Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025. Equinor reported a net operating income of USD 5.49 billion and a net income of USD 1.31 billion. Adjusted net income* was USD 2.04 billion, leading to adjusted earnings per share* of USD 0.81.
The fourth quarter and full year were characterised by:
- Strong production and operational performance, delivering 6% production growth in the quarter and 3.4% for the full year
- Continued high-grading of portfolio
- Cost and capital discipline
Taking action to strengthen competitiveness, cash flow and robustness
- Strategic priorities guiding capital allocation
- Develop the NCS to maximise value
- Focused growth in international oil and gas
- Building an integrated power business
- Strengthening free cash flow* by reducing the organic capital expenditures* outlook for 2026/27 by USD 4 billion
- Reducing operating costs1 by 10% in 2026 through strong cost focus and portfolio high-grading
- Expecting around 3% oil and gas production growth in 2026
- Set to deliver return on average capital employed* of around 13% for 2026/27
Capital distribution
- Proposed increase of fourth quarter cash dividend to USD 0.39 per share
- Announced share buy-back of up to USD 1.5 billion for 2026
Anders Opedal, President and CEO of Equinor ASA:
Anders Opedal, president and CEO. Photo: Ole Jørgen Bratland
'With new fields on stream and strong operations, we deliver record-high production and competitive returns in 2025.'
'We continue to allocate capital to further develop and maximise value from the Norwegian continental shelf. At the same time, we are delivering focused growth in our international oil and gas portfolio and building our integrated power business, now focusing on the execution of already-sanctioned projects.'
'In 2026, we expect around 3 percent production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution.'
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Source: Equinor
