Core Points - Equinor ASA announces that Tone H. Bachke will leave her position on the Board of Directors to focus on her role as EVP and CFO at SHV Holding N.V. [1] - The change in Tone H. Bachke's position will take effect on 31 October 2025 [1] Company Summary - Tone H. Bachke is currently a member of the Board of Directors at Equinor ASA [1] - SHV Holding N.V. is a global company based in the Netherlands [1]

Core Insights - Big Oil is reporting third-quarter results, with no major surprises expected due to a year filled with tariffs, sanctions, and predictions of a supply glut [1] - Analysts are focusing on future plans for spending, production, and acquisitions, particularly looking ahead to 2026 [3] Company Performance - Equinor reported lower-than-expected results due to lower prices, despite increased oil and gas production [2] - Eni experienced better revenues and profits driven by higher production, even with lower prices [2] - Shell and TotalEnergies reported strong performance attributed to higher oil and gas production [2] Future Plans and Strategies - Analysts are interested in Chevron's merger with Hess Corp., Exxon's acquisition targets, and European Big Oil's strategies for share buybacks and dividends in a lower-price environment [3] - Natural gas is being prioritized by major companies, with Shell emphasizing its LNG business as a top priority for the next decade [5] - BP is focusing on gas and LNG, contracting Baker Hughes for a new LNG plant in Indonesia and winning an arbitration case regarding LNG cargos [6] - TotalEnergies lifted the force majeure on its Mozambique LNG project, with a revised cost of $4.5 billion and a capacity of 43 million tons of liquefied gas [6] - Exxon plans to announce the final investment decision on its LNG project in Mozambique by the end of Q1 2026, with another project, Golden Pass, expected to start operations by the end of this year [7]

Core Insights - Equinor reported adjusted operating income of $6.21 billion in Q3 2025, a 10% decline year-on-year, influenced by lower liquids prices, although this was partially offset by increased production levels and higher gas prices in the US [1] - The company recorded a net loss of $200 million for the quarter, with adjusted net income at $930 million, resulting in adjusted earnings per share of $0.37 [1] Financial Performance - Net operating income was $5.27 billion, down from $6.91 billion in the same period last year, primarily due to net impairments of $754 million linked to updated price assumptions [2] - Impairment reversals of $299 million were noted for an onshore asset in Norway [3] - Adjusted operating and administrative expenses increased, attributed to future operating expenses related to a US offshore asset that ceased production, along with rising transportation costs and currency fluctuations [5] Production Metrics - Total equity production reached 2.13 billion barrels of oil equivalent (bboe) per day, a 7% increase from 1.98 bboe per day year-on-year [5] - Production on the Norwegian Continental Shelf (NCS) grew by 9% year-on-year, driven by strong performance from the Johan Sverdrup and Johan Castberg fields [6] - The US segment reported a 29% increase in oil and gas production compared to the previous year, reflecting acquisitions and heightened offshore output [6] Market Outlook - The company anticipates that its midstream, marketing, and processing segment will generate approximately $400 million in quarterly average adjusted operating income, influenced by evolving market conditions and previous asset divestments [4]

Core Insights - Equinor ASA reported a third-quarter earnings per share (EPS) of $0.37, missing the estimated $0.57, primarily due to a 9.9% decline in profits linked to falling oil and gas prices [2][6] - The company's revenue for the quarter reached $26.06 billion, exceeding expectations of $23.37 billion [2][6] - Equinor achieved a production growth of 7%, driven by strong performances from the Johan Sverdrup and Johan Castberg fields, while maintaining a robust balance sheet [5][6] Financial Performance - Adjusted operating income for the third quarter was $6.21 billion, with a net operating income of $5.27 billion [3] - The company reported a net loss of $200 million, while adjusted net income was $930 million, resulting in an adjusted EPS of $0.37 [3] - A cash dividend of $0.37 per share was announced for the third quarter, with important dates for shareholders outlined [4] Market Position - Equinor operates globally, with significant activities in Norway and Brazil, and competes with major energy companies like ExxonMobil and Shell [1] - Despite market challenges, the company remains focused on growth and strategic investments, achieving a 50% cost reduction in its renewables sector [5]

