EQNR

Equinor ASA (NYSE:EQNR) is one of the best commodity stocks to buy for the supercycle. Morgan Stanley cut the price target on Equinor ASA (NYSE:EQNR) to NOK 376 from NOK 388 on May 12, maintaining an Equal Weight rating on the shares. The rating update came after the company reported its fiscal Q1 2026 financial results, stating that it delivered an adjusted operating income of $9.77 billion and $2.86 billion after tax in fiscal Q1 2026. Net operating income for the quarter came up to $8.78 billion, with a net income of $3.10 billion and adjusted net income of $3.70 billion, which led to adjusted earnings per share of $1.48. Equinor ASA (NYSE:EQNR) reported production growth of 9% from strong operational performance while maintaining cost and capital discipline. It also closed several key strategic milestones in the quarter, including seven commercial discoveries on the NCS and the start of drilling at the Raia gas field in Brazil. ​Equinor ASA (NYSE:EQNR) explores, transports, produces, refines, and markets petroleum and petroleum-derived products. The company’s operations are divided into the following segments: Exploration and Production Norway, Exploration and Production International, Exploration and Production USA, Marketing, Midstream, Processing, Renewables, and Other. While we acknowledge the potential of EQNR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 15 Stocks That Will Make You Rich in 10 Years AND 12 Best Stocks That Will Always Grow. Disclosure: None. Follow Insider Monkey on Google News.

First quarter results 2026 HIGHLIGHTS Q1 EBITDA of USD 47.9 million and operating cash flow of USD 43.3 million Robust balance sheet with USD 568 million in available liquidity Q1 cash dividend of USD 0.063 per share BW Opal production restarted, commissioning and practical completion expected mid-2026 Signed FEED with Equinor for Bay du Nord FPSO and established local office in St. John’s Extended BW Catcher contract through 2030 Strategic review progressing Full-year 2026 EBITDA guidance revised to USD 310-340 million On BW Opal, the replacement of the compressor dry-gas seals was completed in March. Gas production recommenced in early May after a temporary shutdown during March and April for cleaning the heat exchanger trains. A root cause analysis of the heat exchanger fouling has been completed and is currently under joint review by Santos and BW Offshore. Commissioning is progressing in parallel with practical completion expected mid-2026. On 29 April, BW Offshore signed the Front-End Engineering and Design (FEED) agreement with Equinor for the Bay du Nord FPSO, to operate offshore Newfoundland and Labrador, Canada. The FEED is expected to run through 2026 and will mature the FPSO design, finalise the project execution plan and delivery schedule, and advance commercial and contractual alignment towards a firm offer to Equinor. Equinor is targeting Final Investment Decision (FID) and potential contract award in early 2027. Subsequent to quarter-end, the Company agreed amended terms for the BW Catcher contract with Catcher field partners, establishing a defined end-of-term framework to 31 December 2030 plus or minus six months. Effective from 1 February 2026, the amendments increase firm operating cash flow backlog by approximately USD 490 million and provides clarity on the contract end date, enabling active marketing of the FPSO for redeployment opportunities. "During the quarter and subsequent weeks, BW Offshore has strengthened its cash flow profile and the long-term growth trajectory. The Bay du Nord FEED is an important step towards securing a new major FPSO project, while the BW Catcher extension materially increases our firm operating cash flow backlog and enables us to actively market the unit for future projects. Our immediate operational focus remains on completing the BW Opal commissioning and the safe and efficient ramp-up of production,” sa...

