Equinor (EQNR) Q1 2025 (Media) earnings summary

Executive summary

• Delivered strong financial and operational performance in 1Q 2025, with adjusted operating income of USD 8.65 billion and net income of USD 2.63 billion, supported by robust cash flow, capital discipline, and solid oil and gas production.

• Started up new fields at Johan Castberg and Halten East, and made final investment decision for Northern Lights Phase 2.

• Empire Wind project in the US halted by government order in April 2025, with gross book value of around USD 2.5 billion; Equinor is seeking legal remedies.

• Maintained resilience against lower commodity prices and market volatility.

• Announced a cash dividend of USD 0.37 per share and a share buy-back program, with total expected capital distribution of up to USD 9 billion in 2025.

Financial highlights

• Adjusted operating income reached USD 8.65 billion, up 15% year-over-year; net income was USD 2.63 billion, down 2% year-over-year.

• Cash flow from operations after tax was USD 7.4 billion, up 24% year-over-year.

• Adjusted earnings per share stood at USD 0.66.

• Cash, cash equivalents, and financial investments totaled USD 24.8 billion.

• Net debt to capital employed adjusted: 6.9% at quarter-end, improved from 11.9% at end of Q4 2024.

Outlook and guidance

• Organic capital expenditures for 2025 guided at USD 13 billion.

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

• Capital distribution planned at up to USD 9 billion for the year.

• Scheduled maintenance to reduce equity production by ~30 mboe/day for full year 2025.

• Risks to guidance include production deferrals, timing of new capacity, operational regularity, and market conditions.