UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50 NO-4035, STAVANGER, Norway

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

This Report on Form 6-K contains a report of the fourth quarter 2025 results of Equinor ASA.

2025

Fourth quarter

Financial statements and review

Equinor fourth quarter 2025


2	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Key figures


Operational

2,198
MBOE/D
Equity oil & gas production per day

1.76
TWh
Total power generation, Equinor share

1.18
TWh
Renewable power generation, Equinor share


Financial

5.49	6.20
USD BILLION	USD BILLION
Net operating income	Adjusted operating income*

3.31	0.81
USD BILLION	USD
Cash flow from operations after taxes paid*	Adjusted earnings per share*

0.39	5
USD PER SHARE	USD BILLION
Announced cash dividend per share	Share buy-back programme for 2025

Sustainability

0.21

SIF

Serious incident

frequency (per million

hours worked)

6.3

KG / BOE

CO₂ upstream intensity. Scope

1 CO₂ emissions, Equinor

operated, 100% basis for the

full year of 2025

10.2

MILLION TONNES CO2e

Absolute scope 1+2 GHG

emissions for the full year

of 2025

Always safe

High value

Low carbon

1 Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.

Equinor fourth quarter 2025


3	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Equinor fourth quarter and full year 2025 results

Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025. Equinor reported a net operating

income of USD 5.49 billion and a net income of USD 1.31 billion. Adjusted net income* was USD 2.04 billion, leading to adjusted earnings per share* of USD 0.81.

The fourth quarter and full year were characterised by:

•Strong production and operational performance, delivering 6%

production growth in the quarter and 3.4% for the full year

•Continued high-grading of portfolio

•Cost and capital discipline

Taking action to strengthen competitiveness, cash flow and

robustness

•Strategic priorities guiding capital allocation

◦Develop the NCS to maximise value

◦Focused growth in international oil and gas

◦Building an integrated power business

•Strengthening free cash flow* by reducing the organic capital

expenditures* outlook for 2026/27 by USD 4 billion

•Reducing operating costs1 by 10% in 2026 through strong cost focus

and portfolio high-grading

•Expecting around 3% oil and gas production growth in 2026

•Set to deliver return on average capital employed* of around 13% for

2026/27

Capital distribution

•Proposed increase of fourth quarter cash dividend to USD 0.39 per

•Announced share buy-back of up to USD 1.5 billion for 2026

Anders Opedal, President and CEO of Equinor ASA:

“With new fields on stream and strong operations, we deliver record-high

production and competitive returns in 2025.”

“We continue to allocate capital to further develop and maximise value

from the Norwegian continental shelf. At the same time, we are delivering

focused growth in our international oil and gas portfolio and building our

integrated power business, now focusing on the execution of

already‑sanctioned projects.”

“In 2026, we expect around 3 percent production growth, up from record

levels in 2025. We are taking firm actions to strengthen free cash flow,

remain robust towards lower prices and maintain competitive capital

distribution.”

Anders Opedal

Equinor fourth quarter 2025


4	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES



Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Net operating income/(loss)	5,487	5,270	8,735	(37)%	25,352	30,927	(18)%
Net income/(loss)	1,314	(204)	1,999	(34)%	5,058	8,829	(43)%
Basic earnings per share (USD)	0.52	(0.08)	0.73	(28)%	1.94	3.12	(38)%
Adjusted operating income*	6,196	6,215	7,896	(22)%	27,591	29,798	(7)%
Adjusted net income*	2,042	932	1,733	18%	6,434	9,177	(30)%
Adjusted earnings per share* (USD)	0.81	0.37	0.63	29%	2.47	3.24	(24)%

Cash flows provided by operating activities1)	2,107	6,346	2,022	4%	19,971	19,465	3%
Cash flow from operations after taxes paid1)*	3,314	5,334	3,508	(6)%	17,980	17,246	4%
Net cash flow before capital distribution1)*	245	2,085	(2,555)	N/A	5,587	1,739	>100%

Operational information

Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14)%	64.2	74.1	(13)%
Total equity liquids and gas production (mboe per day) [3]	2,198	2,130	2,072	6%	2,137	2,067	3%
Total power generation (TWh) Equinor share	1.76	1.37	1.43	23%	5.65	4.92	15%
Renewable power generation (TWh) Equinor share	1.18	0.91	0.83	42%	3.67	2.93	25%

* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures. 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see note 1 Organisation and basis of preparation. [ ] For items marked with numbers within brackets, see End notes in the Supplementary disclosures.


	Adjusted operating income*	E&P equity liquids and gas production	Total power generation Equinor share
Key figures by segment	(USD million)	(mboe/day)	(TWh)

E&P Norway	5,026	1,468	0.04
E&P International	214	289
E&P USA	359	441
MMP	678		0.59
REN	(26)		1.14
Other incl. eliminations	(54)
Equinor Group Q4 2025	6,196	2,198	1.76
Equinor Group Q4 2024	7,896	2,072	1.43
Equinor Group full year 2025	27,591	2,137	5.65
Equinor Group full year 2024	29,798	2,067	4.92

Net debt to capital employed adjusted*	31 December 2025	31 December 2024	%-point change
Net debt to capital employed adjusted*	17.8%	11.9%	5.9%

Dividend (USD per share)	Q4 2025	Q3 2025	Q4 2024
Ordinary cash dividend per share	0.39	0.37	0.37

In 2025, Equinor acquired and settled shares in the market under the 2024 and 2025 share buy-back programmes for USD 5,916 million, and redeemed and settled shares owned by the Norwegian state (proportionate share of the second, third and fourth tranche of the 2024 programme and the first tranche of the 2025 programme) for a total amount of USD 4,260 million.

Equinor fourth quarter 2025


5	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Strong production

Equinor had high production in the fourth quarter,

with a total equity production of 2,198 mboe per day,

up 6% from 2,072 mboe per day in the same quarter

last year. For the full year, the production reached a

record high of 2,137 mboe per day, a 3.4% increase

from the year before.

On the Norwegian continental shelf (NCS), the

production in the quarter was high with a 5%

increase compared to the same quarter in 2024.

New fields, such as Johan Castberg and Halten

East, delivered substantial contributions, along with

new wells. This offset impact from unplanned

maintenance at Johan Castberg. For the full year,

production was up by 2% in 2025 compared to 2024.