Venture Global Inc. VG recorded first-quarter 2026 earnings per share of 19 cents, which topped the Zacks Consensus Estimate of 13 cents by 46.2%. The bottom line improved 18.7% from the year-ago quarter’s 16 cents per share. Total quarterly revenues of $4.60 billion increased 59% from $2.89 billion in the year-ago quarter. The top line beat the Zacks Consensus Estimate of $4.17 billion by 9.5%. The strong quarterly results can be attributed to higher liquified natural gas (LNG) sales volumes at the Plaquemines Project as commissioning advanced, along with favorable interest rate swaps and reduced development expenses. Lower LNG sales prices, net of feed gas costs at the Calcasieu project and higher interest expenses partially offset the positives. Venture Global, Inc. price-consensus-eps-surprise-chart | Venture Global, Inc. Quote Plaquemines continued to be the key earnings engine during the quarter as the asset advanced through commissioning. The Plaquemines segment generated revenues of $3.39 billion, while income from operations totaled $1.04 billion. Calcasieu segment revenues were $1.09 billion, and income from operations totaled $182 million. The Sales and Shipping segment generated revenues of $818 million and income from operations of $99 million. Income from operations totaled $1.15 billion compared with $1.08 billion in the first quarter of 2025. Adjusted EBITDA in the first quarter was $1.37 billion, up from the year-ago level of $1.35 billion, driven by higher LNG sales volumes, which helped offset pressure from lower LNG sales prices, net of feed gas costs. Net income attributable to common stockholders increased to $488 million from $396 million in the prior-year period. The company attributed the earnings improvement primarily to higher income from operations, along with favorable interest rate swaps and reduced development expense. The positives were partly offset by lower LNG sales prices, net of the cost of feed gas and higher interest expenses. Venture Global exported 130 cargoes in the first quarter, significantly higher than the 63 cargoes in the year-ago period. Total LNG volumes exported were 487.2 trillion British thermal units (TBtu), up from 233.6 TBtu in the year-ago quarter. The cost of sales in the quarter was $2.78 billion, up from the year-ago period’s $1.06 billion, reflecting a sharp increase in LNG volumes moving through t...

RPC Inc. RES reported first-quarter 2026 results on May 7, before the opening bell. Following the announcement, the company’s stock price declined 5.7% to $6.92 per share. RES reported first-quarter 2026 adjusted earnings of 3 cents per share, which beat the Zacks Consensus Estimate of a penny by 200%. The bottom line declined 50% from the year-ago quarter’s level of 6 cents per share. Total quarterly revenues were $454.76 million, up 36.6% from the year-ago quarter’s figure of $332.88 million. The top line beat the Zacks Consensus Estimate of $396 million by 14.84%. The better-than-expected earnings were driven by the contribution from Pintail, which was acquired during the second quarter of 2025, combined with increased earnings across pressure pumping, downhole tools and coiled tubing operations. The positives were partially offset by the higher cost of revenues, primarily due to the Pintail acquisition and increased expenses driven by higher customer activity. RPC, Inc. price-consensus-eps-surprise-chart | RPC, Inc. Quote Operating profit in the Technical Services segment totaled $15.98 million, higher than the year-ago quarter’s $14 million. The improvement was driven by increased activity in downhole tools. First-quarter 2026 results reflect Pintail’s operating performance. Lower prices and an unfavorable pressure-pumping job mix offset the positives. Operating profit in the Support Services segment amounted to $401 thousand, down from $2.66 million in the year-ago quarter. The segment was mainly affected by lower rental tool activity, driven by lower customer activity. The company’s total operating income in the quarter was $2.62 million compared with $12.39 million in the year-ago quarter. The average domestic rig count declined 6.8% year over year. The average oil price was $70.54 per barrel, down 1.9% year over year. The average natural gas price was $4.81 per thousand cubic feet (Mcf), 16.2% higher than the $4.14 per Mcf recorded in the corresponding period of 2025. In the first quarter, the cost of revenues (excluding depreciation and amortization) increased to $355.58 million from $243.89 million in the prior-year period. Selling, general and administrative expenses amounted to $48.21 million, higher than the year-ago quarter’s $42.5 million. The figure also included acquisition-related employment costs. As of March 31, 2026, RES had cash and ca...

