Core Insights - Adjusted operating income decreased by 10%, primarily due to lower oil prices, although this decline was partially mitigated by a 7% increase in production and higher gas prices in the U.S. [1]

Core Insights - Equinor reported a larger-than-expected decline of 9.9% in third-quarter profits due to falling oil and gas prices compared to the previous year [1] - The company maintained its outlook for production growth despite the profit decline [1] Financial Performance - The decline in profits was attributed to lower oil and gas prices [1] - The specific percentage decline in profits was 9.9% [1] Production Outlook - Equinor has kept its production growth outlook unchanged [1]

Core Points - Equinor will commence the fourth tranche of its share buy-back programme for 2025 on 30 October 2025, with a total value of up to USD 1,266 million, including USD 417.8 million for market purchases [1][2] - The share buy-back programme aims to reduce the issued share capital of the company, with all shares purchased in the fourth tranche to be cancelled at the annual general meeting in May 2026 [4][8] - The maximum number of shares that can be purchased in the fourth tranche is 84 million, with 50,677,690 shares remaining available for purchase at the start of this tranche [5] Share Buy-Back Programme Details - The share buy-back programme for 2025 was announced in February 2025, with a total value of up to USD 5 billion, structured into tranches based on market conditions and balance sheet strength [2] - A non-discretionary agreement will be established with a third party to execute share repurchases independently of Equinor [2] - Future tranches after the fourth will be decided quarterly by the board, in line with the company's dividend policy [3] State Participation and Share Cancellation - An agreement with the Norwegian State ensures that the State will vote for the cancellation of shares purchased in the market at the annual general meeting in May 2026, maintaining its ownership share at 67% [6] - The price for the State's shares will be based on the volume-weighted average price paid by Equinor for market purchases, plus interest compensation [6] Trading and Compliance - Shares will be purchased on the Oslo Stock Exchange and potentially other venues within the EEA, adhering to applicable safe harbour conditions and regulations [7] - The company is obligated to disclose this information under the EU Market Abuse Regulation and Norwegian Securities Trading Act [8]

Group 1 - The cash dividend amount for Equinor for Q3 2025 is set at 0.37 USD per share [1] - The last day to include rights for the dividend is 13 February 2026 [1] - The ex-date for Oslo Børs is 16 February 2026, and for the New York Stock Exchange, it is 17 February 2026 [1] - The record date for the dividend is 17 February 2026 [1] - The payment date for the dividend is scheduled for 27 February 2026 [1] - The date of approval for the dividend is 28 October 2025 [1] - The cash dividend per share in NOK will be communicated on 23 February 2026 [1] Group 2 - The information is published in accordance with the Euronext Oslo Børs Continuing Obligations [2] - The disclosure is subject to the requirements of Section 5-12 in the Norwegian Securities Trading Act [2]

Financial Performance - Equinor reported an adjusted operating income of USD 6.21 billion and an adjusted net income of USD 0.93 billion for Q3 2025, leading to adjusted earnings per share of USD 0.37 [1][9] - The net operating income was USD 5.27 billion, down from USD 6.91 billion in the same quarter last year, impacted by net impairments of USD 754 million [10] - Cash flows from operating activities before taxes were USD 9.10 billion, with cash flow from operations after taxes paid at USD 5.33 billion [13] Production and Operational Highlights - Total equity production reached 2,130 mboe per day, a 7% increase from 1,984 mboe per day in Q3 2024 [3] - Strong operational performance on the Norwegian continental shelf (NCS) with a 9% production growth, particularly from the Johan Sverdrup and Johan Castberg fields [4][7] - The US segment saw a 29% increase in oil and gas production due to acquisitions and increased offshore production [5] Strategic Developments - Production commenced from the Bacalhau field in Brazil, the largest international offshore field developed by Equinor, expected to significantly contribute to earnings [2][16] - Successful exploration led to seven commercial discoveries on the NCS, enhancing Equinor's role as a reliable energy supplier to Europe [15] - The company decided to stop two early-phase electrification projects due to high abatement costs, while further developing the Grane-Balder energy project [18] Capital Distribution - A cash dividend of USD 0.37 per share was declared for Q3 2025, consistent with previous announcements [19] - The fourth tranche of the share buy-back program for 2025 will be up to USD 1.266 billion, completing a total capital distribution of around USD 9 billion for the year [20][21] Renewable Energy Contributions - Total power generation was 1.37 TWh, with the renewable portfolio contributing 0.91 TWh, a 34% increase year-over-year [8] - The company completed 18 offshore exploration wells on the NCS, resulting in seven commercial discoveries [8]

Core Insights - Brazil's state-run oil firm Petrobras and Norway's Equinor emerged as significant winners in an auction for blocks in Brazil's pre-salt area, each acquiring one block and collaborating to explore a third block [1] Company Summary - Petrobras successfully acquired one block in the pre-salt area, indicating its continued investment and strategic focus on expanding its operations in this lucrative region [1] - Equinor also secured one block, showcasing its commitment to exploring opportunities in Brazil's oil sector [1] - The partnership between Petrobras and Equinor for a third block highlights a collaborative approach to exploration, potentially enhancing operational efficiencies and resource sharing [1] Industry Summary - The auction results reflect ongoing interest and investment in Brazil's pre-salt oil reserves, which are known for their significant production potential [1] - The involvement of both a state-run company and an international player like Equinor underscores the attractiveness of Brazil's oil sector to foreign investors [1]

