Equinor’s annual report for 2025

Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes its annual report for 2025.

“We delivered strong operational performance, record high production and solid financial results in 2025. In a year of increased geopolitical tension and market volatility, we demonstrated our ability to safely and reliably provide energy and create long-term value for our shareholders,” says Anders Opedal, President and CEO of Equinor ASA.

Improved safety performance

Equinor recorded its lowest ever serious incident frequency of 0.21 per million hours worked, down from 0.3 in 2024. The result reflects the company’s continuous efforts to improve safety through sharing learnings and building a safety culture that supports the ambition of zero harm, together with suppliers and partners. However, several serious incidents and a tragic fatality at Mongstad underscores the need for continued focus on safety improvement.

“The safety of our people is our top priority. We need to ensure everyone working for Equinor return home safely, every day,” says Opedal.

Solid operational and financial performance

Equinor delivered adjusted operating income* of USD 27.6 billion, and adjusted net income* of USD 6.43 billion in 2025. Net operating income was reported at USD 25.4 billion and net income at USD 5.06 billion.

“Strong operational performance and new fields like Johan Castberg and the Halten East tie-back contributed to record-high production and competitive returns in 2025. We also laid the groundwork for continued high production and strong competitiveness in the future,” says Opedal.

Strong operational performance across the portfolio led to equity production of liquids and gas of 2,137 mboe per day in 2025, an increase of 3.4% compared to the previous year. Equity production of renewable power also increased to 3.67 TWh in 2025, a 25% increase from 2024.

Despite lower commodity prices, the company reported strong cash flow and an industry-leading return on average capital employed* of 14.5% for 2025. Capital discipline remained firm with organic capital expenditures* of USD 13.1 billion for the year. The net debt to capital employed ratio adjusted* ended at 17.8% in 2025.

The solid financial results of 2025 also led to important contributions to society through taxes. In 2025, Equinor paid USD 20.5 billion in corporate income taxes, of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

Strategic progress across the portfolio

“2025 was a year of execution. We started new production on the Norwegian continental shelf and continued to high-grade our international oil and gas portfolio. We also sanctioned phase two of the Northern Lights carbon capture and storage project and progressed our offshore wind projects,” says Opedal.

On the NCS, Johan Sverdrup continued to deliver strong performance in 2025. New fields such as Johan Castberg and several tie-ins started production, and many of the mature fields were operating with high regularity. Together this contributed to the highest annual production on the NCS in more than 15 years.

Internationally, the Bacalhau oil field in Brazil came on stream in 2025. Equinor realised significant value through the divestment of the Peregrino oil field, and the establishment of the joint venture Adura supports Equinor’s strategic portfolio optimisation and is expected to strengthen free cash flow* going forward.

In 2025, Equinor progressed the major offshore wind projects Empire Wind, Dogger Bank and Baltyk 2 & 3. To further optimise value creation and strengthen synergies, Equinor also established the new business area Power, which combines renewables, flexible generation, energy storage and power trading.

New renewable projects and low carbon solutions are maturing at a slower pace than anticipated due to external market developments. This has led to a reprioritisation of projects within Equinor to reflect the strong focus on profitability for new investments. Within the current portfolio, Equinor progressed the start-up of Northern Lights phase 1 and the final investment decision for phase 2, and was awarded one new CO2 storage licence during the year.

Updated Energy transition plan

Equinor reduced operated scope 1 and 2 emissions by 34% from 2015 to 2025, down to 10.1 million tonnes CO2e. The efforts to reduce emissions continue towards the ambition of a 50% reduction by 2030. The average upstream CO2 intensity of Equinor’s portfolio was 6.3 kg CO2 per boe in 2025, less than half of the industry average.

Reflecting changing markets and value creating opportunities, Equinor updated its Energy transition plan with adjusted ambitions. In 2025, the company reached a 4% reduction in net carbon intensity compared to 2019, reflecting progress towards net zero.

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Our annual report and other related reports can be downloaded from equinor.com/reports.

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In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 19 March 2026 it filed with the Securities and Exchange Commission its 2025 Annual Report on Form 20-F that includes audited financial statements for the year ended December 31, 2025.

The Equinor 2025 Annual Report on Form 20-F may be downloaded from Equinor's website at www.equinor.com. References to this document or other documents on Equinor's website are included as an aid to their location and are not incorporated by reference into this document. All SEC filings made available electronically by Equinor may be obtained from the SEC's website at www.sec.gov.

Shareholders may also request a hard copy of the annual report (including the audited financial statements contained therein) free of charge at www.equinor.com.

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(*) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the annual report for more details.

Further information:

Investor relations
Bård Glad Pedersen, Senior vice president Investor Relations,
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media Relations,
+47 480 80 212 (mobile)

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Cautionary Note regarding Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements reflect current views with respect to future events, are based on the management’s current expectations and assumptions, and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including those discussed under “Risk Factors” in the 2025 Annual report and elsewhere in Equinor’s publications. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Equinor undertakes no obligation to update any of these statements, whether to make them conform to actual results, changes in expectations or otherwise.

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This information is subject to disclosure obligations pursuant to the EU Market Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and section 5-12 of the Norwegian Securities Trading Act.

Attachments

• Annual Report 2025
• Annual Report on Form 20-F 2025
• Board statement on corporate governance 2025
• Oil and gas reserves report 2025
• Payments to Governments 2025