A message from the chair of the board and the CEO:
A safe and reliable energy supplier through volatility
2025 was a year in which Equinor delivered strong performance and record production, while operating in an environment marked by increased geopolitical tension and market uncertainty. Through this volatility, our focus remains clear: to safely and reliably provide energy to our customers and create long-term value for our shareholders.
Global demand for energy continues to rise. As the largest supplier of oil and gas to Europe with growing production in international markets, Equinor is well positioned to contribute to energy security and long-term value creation.
Putting safety first
Safety is our top priority. In 2025, we achieved our lowest ever serious incident frequency of 0.21 per million hours worked, reflecting years of continuous effort by people across our organisation. Yet the tragic fatality of a colleague from one of our suppliers during a lifting operation at Mongstad in September reminds us that we still need to improve. We continue to focus on improvements within safety, security and working environment through cooperation with suppliers and learning from experience. Everyone working for Equinor must return home safely, every day.
Strong operational and financial performance
Equinor delivered record high equity production of 2,137 mboe per day in 2025. New field developments such as Johan Castberg and Halten East supported strong performance on the Norwegian continental shelf (NCS), which remains the core of our portfolio. Our international portfolio also contributed, where the start-up of Bacalhau in Brazil added important new capacity.
Our power business continued to expand, delivering 5.65 TWh of production, including a 25% increase in renewable power generation.
Despite lower commodity prices than expected, we report strong cash flow, an industry-leading return on average capital employed* of 14.5% and USD 9 billion in capital distribution.
Strategic progress across the portfolio
We continued to allocate capital to areas where Equinor can create the most value: the NCS, focused international oil and gas growth, and building an integrated power business.
On the NCS, we are strengthening efficiency and accelerating the development of new resources. Our ambition is for our 2035 production in Norway to be at the same level as in 2020. To support this, we are implementing a new operating model, expected to be implemented before summer 2026. This will enable more exploration, faster development of discoveries and overall increase efficiency, creating more value from a maturing shelf.
Internationally, we continued high-grading our portfolio in 2025. We divested an operated share of Peregrino in Brazil and established the Adura joint venture with Shell in the UK. These steps are expected to increase cash flow, reduce cost and position our international portfolio for long-term value creation. We will continue developing our international portfolio, focusing on key projects that will provide cash flow and more longevity to our reserve base.
For our power business, 2025 was a year of execution and transition. Major projects including Empire Wind, Dogger Bank and Bałtyk 2 & 3 continued to progress. By establishing Power as a new business area, we have brought together renewables, flexible generation, energy storage and power trading into one integrated portfolio. Focus for the next two years will be on delivering projects already in execution and proving the competitiveness of the integrated business model.
We strengthened our role as an energy supplier to Europe by signing long term gas supply agreements with Centrica in the UK, BASF in Germany and Pražská plynárenská in the Czech Republic. In addition, Northern Lights reached important milestones, with the investment decision for phase two and the storage of the first CO2 volumes.