Equinor (NYSE:EQNR) reported a robust finish to 2025 on Wednesday, as record-high oil and gas production helped the Norwegian energy giant weather a sharp decline in crude prices and significant impairments in its renewables business.
The Stavanger-based company posted fourth-quarter net income of $1.31 billion, or $0.52 per share.
When adjusted for one-time items—including $626 million in net impairments related to US offshore wind and updated price assumptions—earnings reached $0.81 per share, comfortably beating the $0.67 consensus estimate.
Revenue for the period totaled $25.35 billion, a decline of 8% year-over-year but well ahead of the $23.1 billion forecasted by analysts.
The results underscore Equinor’s success in maximizing output from the Norwegian Continental Shelf (NCS), where new fields like Johan Castberg and Halten East drove a 6% increase in quarterly production.
For the full year, the company hit a record 2.14 million barrels of oil equivalent per day.
"With new fields on stream and strong operations, we delivered record-high production and competitive returns in 2025," said CEO Anders Opedal.
Despite the operational success, the company is pivoting toward a more "robust" financial posture.