Equinor announce 4th quarter and full year 2025 results

04 Feb Equinor announce 4th quarter and full year 2025 results

(Oilandgaspress) -] Equinor 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

Equinor realised a European gas price of USD 10.6 per mmbtu and realised liquids prices were USD 58.6 per bbl in the fourth quarter of 2025.

Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter. The results are affected by lower liquids prices, which were partially offset by higher production and higher gas prices in the US.

The reported net operating income of USD 5.49 billion is down from USD 8.74 billion in the same quarter last year. This was impacted by net impairments of USD 626 million in REN, E&P International and E&P Norway. Net impairments for the full year of 2025 amounted to USD 2,481 million, mainly impacted by reduced expected synergies from future offshore wind projects in the US and updated price assumptions.

The Marketing, Midstream and Processing results were strong, driven by gas trading and optimisation, and a favourable price review result.

Adjusted operating and administrative expenses* are higher compared to the same quarter last year. This is mainly due to higher transportation costs driven by market conditions and currency effects. This was partially offset by a reduction in the Gassled removal obligation and cost improvements in the renewable segment.

High production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.55 billion for the fourth quarter.

Equinor paid three NCS tax instalments totalling USD 5.96 billion in the quarter.

Cash flow from operations after taxes paid* ended at USD 3.31 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 18.0 billion for the year.

Organic capital expenditure* was USD 3.29 billion for the quarter and USD 13.1 billion for the full year.

The net debt to capital employed adjusted ratio* was 17.8% at the end of the fourth quarter, compared to 12.2% at the end of the third quarter of 2025.

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