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Equinor (EQNR) investor relations material

Equinor Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary23 Jul, 2025

Executive summary

  • Achieved solid financial results in Q2 2025, driven by strong operational performance, new fields in Norway, and robust US onshore gas and renewables growth.

  • Johan Castberg ramped up to plateau production of 220,000 barrels/day in under three months, exceeding expectations.

  • Significant $955 million impairment on US offshore wind assets due to regulatory changes and market conditions.

  • Strategic divestment of Peregrino field in Brazil for $3.5 billion, with focus shifting to Bacalau and Raya developments.

  • Announced ordinary cash dividend of $0.37 per share and a $1.265 billion share buyback tranche.

Financial highlights

  • Adjusted operating income was $6.5 billion for Q2 2025; net income was $1.3 billion, impacted by US offshore wind impairment.

  • Adjusted earnings per share reached $0.64.

  • Cash flow from operations after tax was $9.2 billion for the quarter; year-to-date reached $9.3 billion.

  • Distributed $1.3 billion to shareholders in Q2.

  • Realized liquids price at $63/bbl (down YoY); European gas at $12/mmbtu (up YoY); North American gas at $2.73/mmbtu (up YoY).

Outlook and guidance

  • Organic capex for 2025 guided at $13 billion, with 30% exposed to Norwegian kroner.

  • Oil and gas production growth expected at 4% for 2025.

  • Net debt to capital employed ratio expected to remain around 15% by year-end.

  • Total capital distribution for 2025 expected at $9 billion.

  • Guidance for production growth, investments, and capital distribution maintained as previously communicated.

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Frequently asked questions

Equinor ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy, as well as other businesses in Norway and internationally. The company operates through five segments: Development & Production Norway; Development & Production USA; Development & Production International; Marketing, Midstream & Processing; and New Energy Solutions. It produces oil, gas, wind, and solar power. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.

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