About Equinor ASA
Equinor ASA (NYSE: EQNR) is a Norway-based international energy company, majority-owned by the Norwegian government. Formerly known as Statoil, Equinor operates across the full energy value chain, with core activities in oil and gas exploration and production, refining, and marketing. Alongside its traditional operations, the company is a major player in the energy transition, investing heavily in offshore wind, low-carbon solutions, hydrogen, and carbon capture and storage. Headquartered in Stavanger, Equinor has operations in more than 30 countries and is known for its strong focus on safety, sustainability, and long-term value creation.
Financial Performance (Q4 2025)
Equinor delivered an adjusted operating income of $6.20 billion and adjusted income after tax of $1.55 billion in the fourth quarter of 2025. Net operating income stood at $5.49 billion, while net income was $1.31 billion. Adjusted net income amounted to $2.04 billion, resulting in adjusted earnings per share of $0.81.
Operational Highlights
The fourth quarter and full year were marked by strong production and operational performance, with production growth of 6% in the quarter and 3.4% for the full year. The company continued to high-grade its portfolio, maintained strict cost and capital discipline, and took actions to strengthen competitiveness, cash flow, and overall robustness.
Strategic Priorities and Outlook
Equinor’s capital allocation is guided by developing the Norwegian Continental Shelf to maximize value, pursuing focused growth in international oil and gas, and building an integrated power business. The company aims to strengthen free cash flow by reducing its organic capital expenditure outlook for 2026-’27 by $4 billion, cut operating costs by 10% in 2026 through cost focus and portfolio optimization, and deliver around 3% oil and gas production growth in 2026. It expects to achieve a return on average capital employed of about 13% in 2026-’27.
Capital Distribution
Equinor proposed an increase in the fourth-quarter cash dividend to $0.39 per share and announced a share buy-back program of up to $1.5 billion for 2026.
Updated 2026 Outlook
Organic capital expenditures are estimated at around $13 billion for 2026.Oil & gas production for 2026 is estimated to grow around 3% compared to 2025 level.
