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]

Core Insights - Equinor ASA has made two significant gas and condensate discoveries in the Sleipner area of the Norwegian North Sea, described as the largest discoveries of the year [1][9] - The discoveries were made in the Lofn and Langemann prospects, with Equinor holding a 60% working interest in the production license [1] Exploration and Resources - The two wildcat wells, 15/5-8 S and 15/5-8 A, were drilled using the Deepsea Atlantic semi-submersible rig and may contain approximately 5-18 million standard cubic meters of recoverable oil equivalents [2][9] - The Norwegian Continental Shelf (NCS) is noted to be significantly underexplored, with substantial untapped energy resources that are essential for a reliable energy supply to Europe [2] Development and Environmental Impact - The discoveries are located near existing fields, allowing for potential development by connecting to nearby subsea facilities, which could expedite production timelines and reduce environmental impact due to low carbon dioxide emissions [3] - The gas and condensate were found in the Hugin formation, characterized by high-quality sandstones, and the wells have been permanently plugged and abandoned [4]

Core Viewpoint - Condor Energies Inc. has successfully drilled its first horizontal well, Andakli-23, in Uzbekistan, achieving significant production increases and planning further drilling activities in the region [1][5]. Group 1: Well Performance and Production - The Andakli-23 horizontal well reached a total depth of 3,775 meters, including 1,007 meters of open hole horizontal section, and has increased average daily production to 11,844 barrels of oil equivalent per day (boepd) over the past three days [1][2]. - The well is expected to be placed on production in December 2025 after flow testing [2]. - Recent workovers in the North Syuzma field have also shown strong gas flow, with production rates reaching 9,978 boepd in the third quarter of 2025 [6]. Group 2: Technical Insights and Future Plans - The drilling operations included a vertical pilot hole that evaluated the prospectivity of the Jurassic clastics, identifying fair to good reservoir quality with estimated porosities of 9 to 13% [3]. - The company plans to drill up to 12 new wells in 2026, with the next horizontal well targeting a different carbonate reservoir [5][6]. - The successful introduction of new technologies and techniques during the drilling of A-23 is expected to enhance future production capabilities [5].