Equinor, the Norwegian energy giant, has reported adjusted operating income of £7.19 billion for the first quarter of 2026 as production hit a record high.
The company is handing £1.1 billion back to shareholders through buybacks this year, on top of a quarterly dividend approved this week.
Its CEO pointed to geopolitical instability and disrupted energy flows as factors driving strong results, the kind of global volatility that has pushed UK household energy bills up again.
Equinor is a central part of the UK energy market. Through its Adura joint venture with Shell it extracts fossil fuels from the North Sea. Through its long-term supply deal with Centrica it imports Norwegian gas directly. It is also the co-owner of the proposed Rosebank oil field, one of the most politically contested undeveloped projects in UK waters.
A spokesperson for the End Fuel Poverty Coalition commented:
“While millions of UK households face annual bills forecast to rise to nearly £2,000 from July, Equinor is posting more massive profits and handing millions to its shareholders through share buy backs and dividends.
“This company helps set the price we pay for our gas through its role extracting fossil fuels from the UK North Sea via a venture with Shell and through its deal with Centrica to import Norwegian gas.
“These results are a reminder of exactly who gains from the Iran conflict and the UK’s continued dependence on fossil fuels. The companies profiting from global market volatility are the same ones lobbying to lock households into an expensive and volatile energy system for decades to come, meaning profits flow to their executives and shareholders.
“What will make a real difference is breaking the link between electricity prices and gas markets, accelerating home insulation and clean heating while ensuring that the billions in profits made during this crisis are taxed and used to provide proper support for the households who need it most. That is the only route out of this continuous energy crisis.”
Tessa Khan, executive director of Uplift, said:
“Once again, oil giant Equinor – the UK’s biggest gas supplier – is raking in huge profits from a conflict that’s pushing up bills for everyone else.
“Like BP last week, these are unearned windfall profits driven by Trump’s war with Iran. Yet the industry still has the audacity to lobby the UK government for huge tax cuts.
“Equinor now wants to cash in even more by developing the Rosebank oil field, which would be a terrible deal for the UK. Rosebank wouldn’t lower our bills, most of the oil would be exported, and it would see the UK breach its climate commitments.
“This government must put the needs of the British public – for affordable energy and a safe climate – ahead of this Norwegian oil giant’s relentless pursuit of profit.
“The only way to protect ourselves from global energy shocks is to shift to renewables and help more households to switch away from oil and gas, with more support for solar, heat pumps and EVs. That makes a lot more sense in today’s world than continuing to allow a handful of oil firms, like Equinor, get obscenely rich at our expense.”
