Equinor delivered an adjusted operating income of USD 6.20 billion in Q4 2025, with after-tax adjusted income of USD 1.55 billion. Net operating income was USD 5.49 billion, down from USD 8.74 billion a year earlier due to impairments totaling USD 626 million across Renewables, E&P International and E&P Norway. Adjusted earnings per share stood at USD 0.81. High production volumes boosted cash flow from operations before tax and working capital to USD 9.55 billion, while after taxes this metric reached USD 3.31 billion. The company ended the quarter with a net debt to capital employed ratio of 17.8%, up from 12.2% three months earlier.

Equinor achieved record‐high equity production of 2,198 mboe/d in Q4, a 6% increase year-on-year, driven by new fields Johan Castberg and Halten East on the Norwegian Continental Shelf and ramp-up in the US onshore gas portfolio. Full-year production rose 3.4% to 2,137 mboe/d. Renewable generation reached 1.76 TWh in the quarter, up 42% on 2024, powered by Dogger Bank A offshore wind and higher onshore output. Strategic moves included signing a five-year gas supply agreement with Netherlands’ Eneco, and divesting Vaca Muerta onshore assets in Argentina to Vista Energy for USD 1.1 billion, strengthening cash flow while retaining offshore exposure.

To bolster competitiveness and free cash flow, Equinor plans a 10% reduction in operating costs in 2026 and has lowered its organic capital expenditure outlook for 2026/27 by USD 4 billion. The company targets around 3% oil and gas production growth next year and aims for a 13% return on average capital employed over 2026/27. The board has proposed increasing the Q4 dividend to USD 0.39 per share and approved a share buy-back programme of up to USD 1.5 billion for 2026, commencing with a first tranche of USD 375 million running from 5 February to 30 March.

During January’s cold snap, Equinor sold approximately 30% of its US onshore natural gas volumes on the spot market, capitalising on sharply elevated prices and demand. This agile trading strategy underpinned stronger Q4 marketing and midstream results, contributing to overall resilience in a period of weaker oil and gas price trends globally.