q3. Just wonder specifically if you can indicate what you expect as net production to Equinor from Johan Castberg in Q3. The second question, that is on downstream and MMP. We definitely observe the strongest refinery margins going into the third quarter. Could you comment on the profitability of Mongstad this far in third quarter, and what you expect during the second half of this year? Thanks. Torgrim Reitan: Okay. Thanks, Teodor. As far as I got, the first question was about Johan Castberg, right? We have had some issues related to the turbines, heat waste. That took three weeks or 18 days to get in order. We had it back in production from the 13th of July, meaning that the impact of that stop is around 14,000 bpd for next quarter. That is up and running again. It is a field that is producing very well, clearly. It is still in a run-in period, so there might always be some operational issues when you have a new field getting there. That is the situation on Johan Castberg. Teodor Sveen-Nilsen: Could I ask if the 14,000 bpd is that net to Equinor or gross? Torgrim Reitan: Yeah, that is Equinor impact. Teodor Sveen-Nilsen: Okay. Torgrim Reitan: On the MMP results, a strong result where Mongstad is contributing well with very high regularity. This is part of the other group in the MMP reporting. It clearly creates significant value at the current refinery margins. To say a little bit about the refinery situation and the margin in Europe, clearly the oil market is tight, but the product market is even tighter. If you look at the FCC margin for the second quarter, it was actually at some $25 per bbl, which is very significant. We don't give a specific margin for Mongstad, but clearly it is significantly above what it costs to run it at a break even. So far into this quarter, it continues to deliver strong results. I encourage you to follow the general refinery margins going forward, and that will directly impact the Mongstad delivery. Bård Glad Pedersen: Thank you. Thank you, Teodor. Next one on my list is Biraj Borkhataria from RBC. Biraj, please go ahead. Biraj Borkhataria: Hi there. Just one question from me. Your partner, Bay du Nord, gave up their stake, and you were targeting FID in 2027. Are you comfortable to push that project forward at 100%, or would you look to farm it down before progressing it? Maybe you could just talk a little bit about the Canadian support for that project, because it looks like there's quite a lot of movement and sentiment change on the politics side in Canada recently. Thank you. Torgrim Reitan: Yeah. Okay. Thank you. Thank you very much, Biraj. BP is handing over the ownership in that asset to ourselves. There will be ultimately a minimum payment for us for this year, subject to a final investment decision, but a minimum one compared to the size of the opportunity here. The timeline, there is no change to that. We aim to sanction it in 2027. Then we are working on bringing in another partner with us in this project. It is an attractive one, fully supported by the Canadian government. As you would understand, in the current environment, energy security for all countries are very high on the agenda, and the same goes for Canada. This is an attractive investment opportunities that we look forward to realizing together with the Canadian government and potentially additional partners. Bård Glad Pedersen: Thank you, Biraj. Biraj Borkhataria: Thank you. Bård Glad Pedersen: Thank you. The next one is Santander, Alejandro Vigil. Alejandro, please go ahead with your question. Alejandro Vigil: Yes, thank you for taking my questions. I missed the beginning because I had some problems, so I don't know if someone asked about the European natural gas market, your expectation for the second half of the year, in general, how you see the balance of demand supply in the market. The second question is related to that. We are seeing a very strong energy commodity environment, very strong cash flow. Your leverage now probably would be just below 10%, according to your comments. Is there any room for additional buybacks this year above the $3 billion that you are guiding now? Thank you. Torgrim Reitan: Thank you very much, Alejandro. Two very important and large questions. Let me take the first one first on the European gas situation. It is a vulnerable situation, and we might enter the autumn and winter with large uncertainties. Clearly, the fact that the Strait of Hormuz is where it is, sort of shuts in around 20% of sort of the global LNG, and restricts the global flows of LNG. That directly impacts Europe because currently around 30% of the supply will have to come from LNG, and Europe will compete particularly with Asia for that. When we combine that with a storage situation in Europe, where the storage filling is at 53%, which is more than 15 percentage point below a normal situation or the average, it leaves ourself that sort of, it is a fairly tight situation. We do assume or expect, I mean, say that the situation around Hormuz is normalizing, and we are back to sort of regular flows of LNG. Still, we do not believe that Europe will get to 80% storage filling before the winter and will be below that. That is the situation. Also worth mentioning is that Russian gas will leave Europe. I mean, this year, LNG is going to be stopped, and next year, the remaining piped gas. There will be even more LNG that needs to come to Europe. First of all, we do hope the situation settles and that we can get back to normal, but we just need to be prepared for volatility and uncertainty in the European gas market. You