- Adjusted operating income USD 9.77bn, adjusted net income USD 3.70bn and adjusted EPS USD 1.48; cash flow from operations after taxes USD 6.02bn.
- Total equity production 2,313 mboe/d (+9% y/y), led by NCS (+10%) and higher US gas/offshore output; renewable power generation 1.39 TWh (+29%).
- Organic capital expenditure USD 3.04bn, total capex USD 4.28bn, and net debt to capital employed (adjusted) 15.3%.
- Seven NCS discoveries; drilling started at Brazil's Raia gas field; acquired Esquina do Vento wind project with construction starting 2026; Q1 dividend USD 0.39/sh and share buy-back programme up to USD 1.5bn with a second tranche up to USD 375m subject to AGM and ending no later than 20 July 2026.
Financial results
Adjusted operating income USD 9.77bn; adjusted net income USD 3.70bn; adjusted EPS USD 1.48. Reported net operating income USD 8.78bn and net income USD 3.10bn. Realised European gas price USD 12.9/mmbtu and liquids USD 78.6/bbl. Adjusted operating and administrative expenses rose, mainly due to higher freight rates and currency effects.
Production and power
Total equity production 2,313 mboe/d, up 9% y/y; NCS production +10% driven by Johan Castberg, Halten East and Verdande plus new wells; US portfolio delivered record production with higher Appalachia gas and new offshore wells. International output grew from Adura (UK) and Bacalhau (Brazil) but was partly offset by Roncador issues and portfolio changes. Total power generation 1.39 TWh; renewable generation +29% (Dogger Bank and new onshore assets) while gas‑to‑power fell, leaving total roughly stable.
Strategic and exploration
Seven discoveries on the Norwegian continental shelf; 11 offshore exploration wells active, nine completed. Drilling started at the Raia gas field in Brazil. Sold non‑operated onshore assets in Argentina and acquired the Esquina do Vento onshore wind project in Brazil, with construction starting in 2026.
Capital allocation and cash flow
Cash flow from operations before taxes and working capital USD 10.29bn; cash flow after taxes paid USD 6.02bn; paid NCS tax instalments totalling USD 4.2bn. Organic capex USD 3.04bn, total capex USD 4.28bn. Net debt to capital employed (adjusted) 15.3%. Q1 cash dividend USD 0.39/share; 2026 share buy‑back programme up to USD 1.5bn with a second tranche up to USD 375m subject to AGM on 12 May 2026 and ending no later than 20 July 2026 (first tranche of USD 375m completed 27 March 2026).
