Equinor ((OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.
Solid financial results
- Strong operational performance and production growth
- Higher US onshore gas production capturing higher prices
- Stable cost and capex in line with guidance
- Balance sheet remains robust through lower price environment
Strategic progress
- Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3 and Fram South/Troll
- Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
- Financial close of Baltyk 2 & 3 offshore wind projects in Poland
- Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs
Capital distribution
- Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
- Expected total capital distribution of USD 9 billion in 2025
Anders Opedal, President and CEO of Equinor ASA:
“We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”
“Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.”
“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”
Solid production
Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.
On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.
The acquisition of additional interests in US onshore assets in 2024, and …