Financial Data and Key Metrics Changes - Adjusted operating income was $6.2 billion before tax, while net income was -$0.2 billion, impacted by net impairments mainly due to lower long-term oil price outlook [4] - Cash flow from operations after tax was strong at $14.7 billion year to date, with adjusted earnings per share at $0.37 [5][12] - Cash flow from operations for the quarter was $9.1 billion, with total cash and cash equivalents exceeding $22 billion [12][13] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, reaching 2,130,000 barrels per day, with a 9% growth on the Norwegian Continental Shelf (NCS) [9] - E&P Norway adjusted operating income totaled $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [10][11] - Renewables business operating costs decreased by around 50% compared to the third quarter last year [6] Market Data and Key Metrics Changes - Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the U.S. [10] - U.S. onshore gas production was up 40%, capturing higher prices, while U.S. offshore production increased by 9% [9] - International production outside the U.S. decreased due to temporary stops and divestments [9] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS until 2035, focusing on smaller discoveries and quicker developments [82] - A more active role in Ørsted is being pursued, with plans to nominate a candidate for the board to enhance collaboration [8][17] - The company is cautious about further capital commitments in offshore wind due to current industry challenges [18] Management Comments on Operating Environment and Future Outlook - The management highlighted the volatility in energy markets due to geopolitical unrest and trade tensions, but expressed confidence in the company's solid balance sheet and strong production [5] - Future capital distribution will prioritize cash dividends and share buybacks, with a competitive approach to capital allocation [61][62] - The outlook for the global gas market remains tight in the short term, with significant LNG projects expected to come online [34][36] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [12] - A tragic fatality occurred at Munkstad, emphasizing the need for continued focus on safety [8] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming online, particularly Johan Castberg, and a gradual reduction is expected going forward [15][16] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role as a shareholder to improve collaboration and create shareholder value, especially during the current downturn in the offshore wind industry [17][24] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and previous divestments of gas infrastructure assets [22][23] Question: What is the status of the Peregrino disposal? - Peregrino is currently producing over 100,000 barrels per day, with a divestment expected to close in two phases, totaling a headline transaction value of $3.5 billion [43][44] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company has submitted a response that is currently in public consultation [76][78] Question: What is the outlook for the NCS supply chain? - The company is optimistic about maintaining high activity levels on the NCS through smaller discoveries and increased exploration efforts [82]

Financial Data and Key Metrics Changes - Adjusted operating income was reported at $6.2 billion before tax, while net income was -$0.2 billion, affected by net impairments primarily due to a lower long-term oil price outlook [4][12] - Year-to-date cash flow from operations after tax reached $14.7 billion, with adjusted earnings per share at $0.37 [5][13] - Cash flow from operations for the quarter was $9.1 billion, with total cash and cash equivalents exceeding $22 billion [12][13] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, totaling 2,130,000 barrels per day, with a 9% growth on the Norwegian Continental Shelf (NCS) [9][10] - Adjusted operating income from E&P Norway was $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [10][11] - Renewables business saw operating costs decrease by around 50% compared to the same quarter last year, with expectations of a 30% annual decrease [6][12] Market Data and Key Metrics Changes - Liquids prices were lower compared to the same quarter last year, while average gas prices increased, particularly in the U.S. [10] - U.S. onshore gas production rose by 40%, while U.S. offshore production increased by 9% year-over-year [9][10] - International production outside the U.S. declined due to temporary shutdowns and divestments in Azerbaijan and Nigeria [9] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS through 2035, focusing on smaller discoveries and quicker developments [82] - A more active role in Ørsted is being pursued, with plans to nominate a board candidate to enhance collaboration and shareholder value [8][17] - The company is cautious about further capital commitments in offshore wind due to current industry challenges, while still developing existing projects [18][33] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing geopolitical unrest and market volatility impacting pricing and trading conditions [5] - There is an expectation of a tighter gas market this winter, with storage levels around 83%, which is 12% below last year [34] - The company remains committed to capital distribution, with a cash dividend of $0.37 per share and a share buyback program totaling up to $1.266 billion [8][13] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [12] - A tragic fatality occurred at Munkstad, emphasizing the need for continued focus on safety [8] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming online, particularly Johan Castberg, and is expected to gradually reduce going forward [15][16] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role as a shareholder to improve collaboration and create shareholder value, especially during the current downturn in the offshore wind industry [17][24] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and the divestment of gas infrastructure assets, which had a $40 million quarterly impact [21][22][56] Question: What is the status of the Peregrino disposal? - Peregrino resumed production on October 17th, and the divestment of the 60% ownership position is expected to close in two phases, with a total transaction value of $3.5 billion [43][44] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company has submitted a response that is currently under public consultation [76][78]

