Core Insights - Equinor reported adjusted operating income of $6.2 billion for Q4 2025, a decrease from $7.9 billion in Q4 2024 [1] - The company's net operating income fell to $5.49 billion from $8.74 billion year-over-year, while net income was $1.31 billion compared to $2 billion in the previous year [1] - Adjusted earnings per share increased to $0.81 from $0.63 in Q4 2024 [1] Financial Performance - The financial results were influenced by lower liquids prices, partially offset by higher US gas prices and increased production volumes [2] - Production on the Norwegian Continental Shelf rose by 5% compared to Q4 2024, driven by new fields and wells such as Johan Castberg and Halten East [2] - US onshore asset production increased due to acquisitions made in late 2024 [2] Segment Performance - The E&P International segment saw a decline in production due to exits from Nigeria and Azerbaijan, and a halt and partial sale of Brazil's Peregrino field, although new wells in Argentina and Angola contributed positively [3] - Renewable power generation grew to 1.76 terawatt-hours (TWh) for the quarter and reached 5.65 TWh for the year, supported by the Dogger Bank A offshore wind farm and onshore projects [3] Cash Flow and Expenditure - Operating cash flows before taxes and working capital adjustments were $9.55 billion for the quarter, with cash flow from operations after taxes at $3.31 billion for the period and $18 billion for the year [4] - Organic capital expenditure for the quarter was $3.29 billion, totaling $13.1 billion for the year [4] - Net debt to capital employed adjusted stood at 17.8% at the end of the quarter [4] Future Outlook - Equinor forecasts organic capital expenditure of around $13 billion for 2026 and targets oil and gas production growth of approximately 3% [5] - The company aims to maximize value from the Norwegian Continental Shelf while focusing on growth in its international oil and gas portfolio and integrated power business [6] - A recent gas and condensate discovery was made in the Norwegian North Sea's Sissel prospect in January 2026 [6]

Group 1 - Equinor has signed a five-year gas supply agreement with Eneco, an energy company based in the Netherlands, for deliveries to the Netherlands [1]

Core Insights - Equinor ASA (EQNR) has signed an agreement to sell its onshore assets in Argentina's Vaca Muerta basin to Vista Energy for $1.1 billion, while retaining its offshore assets in the same region [1][8] Group 1: Transaction Details - The sale includes Equinor's non-operated stakes of 30% in the Bandurria Sur asset and 50% in the Bajo del Toro asset, effective July 1, 2025 [2] - Upon closing the deal, Equinor will receive a cash payment of $550 million, shares in Vista Energy, and contingent payments linked to production and oil prices for over five years [3][8] Group 2: Financial Implications - This transaction is expected to boost Equinor's cash flow and strengthen its financial position, allowing for increased investment in key growth markets in the coming years [3] - By 2030, Equinor anticipates its international portfolio will deliver increased production and cash flow, primarily driven by key assets in Brazil, the United States, and the U.K., enhancing business model stability and investor appeal [4] Group 3: Market Context - Current West Texas Intermediate crude prices are below $65 per barrel, with predictions from the U.S. Energy Information Administration (EIA) indicating further decreases, which may pressure Equinor's upstream business [5] - Other upstream players like ConocoPhillips and Diamondback Energy are also expected to face challenges due to crude price volatility, as indicated by the EIA's forecast [6]

Core Viewpoint - Norway's Socialist Party has withdrawn its support for a proposal that would have impacted Equinor's Hammerfest liquefied natural gas (LNG) plant regarding its planned onshore electricity connection [1] Group 1 - The proposal in question aimed to deprive Equinor's Hammerfest LNG plant of a planned onshore electricity connection [1]