would know that sort of we are very well-placed to provide reliable energy into a situation like that, which we take very seriously. We have a cost of gas of $2 per MMBtu. We're currently selling into a close to $20 market. Just illustrating how important the Norwegian gas is for Europe. We are the largest energy provider to Europe, and we will continue to take that very seriously. Your second question, strong cash flow leverage and the potential for additional share buyback. We aim to run with a very solid balance sheet. We have currently a net debt ratio of 10.4%. Based on the forward curve as they look a couple of days ago, we expect it to be somewhat lower than 10% by year-end, and with a strong cash flow naturally. We intend to run with a very solid balance sheet and particularly in high price environment to build balance sheet to be able to manage low price environments well as such. The question related with the sort of is there potential for more share buyback this year? The answer to that is no. When we entered this year, we expected, of course, a much lower oil and gas prices than what we have seen. The way we have distributed or used that additional cash is, first and foremost, we have increased our investment into oil and gas with $1 billion into more in Norway, more internationally, actually adding to the production outlook in 2030. Secondly, we are strengthening the balance sheet. As we entered 2026, the plan was to lean on the balance sheet. We will no longer need to do that. We are actually strengthening the balance sheet. The third priority is actually to double the share buyback for the year. We think this is the best way to create shareholder value and allocate capital in this environment. From next year, there is a new framework in place, and we look forward to discuss that with you at our fourth quarter results in February next year. Bård Glad Pedersen: Thank you, Alejandro. Alejandro Vigil: Thank you. Bård Glad Pedersen: Next question is Henri Patricot from UBS. Henri, please, your line is open. Henri Patricot: Yes. Thank you, Bård. Two questions from me, please. The first one, coming back to the question on European gas and maybe more specifically for Equinor, given the much higher prices that we're seeing at the moment. I was wondering if there's any flexibility on your side to increased natural gas production in the second half of the year and exports to the European market. Secondly, thank you for the update on Johan Sverdrup production for the year. Good to see the good performance continues in the second quarter. I was hoping you could elaborate on what is driving the outperformance and the new guidance seems to imply that it should be still quite a large drop in the second half of the year versus the first half. Could we still see even further outperformance in the second half of the year from Johan Sverdrup? Thank you. Torgrim Reitan: Thank you very much, Henri. When it comes to the overproduction of gas to Europe, we are already producing at maximum, in the short term, there are no additional sort of overall volumes that can be made available. When that is said, we have flexibility in our production system, and we have flexibility in our transportation system. We will be able to get the natural gas to where it is needed the most and where the price is highest. Typically, what we have seen over the last year is that German prices have been higher than British prices, more gas has actually gone to Germany in those periods. We will continue to optimize around the volumes that we have to provide Europe with gas where it is needed the most. Second point on this one is that you are all well aware of that we keep all our exposure to natural gas prices floating, and we also keep it very exposed to the prompt. We have a 70% exposure to day ahead prices and 30% to month ahead. Meaning volatility in prices will happen. We will be able to steer our gas to where that volatility is and capture the values from that as such. We will expect, and we do expect more volatility during the next year within that market. On Johan Sverdrup. Clearly we are using a lot of effort and all our competence to make the most out of Johan Sverdrup, and it continues to deliver better than we had planned. At the point of sanctioning, we expected a recovery rate of 65%. Now it's actually 75% that we look at, and we increased the plateau level, and we have been able to reduce decline more than we have expected. If I should point to two sort of activities or technologies that are really making a big difference here, the first one is our ability to manage water, because as a field matures, you start to produce more and more water, and then you need efficiently to manage that. That has gone very well. As we manage water very efficiently, we make room for more oil production. That is a very important activity. The second one is well placement. We have now started to retrofit wells with multilaterals, wells that already have been produced and skilled and then splitting into several wells from one well bore. That has also continued to deliver very well, and we will continue with more of those during the year. First half of the year has gone very well. We will continue to do our very best with Johan Sverdrup, and we'll see how that goes in the second quarter. Bård Glad Pedersen: Thank you, Henri, for those questions. Michele Della Vigna from Goldman Sachs is up next. Michele, please go ahead. Michele Della Vigna: Thank you very much. Good to see the contribution of the Adura joint venture this quarter. I was wondering if you could