Vista Energy, S.A.B. de C.V. VIST reported first-quarter 2026 adjusted earnings of 89 cents per share, which missed the Zacks Consensus Estimate of $1.42 by 37.3%. The bottom line increased 12.7% from the year-ago quarter. Quarterly revenues of $865 million surged 97.3% year over year and beat the Zacks Consensus Estimate of $688.38 million by 25.7%. Oil production averaged 116,655 barrels per day, up 68% from a year ago. The weaker-than-expected quarterly earnings can be attributed to lower realized crude and natural gas prices, partly offset by strong production growth. Vista Energy, S.A.B. de C.V. - Sponsored ADR price-consensus-eps-surprise-chart | Vista Energy, S.A.B. de C.V. - Sponsored ADR Quote Total production averaged 134,741 barrels of oil equivalent per day in the quarter, up 67% from the year-ago quarter. The increase was driven primarily by the consolidation of a 50% working interest in the La Amarga Chica block, acquired in April 2025, and organic growth in its core development areas. Crude oil production increased to 116,655 barrels per day (Bbls/d) from 69,623 Bbls/d in the year-ago quarter. Natural gas liquids production increased 34% year over year to 784 Boe/d. Natural gas output rose 62% to 2.75 million cubic meters per day (MMm3/d). Management highlighted steady execution of its drilling program, including 23 well tie-ins during the quarter across Bajada del Palo Oeste, Bajada del Palo Este and La Amarga Chica. Average realized crude oil price was $60.1 per barrel, down from $68.6 in the prior-year quarter. Realized natural gas price was $2 per MMBtu, down 21% year over year, pressured by mix and pricing in the industrial channel. Commodity risk management contracts reduced reported revenues by $150.7 million in the quarter, while sea freight selling expenses totaled $20 million. After adjusting for these items, revenues were $694.3 million, up from $438.5 million in the prior-year quarter. Net revenues from oil and gas exports were $431 million, representing 64% of total net revenues. Operational efficiency continued to show up in per-unit costs. Lifting cost was $4.3 per boe, down 8% year over year, reflecting the dilution of fixed costs across higher volumes and continued cost-control efforts. Selling expenses were $3.8 per boe, down 41% year over year, aided by the elimination of trucking as the Oldelval Duplicar pipeline came onlin...

Equinor ASA EQNR reported first-quarter 2026 adjusted earnings per share of $1.48, which topped the Zacks Consensus Estimate of $1.01 by 46.5%. The bottom line increased 124.2% from the year-ago quarter’s 66 cents. Total quarterly revenues of $27.8 billion declined 7% from $29.9 billion in the prior-year quarter. The top line missed the Zacks Consensus Estimate of $28.2 billion by 1.4%. The strong quarterly earnings can be primarily attributed to increased liquids and gas production across major Exploration & Production segments and higher liquid prices. Equinor ASA price-consensus-eps-surprise-chart | Equinor ASA Quote Exploration & Production Norway (E&P Norway) reported adjusted operating income of $7,696 million, up 3% from $7,453 million in the year-ago quarter. The improvement was driven by higher production and strong price realization in the quarter. Increased operating expenses offset the positives. The company’s average daily production of liquids and gas increased 10% to 1,525 thousand barrels of oil equivalent per day (MBoe/d) from 1,390 MBoe/d in the prior-year quarter. The year-over-year increase was driven by new fields, such as Johan Castberg, Halten East and Verdande, and additional wells coming into production. Adjusted operating income of Exploration & Production International (E&P International) was $616 million, up 16% from $531 million in the year-ago quarter. The segment was primarily affected by improved production volumes and higher liquids prices. The first-quarter results include the positive impact of an underlift timing effect and lower operating expenses. However, losses from the equity-accounted joint venture Adura partially offset the positives. The average daily equity production of liquids and gas increased 10% to 339 MBoe/d from 309 MBoe/d in the year-ago quarter. Production improved year over year due to the start-ups of Adura and Bacalhau in late 2025. However, positives were partially offset by the sale of the Peregrino interest, natural decline and operational issues at Roncador. Exploration & Production USA (E&P USA) of Equinor generated an adjusted operating income of $745 million from this segment. The figure increased 45% from $511 million in the first quarter of 2025. The segment was primarily aided by higher natural gas prices and increased gas and liquids production volumes. The integrated firm’s average equity p...