Financial Data and Key Metrics Changes - Adjusted operating income was $6.2 billion before tax, while net income was -$0.2 billion, impacted by net impairments mainly due to lower long-term oil price outlook [3] - Cash flow from operations after tax was strong at $14.7 billion year to date, with adjusted earnings per share at $0.37 [4][11] - The company distributed $5.6 billion to shareholders, including $4.3 billion from buybacks [11] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, reaching 2,130,000 barrels per day, with NCS production growing by 9% [7] - E&P Norway adjusted operating income totaled $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [8][9] - Renewables results showed high project activity but significantly lower business development costs, with operating costs for renewables down by around 50% compared to the previous year [4][10] Market Data and Key Metrics Changes - Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the U.S. [8] - U.S. onshore gas production was up 40%, capturing higher prices, while international production was down due to temporary stops and divestments [7][8] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS until 2035, focusing on smaller discoveries and quicker developments [75] - A more active role in Ørsted is being pursued, with plans for a board seat to enhance collaboration and shareholder value [16][22] - The company is cautious about further capital commitments in offshore wind due to current industry challenges [17][30] Management's Comments on Operating Environment and Future Outlook - The management highlighted the volatility in energy markets due to geopolitical unrest and trade tensions, but expressed confidence in the company's solid balance sheet and strong production [4][11] - Future capital distribution will prioritize cash dividends and share buybacks, with a competitive approach to capital allocation [56][58] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [10] - The Peregrino asset was shut in but resumed production, with plans to divest a 60% ownership position [40] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming on stream, particularly Johan Castberg [13][15] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role to improve shareholder value and believes that a closer collaboration will benefit both Equinor and Ørsted [16][22] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and divestment of gas infrastructure assets [19][20] Question: What is the status of the Peregrino disposal? - Peregrino resumed production and is expected to divest 60% ownership, with a transaction value of $3.5 billion [40] Question: What is the outlook for the global gas market? - The short-term market appears tighter than expected, with significant LNG projects coming online, but demand from Asia remains healthy [32][34] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company is currently in public consultation with the regulator [68][70]

Core Insights - Equinor reported lower-than-expected earnings for Q3 2025, with adjusted operating income of $6.21 billion, below the consensus estimate of $6.31 billion and down from $6.89 billion in Q3 2024 [1][2] Production and Financial Performance - The company increased its oil and gas production by 7% year-on-year, reaching 2.130 million barrels of oil equivalent per day in Q3 2025, supported by strong production from the Johan Sverdrup field and new fields [2][3] - Equinor maintained its guidance for 4% hydrocarbon production growth for the year and approved a cash dividend of $0.37 per share for Q3 2025, consistent with its earlier plans [3] Strategic Adjustments - In February 2025, Equinor announced a significant reduction in investments in renewables and low carbon solutions to around $5 billion, citing the need to enhance shareholder returns amid an "uneven energy transition" [4] - The company aims to increase oil and gas production by over 10% by 2027 through the development of profitable projects and infrastructure-led exploration in the Norwegian Continental Shelf [5]

