Equinor Asa · OSL:EQNR
Equinor Asa — Q3 2025 Earnings Presentation
12 slides from Equinor Asa's earnings presentation, Oct 29, 2025
Slide 1: Third quarter 2025 results
Third quarter 2025 results Torgrim Reitan Chief financial officer 29 October 2025 Open
Slide 2: Highlights
Highlights Third quarter 2025 Strong cashflow and operational performance − 7% production growth, with strong performance from Johan Sverdrup and Johan Castberg 6.2BN USD (0.2) BN USD − Robust balance sheet through lower price environment Adjusted operating Net income − IFRS results impacted by net
Slide 3: Safety: performance indicators
Safety: performance indicators Serious Incident Frequency (SIF) Total Recordable Injury Frequency (TRIF) Oil and gas leakages Serious incidents and near-misses per million hours worked. Personal injuries per million hours worked. Number of leakages with rate above 0.1 kg/second 12-month average. 12-
Slide 4: Equity production
3Q 2025 Oil and gas production mboe/d Equity production 1 984 2 130 1 984 2 130 441 342 1 022 267 934 334 Oil and gas − NCS production up 9% supported by Johan Castberg − US onshore production up 40%; offshore production up 9% 1 308 1 422 1 050 1 109 − International production down due to stop at Pe
Slide 5: Financial results
3Q 2025 Financial results Highlights Realised prices 3Q25 3Q24 − Lower liquids prices; higher average gas prices in the US Liquids (USD/bbl) 64.9 74.0 and Europe European gas (USD/mmbtu) 11.43 11.24 − E&P Norway strong production and operational performance; N. American gas (USD/mmbtu) 2.42 1.66 res
Slide 6: Cash flow
3Q 2025 Cash flow - Two NCS tax instalments totaling USD 3.9 billion1 Cash flow (USD million) 3Q25 YTD2025 - 4Q25: three payments of NOK 19.97 billion Cash flow from operations3 9,098 28,885 - Significant capital distribution of USD 5.65 billion Total taxes paid (3,764) (14,219) Cash flow from opera
Slide 7: Outlook
Outlook Outlook 2025 Organic Oil and gas Capital capex 1 production growth distribution 13 4 9 BN USD PERCENT BN USD 1. Ba s e d on US D/NOK of 11 7 | 3Q 2025 results Open 29 October 2025
Slide 8: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use including levels of industry product supply, demand and pricing, in particular in light of significant oil price volatility; words such as "ambition",
Slide 9: Investor Relations in Equinor
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com Norway/UK Bård Glad Pedersen Senior Vice President bgp@equinor.com +47 91 80 17 91 Lars Valdresbråten IR Senior Manager Norway lava@equinor.com +47 40 28 17 89 Lindsey Gannaway IR Senior Manager UK liga@equinor.com +44 7889
Slide 10: Appendix
Appendix 10 | 3Q 2025 results Open 29 October 2025
Slide 11: Financial results
3Q 2025 Financial results 3Q 2025 (204) 5,270 944 6,215 (628) (4,655) 932 Million USD Net income Net operating Adjustments Adjusted Adjusted net Adjusted Adjusted Income operating financial income tax 1 net income income items 3Q 2024 2,285 6,905 (19) 6,887 162 (4,857) 2,191 Million USD 1. Income ta
Slide 12: Segment results
3Q 2025 Segment results Adjusted operating E&P Norway E&P International E&P USA MMP REN income Million USD Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 3Q 25 5,618 1,261 396 223 37 25 299 127 (64) (58) 3Q 24 5,875 1,337 407 326 207 160 545 346 (115) (99) Net o