Enbridge Inc. ENB reported first-quarter 2026 adjusted earnings per share (EPS) of 71 cents, which beat the Zacks Consensus Estimate of 69 cents. The bottom line slightly declined from the year-ago quarter’s 72 cents. Total quarterly revenues of $16.3 billion increased from $12.9 billion in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $12.8 billion. The better-than-expected quarterly results can be attributed to higher adjusted EBITDA contributions from its Gas Transmission, and Gas Distribution and Storage business segments. Lower adjusted EBITDA contributions from the Liquids Pipelines segment slightly offset the positives. Enbridge Inc price-consensus-eps-surprise-chart | Enbridge Inc Quote Enbridge conducts business through five segments — Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, Renewable Power Generation, and Eliminations and Other. Liquids Pipelines: The segment’s adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) totaled C$2.3 billion, down from C$2.62 billion in the year-earlier quarter. The decline was primarily due to lower contributions from the Mainline and Market Access System, driven by higher earnings sharing, reduced Mainline tolls, weaker FSP contributions and unfavorable foreign exchange impacts. Additionally, the absence of litigation-related equity earnings from the Gulf Coast & Other segment, which was recorded in the prior-year quarter, contributed to the decline. Gas Transmission: Adjusted earnings in this segment totaled C$1.52 billion, up from C$1.44 billion recorded in the first quarter of 2025. The growth was mainly driven by favorable contracting across U.S. Gas Transmission assets. Further, stronger revenues at Aitken Creek and BC Pipeline due to improved seasonal spreads and higher tolls added to the gains. The positives were partially offset by unfavorable foreign exchange impacts from weaker U.S. dollar translation rates in 2026. Gas Distribution and Storage: This unit generated a profit of C$1.71 billion, up from C$1.6 billion in the prior-year quarter. The increase was primarily driven by higher distribution margins at Enbridge Gas Ontario from rate escalators and a rise in unregulated natural gas storage revenues in Ontario due to optimization and pricing benefits. Higher base rates at Enbridge Gas Utah and Enbridge Gas North Caroli...

Cactus, Inc. WHD reported adjusted earnings of 70 cents per share in the first quarter of 2026, down 4.1% from the year-ago level of 73 cents but ahead of the Zacks Consensus Estimate of 65 cents by 7.7%. Quarterly revenues rose 38.5% year over year to $388.35 million and topped the consensus mark of $380.81 million by 2%. Remaining performance obligations ended the quarter at $537.5 million, led by international Pressure Control work tied to the newly added Cactus International business. The better-than-expected quarterly results can be attributed to higher revenues in the Pressure Control segment, aided by the acquisition of Cactus International. However, several transaction-related and acquisition-accounting charges partly offset the gains. Cactus, Inc. price-consensus-eps-surprise-chart | Cactus, Inc. Quote The quarter marked the first period to include results from Cactus International, following the Jan. 1 closing of the majority-interest acquisition. Management stated that Pressure Control revenues stayed resilient even as the conflict in the Middle East created shipment delays and operational friction. Pressure Control revenues totaled $300.2 million for the quarter, higher than $190.3 million in the year-ago quarter and above our estimate of $300 million. Segment operating income totaled $38.6 million, down from $54.3 million in the prior-year quarter, reflecting the impact of purchase price accounting, including an inventory step-up and intangible value amortization. Adjusted segment EBITDA for Pressure Control was $71.8 million, higher than $64.8 million in the prior-year quarter. Our estimate for the same was pinned at $74.9 million. Adjusted segment EBITDA margin was 23.9%. Management highlighted that the Spoolable Technologies segment recorded non-U.S. revenues in the quarter, with strength cited in the Middle East and Latin America, alongside better-than-expected domestic activity. The segment witnessed stronger-than-typical seasonal demand and continued international order growth. Spoolable Technologies' revenues were $89.9 million, lower than $92.6 million in the year-ago quarter and above our estimate of $83.7 million. The segment's operating income totaled $23.6 million, slightly lower than $23.9 million in the prior-year quarter. Adjusted segment EBITDA totaled $32.9 million, translating to a 36.6% margin, as improved operating leverage h...