Core Message - Equinor is implementing measures to strengthen free cash flow, including a cautious capital spending plan for 2026 and 2027, while maintaining a focus on shareholder returns and oil and gas production growth [6]. Cost Management - The company aims for a 10% reduction in operating expenses (OpEx) and selling, general and administrative expenses (SG&A) by 2026, with a reported decline influenced by structural changes such as the divestment of Peregrino and the establishment of Adura [1] - Equinor reduced renewables OpEx and SG&A by 27% in 2025, primarily by lowering early-phase costs [1]. Capital Expenditure - Equinor guided to organic capital expenditure (CapEx) of approximately $13 billion in 2026 and $9 billion in 2027, with expected monetization of Empire Wind investment tax credits (ITCs) [2]. - The company reduced its capital spending outlook for 2026 and 2027 by about $4 billion, mainly within power and low carbon sectors, while maintaining oil and gas investments at around $10 billion annually [3]. Production and Financial Performance - Equinor reported a return on average capital employed of 14.5% for 2025, with cash flow from operations after tax of $18 billion and earnings per share of $0.81 [4]. - Total liquids and gas production for 2025 was 2,137,000 barrels per day, reflecting a 3.4% year-over-year increase [4]. Project Updates - Empire Wind project is over 60% complete, with total CapEx expected to be around $7.5 billion, of which about $3 billion remains [9]. - The cash effect of tax credits is expected to be around $2.5 billion, with planning assumptions of around $2 billion ITC impact in 2027 [10]. Production Outlook - Equinor anticipates oil and gas production growth of around 3% in 2026, building from record levels in 2025 [12]. - The company made 14 commercial discoveries in 2025 and plans to drill around 30 exploration wells in 2026 [13]. Shareholder Returns - Equinor announced a share buyback program of $1.5 billion for 2026, with an initial tranche of $375 million set to begin shortly after the earnings call [16]. - The quarterly cash dividend has been increased to $0.39 per share, representing more than a 5% increase [15]. Financial Guidance - For 2026, Equinor guided to about $16 billion in cash flow from operations after tax, rising to around $18 billion in 2027 under flat price assumptions [17].

Core Viewpoint - Norway's Equinor successfully sold approximately 30% of its U.S. onshore natural gas assets on a spot basis in January, taking advantage of a cold snap that significantly increased demand and prices [1] Group 1: Company Performance - Equinor capitalized on market conditions by selling a substantial portion of its natural gas volumes, indicating effective management and strategic positioning in response to demand fluctuations [1] Group 2: Market Conditions - The cold snap in January led to a sharp rise in both demand and prices for natural gas, highlighting the volatility and responsiveness of the energy market to weather-related events [1]

Financial Data and Key Metrics Changes - In 2025, the company achieved record high production of 2,137,000 barrels per day, a 3.4% increase from the previous year, driven by ramp-up on Johan Castberg and Halten East [31][32] - Cash flow from operations after tax reached $18 billion, with earnings per share at $0.81 [31][34] - The return on average capital employed was 14.5%, maintaining an industry-leading position [8][31] Business Line Data and Key Metrics Changes - Adjusted operating income from E&P Norway totaled $5 billion, influenced by increased production despite lower prices [32] - E&P international results were affected by portfolio changes and an underlift situation [32] - The renewables power generation increased by 25% year-over-year, producing 5.65 terawatt-hours [31] Market Data and Key Metrics Changes - The European gas market experienced cold weather and high draw on storage, with storage levels around 40%, significantly below the five-year average [6] - U.S. gas production increased by 45%, capturing higher prices, with a low unit production cost of around $1 per barrel [30] Company Strategy and Development Direction - The company plans to reduce CapEx outlook by $4 billion for 2026 and 2027, focusing on maintaining strong cash flow and a solid balance sheet [5][16] - Strategic priorities include maximizing long-term shareholder value, strengthening free cash flow, and developing an attractive oil and gas production portfolio [4][5] - The Norwegian Continental Shelf remains a key area for investment, with 16 projects in execution [22][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of navigating geopolitical tensions and market volatility while maintaining a competitive business [4] - The company expects production growth of around 3% in 2026, with a focus on operational efficiency and cost reduction [15][16] - Future cash flow from operations is projected to increase to $18 billion in 2027, driven by a 3% production increase and tax lag effects [58][16] Other Important Information - The company announced a share buyback program of $1.5 billion for 2026, starting with a $375 million tranche [18][35] - The total CapEx for the Empire Wind project is now expected to be around $7.5 billion, with $3 billion remaining [9][17] Q&A Session Summary Question: CapEx guidance for 2027 and implications for 2028 - Management indicated that it is too early to provide guidance for 2028, but consistent investments in oil and gas are expected going forward [40] Question: Price review impact on MMP results - The price review was a normal mechanism in gas contracts, resulting in a favorable arbitration outcome that will be a one-off payment [41][42] Question: Johan Sverdrup production decline expectations - A decline of more than 10% is expected for Johan Sverdrup in 2026, but efforts will be made to mitigate this decline [49] Question: M&A activity and asset sales - Management stated that while there are no specific assets on the sales list, the company remains open to opportunistic acquisitions [51] Question: Cash flow guidance for 2026 and 2027 - The increase in cash flow from operations is attributed to tax lag effects and a production increase [58] Question: Integrated power portfolio definition - Integrated power includes both renewable and flexible power sources, with a focus on delivering already sanctioned projects [75]

