Equinor (EQNR) Q1 2025 earnings summary

Executive summary

• Reported strong Q1 2025 financial results with adjusted operating income of USD 8.65 billion and net income of USD 2.63 billion, driven by robust gas production and disciplined capital allocation.

• Cash flow from operations after tax was USD 7.4 billion, with a strong balance sheet and net debt ratio at 6.9%.

• Strategic milestones included start-up of Johan Castberg and Halten East fields, and final investment decision for Northern Lights Phase 2.

• Empire Wind project in the US halted by regulatory order, with gross book value of USD 2.5 billion and potential exposure of USD 1.5–2.0 billion.

• Maintained resilience against lower commodity prices and market volatility.

Financial highlights

• Adjusted operating income: USD 8.65 billion; net income: USD 2.63 billion.

• Cash flow from operations after tax: USD 7.4 billion; organic capex: USD 3.02 billion.

• Adjusted EPS: USD 0.66; net debt to capital employed: 6.9%.

• Distributed USD 2.5 billion to shareholders in Q1 2025; total expected capital distribution for the year is up to USD 9 billion.

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

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 commitment remains strong, with up to USD 9 billion planned for 2025.

• Guidance for 2025 assumes USD 20 billion cash flow from operations at USD 70 oil and USD 13 European gas.

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