Cheniere Energy Partners, L.P. CQP reported first-quarter 2026 earnings per unit of $1.23, beating the Zacks Consensus Estimate of $1.07 by 14.95%. Revenues totaled $3.6 billion, up 20.4% year over year and ahead of the consensus mark of $3.0 billion by 20.42%. The quarter’s outperformance was supported by higher total margins per million British thermal units (MMBtu) of liquefied natural gas ("LNG"") delivered. Operationally, the partnership exported 112 LNG cargoes and shipped 412 trillion British thermal units (TBtu) of volumes, keeping utilization steady compared with the year-ago period. Cheniere Energy Partners, L.P. price-consensus-eps-surprise-chart | Cheniere Energy Partners, L.P. Quote CQP’s revenue gain came from stronger LNG-related activity. LNG revenues rose to $2.7 billion from $2.3 billion in the year-ago quarter, while LNG revenues from affiliates increased to $846 million from $671 million. Even with stable cargo counts, the partnership slightly lifted volumes. LNG volumes loaded and recognized increased to 413 TBtu from 405 TBtu, providing a larger base to benefit from improved margins per MMBtu delivered. Despite the revenue beat and stronger operating performance, net income fell to $186 million from $641 million a year ago. Basic and diluted net income per common unit was $0.19 compared with $1.08 in the prior-year quarter, reflecting significant non-cash volatility tied to derivative accounting. Management attributed the year-over-year decline primarily to unfavorable changes in the fair value of derivative instruments, including impacts related to long-term Integrated Production Marketing agreements. The partnership recorded $677 million of non-cash unfavorable fair-value changes during the quarter compared to $149 million of non-cash favorable changes in the first quarter of 2025. CQP’s adjusted EBITDA increased to $1.2 billion from $1.0 billion in the year-ago quarter, reflecting a 13% improvement. The partnership again pointed to higher total margins per MMBtu of LNG delivered as the key driver behind the gain. The reconciliation showed that changes in the fair value of commodity derivatives were a major swing factor compared with the prior year. With those impacts adjusted, the underlying operating result improved, aligning with the quarter’s revenue strength and steady LNG throughput. Operating costs and expenses increased to $3....

SM Energy Company SM reported first-quarter 2026 adjusted earnings of $1.55 per share, which topped the Zacks Consensus Estimate of $1.29 by 20.16%. The figure declined 11.9% from the year-ago quarter’s $1.76. Total revenues of $1.48 billion increased 75% year over year and beat the consensus mark of $1.44 billion by 2.99%. The quarter reflected SM’s first full reporting period after the Civitas merger, with average net daily production of 371.2 thousand barrels of oil equivalent per day (MBoe/d) providing a larger base for cash generation alongside cost and capital efficiency improvements. Better-than-expected quarterly results can be attributed to the increase in oil-equivalent production volumes. However, higher operating expenses partially offset the positives. SM Energy Company price-consensus-eps-surprise-chart | SM Energy Company Quote Management framed 2026 around “Integrate, Execute and Bolster,” and the early integration cadence is translating into a higher synergy outlook. SM raised its annualized run-rate synergy target to $375 million, with about $300 million already actioned. The updated synergy plan spans interest savings, overhead and operational efficiencies. Interest savings are now targeted at $75 million, with full actioning achieved. Meanwhile, overhead and G&A synergies were lifted to $100 million, with most of the organizational structure already in place. The remaining upside is concentrated in drilling, completions and operations. The new $200 million target reflects changes such as completion design optimization, simul-frac adoption in the DJ Basin and broader procurement and scheduling leverage. Beyond scale, the merged portfolio is showing how basin diversity can influence realized pricing and margins. In the quarter, SM’s total production mix was 51% oil and the overall realized price averaged $44.22 per Boe before hedges. The average net daily oil-equivalent production was up 88% compared to the prior-year quarter. Realizations varied by commodity and basin, underscoring the value of market optionality. SM’s realized oil price (before the effect of derivatives) averaged $73.69 per barrel, compared with $70.56 in the year-ago quarter. The realized natural gas was $1.72 per thousand cubic feet (Mcf) and NGLs were $21.58 per barrel, lower than $3.30 per Mcf and $25.86 per barrel, respectively, in the first quarter of 2025. Unit ope...

