Equinor's annual report for 2025

Core Viewpoint - Equinor ASA reported strong operational performance, record high production, and solid financial results for 2025, despite geopolitical tensions and market volatility, demonstrating its ability to provide energy safely and reliably while creating long-term shareholder value [1]. Operational Performance - Equinor achieved its lowest serious incident frequency of 0.21 per million hours worked in 2025, down from 0.3 in 2024, reflecting ongoing safety improvements [2]. - The company reported adjusted operating income of USD 27.6 billion and adjusted net income of USD 6.43 billion for 2025, with net operating income at USD 25.4 billion and net income at USD 5.06 billion [4]. - Equity production of liquids and gas reached 2,137 mboe per day, a 3.4% increase from the previous year, while renewable power production increased to 3.67 TWh, a 25% rise from 2024 [6]. Financial Performance - Despite lower commodity prices, Equinor reported strong cash flow and an industry-leading return on average capital employed of 14.5% for 2025, with organic capital expenditures of USD 13.1 billion [7]. - The company paid USD 20.5 billion in corporate income taxes in 2025, with USD 19.7 billion paid in Norway [8]. Strategic Developments - In 2025, Equinor initiated new production on the Norwegian continental shelf and advanced its international oil and gas portfolio, including the sanctioning of phase two of the Northern Lights carbon capture and storage project [9]. - The Johan Sverdrup field continued to perform strongly, contributing to the highest annual production on the Norwegian continental shelf in over 15 years [10]. - Internationally, the Bacalhau oil field in Brazil began production, and the divestment of the Peregrino oil field added significant value [11]. Renewable Energy and Emissions - Equinor progressed major offshore wind projects and established a new business area combining renewables, flexible generation, energy storage, and power trading [12]. - The company reduced operated scope 1 and 2 emissions by 34% from 2015 to 2025, achieving 10.1 million tonnes CO2e, and aims for a 50% reduction by 2030 [15].