elaborate a bit there. The company certainly has a lot of space to gear up and finance itself. What should we expect in terms of dividend from it in the next 12 months? Secondly, you are ramping up more frontier high impact exploration. I was just wondering if you could lay out by the end of the year what should be the high impact wells we should be looking forward to. Thank you. Torgrim Reitan: Okay, thanks, Michele. First on Adura. We are very satisfied with having set up that company together with Shell, clearly transforming our cash flow out of the U.K. from actually a negative cash flow due to investments to a positive contribution. We have received $150 million in capital distribution in the first quarter, and we have also received that now in the second quarter. Over 2026 and 2027, we expect more than $1 billion in capital distribution altogether from Adura. You asked a question about there is potential to gear up the company. Adura has raised around GBP 3 billion in debt. It is already fairly levered to an appropriate level as such, giving them even more capacity to make business. On the exploration activities. Clearly, exploration activity is very important to us. We are drilling 120 wells per year. Many of these wells are wells close to infrastructure on the Norwegian continental shelf, but actually 20% of the wells in Norway are towards standalone opportunities. There is a continued flow of opportunities with higher impact and a higher upside, but of course, higher risk as well. Internationally, the program this year is mainly within ILX opportunities in Angola. Similar type of opportunities that we see in Norway. We have lined up several high impact opportunities internationally. If I should mention a few, it is actually Brazil where we intend to drill a few high impact opportunities through 2027 and 2028. Among others, the neighboring block to Boomerang in the southern part. So excited, and we'll see where this brings us. Bård Glad Pedersen: Thank you. Michele Della Vigna: Thank you. Bård Glad Pedersen: Thank you, Michele. Next one is Martijn Rats from Morgan Stanley. Martijn, your line is open. Martijn Rats: Good morning. Two questions from me, if I may. I briefly wanted to ask you about the production guidance, because I don't think I've fully understood what you said. As in, you said that with the result achieved in the first half, the full year production guidance is now better underpinned. I just want to make sure I've got that correct. Also, given the result of the first half, doesn't the full year production guidance now imply a deceleration or a sequential decline into the second half, suggesting perhaps that there may be some upside? I was hoping you could clarify that. The other point I wanted to pick you up on is the gas price realizations in the United States. They'd fallen more, at least than we modeled, and I was hoping you could say a few things about it. There seems to be a lot of basis risk and a lot of very local circumstances going on. Last quarter, you called that position very strategic, and look, it's only one quarter, so that's probably the case. I was wondering if you could say a few things about whether that position is still developing as you initially expected. Torgrim Reitan: Okay. Thank you, Martijn. First on production guidance. Very strong operations in the first half of the year and better than we planned for when we started the year. Clearly coming out of good regularity across our operations. Super delivery from operational organizations and also the ramp up of new fields have gone well, and we talked about Johan Sverdrup as one example. So far this year, 6% growth in a way. I just want to say that it was actually planned for being the growth for the year was planned to be tilted towards the first half of the year based on the ramp-ups of Bacalhau, Johan Castberg, and new startups as such. That was always the plan. We also say that the expectation for the full year is more robust. We have decided not to increase the production guidance, in a way. Clearly, we will follow this very closely, and we will revert in the third quarter on production naturally. We'll see. We'll keep it as it is, but it is a more robust guidance. Martijn Rats: The second- Torgrim Reitan: Yeah, the second, the gas price realization. If you look at the quarter as such, Henry Hub came in at $2.9 per bbl. Our average gas price in the north was NOK 2.3, so a discount of NOK 0.6, which is actually lower than it normally is. It's a little bit higher than that normally. In general, we are located in the most attractive acreage and basin with very low unit production cost. This continued to be a very strong contributor to our results as such. Prices were down compared to last quarter, last year by 16%, but still making significant value out of it. Bård Glad Pedersen: Thank you, Martijn. Next one is Fergus Neve from Rothschild. Fergus, please, your line is open. Fergus Neve: Yep. Morning, everyone. Thanks for taking my question. Just the one from me. Looking at MMP, which delivered another strong quarter, given the volatility we saw I was just wondering if you were able to comment on the drivers of the relative mix within the results between gas, oil, and refining, and the movements in those quarter-on-quarter. Whether you could also comment at all on what you've seen in terms of volatility in gas and oil markets in the current quarter, noting that you've already commented a little on the refining side of things. Thanks a lot. Torgrim Reitan: Thanks, Fergus. Another strong quarter from the marketing and trading