Core Insights - Equinor ASA (EQNR) has signed a five-year gas supply agreement with Dutch gas grid operator Eneco to deliver up to 0.5 billion cubic meters (bcm) of natural gas annually starting February 1, 2026 [1][7] - The agreement includes the provision of 'guarantees of origin' certificates, which indicate that the gas is produced with lower carbon emissions, contributing to a reduction of over 10% in Eneco's reported CO2 emissions [2][7] - This deal enhances energy relations between Norway and the Netherlands, bolsters Dutch energy security, and provides stability and improved cash flow for Equinor [3][7] Industry Context - Current West Texas Intermediate (WTI) crude prices are below $65 per barrel, indicating a potentially easing business environment for Equinor's upstream segment, although predictions suggest further price decreases may pressure the upstream business [4] - Other major players in the integrated oil and gas sector, such as Chevron Corporation (CVX), Exxon Mobil Corporation (XOM), and BP p.l.c. (BP), are also facing similar crude price volatility, with each holding a Zacks Rank 3 (Hold) [5][6]

Core Insights - Equinor ASA (EQNR) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 81 cents, exceeding the Zacks Consensus Estimate of 60 cents, and up from 63 cents in the same quarter last year [1][11] - Total quarterly revenues were $25.3 billion, a decline from $27.7 billion in the prior-year quarter, but still surpassed the Zacks Consensus Estimate of $23.4 billion [1][11] Financial Performance - The better-than-expected quarterly results were primarily due to increased liquids and gas production across major Exploration & Production segments, although a decline in liquid prices offset some of the positives [2] - The company's average daily production of liquids and gas increased by 5% to 1,468 thousand barrels of oil equivalent per day (MBoe/d) from 1,398 MBoe/d in the prior-year quarter, attributed to new fields and additional wells [4][11] - Equinor ended the fourth quarter with a negative net cash flow of $1,062 million, an improvement from a negative net cash flow of $4,969 million in the year-ago period [12] Segment Analysis - Exploration & Production Norway (E&P Norway) reported adjusted earnings of $5,026 million, down 26% from $6,804 million in the year-ago quarter, affected by natural declines in several fields and lower gas and liquids prices [3] - E&P International's adjusted operating profit totaled $214 million, down 29% from $303 million in the year-ago quarter, primarily due to a decline in production volumes and lower liquids prices [5] - E&P USA generated an adjusted operating profit of $359 million, a 95% increase from $184 million in the fourth quarter of 2024, supported by higher natural gas prices and production volumes [7] - The Marketing, Midstream & Processing segment reported adjusted earnings of $678 million, a 3% increase from $659 million a year ago, benefiting from higher sales volumes and increased realized gas prices in the U.S. [9] Future Outlook - Equinor expects oil and gas production to grow around 3% in 2026 compared to 2025 levels, with plans to drill approximately 30 exploration wells and projected organic capital expenditures of approximately $13 billion [14]

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 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]

Equinor (NYSE:EQNR) Q4 2025 Earnings call February 04, 2026 05:30 AM ET Company ParticipantsAlastair Syme - Managing DirectorAnders Opedal - President and CEOBiraj Borkhataria - Head of European Energy ResearchBård Glad Pedersen - SVP of Investor RelationsChristopher Kuplent - Energy Equity ResearchHenri Patricot - Executive Directora and Equity ResearchJohn Olaisen - Head of ResearchMartijn Rats - Chief Commodity Strategist and Head of European Oil & Gas Equity ResearchPaul Redman - Strategy ConsultantTorg ...

Equinor (NYSE:EQNR) Q4 2025 Earnings call February 04, 2026 05:30 AM ET Speaker2Good morning to all, both here in the room in Oslo, and to all our participants online. Welcome to the presentation of Equinor's fourth quarter and full year results for 2025. My name is Bård Glad Pedersen. I'm head of Investor Relations in Equinor. To those of you who are in the room, I want to inform you that there are no emergency drills planned for today, so if there is an alarm, we will evacuate and follow instructions. Tod ...

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 | | | ...