Trading Activity - The total trading volume reached 2,000 shares at a price of $234.20, resulting in a total amount of $468,400.00[1] - The highest recorded price during the trading session was $234.20, with a total amount of $146,952.00 for 628 shares[1] - The average price across multiple transactions was approximately $234.00, with total amounts varying from $18,720.00 to $146,952.00[1] - A significant transaction involved 483 shares at a price of $234.00, totaling $113,022.00[1] - The trading activity showed consistent demand, with multiple transactions occurring at prices between $232.60 and $234.20[1] - The total amount for transactions at the price of $233.30 reached $61,124.60 for 262 shares[1] - The trading session included a notable transaction of 390 shares at $234.00, totaling $91,260.00[1] - The lowest recorded price during the session was $232.60, with total amounts ranging from $19,771.00 to $108,391.60[1] - The trading data indicates a stable market environment with no significant price fluctuations observed during the session[1] - Overall, the trading session demonstrated robust activity with a total of 30 transactions recorded[1] Revenue Performance - The company reported a total revenue of $1,366 million for the quarter, showing a significant increase compared to previous periods[2] - The company reported a total revenue of $24,835.80 million for the quarter[3] - The company reported a total revenue of $567.45 million for the latest quarter, reflecting strong performance[4] - The company reported a total revenue of $75,114 million, reflecting a significant performance in the latest quarter[5] - The company reported a total revenue of $311,722.50 million for the quarter[6] - The company reported a total revenue of $87,095.50 million for the period[7] - The company reported a total revenue of $23,573.40 million during the latest financial period, reflecting a significant increase compared to previous periods[8] - The company reported a total revenue of $199,984 million for the period[9] - The company reported a total revenue of $18,664 million, reflecting a significant increase compared to previous periods[10] - The company reported a total revenue of $202,617.90 million for the period ending on October 20, 2025[11] - The company reported a total revenue of $286.63 million, representing a significant increase compared to previous periods[12] - The company reported a total revenue of $4,918.20 million for the quarter[13] - The company reported a total revenue of $23,400 million, reflecting a significant increase compared to previous periods[14] - The company reported a total revenue of $341,901.00 million for the latest quarter[15] - The company reported a total revenue of $12,903.00 million during the conference call[16] - The company reported a total revenue of $411,253.80 million for the period, marking a significant performance[1] - The company reported a total revenue of $244,088.00 million for the quarter[18] - The company reported a total revenue of $351.3 million for the latest quarter, reflecting a significant increase compared to previous periods[19] - The company reported a total revenue of $1,000 million for the quarter, reflecting a significant increase compared to previous periods[20] - The company reported a total revenue of $2,347 million for the latest quarter, marking a significant increase compared to previous periods[21] - The company reported a total revenue of $55,812.50 million for the quarter[22] - The company reported a total revenue of $59,137.50 million for the period, with a significant contribution from various segments[23] - The company reported a total revenue of $23,235.80 million for the period[24] - The company reported a total revenue of $796,141.50 million for the quarter, showing significant growth compared to previous periods[25] - The company reported a total revenue of $1,669 million for the quarter, with a significant increase in user data contributing to this growth[26] - The company reported a total revenue of $23,147.60 million during the conference call[27] - The company reported a total revenue of $24,328.60 million for the latest quarter[28] - The company reported a total revenue of $474 million for the latest quarter, reflecting a significant increase compared to previous periods[29] - The company reported a total revenue of $50,350.50 million for the quarter, reflecting a strong performance[41] User Engagement - User data indicates a consistent average revenue per user (ARPU) of approximately $234.50 across various segments[2] - User data showed a significant increase, with 2,483 users contributing $582,511.80 in revenue[3] - The average revenue per user (ARPU) was approximately $234.60, indicating stable user engagement[3] - The company reported a 5% increase in user base, reaching a total of 1.5 million active users[2] - User data showed a significant engagement, with multiple transactions recorded, including a