Equinor’s Q3 2025 adjusted operating income declines as liquids prices fall

Equinor reported adjusted operating income of $6.21bn in the third quarter of 2025 (Q3 2025), a decline of 10% compared to the same period the previous year.

The company said the results were influenced by a decline in liquids prices, which were partially mitigated by increased production levels and higher gas prices in the US.

Equinor recorded a net loss of $200m in the quarter, while adjusted net income stood at $930m, translating to adjusted earnings per share of $0.37.

The company’s net operating income stood at $5.27bn, a decrease from $6.91bn in the same period last year, primarily due to net impairments totalling $754m, which were largely a result of “updated forward-looking price assumptions”.

Assets classified as held for sale within the global portfolio, which have not been depreciated, accounted for $650m, while $385m was linked to US non-operated assets offshore.

The company said “this was partially offset by an impairment reversal of $299m” concerning an onshore asset in Norway.

Equinor said it achieved a European gas price of $11.4 per million British thermal units, while prices of realised liquids were $64.9 per barrel during Q3.

Looking ahead, the company anticipates that its midstream, marketing and processing segment will generate quarterly average adjusted operating income of approximately $400m, influenced by evolving market conditions and previous asset divestments.

Compared to the same quarter last year, adjusted operating and administrative expenses have risen, attributed to future operating expenses related to an offshore asset in the US that ceased production during the quarter, as well as increased transportation costs and currency fluctuations.

Equinor’s total equity production reached 2.13 billion barrels of oil equivalent (bboe) per day in the quarter, a 7% increase from 1.98bboe per day in the corresponding quarter of the previous year.

Production on the Norwegian Continental Shelf (NCS) saw 9% year-on-year growth, driven by robust performance from the Johan Sverdrup and Johan Castberg fields, alongside minimal unplanned downtime, contributions from new wells and reduced turnaround impacts.

The US segment reported a 29% increase in oil and gas production compared to the same period last year, reflecting the acquisition of additional interests in US onshore assets last year and heightened output from offshore operations.

Conversely, production from the international upstream segment, excluding the US, declined due to exits from Nigeria and Azerbaijan last year, as well as a two-month production halt at the Peregrino field, which is currently for sale. Production at this field resumed this month following compliance with Brazilian audit requirements.

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During the quarter, Equinor finalised 18 offshore exploration wells on the NCS, resulting in seven commercial discoveries, one of which has already commenced production, adding volumes to Åsgard A in the Norwegian Sea.

The Northern Lights project received and stored its first CO₂ volumes during the quarter.

Equinor, along with ExxonMobil Brasil, Pré-sal Petróleo and Petrogal Brasil, started production from the Bacalhau field offshore Brazil.

Equinor CEO and president Anders Opedal said: “In October, we started production from our largest offshore field internationally, Bacalhau. The field will contribute substantially to grow earnings from our international portfolio towards 2030.”

The Board of Directors initiated a fourth and final tranche of the company's share buyback programme for 2025, amounting to up to $1.26bn, which is set to commence on 30 October and conclude no later than 2 February 2026.

This tranche will complete the previously announced share buyback programme of up to $5bn for 2025, culminating in total capital distribution for the year of around $9bn.

The third tranche of the buyback programme was completed on 23 October 2025, valued at $1.27bn, with all buyback amounts including shares to be redeemed by the Norwegian state.

"Equinor’s Q3 2025 adjusted operating income declines as liquids prices fall" was originally created and published by Offshore Technology, a GlobalData owned brand.

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