Overview
- Q4 adjusted operating income was $6.2 billion with adjusted net income of $2.04 billion and reported net income of $1.31 billion.
- Full-year 2025 equity production reached a record 2.14 million boepd, with Q4 up 6% to 2.20 million boepd on new Norwegian fields and stronger U.S. gas output.
- Results reflected weaker liquids prices and impairment charges in renewables tied to revised U.S. offshore-wind assumptions, partly offset by higher U.S. gas prices.
- Equinor generated $18.0 billion in after‑tax operating cash flow in 2025 and spent $13.1 billion in organic capex, and it now plans a $4 billion capex reduction for 2026–27 while keeping about $10 billion annually for oil and gas.
- The company cut planned 2026 share repurchases to $1.5 billion from $5 billion in 2025, with its CFO describing a shift to a more normalized gas market after lower oil and European gas prices.