Equinor’s equity output rose 3.4% year-on-year to 2,137 thousand barrels of oil equivalent per day in 2025, marking the highest level on the Norwegian continental shelf in over 15 years. Key contributors included Johan Castberg and Halten East projects, underscoring the strength of its core assets.

Adjusted operating income declined to US$27.6 billion from US$29.8 billion, as lower commodity prices offset volume gains. The group generated US$18 billion of cash flow after tax, achieved a 14.5% return on average capital employed, distributed US$9 billion to shareholders and invested US$13.1 billion of organic capital expenditure.

The company revised its 2030 net carbon intensity reduction target to a 5%–15% cut, down from 15%–20%, citing slower than expected progress in renewables and challenging market conditions for green projects. This adjustment reflects a pragmatic shift in emissions ambitions aligned with current project economics.

In a wider commercial push, Equinor split its marketing, midstream and processing unit into two dedicated divisions: one focusing on infrastructure and operations, and the other on trading and market-facing activities. The restructure aims to enhance agility and drive higher returns from its trading and infrastructure platforms.