Core Insights - Equinor and partners have officially commenced production at the Bacalhau oil field in Brazil, marking a significant milestone for the company's largest deepwater development project globally [1] - The Bacalhau project has recoverable reserves exceeding 1 billion barrels of oil equivalent, with a peak production capacity of 220,000 barrels per day [1] - The project is expected to support approximately 50,000 jobs over its 30-year lifecycle and provide long-term economic benefits to Brazil [2] Group 1 - The Bacalhau oil field is located in the Santos Basin, with production starting on October 15 at 22:56 (Rio time) [1] - The project is a joint operation involving Equinor, ExxonMobil Brazil, Petrogal Brazil, and the Brazilian National Petroleum Agency (PPSA) [1] - Equinor's CEO highlighted that Bacalhau represents a new generation of oil and gas projects that combine scale, cost-effectiveness, and low carbon intensity [1] Group 2 - The Bacalhau oil field is situated at a water depth exceeding 2,000 meters and utilizes the most advanced Floating Production Storage and Offloading (FPSO) technology [1] - The FPSO, constructed and operated by MODEC, measures 370 meters in length and 64 meters in width, featuring combined cycle gas turbine technology to reduce carbon emissions [1] - Equinor anticipates that the carbon emissions per barrel of oil equivalent from this project will be approximately 9 kilograms, setting a new low for offshore operations [1]

Core Theme - The theme of this year's Equinor Global Supplier Day is "Reimagining Industry Collaboration," focusing on challenges and opportunities in the industry and the importance of cooperation with suppliers [3]. Event Overview - The event is being held at Offshore Technology Days in Stavanger, with both in-person and virtual attendance [1]. - The event includes discussions with key executives, including the Chief Procurement Officer and Senior Vice Presidents for Project and Renewables [3]. Emergency Procedures - Emergency protocols are in place, including alarms and evacuation instructions, with designated assembly points and first aid equipment available [2].

Equinor 2025 Investor Day Summary Industry and Company Overview - **Company**: Equinor (NYSE: EQNR) - **Event**: 2025 Global Supplier Day - **Date**: October 16, 2025 - **Location**: Offshore Technology Days, Stavanger Core Points and Arguments Safety and Collaboration - Equinor emphasizes the importance of safety, introducing an updated "I'm Safety Roadmap" aimed at achieving zero harm and preventing major accidents [6][10][19] - The roadmap consists of four interconnected pillars: proactive leadership and culture, safety in design, learning from incidents, and collaboration with suppliers [7][9][10] - Recent incidents, including a fatality at Mongstad, serve as reminders of the ongoing need for vigilance in safety practices [15][19] Strategic Direction - Equinor's strategy focuses on transitioning from an oil and gas company to a broader energy company, maintaining a commitment to reduce emissions by 50% by 2030 compared to 2015 levels [21][22] - The company plans to maintain production from the Norwegian continental shelf (NCS) at 1.2 million barrels per day until 2035, with annual investments of $6 billion to $7 billion over the next decade [23][24] Project Portfolio and Opportunities - Equinor aims to drill 250 exploration wells, 600 increased recovery production wells, and conduct 3,000 interventions over the next ten years, with 80% of drilling work performed by suppliers [24][25] - The company has initiated several major projects, including Bacalhau, which is expected to contribute to cash flow for decades [22][34] - There are plans for 75 subsea tieback projects over the next ten years, requiring collaboration and innovative approaches to capture opportunities [27][42] Renewables and Energy Transition - Equinor is constructing three major offshore wind projects, which will provide green power to approximately 8 million homes [51] - The company acknowledges that safety performance in renewables needs improvement, as it currently lags behind the oil and gas sector [52][60] - The levelized cost of energy is higher than base electricity prices, necessitating government support for project viability [58] Cost Management and Efficiency - Since 2019, subsea and marine installation costs have increased by 90%, driven by material costs, inflation, and productivity challenges [69][70] - Equinor is focused on reducing costs through simplification, standardization, and collaboration with suppliers to enhance competitiveness [72][74] Supplier Engagement - Equinor encourages suppliers to engage in early project phases, utilizing innovative delivery models and digital tools to optimize project outcomes [90][92] - The company is open to reusing documentation and simplifying processes to reduce complexity and costs [105][107] Other Important Insights - The NCS is becoming more mature, with discoveries becoming smaller and more complex, which poses challenges for future production [66][68] - Equinor's approach to energy storage is technology agnostic, focusing on what makes sense for specific markets [89] - The company emphasizes the need for stable regulatory frameworks and attractive terms to ensure profitable project development [74] This summary encapsulates the key discussions and strategic directions outlined during Equinor's 2025 Investor Day, highlighting the company's commitment to safety, sustainability, and collaboration with suppliers in navigating the energy transition.

Core Insights - Equinor ASA, along with partners ExxonMobil Brasil and Petrogal Brasil, has commenced production at the Bacalhau field in Brazil's Santos Basin, marking Equinor's largest international offshore development to date [1][3] Production Details - The Bacalhau field contains recoverable reserves exceeding 1 billion barrels of oil equivalent (boe) and utilizes a Floating Production Storage and Offloading (FPSO) vessel with a capacity of 220,000 barrels of oil per day (bpd) [2] - Phase one of the project includes 19 production and injection wells, which will be activated sequentially, with a production ramp-up update expected in 2026 [2] Strategic Importance - The successful start of operations enhances the longevity of Equinor's oil and gas production portfolio, combining scale, cost-efficiency, and lower carbon intensity [3] - The project employs combined-cycle gas turbines (CCGT) technology on the FPSO, aiming for a carbon intensity of approximately nine kilograms of CO₂ per boe, which is considered a competitive benchmark for deepwater production [4] Stakeholder Involvement - The development is operated by Equinor (40% stake), ExxonMobil Brasil (40%), and Petrogal Brasil (20%), with MODEC contracted to operate the FPSO initially [5] Economic Impact - Bacalhau is projected to significantly contribute to Equinor's goal of generating over five billion dollars in free cash flow by 2030 from international assets, while also supporting Brazil's economy and potentially creating 50,000 jobs [6]