Equinor Q4 results: profit beats as production hits records

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.

Opedal announced a $4 billion reduction in planned capital expenditures for 2026 and 2027—primarily within the Power and Low Carbon segments—to strengthen free cash flow against a backdrop of volatile energy prices.

Shareholders will see immediate benefits from the company's capital discipline.

Equinor proposed a 5.4% increase in its quarterly dividend to $0.39 per share and authorized a new $1.5 billion share buyback program for 2026.