Equinor ASA EQNR reported first-quarter 2021 adjusted earnings per share of 82 cents, beating the Zacks Consensus Estimate of earnings of 49 cents and improving from the year-ago quarter profit of 17 cents.Total revenues increased to $16,129 million from $15,065 million in the prior-year quarter.The strong quarterly earnings were owing to higher commodity prices and significant contributions from renewables.Dividend HikeThe energy major’s board of directors proposed a quarterly dividend of 15 cents per share, representing a hike of 25% from the prior dividend.Segment AnalysisExploration & Production Norway (E&P Norway): The segment reported adjusted earnings of $3,563 million, up from $1,863 million in the year-ago quarter on an increase in liquid prices.The company’s average daily production of liquids and gas decreased 1% year over year to 1,384 thousand barrels of oil equivalent per day (MBoe/d) due to the Hammerfest LNG facility shutdown and a natural decline in output.E&P International: The segment’s adjusted operating profit was recorded at $382 million, jumping from year-ago quarter’s earnings of $4 million. Upstream activities in the international market were aided by stronger liquids and gas prices.The company’s average daily equity production of liquids and gas declined to 360 MBoe/d from 421 MBoe/d in the year-ago quarter, mostly owing to a natural decline in mature fields.E&P USA: Through this segment, Equinor generated adjusted quarterly profit of $192 million, up from earnings of $11 million in the March quarter of 2020. The outperformance was led by higher commodity prices and production.The integrated firm’s average equity production of liquids and gas was recorded at 423 MBoe/d, up from 418 MBoe/d in the year-ago quarter on a higher number of wells brought online.Marketing, Midstream & Processing: The segment’s adjusted profit of $61 million declined drastically from $229 million a year ago. The massive decline was owing to low refinery margins and production shutdown at the Hammerfest LNG facility.Renewables: The segment’s adjusted profit of $1,344 million increased significantly from $13 million a year ago, thanks to considerable divestment gains.Free Cash FlowsIn the March quarter, Equinor generated free cash flows of $5,170 million, increasing massively from $362 million in the year-ago period. Despite the coronavirus pandemic, the massive improvement was aided by cashflow generated from increased liquids and gas prices.Balance SheetAs of Mar 31, 2021, Equinor reported $8,992 million in cash and cash equivalents. The company’s total debt amounted to $30,775 million at quarter-end. Total debt-to-capitalization ratio at the first quarter-end was 46.2%.ViewEquinor continues to expect compound annual production growth rate of 3% from 2020 to 2026, banking mostly on new projects. The company reaffirmed its production growth at 2% for 2021.For the 2021-2022 period, it still expects organic capital spending at $9-$10 billion per annum.Zacks Rank & Other Stocks to ConsiderEquinor currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include EOG Resources, Inc. EOG, Diamondback Energy, Inc. FANG and Matador Resources Company MTDR. While EOG Resources and Matador carry a Zacks Rank #2 (Buy), Diamondback sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.EOG Resources is likely to see earnings growth of 272.6% in 2021.Diamondback is expected to witness earnings growth of 112.5% in 2021.Matador is likely to see earnings growth of 300% in 2021.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EOG Resources, Inc. (EOG): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report To read this article on Zacks.com click here.