Financial Data and Key Metrics Changes - In 2025, the company achieved record high production of 2,137,000 barrels per day, a 3.4% increase from the previous year, driven by new fields coming online [31][32] - Cash flow from operations after tax reached $18 billion, with an earnings per share of $0.81 [31][34] - The return on average capital employed was 14.5%, indicating strong operational efficiency [31][34] - The company expects cash flow from operations to be around $16 billion in 2026, growing to approximately $18 billion in 2027 based on flat price assumptions [16][58] Business Line Data and Key Metrics Changes - The adjusted operating income from EMP Norway totaled $5 billion, influenced by increased production despite lower prices [32] - The EMP international results were affected by portfolio changes and an underlift situation, while U.S. results benefited from significantly higher gas production [32] - Production from renewables increased by 25% year-over-year, contributing to the overall growth in the integrated power segment [31][80] Market Data and Key Metrics Changes - The European gas market experienced cold weather and high storage drawdowns, with storage levels around 40%, significantly below the five-year average [6] - The company noted that U.S. gas production increased by 45%, benefiting from higher prices and well-timed acquisitions [30] Company Strategy and Development Direction - The company plans to reduce CapEx by $4 billion for 2026 and 2027, focusing on maintaining a strong balance sheet and cash flow [5][16] - Strategic priorities include maximizing long-term shareholder value, strengthening free cash flow, and developing an attractive oil and gas production portfolio [4][5] - The Norwegian Continental Shelf remains a key area for investment, with plans to maintain strong production levels into the next decade [12][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of navigating geopolitical tensions and market uncertainties while maintaining operational safety as a top priority [4][7] - The company anticipates continued volatility in oil prices due to geopolitical risks and expects to manage through lower prices effectively [6][21] - Management expressed confidence in the execution of projects like Empire Wind, despite challenges, and emphasized the importance of cash flow from operations to support future investments [9][56] Other Important Information - The company announced a share buyback program of $1.5 billion for 2026, with an ambition to grow the quarterly cash dividend by two cents per share annually [18][35] - The total CapEx for Empire Wind is now expected to be around $7.5 billion, with $3 billion remaining [9][10] Q&A Session Questions and Answers Question: CapEx guidance for 2027 and its implications for 2028 - Management indicated that while CapEx has been reduced, it is too early to provide guidance for 2028, but consistency in investments is expected going forward [38][40] Question: Explanation of the price review that boosted results - The price review was a normal mechanism in gas contracts, where discrepancies between contract prices and market prices were renegotiated, resulting in a favorable arbitration outcome [41][42] Question: Johan Sverdrup production decline expectations - Management expects a decline of more than 10% for Johan Sverdrup in 2026, but below 20%, while still projecting overall production growth for the company [47][48] Question: M&A activity and asset sales - Management stated that while there are no specific assets on the sales list, the company remains open to opportunistic acquisitions and divestments to optimize its portfolio [49][50] Question: Breakdown of cash flow guidance for 2026 and 2027 - The increase in cash flow from operations is attributed to a combination of tax lag effects and a projected 3% production increase in 2026 [52][58] Question: Integrated power strategy and Ørsted's role - Integrated power for the company includes both renewable and flexible power sources, with Ørsted playing a collaborative role in offshore wind projects [70][76]