organization. We talked about refinery and Mongstad as a key contributor. The other one that sticks out this quarter is the crude trading, with significant contributions to the results, and larger than what you should expect. LNG is also doing better than expected. While sort of the normal gas trading is on par with what you should expect as such. That doesn't stick out as something special. Typical drivers for the results in MMP going forward is clearly volatility, means a lot. Geographical dislocations, meaning that there are arbitrage opportunities geographically, both on the oil side and on the gas side are key drivers. Of course, if there are things on the curve that gives us opportunities with time arbitrage, as well. We have guided on a normal quarter of around $400 million per quarter. That remains intact. We have also said that over time, we expect to increase our guiding to around $500 million as such. This is a special quarter, clearly driven by events in the world, geopolitical events, and we just need to be prepared that the results within this segment will fluctuate as such. Bård Glad Pedersen: Thank you, Fergus. Next up is Naisheng Cui from Barclays. Naish, please go ahead. Naisheng Cui: Hey, good morning, everyone. Thanks for taking my questions. I have two left please. The first one is on Bay du Nord. It's a very big, over $10 billion CapEx project. I wonder how sensitive the project economics to the current service cost inflation, and could you remind us what return threshold are you requiring before sanctioning it next year? My second question is on NCS. One of your Norwegian peers reported about 6%-7% CapEx inflation for its two large growth projects. I wonder if the NCS CapEx cost is a concern for Equinor as well, and if you can comment on how you have been managing the cost, please. Thank you. Torgrim Reitan: Okay. Thank you, Naish. The first question was related to Bay du Nord. It is a very significant project and large project, with a large CapEx, $9 billion-$10 billion. We have worked over time to significantly improve that over the last three years to now be a very robust and a good project. Cost, we have been able to limit cost increases, and we have actually scaled down the scope of the development, and maintain a very attractive returns as such. This is returns well above what we set as a threshold for investments. On the Norwegian continental shelves, and your question was more in general how we manage cost and all of that. You know as well, you know that we have a very diligent way of continue to improve our business and improve our project and taking on scale and synergies and all of that. There is one key number that we often use, and that is the break-even related to new developments. That is now below $40 per bbl. That has actually remained at that level over many years, even if we have, say, 5% inflation one year, 10% the next year, and 5%. There is an underlying drive to improve and take out cost in the system. We have been able to maintain that even if we have seen inflation. Second point is that clearly we are a very large developer, particularly in Norway. We have been able to get contracts on frame contracts, long-term contracts, and developing things on a portfolio level. Last point I would like to make is everything that we now do around NCS 2035, where we do a massive standardization and massive simplification of the new developments. We expect that to lead to reduced CapEx, not increased, but reduced CapEx by 50% through this portfolio. Even with inflation, we will be able to reduce our investment levels on the Norwegian continental shelf. This is a key part of what we discussed with you on the Capital Markets Day, and we will continue to come back to this topic as we progress. Bård Glad Pedersen: Thank you, Naish. Next is Matt Lofting from JPMorgan. Matt, please go ahead with your questions. Matt Lofting: Thanks for taking the questions and the update. Two quick ones from me. First, just on gas, I wondered, Torgrim, if you could just add any perspectives on the demand baseline that you're seeing in Europe currently, perhaps particularly the industry segment, which has tended over the last few years to be a bit more sensitive to price and supply uncertainty. Then second, just within the moving parts on gearing, I wondered if you could just expand on the working cap baseline and ex price effects, perhaps what you're expecting there for the second half of the year. If I heard right earlier, I think you said that the inventory baseline was a bit lower at this point in the year than would normally be the case. Thanks. Torgrim Reitan: Okay. Thank you very much, Matt. When it comes to the industrial demand for natural gas in Europe, that has come down after the war in Ukraine. We actually see some 25% down on the industrial demand. Lately, fairly stable, actually, but there is a reduction in demand. When that is said, the European gas market, if you look at what is needed of new gas to the market, that is actually growing. There's a growing need for gas in Europe, even if demand industrially has come down. We do expect that the LNG share of the market will have to grow from around 30% today to actually 50% by 2030. Even with that, we see a rather tight situation over the next few years. Second question on gearing and working capital as such. We saw a reduction in working capital for the second quarter of $1.8 billion, and working capital level is now at $3.6 billion. That is lower than normal. It comes from reduction in inventories and also a reduction in account receivables