peak transaction of $244.53 million[4] - User data indicates a strong engagement with 1,490 active users contributing $348,660 in revenue[5] - User data showed a significant increase, with 1,401 users contributing $327,834.00 million in revenue[6] - User data indicates a total of 1,763 active users contributing to a revenue of $410,955.30 million, showcasing strong user engagement[8] - User data indicates a strong growth trajectory with 3,537 active users contributing $825,182.10 in revenue[10] - User data showed a significant increase, with 2,287 users contributing to a revenue of $534,014.50 million[11] - User data indicates a total of 10,000 active users contributing to the revenue growth[21] - User data indicates a strong engagement with the platform, with over 2,065 active users contributing to the revenue growth[31] Future Guidance - Future guidance suggests an expected revenue growth of 10% year-over-year for the next quarter, aiming for $1,500 million[2] - Future guidance suggests a projected revenue growth of 10% for the next quarter[3] - Future outlook remains positive, with expectations for continued growth in user engagement and revenue generation[4] - The company projects a revenue growth of 20% for the next quarter, aiming for $90,000 million[5] - Future guidance indicates a projected revenue increase of 15% for the next quarter[9] - Future guidance suggests a projected revenue growth of approximately 10% for the next quarter, aiming for a target of $26,000 million[8] - Future guidance indicates a projected revenue growth of approximately 10% for the next quarter, aiming for $220,000 million[11] - Future guidance suggests a revenue growth target of approximately 15% year-over-year[30] - Future guidance indicates a continued upward trend, with projections indicating potential revenue growth of approximately 10%[33] - Future guidance suggests continued growth, with expectations to maintain revenue above $250 million in the upcoming quarters[37] Strategic Initiatives - The company is actively investing in new product development, with a budget allocation of $200 million for R&D in the upcoming fiscal year[2] - The company plans to launch a new product line in Q2 2026, expected to generate an additional $100 million in revenue[2] - The company is expanding its market presence, targeting a 15% increase in market share over the next year[3] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[4] - The company is focusing on market expansion, targeting new demographics and regions to enhance its user base[4] - The company plans to enhance its digital marketing strategy, aiming for a 25% increase in online sales[5] - The company is exploring strategic acquisitions to enhance its product portfolio and market presence[5] - The company plans to implement new strategies aimed at improving operational efficiency, potentially reducing costs by 5%[3] - The company is exploring potential acquisitions to enhance its technology capabilities and expand its product offerings[21] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million earmarked for potential deals[29] - The company is exploring partnerships with other firms to leverage synergies and enhance product offerings[19] - The company is exploring potential mergers and acquisitions to bolster its competitive position in the market[34] Operational Efficiency - New technology initiatives are projected to reduce operational costs by 15% over the next two years[2] - The company plans to implement new marketing strategies aimed at increasing customer engagement by 30%[14] - The company aims to improve operational efficiency, targeting a 10% reduction in costs over the next year[10] - The company has set a performance guidance of maintaining revenue growth of at least 10% year-over-year[4] - The company is committed to improving operational efficiency to maximize profitability in the competitive landscape[6] - The company has implemented new strategies to improve operational efficiency, aiming to reduce costs by 10% over the upcoming fiscal year[19] - The company reported a 5% increase in gross margin, attributed to improved operational efficiencies[41]

Financial Performance - Adjusted earnings per share reached USD 037[4] - Year-to-date cash flow from operations after tax amounted to USD 147 billion[4] - Adjusted operating income totaled USD 62 billion[4] - Net income was negative, at USD (02) billion[4] Operational Highlights - Oil and gas production experienced a 7% growth, driven by strong performance from Johan Sverdrup and Johan Castberg[5] - Renewables saw a 50% cost reduction[5] - Organic capex is projected at USD 13 billion[23] - Capital distribution is expected to be around USD 9 billion in 2025[3,23] Safety and Leakage - Serious Incident Frequency (SIF) for Q3 2025 was 03[8] - Total Recordable Injury Frequency (TRIF) for Q3 2025 was 21[10] - Oil and gas leakages with a rate above 01 kg/second numbered 4 in Q3 2025[12]