Financial Data and Key Metrics Changes - Equinor reported a record high production of 2,137,000 barrels per day in 2025, up 3.4% from the previous year, driven by new fields coming online [29][30] - The company achieved a Return on Average Capital Employed of 14.5% and cash flow from operations after tax of $18 billion [7][29] - The adjusted operating income from EMP Norway totaled $5 billion, influenced by increased production despite lower prices [30] Business Line Data and Key Metrics Changes - The production from the Norwegian Continental Shelf (NCS) was a significant contributor, with Johan Castberg and Halten East driving growth [29][30] - The renewables segment saw a 25% increase in power generation, producing 5.65 terawatt-hours [30] - The U.S. operations experienced a 45% increase in production, reaching around 300,000 barrels per day, benefiting from higher gas prices [28][30] Market Data and Key Metrics Changes - The European gas market faced volatility due to cold weather and high storage draw, with storage levels around 40%, significantly below the five-year average [5][30] - The company noted that current oil prices are supported by geopolitical risks but expect pressure from strong supply and moderate demand growth [5][30] Company Strategy and Development Direction - Equinor plans to reduce CapEx by $4 billion for 2026 and 2027, focusing on maintaining a solid balance sheet and strong cash flow [4][15] - The company aims to grow production by around 3% in 2026, with a focus on high-graded international oil and gas projects [14][15] - Strategic priorities include developing the Norwegian Continental Shelf and enhancing the integrated power business, combining renewables with flexible power solutions [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of safety and the need for continuous improvement despite strong performance in 2025 [6][30] - The geopolitical landscape and market volatility are acknowledged as ongoing challenges, but the company remains well-positioned to navigate these uncertainties [3][5] - Future cash flow is expected to increase to around $18 billion in 2027, driven by production growth and tax effects [15][55] Other Important Information - The company announced a share buyback program of $1.5 billion for 2026, with an ambition to grow the quarterly cash dividend by two cents per share annually [17][34] - The Empire Wind project is progressing, with a total CapEx expected to be around $7.5 billion, and the project is over 60% complete [9][10] Q&A Session Summary Question: CapEx guidance for 2027 and implications for 2028 - Management indicated that while CapEx has been reduced, it is too early to provide guidance for 2028, but consistency in investments is expected [37][39] Question: Price review impact on MMP results - The price review was a normal mechanism in gas contracts, resulting in a favorable arbitration outcome that boosted results [40][41] Question: Johan Sverdrup production decline expectations - Management expects a decline of more than 10% for Johan Sverdrup in 2026, but efforts will be made to mitigate this decline [45][46] Question: M&A activity and asset sales - Management stated there are no specific M&A sales candidates disclosed, but the company remains open to value-accretive opportunities [48] Question: Cash flow guidance for 2026 and 2027 - The increase in cash flow for 2027 is attributed to production growth and tax lag effects, with a flat price assumption of $65 for oil [55][56] Question: Integrated power definition and Ørsted's role - Integrated power for the company includes both renewable and flexible power sources, with Ørsted as a collaborative partner in offshore wind projects [72][73]

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 6-K For the month of February 2026 Commission File Number 1-15200 Equinor ASA (Translation of registrant's name into English) 2025 Fourth quarter Financial statements and review | 2 Press release | | PRESS RELEASE | FOURTH QUARTER CONDEN 2025 REVIEW STATEM | | --- | --- | --- | --- | | Key figures | Operational | Financial | | | ...