Equinor: A Fantastic Balance Sheet And Strong Returns

Equinor remains my top oil megacap pick, delivering strong 1Q 2026 results with $9.8B adjusted operating income and 9% O&G production growth. EQNR's disciplined capital allocation supports a >4% dividend yield and $1.5B annual buybacks, driving over 5% total shareholder returns even after share price appreciation. Production exceeded 2.3M barrels/day, buoyed by new NCS output and US records, while renewable generation—bolstered by a strategic Ørsted stake—continues to ramp.