The Norwegian energy giant Equinor has released its financial results for the fourth quarter and the full year 2025. Equinor reported a net operating income of US$5.5bn in the fourth quarter of 2025, down from US$8.7bn in the same period of 2024. The decline was impacted by net impairments of US$626mn across the renewables and exploration and production (E&P) divisions. Net impairments for the full year totalled US$2.5bn, “mainly impacted by reduced expected synergies from future offshore wind projects in the US and updated price assumptions,” the company said (Equinor press release, 04/02/2026).
The group’s oil and gas production rose by 3.4% in 2025 to a record 2.14 mboe/d, including 1.08 mboe/d of liquids (-0.6%) and 1.06 mboe/d of gas (+7.8%). According to the press release, E&P USA production increased in Q4 and full-year 2025 due to US onshore acquisitions in late 2024 and new wells coming on stream. Norwegian Continental Shelf (NCS) output also grew, supported by the Johan Castberg and Halten East fields. Conversely, exits from Nigeria and Azerbaijan in 2024, along with a production halt and the sale of a 40% stake in Brazil’s Peregrino field in the fourth quarter of 2025, reduced E&P International output for the quarter and full year. For 2026, the company expects oil and gas production to grow by around 3%, with approximately 30 exploration wells planned.
In the power sector, total generation reached 1.76 TWh in the fourth quarter of 2025 and 5.65 TWh for the full year 2025. Growth was driven by the renewable portfolio, including ramp-up at the Dogger Bank A offshore wind park (UK) and higher onshore production. This led to a 42% increase in renewable generation in Q4 and a 25% increase for the full year versus 2024, while gas-fired power generation remained stable.
Equinor expects organic capital expenditure (capex) in 2026 to total US$13bn, in line with the US$13.1bn spent in 2025. For 2027, the company plans to reduce capex to US$9bn, primarily through cuts in its Power unit (covering renewables, gas-fired power plants, and batteries) as well as its Low Carbon Solutions (LCS) division, the company said.