as such. We have also actually fewer cargoes in transit at the end of the quarter due to that shorting sailing distances, the recurrent trading that we are doing. Going forward, we don't provide a guiding on the working capital, but the absolute price level is clearly an important determinator of the working capital. In general, you could say that if prices are low, working capital should be low. If prices increase significantly, working capital is expected to be higher, but actually net debt then will go down. Those things hang together. Working capital clearly will also fluctuate somewhat. It will. Bård Glad Pedersen: Thanks, Matt. Next up is Chris Kuplent from Bank of America. Chris, your line is open. Chris Kuplent: Yeah, thank you very much. Torgrim, two quick questions I've got left. Firstly, could you update us on the proceeds still to come from the Peregrino disposal, and any update you can give us on timing? A second question, remembering 2022 and 2023, how much flex is there or how much appetite is there to use flex for pulling forward tax payments into the year? What's your current thinking there around the flexibility that you do have in the Norwegian system? Thank you. Torgrim Reitan: Thank you very much, Chris. Peregrino, we have divested that in two tranches. We own 60%, so it is a 40% part and there is a 20% part. The 40%, we have received the funds. The total headline consideration is NOK 3.5 billion as such. The first transaction, the 40%, that is all settled, and we have received the money for that. The second transaction is the remaining 20%. This is currently classified as held for sale in our books. There are still some ongoing things related to that part. We do expect that transaction to close maybe towards the end of this year, early next year. Of course, we are not in full control of everything around that process, so that is what we do expect. Yes. On the tax- Chris Kuplent: Just to check on the number, Torgrim. Is most of that item held for sale backed up by Peregrino? Torgrim Reitan: Yes, that is right. It means that sort of revenue, cost, and production is reported as normal, but sort of we do not report depreciation for it as it is held for sale. Your second question about the tax payment for this going forward, I guess you think about Norway. In the first half of the year, each installment was around NOK 20 billion, we have now indicated to the state that we will pay NOK 23 billion per installment. There are two installments in the third quarter and three installments in the fourth quarter. It is an increase of some 16% or something like that. When we set that, we have to inform the tax man that what we are going to pay, we made that judgment of sort of increase and higher prices, as such. There are no plans to make adjustments to that. However, there is an opportunity to increase it at a point in August, but we have no concrete plans for that currently. Bård Glad Pedersen: Thank you, Chris. Next one is Sadnan Ali from HSBC. Sadnan, please go ahead. Sadnan Ali: Hi there. Thanks for taking my questions. Just a couple on unit production cost, please. Firstly, in February with the full year results, you had a target to reduce your unit production cost to $6 per bbl for 2026 specifically. It looks like that was removed with your first quarter results in May. I just wanted to ask what led to that target being removed quietly, if it was? Secondly, and related, at the June CMD, you introduced a $6 per bbl unit production cost target, but averaging over 2026 to 2030. For your international portfolio specifically, you're expecting a 30% reduction to under $5.50 per bbl. What about for NCS specifically? Can you share what your current unit production costs are for the NCS and how you think about that trajectory out to 2030, please? Torgrim Reitan: All right. Thanks, Sadnan. Clearly, unit production cost is a very important metrics for us, and we follow that very closely. We had a slide actually in the Capital Markets Day presentation deck, showing that we are at around six while our peers are around eight. We continue to operate on a very competitive cost level. The $6 UPC for 2026, that is sort of a combined number across the portfolio, and it's approximately what we do expect for 2026. EPI and EPN is broadly on the same level as such. Then, in our Capital Markets Day, we said $6 per bbl towards 2030, and $5.50 per bbl for international. Clearly, broadly the same level in Norway and then international towards 2030. While we're at it, this is clearly a key metrics to measure when it comes to cost. We have also set a target for the year that we are going to reduce our operating costs and administrative costs, SG&A, by 10% compared to last year. If you study your numbers, you actually see that there is an increase of 11% year-to-date or in the second quarter. I just want to provide you with some color to that, because that is very much driven by increased transportation costs, related to higher production and also higher operating and maintenance costs due to more assets under operations. If we strip out transportation costs and royalty, we actually have a reduction of 6% compared to last year. If you then strip out currency impact that we don't have an impact over is actually -10%. We are on track to deliver on this is clearly something that we follow very diligently as such. Bård Glad Pedersen: Thank you, Sadnan. I have a few left on my list. Let's try to cover as many as possible before we close at half past as planned. John Olaisen, you are next from ABG Sundal Collier. John, please go ahead. John