Equinor delivered adjusted operating income of USD 6.20 billion in Q4 2025, with after-tax operating income of USD 1.55 billion. Net operating income stood at USD 5.49 billion, down from USD 8.74 billion in Q4 2024 primarily due to impairments of USD 626 million across renewables and international E&P assets. Adjusted net income reached USD 2.04 billion, equivalent to USD 0.81 per share. High production—2,198 mboe/day, up 6 percent year-on-year—alongside realized gas pricing of USD 10.6 per mmbtu and liquids prices of USD 58.6 per barrel underpinned the results. Cash flow from operations before working capital and taxes totaled USD 9.55 billion, while post-tax cash flow was USD 3.31 billion for the quarter.

Equinor announced plans to cut operating costs by 10 percent in 2026 and reduce organic capex outlook for 2026/27 by USD 4 billion. The company completed divestment of onshore assets in Argentina’s Vaca Muerta to Vista Energy for USD 1.1 billion, strengthening cash flow and focusing on offshore exposure. In January, the group sold approximately 30 percent of US onshore gas volumes on the spot market during a cold-weather price spike, capturing premium pricing. Net impairments for full-year 2025 totaled USD 2.48 billion, reflecting updated wind-project assumptions and E&P International adjustments.

Equinor signed a five-year contract to supply natural gas to Netherlands-based Eneco, securing volumes for deliveries through 2031. The deal supports Equinor’s strategy to deepen European gas market presence and leverages its Groningen and North Sea portfolio. Under the agreement, deliveries will ramp up in 2026 to meet Dutch power and industrial demand, enhancing Equinor’s long-term contracted gas sales and providing revenue visibility.

The board proposed a Q4 2025 cash dividend of USD 0.39 per share, up USD 0.02 from the prior quarter. Equinor launched a share buy-back program of up to USD 1.5 billion for 2026, commencing with a first tranche of USD 375 million between February and March. The program includes market purchases and redemption of State-held shares to maintain the Norwegian government’s 67 percent ownership. This distribution plan targets a return on average capital employed of around 13 percent for 2026/27 while preserving balance sheet strength.