Equinor has reported adjusted operating income of $6.2bn for the fourth quarter of 2025 (Q4 2025), down from $7.9bn in Q4 2024.
The company’s net operating income stood at $5.49bn, a fall from $8.74bn recorded in the previous year’s comparable period, while net income reached $1.31bn, against $2bn a year earlier.
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Adjusted earnings per share for Q4 were reported at $0.81, an increase from $0.63 in Q4 2024.
The financial performance in the quarter was shaped by lower liquids prices, partly offset by higher US gas prices and increased overall production volumes.
On the Norwegian Continental Shelf (NCS), production rose by 5% compared to the same quarter in 2024. New fields and wells, including Johan Castberg and Halten East, contributed to these gains. Production from US onshore assets increased following acquisitions in late 2024.
Production in the E&P International segment declined due to exits from Nigeria and Azerbaijan as well as a halt and partial sale of Brazil’s Peregrino field, although new wells in Argentina and Angola made positive contributions.
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By GlobalDataPower generation from renewables grew to 1.76 terawatt-hours (TWh) in the quarter and reached 5.65TWh for the year, supported by a ramp-up at the Dogger Bank A offshore wind farm and onshore projects.
Operating cash flows before taxes paid and working capital adjustments were $9.55bn for the quarter. After tax payments of $5.96bn, cash flow from operations after taxes was $3.31bn for the period and $18bn for the year.
Organic capital expenditure (capex) was recorded at $3.29bn for the quarter, making a yearly total of $13.1bn. Net debt to capital employed adjusted stood at 17.8% at the quarter-end.
Looking ahead, Equinor forecasts organic capex of around $13bn for 2026 and targets oil and gas production growth of around 3%.
Equinor president and CEO Anders Opedal said: “With new fields on stream and strong operations, we deliver[ed] record-high production and competitive returns in 2025.
“We continue to allocate capital to further develop and maximise value from the NCS. At the same time, we are delivering focused growth in our international oil and gas portfolio and building our integrated power business, now focusing on the execution of already‑sanctioned projects.”
In January 2026, Equinor and Orlen made a gas and condensate discovery in the Norwegian North Sea’s Sissel prospect, identified through exploration well 15/8-3 S within production licence 1137.
