Equinor's Shares Slide as Oil Prices Drop

By Adam Whittaker

Shares in Norwegian energy major Equinor tumbled despite well received earnings that beat expectations, with investors looking for the exit as oil prices fell on optimism that the conflict in the Middle East could be drawing to a close.

In afternoon trade in Europe, shares were down 8.5% to 350.70 kroner. Its stock fell several percent more than its European peers and came as Brent crude fell 5.6% to $103.74 a barrel, while WTI dropped 5.5% to $96.59 a barrel.

Oil prices fell after President Trump said that the U.S would end the military campaign against Iran if the country agrees to terms under discussion. Earlier Wednesday, Axios reported that the U.S. is close to agreeing to a one-page memorandum of understanding with Iran that includes a plan to gradually reopen the Strait of Hormuz, according to unnamed sources.

Equinor's shares have outperformed some of its European peers since the start of the conflict. Across the sector, stocks have moved higher as disruption to oil and gas coming from the Middle East has caused prices to rise. Equinor has no direct exposure to the region and had been able to capture the higher prices. Despite the fall, its shares remain up nearly 50% since the start of the year.

Equinor's fall followed positive results which beat expectations across the board. Record production and higher oil prices delivered a rise in first-quarter earnings, and Equinor maintained the pace of its quarterly share buyback.

The company said Wednesday that adjusted operating income--its preferred measure--rose 13% to $9.77 billion from the same period a year prior. This compares with the $9.0 billion analysts had expected according to a company-compiled consensus. Adjusted net income more than doubled to $3.695 billion.

Total production rose 9% on the year prior to 2.313 million barrels of oil equivalent a day, a record amount that coincided with a jump in crude oil prices.

Equinor said it would launch the second tranche of its 2026 share buyback and will buy up to $375 million before late July. The company is planning on buying up to $1.5 billion of shares over the full year.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

May 06, 2026 09:59 ET (13:59 GMT)