W&T Offshore, Inc. WTI posted break-even first-quarter 2026 earnings per share, compared with the Zacks Consensus Estimate of 2 cents. Revenues of $150.0 million beat the consensus mark of $137.0 million by 9.5% and increased 15.5% year over year. Operationally, the offshore producer turned in average sales volumes of 36.2 MBoe/d (53% liquids), keeping output near the top end of guidance despite adverse weather. The quarter also featured sharply lower lease operating expenses per barrel, helping support a meaningful step-up in profitability measures such as Adjusted EBITDA. W&T Offshore, Inc. price-consensus-eps-surprise-chart | W&T Offshore, Inc. Quote Before realized derivative settlements, the average realized sales price was $45.08 per Boe. Oil realized $69.52 per barrel, natural gas realized $5.41 per Mcf and NGLs realized $16.26 per barrel, with the combined oil-equivalent price down 3% from the year-ago quarter’s $46.50 per Boe. Production growth remained a key operational theme. The company said first-quarter output increased 19% from the year-ago period, supported by contributions from prior acquisitions and continued execution across its Gulf of America asset base. Total oil and natural gas sales volumes were 3,259 thousand barrels of oil equivalent (Mboe), including 1,296 thousand barrels (MBbls) of oil, 425 MBbls of NGLs and 9,223 million cubic feet per day (MMcf) of natural gas. This is comparable with the prior year sales figure of 2,744 Mboe, which includes 1,230 MBbls, 200 MBbls of NGLs and 7,884 MMcf of natural gas. The production mix leaned toward liquids, with oil representing 40% of volumes and NGLs 13%, while natural gas contributed the remaining 47%. Expense control stood out as a counterweight to a choppy operating environment offshore. Lease operating expenses (LOE) were $66.1 million, below the midpoint of guidance and 7% lower than the prior-year quarter despite higher production. On a per-unit basis, LOE fell 22% to $20.29 per Boe from $25.88 a year ago. Management attributed the improvement to lower base LOE spend, cost-saving measures that began to materialize during the quarter and favorable commodity price-driven input costs. While operating trends improved, derivatives created a meaningful drag on reported profitability. W&T recorded a net derivative loss of $24.5 million, including $21.8 million of unrealized losses tied to c...

MPLX LP MPLX reported first-quarter 2026 earnings of 90 cents per share, which missed the Zacks Consensus Estimate of $1.05 by 14.3%. The bottom line declined from the year-ago quarter’s level of $1.10. Total revenues and other income of $3.04 billion missed the consensus mark of $3.18 billion by 4.6% and declined 2.8% year over year. Despite the bottom-line miss, adjusted EBITDA attributable to MPLX was $1.73 billion, supported by steady performance across its crude logistics footprint and continued execution of major natural gas growth projects. The weak quarterly results can be attributed to higher costs, particularly an increase in net interest and other financial costs. MPLX LP price-consensus-eps-surprise-chart | MPLX LP Quote Net income attributable to MPLX was $912 million in the quarter, down from $1,126 million in the year-ago period. Management attributed the decline primarily to derivatives impacts, higher interest expense, the absence of a non-recurring benefit recognized in first-quarter 2025 and higher depreciation. From an operating standpoint, income from operations was $1.21 billion versus $1.37 billion a year ago. A higher net interest and other financial costs burden also weighed on results, rising to $291 million from $229 million in the prior-year quarter. In Crude Oil and Products Logistics, segment adjusted EBITDA improved to $1.11 billion from $1.10 billion a year ago. The company credited the increase to higher rates across its business units, partly offset by lower crude pipeline throughputs. Operating indicators reflected the softer volume environment. Total pipeline throughput was 5,702 mbpd, down 4% year over year, while terminal throughput of 2,976 mbpd fell 4%. On the earnings call, management linked the year-over-year decline in pipeline volumes to refinery turnaround and maintenance activity, which pressured terminal volumes amid less favorable market dynamics. The Natural Gas and NGL Services segment's adjusted EBITDA declined to $618 million from $660 million in first-quarter 2025. The decrease reflected a $37 million non-recurring benefit in the prior-year quarter, weaker NGL pricing and higher operating expenses, partially offset by growth from equity affiliates and higher volumes. Operationally, the partnership posted a gathering throughput of 6,488 MMcf/d, essentially flat year over year. Natural gas processed volumes...