ABERDEEN, SCOTLAND The Global Energy Network reports that Norwegian energy major Equinor has officially published its 2025 Annual Report. The comprehensive document outlines a year characterized by record breaking production, resilient financial performance, and accelerated progress across its global oil, gas, and renewable energy portfolios.
Operating in a complex global market with fluctuating commodity prices and geopolitical shifts, Equinor delivered an adjusted operating income of USD 27.6 billion and a net income of USD 5.06 billion. The company maintained strict capital discipline throughout the year, reporting organic capital expenditures of USD 13.1 billion and delivering a highly competitive return on average capital employed of 14.5 percent.
President and CEO Anders Opedal praised the operational execution of the organization, noting that strong performance and the successful integration of new fields were key drivers of these world class financial returns.
Unprecedented Production Milestones Equinor achieved massive execution milestones in 2025. Equity production of liquids and gas reached a record 2,137 thousand barrels of oil equivalent per day, representing a 3.4 percent increase from the previous year.
This operational surge was heavily driven by the Norwegian Continental Shelf, which recorded its highest annual production volume in over 15 years. Significant contributors to this success included the highly anticipated start up of the Johan Castberg field and the Halten East tie back project. On the international stage, Equinor successfully brought the Bacalhau oil field in Brazil on stream and optimized its global footprint by divesting the Peregrino field and establishing the Adura joint venture.
Accelerating the Energy Transition Equinor also demonstrated measurable, data driven progress in its low carbon and renewable energy divisions. Equity production of renewable power surged by 25 percent in 2025, reaching a total of 3.67 terawatt hours. The company continued to advance major offshore wind developments globally, including the Empire Wind, Dogger Bank, and Baltyk projects.
On the emissions front, Equinor successfully reduced its operated Scope 1 and Scope 2 emissions by 34 percent compared to 2015 baseline levels. This keeps the organization firmly on track to achieve its ambitious target of a 50 percent reduction by 2030. The upstream carbon intensity of the Equinor portfolio stood at just 6.3 kilograms per barrel, which is less than half of the global industry average. Furthermore, the company progressed the Northern Lights carbon capture and storage project, reaching a final investment decision for phase two.
Safety and Economic Contribution Equinor remains a massive economic contributor, paying USD 20.5 billion in corporate income taxes in 2025, with USD 19.7 billion of that total paid directly in Norway.
Safety remained the paramount focus of operations. Equinor recorded its lowest ever serious incident frequency of 0.21 per million hours worked. However, Opedal emphasized that the tragic fatality at the Mongstad facility serves as a stark reminder of the inherent risks of the energy industry and the continuous need to build an uncompromising, industry wide safety culture with all suppliers and partners.
Moving deeper into 2026, Equinor aims to leverage its newly established Power business area to capture further value across renewables, energy storage, and flexible generation, ensuring long term competitiveness in a rapidly evolving market.
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