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Equinor Q4 Earnings Beat Estimates on Higher Production Volumes
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Key Takeaways
EQNR reported Q4 adjusted EPS of 81 cents, beating estimates, while revenues dropped year over year.
EQNR's total liquids and gas production rose 5% year over year, supported by new fields and additional wells.
EQNR saw strong E&P USA profit growth, while Norway and international segments faced price & volume pressures.
Equinor ASA (EQNR - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 81 cents, which topped the Zacks Consensus Estimate of 60 cents. The bottom line also increased from the year-ago quarter’s 63 cents.
Total quarterly revenues of $25.3 billion declined from $27.7 billion in the prior-year quarter. The top line, however, surpassed the Zacks Consensus Estimate of $23.4 billion.
The better-than-expected quarterly results can be primarily attributed to increased liquids and gas production across major Exploration & Productionsegments. However, a decline in liquid prices offset the positives to some extent.
Exploration & Production Norway (E&P Norway): The segment reported adjusted earnings of $5,026 million, down 26% from $6,804 million in the year-ago quarter. The segment was affected by a natural decline in several fields. Additionally, a decline in gas and liquids prices offset strong production in the quarter.
The company’s average daily production of liquids and gas increased 5% to 1,468 thousand barrels of oil equivalent per day (MBoe/d) from 1,398 Mboe/d in the prior-year quarter. The year-over-year increase can be attributed to new fields, such as Johan Castberg and Halten East, as well as additional wells coming into production.
E&P International: The segment’s adjusted operating profit totaled $214 million, down 29% from $303 million in the year-ago quarter. The segment was primarily affected by a decline in production volumes and lower liquids prices. The fourth-quarter results also include the negative impact of an underlift timing effect.
The average daily equity production of liquids and gas declined 15% to 289 MBoe/d from 339 MBoe/d in the year-ago quarter. Equity production fell year over year due to asset sales in Azerbaijan and Nigeria, as well as the production halt at Peregrino from August to October in 2025. Additionally, production in the quarter was hampered by the sale of a 40% operated stake in the Peregrino field in mid-November and operational disruptions in certain fields.
E&P USA: Equinor generated an adjusted operating profit of $359 million from this segment. The figure increased 95% from $184 million in the fourth quarter of 2024. The segment was primarily aided by higher natural gas prices and higher gas production volumes.
The integrated firm’s average equity production of liquids and gas was 441 MBoe/d, up 32% from 335 MBoe/d in the year-ago period. The increase was primarily supported by growth in gas production volumes from the Appalachia onshore assets following the acquisition of additional interests in late 2024.
Marketing, Midstream & Processing: The segment reported adjusted earnings of $678 million, a 3% increase from $659 million a year ago. The segment benefited from higher liquids and gas sales volumes and an increased realized piped gas price in the United States.
Renewables: The segment reported an adjusted loss of $26 million, narrower than the year-ago quarter’s loss of $100 million.
Net Cash Flow of EQNR
Equinor ended the fourth quarter with a negative net cash flow of $1,062 million compared with a negative net cash flow of $4,969 million in the year-ago period. Organic capital expenditures amounted to $3.3 billion in the fourth quarter.
Equinor’s Balance Sheet
As of Dec. 31, 2025, the company reported $5,036 million in cash and cash equivalents. Its long-term debt was $25,984 million.
EQNR’s Outlook for 2026
Equinor expects oil and gas production to grow around 3% in 2026 compared to 2025 levels. The company has added exploration acreage in Norway, Brazil and Angola to its asset portfolio and plans to drill approximately 30 exploration wells in the year. Organic capital expenditures for the year are projected to be approximately $13 billion. The company has also announced a share buyback of up to $1.5 billion for 2026.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects in the future, which is expected to enhance its revenues.
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Equinor Q4 Earnings Beat Estimates on Higher Production Volumes
Key Takeaways
Equinor ASA (EQNR - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 81 cents, which topped the Zacks Consensus Estimate of 60 cents. The bottom line also increased from the year-ago quarter’s 63 cents.
