20-F - Equinor ASA | StockGist

AI Analysis

AI-generated analysis. Always verify with the original filing.

Equinor ASA reported FY 2025 revenues of $105.83B, up 3.2% from $102.50B in 2024, driven by higher natural gas sales volumes and prices despite lower liquids prices. Total revenues and other income reached $106.46B, reflecting strong E&P Norway performance at $34.39B. Net operating income was $25.35B, down from $30.93B in 2024 due to higher impairments ($2.48B net) and operating expenses. Income before tax stood at $25.09B, with income tax of $20.03B yielding net income of $5.06B attributable to shareholders ($5.04B), a 42.8% decline from $8.83B. Basic EPS was $2, versus $3.12 prior year. Record equity production of 2,137 mboe/d supported cash flows from operations at $19.97B. Balance sheet showed total assets $131.73B, equity $40.50B, and net debt ratio adjusted 17.8%. Forward-looking, 2026 organic capex targets $13B with ~3% oil/gas production growth, maintaining top-quartile unit costs amid energy transition focus.

Key Takeaways

1FY 2025 revenues $105.83B, +3.2% YoY from $102.50B.

2Net income $5.06B, down 42.8% from $8.83B in 2024.

3Equity production record 2,137 mboe/d, up 3.3% YoY.

4Net operating income $25.35B, E&P Norway $24.12B dominant.

5Cash from operations $19.97B, supporting $9B capital distribution.

Key Financial Metrics

EPS

$3.12 prior year

Revenue

$105.83B

+3.2%

Net Income

$5.06B

-42.8%

Operating Income

$25.35B

-18.0%

Business Segments

E&P NorwayNet operating income

$24.12B-1.8% YoY

E&P InternationalNet operating income

$0.47B-82.9% YoY

E&P USANet operating income

$0.67B-35.0% YoY

MMPNet operating income

$1.70B-49.0% YoY

RENNet operating loss

-$1.61B+138.2% YoY