Equinor posts strong Q3 2025 results despite lower oil prices

Equinor announced an adjusted operating income of $6.21 bn and $1.51 bn after tax for the third quarter of 2025, with a net loss of $0.20 bn. This performance was bolstered by 7% production growth, particularly from Johan Sverdrup and Johan Castberg fields, and robust operational efficiency. Realized liquids prices were $64.9 per barrel, while European gas fetched $11.43 per mmbtu.

The company maintained a strong cost focus, achieving stable year-on-year costs and a 50% cost reduction in renewables, despite net impairments of $754m, mainly due to updated long-term price assumptions. Strategic milestones include the start of production at Brazil’s Bacalhau field in October and successful near-infrastructure exploration on the Norwegian continental shelf. Equinor also participated in Ørsted's rights issue, positioning for industrial and strategic collaboration in offshore wind.

Equinor plans a total capital distribution of approximately $9 bn for 2025, including a cash dividend of $0.37 per share for the third quarter and a fourth share buy-back tranche of up to $1.266 bn. The adjusted net debt to capital employed ratio improved to 12.2%, reflecting a solid financial position.