Equinor ASA (EQNR) experienced a significant pre-market plunge of 5.78% on Wednesday following the release of its first-quarter 2026 financial results.

The Norwegian energy company reported adjusted earnings of $1.48 per share, beating analyst expectations of $0.99 and significantly higher than the $0.66 reported a year ago. However, revenue for the quarter fell to $27.84 billion from $29.92 billion a year earlier and missed analyst expectations of $28.58 billion.

According to the company's detailed earnings release, the reported net operating income of $8.78 billion was down from $8.87 billion in the same quarter last year. The results were impacted by negative derivative effects and lower European gas prices, despite higher production and liquids prices. The company also noted that adjusted operating and administrative expenses were higher compared to the same quarter last year, mainly due to increased transportation costs.