Equinor delivered an adjusted operating income of USD 6.20 billion in Q4 2025 and USD 1.55 billion after tax, with adjusted net income of USD 2.04 billion and adjusted EPS of USD 0.81. Total equity production reached 2,198 mboe per day, up 6% year-on-year, driven by new fields on the Norwegian continental shelf (Johan Castberg, Halten East) and gains in the US onshore gas segment. Full-year production climbed 3.4% to a record 2,137 mboe per day. High renewable output (1.76 TWh in the quarter, +42% year-on-year) and gas trading contributed to strong cash flow from operations of USD 9.55 billion before taxes and working capital items, funding organic capex of USD 3.29 billion and reduction of net debt to capital employed ratio to 17.8%.

Equinor agreed to sell its onshore Vaca Muerta assets in Argentina to Vista Energy for USD 1.1 billion. The sale enhances cash flow and portfolio focus by releasing capital tied up in mature onshore operations while retaining exposure to offshore prospects in the country. Proceeds will support the company’s strategy of high-grading its asset base, funding lower-carbon growth and reducing organic capital expenditure guidance by USD 4 billion for 2026–27.

During January’s cold snap, Equinor sold approximately 30% of volumes from its US onshore natural gas portfolio on a spot basis, capturing elevated prices that averaged USD 10.6 per mmbtu in Europe and USD 58.6 per barrel for liquids equivalents in Q4. The move, highlighted by CFO testimony, bolstered cash flow in a quarter where realised gas prices outperformed and provided flexibility in portfolio optimisation and risk management.

Facing weaker oil and gas prices, Equinor is targeting a 10% reduction in operating costs this year and expecting around 3% production growth in 2026. Organic capex is guided down by USD 4 billion over two years. The board proposes a Q4 cash dividend increase to USD 0.39 per share and announced a USD 1.5 billion share buy-back programme for 2026, structured in tranches with the first up to USD 375 million commencing February 5. These measures aim to maintain robust free cash flow and deliver an ROACE of around 13% for 2026–27.