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Equinor (EQNR) investor relations material
Equinor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Production increased 7% year-over-year, driven by strong operational performance and new fields like Bacalhau, Johan Castberg, and Johan Sverdrup coming online.
Adjusted operating income was USD 6.21 billion, with net income at -USD 0.2 billion due to USD 754 million in net impairments from lower long-term oil price outlook.
Cash flow from operations after tax year-to-date reached USD 14.7 billion, with costs stable and renewables operating costs down 50% year-over-year.
Strategic milestones included Bacalhau first oil, successful infrastructure-led exploration on the NCS, and Northern Lights CO₂ transport and storage facility becoming operational.
Safety performance remained strong, though a fatality at Munkstad highlighted ongoing safety priorities.
Financial highlights
Adjusted earnings per share was USD 0.37, impacted by negative financial items and a one-off decommissioning effect.
Net impairments of USD 754 million, mainly due to lower long-term oil price assumptions and UK/US asset sales.
Cash flow from operations in the quarter was USD 5.33 billion, with net cash flow negative USD 3.6 billion.
Net debt to capital employed ratio improved to 12.2%.
Distributed USD 5.65 billion to shareholders in the quarter, including state share buybacks.
Outlook and guidance
On track to deliver 4% production growth for 2025, with organic capex projected at USD 13 billion.
Maintains guidance for production, CAPEX, and capital distribution, with capital distribution for 2025 expected to be around USD 9 billion.
MMP segment guidance updated to USD 400 million average adjusted operating income per quarter, reflecting normalized market conditions and asset divestments.
Scheduled maintenance estimated to reduce equity production by 30 mboe/d for the full year.
Cautious approach to new offshore wind capital commitments; focus remains on existing projects.
Drivers for Q3 impairments across segments?
Electrification project strategy update?
Impact of new NCS tax regime on cash flow?
Future offshore wind capital commitments?
Detail M&P guidance change rationale.
Johan Sverdrup production outlook post-2025?
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Frequently asked questions
Equinor ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy, as well as other businesses in Norway and internationally. The company operates through five segments: Development & Production Norway; Development & Production USA; Development & Production International; Marketing, Midstream & Processing; and New Energy Solutions. It produces oil, gas, wind, and solar power. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.
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