Equinor ASA ( EQNR ) Q3 2025 Earnings Call October 29, 2025 6:30 AM EDT Company Participants Bård Pedersen - Senior Vice President of Investor relations Torgrim Reitan - Executive VP & CFO Conference Call Participants Irene Himona - Sanford C. Bernstein & Co., LLC.
Equinor reported a bigger-than-expected decline of 9.9% in third-quarter profits on Wednesday as oil and gas prices fell from a year ago, and maintained its outlook for production growth.
Beyond analysts' top-and-bottom-line estimates for Equinor (EQNR), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2025.
EQNR secures approval to begin drilling at Verdande, set to boost output using FPSO Norne and existing subsea infrastructure.
EQNR pulls out of Australia's Novocastrian Offshore Wind Farm, marking its third local exit and a blow to the nation's renewable push.
EQNR's Johan Castberg and Sverdrup fields contribute to higher oil output in Norway, pushing production to a decade-high level.
Equinor remains an attractive value play, trading at low EV/EBITDA and P/CF multiples despite recent earnings declines. Revenue and net income have dropped year-over-year, but cash flow and dividend growth remain resilient, supporting the investment case. Increased operating expenses and CAPEX have pressured free cash flow, but valuation versus peers still points to significant upside.
Equinor posts $955 million impairment on U.S. wind projects, citing regulatory rollbacks, tariffs and lost tax credits.
Equinor delivers strong operational performance with robust cash flow, growing oil and gas production, and accelerating renewables, despite a sub-$70 billion market cap. The company maintains a generous 12-13% capital return yield through dividends and buybacks, supported by a healthy balance sheet and significant cash reserves. Renewables are expanding rapidly but remain a small portion of revenue; oil and gas, especially natural gas, continue to drive core earnings.
Lower liquids production and weaker prices hurt EQNR Q2 earnings and revenues.
Equinor's second-quarter profit fell as expected, its earnings report showed on Wednesday, as declining oil prices outweighed a rise in the price of gas.
EQNR taps Aker Solutions for its Fram Sor project, aiming to boost North Sea gas output and strengthen Europe's energy supply.