The acquisition of additional interests in US onshore

gas assets in late 2024 and new wells on stream,

resulted in strong production from the E&P USA

segment in the fourth quarter and full year of 2025,

compared to the year before.

The exits from Nigeria and Azerbaijan in 2024, along

with a production stop and sale of a 40% operated

interest in the Peregrino field in Brazil in the fourth

quarter of 2025, resulted in lower production in E&P

International in the quarter and full year of 2025.

Production from new wells in Argentina and Angola

contributed positively to the results. Other important

contributions were the establishment of the Adura

joint venture with Shell in the UK and the Bacalhau

field in Brazil coming on stream.

The total power generation was 1.76 TWh in the

quarter and 5.65 TWh for the full year. The

renewable portfolio drove the increase through

ramp-up of production from the offshore wind farm

Dogger Bank A and higher onshore production. This

led to a 42% increase in renewable generation for

the fourth quarter and a 25% increase for the full

year, compared to 2024.

Financial results

Equinor realised a European gas price of USD 10.6

per mmbtu and realised liquids prices were USD

58.6 per bbl in the fourth quarter of 2025.

Equinor delivered an adjusted operating income* of

USD 6.20 billion and USD 1.55 billion after tax* in

the fourth quarter. The results are affected by lower

liquids prices, which were partially offset by higher

production and higher gas prices in the US.

The reported net operating income of USD 5.49

billion is down from USD 8.74 billion in the same

quarter last year. This was impacted by net

impairments of USD 626 million in REN, E&P

International and E&P Norway. Net impairments for

the full year of 2025 amounted to USD 2,481 million,

mainly impacted by reduced expected synergies

from future offshore wind projects in the US and

updated price assumptions.

The Marketing, Midstream and Processing results

were strong, driven by gas trading and optimisation,

and a favourable price review result.

Adjusted operating and administrative expenses* are

higher compared to the same quarter last year. This

is mainly due to higher transportation costs driven by

market conditions and currency effects. This was

partially offset by a reduction in the Gassled removal

obligation and cost improvements in the renewable

segment.

High production generated cash flows provided by

operating activities, before taxes paid and working

capital items, of USD 9.55 billion for the fourth

quarter.

Equinor paid three NCS tax instalments totalling

USD 5.96 billion in the quarter.

Cash flow from operations after taxes paid* ended at

USD 3.31 billion for the fourth quarter, bringing the

cash flow from operations after taxes paid* to USD

18.0 billion for the year.

Organic capital expenditure* was USD 3.29 billion

for the quarter and USD 13.1 billion for the full year.

The net debt to capital employed adjusted ratio* was

17.8% at the end of the fourth quarter, compared to

12.2% at the end of the third quarter of 2025.

Strategic progress

Equinor continued to develop the portfolio and

deliver on its strategy in the quarter.

On the NCS, production started from the Verdande

subsea field in the Norwegian Sea, adding volumes

to and extending the field life of Norne beyond 2030.

2025 was a successful exploration year with 14

commercial discoveries on the NCS, of which seven

were Equinor-operated. Three commercial

discoveries were made during the quarter,

contributing with volumes to meet the ambition of

maintaining the production level from 2020 in 2035.

The international portfolio was significantly

strengthened with the production start at Bacalhau,

off the coast of Brazil, adding future production and

cash flow. The operatorship of the Peregrino field

was transferred to PRIO in the quarter.

Equinor and Shell officially launched Adura, which is

expected to play a crucial role in securing the UK’s

energy supply. Adura is fully self-funded and aims to

distribute more than 50% of cash flow from

operations from 2026.

A 10-year gas sale agreement was signed with gas

and electricity company Pražská plynárenská,

securing Norwegian gas to the Czech Republic until

2035.

The new business area Power was established in

fourth quarter of 2025, integrating renewables with

flexible power assets. Power is a reportable segment

effective from 1 January 2026.

Equinor’s first hybrid power complex, combining

solar and wind resources, was launched in Brazil. In

Texas, US, Equinor’s first commercial battery

storage system came online in the quarter.

At the end of the quarter, the Empire Wind project in

the US received a second stop work order.

Operations were resumed in January, following the

grant of a preliminary injunction. Project execution is

strong and the project is now over 60% complete.

The three-year average reserves replacement ratio

(RRR) 2023-2025 was 100%, including both organic

and inorganic replacements.

Equinor’s absolute scope 1 and 2 GHG emissions

from operated production (100% basis) were 10.2

million tonnes CO₂e in 2025, a 33% reduction from

2015.

The positive twelve-month average serious incident

frequency (SIF) trend continues, and was 0.21 in

2025, compared to 0.3 in 2024.



Health, safety and the environment	Twelve months average per Q4 2025	Full year 2024
Serious incident frequency (SIF)	0.21	0.3

	Full year 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)	6.3	6.2

	Full year 2025	Full year 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)	10.2	11.0

Equinor fourth quarter 2025


6	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Competitive capital distribution

The board of directors proposes to the annual general

meeting in 2026 a cash dividend of USD 0.39 per share for

the fourth quarter of 2025. This is an increase of USD 0.02

per share from the third quarter of 2025 and in line with the

previously announced ambition. The Equinor share will

trade ex-dividend on Oslo Børs from and including 13 May

and New York Stock Exchange from and including 15 May

2026.

The interim cash dividends for the first, second and third

quarters of 2026 are expected to be at the same level as

for the fourth quarter of 2025. This is to be decided by the

board of directors on a quarterly basis and in line with the

company's dividend policy, subject to existing and

renewed authorisation from the annual general meeting.

The fourth tranche of the share buy-back programme for

2025 was completed on 29 January 2026 with a total value

of USD 1,266 million. Following this, the total share buy-

backs under the share buy-back programme for 2025

amounts to USD 5 billion.

The board of directors has decided to announce share

buy-back for 2026 of up to USD 1.5 billion. The 2026 share

buy-back programme will be subject to market outlook and

balance sheet strength. The first tranche of up to USD 375

million of the 2026 share buy-back programme will

commence on 5 February and end no later than 30 March

2026. Commencement of new share buy-back tranches

after the first tranche will be decided by the board of

directors on a quarterly basis in line with the company's

dividend policy. It will be subject to existing and new board

authorisations for share buy-back from the company's

annual general meeting and agreement with the

Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

2 All forward looking financial numbers are based on Brent blend 65 USD/bbl, European gas price 9 USD/MMBtu and Henry Hub 3.5 USD/MMBtu.

