Equinor Reports Lower Q4 Earnings as Record Production Supports Cash Flow

Equinor posted little net successful the 4th fourth of 2025 compared with a twelvemonth earlier, reflecting weaker liquids prices and impairment charges, adjacent arsenic the Norwegian vigor large delivered grounds yearly accumulation and outlined measures to reenforce currency travel and competitiveness.

Adjusted operating income for the 4th reached $6.2 billion, down from the aforesaid play successful 2024, portion adjusted nett income came successful astatine $2.04 billion, corresponding to adjusted net per stock of $0.81. Reported nett income was $1.31 billion. The results were supported by higher accumulation and stronger U.S. state prices, partially offsetting the interaction of little lipid prices and impairments crossed planetary upstream and renewables.

For the afloat year, Equinor achieved grounds equity accumulation of 2.14 cardinal barrels of lipid equivalent per day, up 3.4% from 2024. Fourth-quarter accumulation roseate 6% year-on-year to 2.20 cardinal boepd, driven chiefly by beardown show connected the Norwegian continental support (NCS) and higher output from U.S. onshore state assets.

On the NCS, quarterly accumulation accrued 5% year-on-year, supported by caller fields including Johan Castberg, Halten East, and Verdande, arsenic good arsenic further wells. These gains offset unplanned attraction astatine Johan Castberg. Full-year NCS accumulation roseate 2% compared with 2024. Equinor besides reported a beardown exploration twelvemonth successful Norway, with 14 commercialized discoveries successful 2025, reinforcing its ambition to prolong accumulation levels toward 2035.

International accumulation was shaped by portfolio changes. Higher output from the U.S. and caller wells successful Argentina and Angola was partially offset by exits from Nigeria and Azerbaijan successful 2024 and the merchantability of a 40% operated involvement successful Brazil’s Peregrino tract precocious successful 2025. The start-up of the Bacalhau tract offshore Brazil added caller volumes and semipermanent currency travel potential.

In powerfulness and renewables, Equinor generated 5.65 TWh successful 2025, up 25% year-on-year, with offshore upwind output expanding sharply arsenic Dogger Bank A ramped up. The institution besides precocious artillery retention successful the U.S. and hybrid wind-solar projects successful Brazil. However, impairment charges successful renewables reflected revised assumptions for aboriginal offshore upwind developments successful the U.S.

Equinor generated $18.0 cardinal successful currency travel from operations aft taxation for the afloat year, supported by precocious accumulation levels. Organic superior expenditure totaled $13.1 cardinal successful 2025. The institution said it volition trim its integrated capex outlook for 2026 and 2027 by $4 billion, chiefly wrong powerfulness and low-carbon activities, portion maintaining yearly lipid and state investments of astir $10 billion.