Equinor Annual Report 2025
- Adjusted operating income USD 27.6 billion and adjusted net income USD 6.43 billion in 2025.
- Equity production of liquids and gas 2,137 mboe/d (+3.4%) and renewable power 3.67 TWh (+25%) in 2025.
- Organic capital expenditures USD 13.1 billion; net debt to capital employed (adjusted) 17.8%; ROACE 14.5%.
- Operated scope 1 and 2 emissions down 34% since 2015 to 10.1 Mt CO2e, upstream CO2 intensity 6.3 kg CO2/boe and net carbon intensity -4% vs 2019.
Safety
Equinor recorded its lowest ever serious incident frequency of 0.21 per million hours in 2025 (down from 0.3 in 2024); several serious incidents and one fatality at Mongstad highlight ongoing safety gaps.
Financial and operational performance
Adjusted operating income USD 27.6bn and adjusted net income USD 6.43bn; net operating income USD 25.4bn and net income USD 5.06bn; ROACE 14.5%; organic capex USD 13.1bn; adjusted net debt to capital employed 17.8%; paid USD 20.5bn in corporate income taxes (USD 19.7bn in Norway).
Production and portfolio
Equity liquids and gas production 2,137 mboe/d (+3.4%); renewable power 3.67 TWh (+25%); new production from Johan Castberg, Halten East tie-back and Bacalhau; Peregrino divested; Adura JV established; progressed Empire Wind, Dogger Bank and Bałtyk 2&3; sanctioned Northern Lights phase 2 and advanced phase 1 start-up.
Energy transition
Operated scope 1 and 2 emissions down 34% since 2015 to 10.1 Mt CO2e; upstream CO2 intensity 6.3 kg CO2/boe (below industry average); updated Energy Transition Plan with adjusted ambitions and net carbon intensity reduced 4% vs 2019.
Source: Equinor