Why is Equinor expecting first-quarter trading profits to exceed its $400 million guidance?

Equinor expects first-quarter earnings from its marketing, midstream and processing business to exceed its guidance of about $400 million due to 'significant volatility' driven by the Middle East conflict, which fueled price swings across crude, products and liquids toward the end of the quarter; additional gains came from a US cold spell in January that caused price spikes benefiting its US gas trading business.

What structural change is Equinor making to its trading operations, and when will it take effect?

Equinor is reorganizing its marketing, midstream and processing business to strengthen its position in energy trading, with a new arrangement set to take effect early next year that will separate its trading division from the operations of its onshore refining terminals, pipelines and storage facilities.

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Equinor Trading Profits to Beat Forecast as War Spurs Volatility

Apr 16, 2026

Equinor ASA expects first-quarter marketing and midstream earnings to exceed $400 million guidance, fueled by Middle East conflict volatility and US gas price spikes. The company joins peers like Shell and TotalEnergies in reporting robust trading performance amid rising energy prices.

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