Total quarterly revenues of $25.3 billion declined from $27.7 billion in the prior-year quarter. The top line, however, surpassed the Zacks Consensus Estimate of $23.4 billion.
The better-than-expected quarterly results can be primarily attributed to increased liquids and gas production across major Exploration & Productionsegments. However, a decline in liquid prices offset the positives to some extent.
Equinor ASA Price, Consensus and EPS Surprise
Equinor ASA price-consensus-eps-surprise-chart | Equinor ASA Quote
Segmental Analysis of Equinor
Exploration & Production Norway (E&P Norway): The segment reported adjusted earnings of $5,026 million, down 26% from $6,804 million in the year-ago quarter. The segment was affected by a natural decline in several fields. Additionally, a decline in gas and liquids prices offset strong production in the quarter.
The company’s average daily production of liquids and gas increased 5% to 1,468 thousand barrels of oil equivalent per day (MBoe/d) from 1,398 Mboe/d in the prior-year quarter. The year-over-year increase can be attributed to new fields, such as Johan Castberg and Halten East, as well as additional wells coming into production.
E&P International: The segment’s adjusted operating profit totaled $214 million, down 29% from $303 million in the year-ago quarter. The segment was primarily affected by a decline in production volumes and lower liquids prices. The fourth-quarter results also include the negative impact of an underlift timing effect.
The average daily equity production of liquids and gas declined 15% to 289 MBoe/d from 339 MBoe/d in the year-ago quarter. Equity production fell year over year due to asset sales in Azerbaijan and Nigeria, as well as the production halt at Peregrino from August to October in 2025. Additionally, production in the quarter was hampered by the sale of a 40% operated stake in the Peregrino field in mid-November and operational disruptions in certain fields.
E&P USA: Equinor generated an adjusted operating profit of $359 million from this segment. The figure increased 95% from $184 million in the fourth quarter of 2024. The segment was primarily aided by higher natural gas prices and higher gas production volumes.
The integrated firm’s average equity production of liquids and gas was 441 MBoe/d, up 32% from 335 MBoe/d in the year-ago period. The increase was primarily supported by growth in gas production volumes from the Appalachia onshore assets following the acquisition of additional interests in late 2024.
Marketing, Midstream & Processing: The segment reported adjusted earnings of $678 million, a 3% increase from $659 million a year ago. The segment benefited from higher liquids and gas sales volumes and an increased realized piped gas price in the United States.
Renewables: The segment reported an adjusted loss of $26 million, narrower than the year-ago quarter’s loss of $100 million.
Net Cash Flow of EQNR
Equinor ended the fourth quarter with a negative net cash flow of $1,062 million compared with a negative net cash flow of $4,969 million in the year-ago period. Organic capital expenditures amounted to $3.3 billion in the fourth quarter.
Equinor’s Balance Sheet
As of Dec. 31, 2025, the company reported $5,036 million in cash and cash equivalents. Its long-term debt was $25,984 million.
EQNR’s Outlook for 2026
Equinor expects oil and gas production to grow around 3% in 2026 compared to 2025 levels. The company has added exploration acreage in Norway, Brazil and Angola to its asset portfolio and plans to drill approximately 30 exploration wells in the year. Organic capital expenditures for the year are projected to be approximately $13 billion. The company has also announced a share buyback of up to $1.5 billion for 2026.
EQNR’s Zacks Rank and Key Picks
EQNR currently carries a Zacks Rank #4 (Sell).
Some top-ranked stocks from the energysector are Archrock Inc. (AROC - Free Report) , Oceaneering International (OII - Free Report) and W&T Offshore (WTI - Free Report) . While Archrock currently sports a Zacks Rank #1 (Strong Buy), Oceaneering and W&T Offshore carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects in the future, which is expected to enhance its revenues.