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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.
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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