Equinor ((OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025. Equinor reported a net operating income of USD 5.49 billion and a net income of USD 1.31 billion. Adjusted net income* was USD 2.04 billion, leading to adjusted earnings per share* of USD 0.81.
The fourth quarter and full year were characterised by:
- Strong production and operational performance, delivering 6% production growth in the quarter and 3.4% for the full year
- Continued high-grading of portfolio
- Cost and capital discipline
Taking action to strengthen competitiveness, cash flow and robustness
- Strategic priorities guiding capital allocation
– Develop the NCS to maximise value
– Focused growth in international oil and gas
– Building an integrated power business - Strengthening free cash flow* by reducing the organic capital expenditures* outlook for 2026/27 by USD 4 billion
- Reducing operating costs(1) by 10% in 2026 through strong cost focus and portfolio high-grading
- Expecting around 3% oil and gas production growth in 2026
- Set to deliver return on average capital employed* of around 13% for 2026/27
Capital distribution
- Proposed increase of fourth quarter cash dividend to USD 0.39 per share
- Announced share buy-back of up to USD 1.5 billion for 2026
Anders Opedal, President and CEO of Equinor ASA:
“With new fields on stream and strong operations, we deliver record-high production and competitive returns in 2025.”
“We continue to allocate capital to further develop and maximise value from the Norwegian continental shelf. 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 2026, we expect around 3 percent production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution.”
Strong production
Equinor had high production in the fourth quarter, with a total equity production of 2,198 mboe per day, up 6% from 2,072 mboe per day in the same quarter last year. For the full year, the production reached a record high of 2,137 mboe per day, a 3.4% increase from the year before.
On the Norwegian continental shelf (NCS), the production in the quarter was high with a 5% increase compared to the same quarter in 2024. New fields, such as Johan Castberg and Halten East, delivered substantial contributions, along with new wells. This offset impact from unplanned maintenance at Johan Castberg. For the full year, production was up by 2% in 2025 compared to 2024.
The acquisition of additional interests in US onshore gas assets in late 2024 and new wells on stream, resulted in strong production from the E&P USA segment in the fourth quarter and full year of 2025, compared to the year before.
The exits from Nigeria and Azerbaijan in 2024, along with a production stop and sale of a 40% operated interest in the Peregrino field in Brazil in the fourth quarter of 2025, resulted in lower production in E&P International in the quarter and full year of 2025. Production from new wells in Argentina and Angola contributed positively to the results. Other important contributions were the establishment of the Adura joint venture with Shell in the UK and the Bacalhau field in Brazil coming on stream.
The total power generation was 1.76 TWh in the quarter and 5.65 TWh for the full year. The renewable portfolio drove the increase through ramp-up of production from the offshore wind farm Dogger Bank A and higher onshore production. This led to a 42% increase in renewable generation for the fourth quarter and a 25% increase for the full year, compared to 2024.
Financial results
Equinor realised a European gas price of USD 10.6 …