3 Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.

4 USD/NOK exchange rate assumption of 10.

Equinor fourth quarter 2025


7	Press release		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Strengthening competitiveness, cash flow and

robustness

Key messages:

•Strategic priorities guiding capital allocation

Equinor will continue to develop the NCS to

maximise value and aims to maintain the production

level from 2020 in 2035. Focused growth from the

high-graded international oil and gas portfolio is

expected to deliver strong production and cash flow

growth2. In building the integrated power business,

Equinor will be disciplined in execution and capital

allocation. Trading provides value uplift across

businesses.

•Firm actions to strengthen free cash flow*

Equinor has taken firm actions to strengthen cash

flow and robustness towards lower prices. The

organic capex* outlook for 2026 and 2027 is reduced

by USD 4 billion, mainly within power and low

carbon. Cost improvement efforts continue with an

aim to reduce operating cost3 with 10% in 2026,

including the effects from portfolio high-grading. The

investments of around USD 10 billion annually to oil

and gas will be maintained. Reflecting changing

markets and fewer value creating opportunities, the

net carbon intensity ambition for 2030 and 2035 is

updated to 5-15% and 15-30% respectively.

•Delivering production growth

A production growth of around 3% is expected for oil

and gas in 2026. Equinor has added attractive

exploration acreage in Norway, Brazil and Angola,

and around 30 exploration wells are planned for

2026. A reduction to USD 6 per boe unit production

cost is aimed for in 2026. Equinor will continue the

efforts to deliver a carbon efficient portfolio, and had

a CO₂ upstream intensity of 6.3 kg/boe for Equinor

operated assets in 2025.

Updated outlook for 2026:

•Organic capital expenditures* are estimated at

around USD 13 billion for 20264.

•Oil & gas production for 2026 is estimated to

grow around 3% compared to 2025 level.

This press release contains Forward Looking

Statements. Please see the Forward Looking

Statement disclaimer published on Equinor.com/

investors/4q2025-forward-looking-statements.

Equinor fourth quarter 2025


8			PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Fourth quarter 2025 review


Group review	9
Outlook	13
Supplementary operational disclosures	14
Exploration & Production Norway	16
Exploration & Production International	17
Exploration & Production USA	18
Marketing, Midstream & Processing	19
Renewables	20

Equinor fourth quarter 2025


9	Group review		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Group review


Operational information	Quarters			Change	Full year
	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total equity liquid and gas production (mboe/day)	2,198	2,130	2,072	6%	2,137	2,067	3%
Total entitlement liquid and gas production (mboe/day)	2,093	2,005	1,953	7%	2,019	1,942	4%
Total Power generation (TWh) Equinor share	1.76	1.37	1.43	23%	5.65	4.92	15%
Renewable power generation (TWh) Equinor share	1.18	0.91	0.83	42%	3.67	2.93	25%

Average Brent oil price (USD/bbl)	63.7	69.1	74.7	(15)%	69.1	80.8	(14)%
Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14)%	64.2	74.1	(13)%
E&P Norway average internal gas price (USD/ mmbtu)	9.02	9.98	12.05	(25)%	10.70	9.47	13%
E&P USA average internal gas price (USD/mmbtu)	2.84	2.01	2.22	28%	2.60	1.70	53%


Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total revenues and other income	25,346	26,049	27,654	(8)%	106,462	103,774	3%
Total operating expenses	(19,860)	(20,779)	(18,919)	5%	(81,109)	(72,846)	11%
Net operating income/(loss)	5,487	5,270	8,735	(37)%	25,352	30,927	(18)%

Net financial items	283	(604)	(548)	N/A	(265)	58	N/A
Income tax	(4,456)	(4,870)	(6,188)	(28)%	(20,030)	(22,157)	(10)%
Net income/(loss)	1,314	(204)	1,999	(34)%	5,058	8,829	(43)%

Adjusted total revenues and other income*	25,260	26,063	26,418	(4)%	106,036	102,262	4%
Adjusted purchases* [4]	(13,145)	(13,826)	(12,782)	3%	(55,326)	(50,024)	11%
Adjusted operating and administrative expenses*	(2,969)	(3,263)	(2,784)	7%	(12,469)	(11,491)	9%
Adjusted depreciation, amortisation and net impairments*	(2,663)	(2,543)	(2,612)	2%	(9,837)	(9,765)	1%
Adjusted exploration expenses*	(287)	(216)	(343)	(16)%	(813)	(1,185)	(31)%
Adjusted operating income/(loss)*	6,196	6,215	7,896	(22)%	27,591	29,798	(7)%

Adjusted net financial items*	167	(628)	(442)	N/A	(798)	192	N/A
Income tax less tax effect on adjusting items	(4,320)	(4,655)	(5,721)	(24)%	(20,360)	(20,813)	(2)%
Adjusted net income*	2,042	932	1,733	18%	6,434	9,177	(30)%

Basic earnings per share (in USD)	0.52	(0.08)	0.73	(28)%	1.94	3.12	(38)%
Adjusted earnings per share* (in USD)	0.81	0.37	0.63	29%	2.47	3.24	(24)%

Capital expenditures and Investments	4,146	3,420	3,646	14%	13,994	12,177	15%
Cash flows provided by operating activities1)	2,107	6,346	2,022	4%	19,971	19,465	3%
Cash flows from operations after taxes paid1)*	3,314	5,334	3,508	(6)%	17,980	17,246	4%

1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see note 1 Organisation and basis of preparation.

Operations and financial results

Equinor delivered strong production in the fourth

quarter, driven by significant contributions from the

NCS and the US upstream portfolio, while lower

liquids prices continued to temper financial results.

In E&P Norway, the new Johan Castberg and Halten

East fields drove increased production for the fourth

quarter and full year of 2025. Production increased

by 5% compared to the same quarter last year,

despite natural decline on the NCS and unplanned

maintenance at Johan Castberg, which operated at

restricted levels for 25 days. New wells supported

full-year production, with natural decline across

several fields limiting the overall increase.

Portfolio changes in the international upstream

business during 2024 and 2025 continued to

influence production levels. The acquisition of

additional interests in US onshore assets in

December 2024 increased E&P USA production for

the fourth quarter and full year of 2025, supported by

new offshore wells.

In E&P International, the divestments of interests in

Nigeria and Azerbaijan late in the fourth quarter of

2024 resulted in lower production volumes for the

quarter and full year of 2025. The closing of the sale

of the 40% operated interest in Peregrino in

November 2025 further reduced production. These

decreases were partially offset by new wells brought

on stream and contributions from Adura, a new joint

venture with Shell. In December 2025, Equinor

completed the divestment of its offshore UK assets

and received a 50% ownership interest in Adura. The

transaction contributed to higher net production,

reflecting the asset mix of the portfolio transferred by

the partners to the joint venture.

The renewables portfolio drove the increase in total

power generation for 2025. The ongoing ramp-up of

Dogger Bank A and the onshore acquisition in

Equinor fourth quarter 2025


10	Group review		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Sweden in March 2025 led to a 42% increase in

renewable power generation for the fourth quarter

and a 25% increase for the full year, compared to the

same periods last year.

In the fourth quarter, Marketing, Midstream and

Processing segment results were primarily driven by

Gas and Power through optimisation of piped gas

trading in Europe and LNG trading, and were

supported by a favourable price review result.

Segment results were impacted by unrealised

derivative losses, as well as a negative contribution

from the methanol value chain. For the full year, Gas

and Power declined mainly due to weaker LNG

trading driven by operational issues and lower power

trading gains. Lower LPG trading results in Crude,

Products and Liquids also contributed to the decline,

which was partially offset by stronger refining

margins.

Higher production volumes and realised gas prices

contributed to increased revenue for the full year of

2025, partially offset by lower liquids prices. For the

quarter, lower liquids prices and reduced realised

gas prices in Europe outweighed the gains from

higher production, resulting in lower revenue.

Adjusted operating and administrative expenses*

increased in the quarter and full year compared to

the same periods last year, primarily due to higher

transportation costs driven by market conditions and

the weakening of the USD against NOK. The

quarterly increase was partially offset by a reduction

in the Gassled removal obligation, while changes in

estimates of asset retirement obligations during the

third quarter negatively impacted the full year. These

cost increases were partially offset by the

divestments in E&P International, as well as the

reduction in business development and early-phase

projects within the renewables and low carbon

solutions businesses.

The new fields on the NCS and field-specific

investments across the business were the primary

drivers of higher adjusted depreciation, amortisation

and net impairments* in the quarter. For the full year

of 2025, the impact of these new fields and

investments was largely offset by the cessation of

depreciation for UK assets and Peregrino, which

were classified as held for sale since December

2024 and May 2025, respectively. Increased proved

reserves further contributed to stable depreciation

relative to the prior year.

Exploration expenses were lower in the fourth

quarter and for the full year, despite high exploration

activity on the NCS. The decrease was primarily

driven by lower drilling activity across our

international portfolio in 2025.

In the fourth quarter, net operating income included a

loss of USD 291 million related to divestments and

net impairments of USD 626 million, primarily related

to impairments of an asset held for sale and early-

phase renewable projects. Net impairments for the

full year of 2025 amounted to USD 2,481 million,

mainly impacted by reduced expected synergies

from future offshore wind projects in the US and

updated price assumptions.

Adjusted net financial items* benefited from gains on

financial investments in the quarter, while losses on

financial investments earlier in 2025 contributed to a

decline for the full year.

For the full year, basic earnings per share and

adjusted earnings per share* were USD 1.94 and

USD 2.47, respectively, primarily impacted by lower

net income.

Taxes

The effective reported tax rate of 77.2% for the

fourth quarter of 2025, increased compared to 75.6%

in 2024, impacted by derecognition of deferred tax

assets, a loss related to the Adura joint venture

agreement with Shell and the lower effect of the

Energy Profits Levy in the UK. The effective reported

rate of 79.8% for the full year 2025 increased

compared to 71.5% in 2024, due to higher share of

income from jurisdictions with high tax rates and the

extension of the Energy Profits Levy in the UK. The

tax rate was also impacted by derecognition of

deferred tax assets and a loss related to the joint

venture agreement with Shell in the UK, see note 3.

The increase was partially offset by currency effects

and the tax exempted gain from the swap with

Petoro on the NCS.

Cash flow and net debt

Strong operational performance in the fourth quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,554 million, compared to USD 9,414 million in the

same quarter last year. For the full year, cash flow

provided by operating activities before taxes paid

and working capital items increased slightly from

USD 37,838 million in the same period last year to

USD 38,439 million.

Cash flow from operations after taxes paid*

decreased to USD 3,314 million from USD 3,508

million in the fourth quarter of 2024, primarily due to

higher tax payments in the quarter. For the full year

of 2025, cash flow from operations after taxes paid*

was USD 17,980 million, up from USD 17,246 million

in the prior year.

Tax payments in the fourth quarter totalled USD

6,240 million, mainly representing three scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 5,906

million in the same period last year, reflecting the

change in the NCS instalment tax payment structure.

NCS tax instalments totalling NOK 100.1 billion are

expected to be paid in the first half of 2026.

A working capital increase of USD 1,207 million

negatively impacted the cash flow in the fourth

quarter of 2025, compared to an increase of USD

1,486 million in the fourth quarter of 2024.

Net cash flow before capital distribution* decreased

from USD 2,085 million in the prior quarter to USD

245 million in the fourth quarter, mainly due to higher

tax payments under the new NCS instalment tax

payment structure, with three instalments paid

compared to two in the prior quarter. The

subscription of additional shares in Ørsted A/S for

USD 0.9 billion also impacted net cash flow before

capital distribution* during the quarter.

In the fourth quarter, net cash flow* amounted to an

outflow of USD 1,062 million, reflecting USD 917

million in dividends paid and USD 389 million related

to the share buy-back programme. Net cash flow*

was an outflow of USD 5,120 million for the full year

of 2025, down from an outflow of USD 12,851 million

in the same period last year, primarily due to

extraordinary dividend payments in the prior year.

A decrease in liquid assets in the quarter, combined

with slightly decreased equity caused an increase in

the net debt to capital employed adjusted* ratio at

the end of December 2025 to 17.8% from 12.2% at

the end of September 2025.

Capital distribution

The board of directors proposes to the annual

general meeting in 2026 a cash dividend of USD

0.39 per share for the fourth quarter of 2025. This is

an increase of USD 0.02 per share from the third

quarter of 2025 and in line with the previously

announced ambition. The Equinor share will trade

ex-dividend on Oslo Børs from and including 13 May

and New York Stock Exchange from and including

15 May 2026.

The interim cash dividends for the first, second and

third quarters of 2026 are expected to be at the

same level as for the fourth quarter of 2025. This is

to be decided by the board of directors on a quarterly

Equinor fourth quarter 2025


11	Group review		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

basis and in line with the company's dividend policy,

subject to existing and renewed authorisation from

the annual general meeting.

The fourth tranche of the share buy-back programme

for 2025 was completed on 29 January 2026 with a

total value of USD 1,266 million. Following this, the

total share buy-backs under the share buy-back

programme for 2025 amounts to USD 5 billion.

The board of directors has decided to announce

share buy-back for 2026 of up to USD 1.5 billion.

The 2026 share buy-back programme will be subject

to market outlook and balance sheet strength. The

first tranche of up to USD 375 million of the 2026

share buy-back programme will commence on 5

February and end no later than 30 March 2026.

Commencement of new share buy-back tranches

after the first tranche will be decided by the board of

directors on a quarterly basis in line with the

company's dividend policy. It will be subject to

existing and new board authorisations for share buy-

back from the company's annual general meeting

and agreement with the Norwegian State regarding

share buy-back.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

ROACE*, organic capital expenditure* and

reserves

Based on adjusted operating income after tax* and

average capital employed adjusted*, calculated

return on average capital employed (ROACE)*

was 14.5% for the 12-month period ended 31

December 2025 and 20.6% for the 12-month period

ended 31 December 2024.

Organic capital expenditures* amounted to USD

13.1 billion for the full year 2025.

Estimated Proved reserves at the end of 2025

were 5,183 million barrels of oil equivalents (boe), a

net decrease of 388 million boe compared to 5,571

million boe at the end of 2024.

The net decrease was mainly due to the increased

entitlement production not being fully replaced by

new proved reserves added during the year, and

sale of reserves in the Peregrino field in Brazil.

Positive revisions and implementation of increased

recovery projects added a total of 250 million boe

compared to 650 million boe in 2024. Sanctioning

new projects and extensions of the proved areas

added 199 million boe compared to 123 million boe

in 2024. The net effect of purchase and sale of

reserves in place was a reduction of 95 million boe,

which includes the sale of reserves in place in

Peregrino as well as the net effect of the Adura

transaction. The entitlement production available for

sale in 2025 was 741 million boe compared to 699

million boe in 2024.

This results in a reserve replacement ratio (RRR)

of 48% and an organic RRR excluding purchase and

sale of 61% in 2025 compared to 151% and 111% in

2024. The corresponding three-year average

replacement ratio was 100%, and the organic three-

year average was 90% at the end of 2025 compared

to 110% and 101% at the end of 2024.

The RRR measures the estimated proved reserves

added to the reserve base, including the effects of

sales and purchases, relative to the amount of oil

and gas produced.

All reserves numbers are preliminary.

Equinor fourth quarter 2025


12	Group review		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Health, safety and the environment

In May 2021, Equinor Refining Norway AS (“Equinor

Mongstad”) was charged with violations of the

Pollution Control Act. The case concerned historical

matters related to emissions and discharges that the

company itself had uncovered, investigated, and

improved. The investigation has concluded, and

Equinor Mongstad has received a fine from Økokrim

of NOK 220 million and a confiscation claim of NOK

500 million. We disagree with the allegation that the

company failed to fulfil its duty of proper

maintenance of the plant over several decades and

saved cost through inadequate maintenance.

Equinor has contested the penalty notice from

Økokrim and intends to litigate this matter.

The twelve-month average serious incident

frequency (SIF) for the period ended 31 December

2025 was 0.21, a decrease from 2024 which ended

at 0.3.

Equinor’s absolute Scope 1 and 2 GHG emissions

from operated production (100% basis) were 10.2

million tonnes CO2e in 2025; this was 7% lower than

11.0 million tonnes CO2e in 2024. This difference

was due to a change in the number of assets in

scope from 2025 following a reassessment of

Technical Service Provider arrangements. Equinor

has adjusted targets and baselines accordingly.

Excluding the impact of the boundary adjustment,

year-on-year emissions in 2025 remain unchanged.

Emissions reduction from electrification efforts on the

NCS, as well as turnaround activities at Mongstad

and Hammerfest LNG during 2025, were offset by

increased emissions associated with the start-up and

ramp-up of new fields, including Johan Castberg and

Bacalhau.

Equinor fourth quarter 2025


13	Outlook		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Outlook

•Organic capital expenditures* are estimated at

around USD 13 billion for 20265.

•Oil & gas production for 2026 is estimated to

grow around 3% compared to 2025 level [5].

•Equinor’s ambition is to keep the unit of

production cost in the top quartile of its peer

group.

•Scheduled maintenance activity is estimated to

reduce equity production by around 35 mboe per

day for the full year of 2026.

These forward-looking statements reflect current

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

create future value, gas off-take, timing of new

capacity coming on stream and operational regularity

and levels of industry product supply, demand and

pricing represent the most significant risks related to

the foregoing production guidance. Our future

financial performance, including cash flow and

liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the

regulatory and policy landscape, the development in

realised prices, including price differentials, tolls and

tariffs and other factors discussed elsewhere in the

report.

For further information, see section Forward-looking

statements in the report.

5) USD/NOK exchange rate assumption of 10

Equinor fourth quarter 2025


14	Supplementary operational disclosures		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Supplementary operational disclosures


	Quarters			Change	Full year				Quarters			Change	Full year
Operational information	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change	Operational information	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Prices								Equity production (mboe per day)
Average Brent oil price (USD/bbl)	63.7	69.1	74.7	(15)%	69.1	80.8	(14)%	E&P Norway equity liquids production	687	714	627	10%	671	628	7%
E&P Norway average liquids price (USD/bbl)	61.1	67.9	71.4	(14)%	66.8	77.1	(13)%	E&P International equity liquids production	241	239	304	(21)%	255	306	(17)%
E&P International average liquids price (USD/bbl)	55.5	62.1	66.5	(17)%	62.0	72.0	(14)%	E&P USA equity liquids production	150	155	150	—%	150	148	1%
E&P USA average liquids price (USD/bbl)	50.2	55.2	58.8	(15)%	55.7	64.5	(14)%	Group equity liquids production	1,078	1,109	1,081	—%	1,075	1,082	(1)%
Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14)%	64.2	74.1	(13)%	E&P Norway equity gas production	781	707	772	1%	739	758	(2)%
Group average liquids price (NOK/bbl) [1]	592	655	754	(22)%	667	796	(16)%	E&P International equity gas production	48	29	34	39%	38	34	10%
E&P Norway average internal gas price (USD/mmbtu) [7]	9.02	9.98	12.05	(25)%	10.70	9.47	13%	E&P USA equity gas production	292	286	185	57%	285	193	48%
E&P USA average internal gas price (USD/mmbtu) [7]	2.84	2.01	2.22	28%	2.60	1.70	53%	Group equity gas production	1,120	1,022	991	13%	1,062	985	8%
Realised piped gas price Europe (USD/mmbtu) [6]	10.56	11.43	13.54	(22)%	12.20	11.03	11%	Total equity liquids and gas production [2] [3]	2,198	2,130	2,072	6%	2,137	2,067	3%
Realised piped gas price US (USD/mmbtu) [6]	3.29	2.42	2.36	39%	3.07	2.00	54%
								Power generation
Entitlement production (mboe per day)								Power generation (TWh) Equinor share	1.76	1.37	1.43	23%	5.65	4.92	15%
E&P Norway entitlement liquids production	687	714	627	10%	671	628	7%	Renewable power generation (TWh) Equinor share1)	1.18	0.91	0.83	42%	3.67	2.93	25%
E&P International entitlement liquids production	213	184	245	(13)%	211	239	(12)%
E&P USA entitlement liquids production	132	138	134	(1)%	134	133	1%	1)Includes Hywind Tampen renewable power generation.
Group entitlement liquids production	1,032	1,036	1,006	3%	1,015	1,000	2%
E&P Norway entitlement gas production	781	707	772	1%	739	758	(2)%
E&P International entitlement gas production	32	19	19	64%	23	22	7%
E&P USA entitlement gas production	248	242	157	58%	242	163	49%
Group entitlement gas production	1,060	968	948	12%	1,004	942	7%
Total entitlement liquids and gas production [2] [3]	2,093	2,005	1,953	7%	2,019	1,942	4%

Equinor fourth quarter 2025


15	Supplementary operational disclosures		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES


Health, safety and the environment
	Twelve months average per Q4 2025	Full year 2024
Total recordable injury frequency (TRIF)	2.3	2.3
Serious Incident Frequency (SIF)	0.21	0.3
Oil and gas leakages (number of)1)	6	7

	Full year 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)2)	6.3	6.2

	Full year 2025	Full year 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)3)	10.2	11.0
1)Number of leakages with rate above 0.1kg/second during the past 12 months. 2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). 3)Operational control, total scope 1 and 2 emissions of CO2 and CH4.

Equinor fourth quarter 2025


16	Exploration & Production Norway		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Exploration & Production Norway


Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total revenues and other income	7,825	8,278	9,257	(15)%	34,392	33,643	2%
Total operating expenses	(2,972)	(2,660)	(2,452)	21%	(10,271)	(9,078)	13%
Net operating income/(loss)	4,853	5,618	6,805	(29)%	24,121	24,564	(2)%

Adjusted total revenues and other income*	7,825	8,278	9,257	(15)%	33,901	33,643	1%
Adjusted operating and administrative expenses*	(940)	(926)	(894)	5%	(3,834)	(3,612)	6%
Adjusted depreciation, amortisation and net impairments*	(1,630)	(1,602)	(1,382)	18%	(5,697)	(4,954)	15%
Adjusted exploration expenses*	(229)	(132)	(176)	30%	(567)	(513)	11%
Adjusted operating income/(loss)*	5,026	5,618	6,804	(26)%	23,803	24,564	(3)%

Additions to PP&E, intangibles and equity accounted investments	1,726	1,557	1,872	(8)%	7,366	6,285	17%

Operational information	Quarters			Change	Full year
E&P Norway	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

E&P entitlement liquid and gas production (mboe/day)	1,468	1,422	1,398	5%	1,410	1,386	2%
Average liquids price (USD/bbl)	61.1	67.9	71.4	(14)%	66.8	77.1	(13)%
Average internal gas price (USD/mmbtu)	9.02	9.98	12.05	(25)%	10.70	9.47	13%

Production & Revenues

In the fourth quarter of 2025, production increased

compared to the same quarter last year, driven by

new fields coming on stream, including Johan

Castberg and Halten East, as well as new wells. The

increase was partially offset by natural decline in

several fields. Johan Castberg operated at minimum

production levels for 25 days during the quarter due

to unplanned maintenance.

Liquids production increased more than gas in the

quarter, driven by new fields coming on stream with

a higher proportion of liquids in the production mix.

Production increased for 2025 compared to 2024,

reflecting ramp-up of new fields and new wells

during the year, as well as stable performance,

partially offset by natural decline.

Total revenues and other income in the fourth

quarter of 2025 were lower compared to the same

quarter last year, as the decline in gas and liquids

prices more than offset strong production

performance. For the full year of 2025, revenues

increased compared to 2024, mainly reflecting

higher production and higher gas prices largely

offsetting lower liquids prices.

Operating expenses and financial results

Operating and administrative expenses increased in

the fourth quarter of 2025 compared to the same

quarter last year, mainly driven by increased activity

from new fields coming on stream and cancellation

costs related to the Halten electrification project. The

reported increase also reflects the weakening of the

USD against NOK in addition to one off effect

positively affecting the fourth quarter of the prior

year. These effects were partially offset by lower

transportation costs, mainly related to the Gassled

removal obligation compared to the prior year. The

same factors drove the increase for the full year of

2025 relative to 2024, in addition to an adverse non-

recurring transportation cost recognised in the third

quarter.

Adjusted depreciation, amortisation and net

impairments* in the fourth quarter and the full year of

2025 increased due to the ramp-up of new fields and

field-specific investments, as well as the

development in the USD/NOK exchange rate. These

effects were partially offset by increased proved

reserves compared to the same periods last year,

and impairment of an asset in the fourth quarter of

2024.

Exploration expenses increased compared to the

fourth quarter of 2024, mainly reflecting higher

expensing of well costs from earlier years as wells

were evaluated in the quarter. The exploration

activity in the quarter was slightly lower than in the

same quarter last year, with 12 wells compared to 13

wells, while successful outcomes resulted in higher

capitalisation, partially offsetting the cost increase.

Net operating income in the first quarter of 2025 was

positively impacted by a gain of USD 491 million

related to the swap transaction with Petoro, while net

operating income in the fourth quarter of 2025 was

negatively impacted by an impairment of USD 173

million.

Additions to PP&E, intangibles and equity accounted

investments in 2025 was influenced by the assets

acquired in the swap transaction amounting to USD

1,086 million.

Equinor fourth quarter 2025


17	Exploration & Production International		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Exploration & Production International


Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total revenues and other income	868	1,315	2,183	(60)%	5,102	7,343	(31)%
Total operating expenses	(1,140)	(1,569)	(1,159)	(2)%	(4,633)	(4,597)	1%
Net operating income/(loss)	(271)	(254)	1,024	N/A	470	2,746	(83)%

Adjusted total revenues and other income*	877	1,315	1,378	(36)%	5,062	6,538	(23)%
Adjusted purchases*	77	(38)	64	21%	(25)	85	N/A
Adjusted operating and administrative expenses*	(339)	(532)	(542)	(38)%	(1,928)	(2,038)	(5)%
Adjusted depreciation, amortisation and net impairments*	(344)	(269)	(538)	(36)%	(1,318)	(2,064)	(36)%
Adjusted exploration expenses*	(58)	(80)	(58)	(1)%	(222)	(496)	(55)%
Adjusted operating income/(loss)*	214	396	303	(29)%	1,569	2,025	(23)%

Additions to PP&E, intangibles and equity accounted investments	6,146	695	896	>100%	8,224	3,191	>100%

Operational information	Quarters			Change	Full year
E&P International	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

E&P equity liquid and gas production (mboe/ day)	289	267	339	(15)%	293	340	(14)%
E&P entitlement liquid and gas production (mboe/day)	245	203	264	(7)%	234	261	(10)%
Production sharing agreements (PSA) effects	44	65	74	(41)%	59	79	(26)%
Average liquids price (USD/bbl)	55.5	62.1	66.5	(17)%	62.0	72.0	(14)%

Production & Revenues

The divestment of assets in Azerbaijan and Nigeria

late in 2024 along with the production stop in

Peregrino from August to October 2025 and natural

decline in certain fields, led to a decrease in

production in the fourth quarter and the full year of

2025 compared to the same periods last year. The

sale of the 40% operated interest in Peregrino to

PRIO in the middle of November 2025 and

operational issues in certain fields further contributed

to the overall drop in production in the fourth quarter

2025. The decrease was partially offset by

contributions from new wells, mainly in Argentina

and Angola, in addition to the establishment of Adura

in December 2025 and Bacalhau coming on stream

in the middle of October 2025.

In December 2025, Equinor completed the

divestment of its offshore UK assets, including

interests in Rosebank, Mariner and Buzzard, and

received a 50% ownership interest in Adura, a joint

venture with Shell. The transaction contributed to

higher net production, reflecting the asset mix of the

portfolio transferred by the partners to the joint

venture, and resulted in a loss on divestment of USD

173 million recognised in the fourth quarter.

Production Sharing Agreements (PSA) effects were

reduced in the fourth quarter and full year of 2025

compared to the same periods last year, mainly

reflecting higher divestments and lower prices. 

Lower volumes and prices together with gains from

divestments in 2024 contributed to lower total

revenues and other income in the fourth quarter and

the full year of 2025 compared with the same

periods last year. The fourth quarter of 2025 was

also negatively impacted by underlift timing effect.

Operating expenses and financial results

The decrease in adjusted operating and

administrative expenses* in the fourth quarter and

for the full year of 2025 compared to the

corresponding periods in 2024 was mainly driven by

the sale of assets in Azerbaijan and Nigeria in 2024,

along with the sale of the 40% operated interest in

the Peregrino field and variations in the over/underlift

position.

Following the cessation of depreciation for assets

classified as held for sale in the UK from late 2024

and in Brazil from the second quarter of 2025,

adjusted depreciation, amortisation and net

impairments* was lower in the fourth quarter and full

year of 2025 compared to the same periods in 2024.

Exploration expenses were stable quarter on quarter,

but decreased for the full year of 2025 primarily due

to higher expensed well costs related to Brazil,

Canada and Argentina last year.

Net operating income in the fourth quarter of 2025

was negatively impacted by losses mainly related to

transactions in the UK and Brazil of USD 275 million,

and an impairment of the remaining assets held for

sale in Brazil of USD 201 million. For the full year of

2025, net operating income also included an

impairment of the assets which were held for sale in

the UK of USD 650 million, recognised in the third

quarter.

Additions to PP&E, intangibles and equity accounted

investments increased in the fourth quarter and for

the full year of 2025 compared to the same periods

last year mainly due to the acquisition of shares in

Adura in December 2025.

Equinor fourth quarter 2025


18	Exploration & Production USA		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Exploration & Production USA

Production & Revenues


Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total revenues and other income	1,045	1,014	957	9%	4,296	3,957	9%
Total operating expenses	(686)	(1,398)	(773)	(11)%	(3,628)	(2,925)	24%
Net operating income/(loss)	359	(384)	184	95%	668	1,031	(35)%

Adjusted total revenues and other income*	1,045	1,014	957	9%	4,296	3,957	9%
Adjusted operating and administrative expenses*	(292)	(569)	(257)	14%	(1,477)	(1,142)	29%
Adjusted depreciation, amortisation and net impairments*	(394)	(405)	(408)	(3)%	(1,705)	(1,607)	6%
Adjusted exploration expenses*	—	(3)	(109)	(100)%	(24)	(176)	(86)%
Adjusted operating income/(loss)*	359	37	184	95%	1,089	1,031	6%

Additions to PP&E, intangibles and equity accounted investments	284	314	1,651	(83)%	1,199	3,862	(69)%

Operational information	Quarters			Change	Full year
E&P USA	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

E&P equity liquid and gas production (mboe/ day)	441	441	335	32%	434	341	27%
E&P entitlement liquid and gas production (mboe/day)	380	380	291	31%	375	295	27%
Royalties	61	61	44	39%	59	46	29%
Average liquids price (USD/bbl)	50.2	55.2	58.8	(15)%	55.7	64.5	(14)%
Average internal gas price (USD/mmbtu)	2.84	2.01	2.22	28%	2.60	1.70	53%

E&P USA reported higher production volumes in the

fourth quarter and full year of 2025 compared with

the corresponding periods in 2024. The increase

was primarily attributable to higher natural gas

production from the Appalachia onshore assets

following the acquisition of additional interests in late

2024 and increased operational activity in the

Appalachia region throughout 2025. U.S. Offshore

production remained relatively stable in the fourth

quarter and full year of 2025 compared to the same

periods last year, with new wells on stream offset by

natural decline.

Total revenues and other income increased in both

the fourth quarter and the full year of 2025 compared

with the same periods in 2024. The increase was

primarily driven by higher natural gas prices and

increased gas production volumes, partially offset by

lower realized liquids prices.

Operating expenses and financial results

Operating and administrative expenses increased

during both the fourth quarter and the full year of

2025 compared with the same periods in 2024. The

increase was primarily driven by higher

transportation costs resulting from increased

production volumes in the Appalachia basin. For the

full year, operating and administrative expenses

were further impacted by higher asset retirement

obligations from updated cost estimates related to a

late-life offshore asset that ceased production during

the third quarter of 2025.

Adjusted depreciation, amortisation, and net

impairments* decreased slightly in the fourth quarter

of 2025 compared with the fourth quarter of 2024,

primarily reflecting the impact of increased proved

reserves at year-end 2024. For the full year, the

increase from 2024 was largely driven by asset

retirement obligations recognised in the second

quarter of 2025, partially offset by upward revisions

to proved reserves recorded at year-end 2024.

Exploration expenses declined in the fourth quarter

and full year of 2025 compared to the same periods

in 2024, primarily due to reduced drilling activity.

In the full year of 2025, net operating income was

adversely affected by impairments of USD 385

million related to two producing assets in U.S.

Offshore, in addition to USD 35 million in exploration

licence write-downs.

The decrease in additions to PP&E, intangibles and

equity accounted investments in 2025, compared to

2024, is primarily attributed to the swap with EQT,

which closed in the second quarter of 2024, and the

additional interests purchased in late 2024. This

resulted in an increase in the Northern Marcellus

formation offset by a decrease from the Appalachia-

operated assets.

Equinor fourth quarter 2025


19	Marketing, Midstream & Processing		PRESS RELEASE		FOURTH QUARTER 2025 REVIEW		CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES		SUPPLEMENTARY DISCLOSURES

Marketing, Midstream & Processing


Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Total revenues and other income	25,146	25,753	26,573	(5)%	104,769	101,792	3%
Total operating expenses	(24,368)	(25,244)	(25,590)	(5)%	(103,069)	(98,466)	5%
Net operating income/(loss)	778	509	983	(21)%	1,700	3,326	(49)%

Adjusted total revenues and other income*	25,044	25,772	26,266	(5)%	104,845	101,209	4%
Adjusted purchases* [4]	(22,756)	(23,985)	(24,194)	(6)%	(97,178)	(92,777)	5%
Adjusted operating and administrative expenses*	(1,367)	(1,270)	(1,176)	16%	(5,184)	(4,871)	6%
Adjusted depreciation, amortisation and net impairments*	(243)	(217)	(236)	3%	(919)	(949)	(3)%
Adjusted operating income/(loss)*	678	299	659	3%	1,563	2,612	(40)%
— Gas and Power	583	282	571	2%	1,354	2,062	(34)%
— Crude, Products and Liquids	111	31	247	(55)%	499	1,153	(57)%
— Other	(16)	(13)	(159)	90%	(290)	(603)	52%

Additions to PP&E, intangibles and equity accounted investments	374	307	369	2%	1,142	953	20%

Operational information	Quarters			Change	Full year
Marketing, Midstream and Processing	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change

Liquids sales volumes (mmbl)	276.4	279.1	248.9	11%	1,106.3	1,008.8	10%
Natural gas sales Equinor (bcm)	18.0	16.8	16.6	8%	67.4	63.6	6%
Natural gas entitlement sales Equinor (bcm)	15.5	14.1	13.6	14%	56.6	53.2	6%
Power generation (TWh) Equinor share	0.59	0.46	0.60	(2)%	1.98	1.98	0%
Realised piped gas price Europe (USD/mmbtu)	10.56	11.43	13.54	(22)%	12.20	11.03	11%
Realised piped gas price US (USD/mmbtu)	3.29	2.42	2.36	39%	3.07	2.00	54%

Volumes, Pricing & Revenues

Liquids sales volumes remained at similar levels

compared to the previous quarter. Higher equity and

third party volumes drove the increase compared to

the previous year.

Gas sales volumes increased compared to the

previous quarter due to recovery from maintenance

activity on the NCS. Compared to the previous year,

the increase reflected higher Equinor international

gas production.

Power generation rose compared to the last quarter,

driven by seasonal factors, and remained stable

compared to the same period last year.

The realised European piped gas price decreased

compared to the previous quarter due to solid NCS

flows and increasing LNG supplies, combined with a

mild winter. Compared to the same quarter last year,

the realised European piped gas prices decreased

due to a combination of lower gas demand and

growing LNG supplies.

The realised piped gas price in the US increased

compared to the previous quarter due to higher

demand explained by lower temperatures.

Compared to the same quarter last year, realised US

gas price increased due to higher demand from

power generation and LNG exports.

Financial Results

In the fourth quarter of 2025, Gas and Power was

the main contributor to adjusted operating income*.

This result was driven by optimisation of piped gas

trading in Europe and LNG trading. Crude, Products

and Liquids contributed positively, mainly through

physical trading of crude and products, as well as

shipping optimisation. Additionally, the results were

EQUINOR ASA 6-K