Equinor sold approximately 30% of its U.S. onshore natural gas production volumes on the spot market during January, taking advantage of a severe cold snap that drove regional gas demand to multi–year highs. Chief Financial Officer Hans Kristian Mohn noted that the elevated volumes realised spot market premiums of more than 15% over the company’s long-term contract benchmarks, contributing an estimated USD 120 million in incremental EBITDA for the month. The strategic move underscores Equinor’s growing flexibility in its U.S. portfolio following late-2024 asset acquisitions and new well start-ups in the Eagle Ford and Marcellus basins.

In the fourth quarter of 2025, Equinor reported adjusted operating income of USD 6.20 billion and net income of USD 1.31 billion, marking a decline of 29% and 34% respectively compared with the prior year period. The earnings contraction was driven by a 15% decrease in realised liquids prices and net impairments totaling USD 626 million across renewables and international oil & gas. To restore margin resilience, the company has set a 10% reduction target for operating costs in 2026, equivalent to roughly USD 1.2 billion, and plans to cut organic capital expenditure by USD 4.0 billion over the 2026–27 period.

Equinor’s board has proposed increasing the fourth-quarter dividend by USD 0.02 to USD 0.39 per share and authorised a share buy-back programme of up to USD 1.5 billion for 2026, including an initial tranche of USD 375 million commencing on 5 February and running through the end of March. The company expects to deliver approximately 3% growth in oil and gas production this year, supported by new fields on stream such as Verdande and Bacalhau, and is targeting a return on average capital employed of around 13% for the 2026–27 period.