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Sep 30
Equinor Q3 2025 Earnings Report
Equinor reported lower profits in Q3 2025 due to impairments and weaker liquids pricing despite strong operational performance.
Key Takeaways
Equinor delivered solid operational results in Q3 2025 with 7% production growth and strong cash flow, but reported a net loss driven by impairments amid a weaker pricing environment for liquids.
Reported net loss of $204 million due to impairments, despite $6.21 billion in adjusted operating income.
Production rose 7% year-over-year, supported by new fields and performance in Norway and the US.
Cash flow from operations after taxes paid totaled $5.33 billion.
Dividend declared at $0.37 per share with a $1.266 billion share buyback tranche initiated.
Equinor
Equinor
Equinor Revenue by Segment
Equinor Revenue by Geographic Location
Revenue by Segment
E&P Norway Revenue
CapyFin.comE&P International Revenue
CapyFin.comE&P USA Revenue
CapyFin.comMidstream, Marketing & Processing Revenue
CapyFin.comRenewables Revenue
CapyFin.comRevenue by Geographic Location
Norway Revenue
CapyFin.comUSA Revenue
CapyFin.com Forward Guidance
Equinor expects continued production growth and disciplined capital allocation, with a cautious view on pricing and project cost risks.
Positive Outlook
- Organic capital expenditures estimated at $13B for 2025.
- Expected 4% production growth in 2025 vs 2024.
- Maintaining top quartile unit production cost target.
- Stable operational efficiency and cost control year-to-date.
- Electrification projects and Dogger Bank ramp-up to support renewables.
Challenges Ahead
- High tax payments expected in Q4 due to new 10-instalment system.
- Impairments may continue due to price outlook changes.
- Lower liquids prices remain a risk to earnings.
- Project deferrals (e.g., Snorre electrification) signal cost pressures.
- Uncertainty in international upstream from ongoing asset sales.