Olaisen: Thank you, thanks for taking my question. Two questions. First, the Roncador field has experienced technical issues that has hampered production over the last three quarters. Can you tell us what is the issue and when do you expect that to be solved? That was question number one. Number two is related to Adura. The result jumped from -$90 in Q1 to +$90 in Q2. In Q2, you said that the higher depreciation due to change of principles had lowered the results. Just wonder now, have the depreciation charges or principles been changed again? Just wonder. Two questions. Torgrim Reitan: Okay. If we take the Adura question first. You're right, it goes from -$91 to +$94. I think first of all, that is driven by higher realized prices in the second quarter. That is an important parameter. Also in the first quarter, there were some one-offs related to establishment of the new company, and there are no sort of changes in depreciation principles through all of this. When that is said, we have received a dividend of $150 million, both in first quarter and second quarter, which is higher than the reported earnings or net profit in a way. That leads to that the dividend or the capital distribution received is not part of the cash flow from operations that we have reported. It is a subtraction to the investment cash flow as such. That's the way it's treated accounting-wise. Actually, the cash flow from operations is a tad stronger than what you should read through the first glimpse of this number. When it comes to Roncador, there have been some operational issues. We are not operating here, and I think it's better for Petrobras to respond to that. Clearly, we are supporting them, are working very closely with them. Thanks, John. Bård Glad Pedersen: Thank you, John. Next one is Jason Gabelman from TD Cowen. Jason, please go ahead. Jason Gabelman: Hey, thanks for taking my question. Just one quick one from me. I'm wondering if the kind of lower gas prices in the U.S. have impacted or have opened up the acquisition window a bit more. I know you've been focused on expanding your non-Appalachia footprint. Just any thoughts there would be great. Thanks. Torgrim Reitan: Thanks, Jason. We do believe that natural gas is an attractive commodity to be part of going forward, both in Europe but also in the U.S. You have seen us doing some significant transactions and acquisition in this space over the last couple of years, bringing the position up to a very significant one. Going forward, we will first and foremost be interested in sort of creating the maximum value out of it. If there are opportunities, we will always consider that, but nothing to say around that. In general, when it comes to M&A, we have been very active over the last few years, both selling and divesting. In the international portfolio it's been massively hydrated while actually bringing back $4 billion in net proceeds over the last years as such. We will continue to look for ways to hydrate our international activities. Bård Glad Pedersen: Thank you, Jason. Let's try to squeeze in one more. Ahmed Ben Salem from ODDO. Please go ahead. Ahmed Ben Salem: Hi. Thanks for taking my question. It's on production growth. Following the startup of Bacalhau and Johan Castberg, which project do you see as a key driver of production growth over the next three to five years? What do you see as the main risk to delivering this project on time and on budget? Thank you. Torgrim Reitan: Thanks, Ahmed. It's such a large portfolio, there are so many projects coming on stream. Of course, ramp up of Johan Castberg is on plateau, but ramp up of Bacalhau is important. I'm very glad to report that the wells are working very well on Bacalhau. We now have three producers on Bacalhau, and we have two gas injectors in place, and we are about to finish the fourth producer also. We do expect Bacalhau to come on plateau by the end of the year, actually. A very significant contributor in the short term. If you sort of stretch a little bit further out, we have Raia in Brazil coming on stream in 2028. We have also Sparta in 2028 in the Gulf of Mexico, Rosebank and Jekta in the U.K., typically in 2027. We have PAJ development in Angola that we recently sanctioned, also towards 2028, as far as I remember. Those are sort of the large contributors. On the Norwegian continental shelf, there are 65 projects underway on ILX opportunities in various waves. That will be a continued feed in of new tie-in opportunities on the NCS, maintaining the production level towards 2030. As you might remember, we increased the production outlook in 2030 by 100,000 bpd in Norway as such. It's a very large portfolio, and we're working very hard to realize this and create value. Bård Glad Pedersen: Thank you, Ahmed, and thank you all for calling in and for your questions. We are a couple of minutes on overtime, I apologize for that. As usual, the investor relations team remain available, feel free to reach out to any of us during the day or later in the week if there are other topics that you want to discuss further. Thank you all for joining, and have a good rest of the day. Before you buy stock in Equinor Asa, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Equinor Asa wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,332!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,272,280!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of July 22, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Equinor Asa. The Motley Fool has a disclosure policy. Equinor (EQNR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool