Equinor ASA
- Open
- 39.00
- Day high
- 39.32
- Day low
- 38.47
- Prev close
- 40.35
- Volume
- 3.9M
- Mkt cap
- $95.9B
- P/E (TTM)
- 10.5
- EPS (TTM)
- $3.67
- P/B
- 2.2
- P/S
- 0.8
- Yield
- 3.39%
- Per share
- $1.31
Equinor ASA (EQNR) is a Energy company listed on NYSE. The stock is up 48% over the past year. Drillr has 1 published research article covering EQNR.
Equinor ASA (EQNR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EQNR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $1.39 | $1.33 | -4.3% | $34.5B | +1.5% |
| May 6, 2026 | $1.01 | $1.48 | +46.5% | $27.8B | -3.1% |
| Feb 4, 2026 | $0.60 | $0.81 | +35.0% | $25.3B | +8.0% |
| Oct 29, 2025 | $0.57 | $0.37 | -35.1% | $26.0B | +21.8% |
| Jul 23, 2025 | $0.66 | $0.64 | -3.0% | $25.3B | +8.7% |
| Apr 30, 2025 | $0.83 | $0.66 | -20.5% | $29.4B | +18.7% |
| Feb 5, 2025 | $0.82 | $0.63 | -23.2% | $26.5B | +6.3% |
| Oct 24, 2024 | $0.74 | $0.79 | +6.8% | $25.4B | +4.2% |
| Jul 24, 2024 | $0.85 | $0.84 | -1.2% | $25.5B | +7.3% |
| Apr 25, 2024 | $0.80 | $0.96 | +20.0% | $25.1B | +5.8% |
| Feb 7, 2024 | $0.86 | $0.63 | -26.7% | $28.8B | +4.8% |
| Oct 27, 2023 | $0.97 | $0.92 | -5.2% | $25.9B | +8.0% |
Equinor ASA company profile
Overview
Equinor ASA (NYSE:EQNR) is a Norwegian multinational energy company that has evolved from a state-owned oil company into a diversified energy enterprise leading the transition toward renewable energy. Originally founded in 1972 as Statoil ASA and rebranded to Equinor in 2018, the company is headquartered in Stavanger, Norway, and went public in 2001. As one of Europe's largest energy companies, Equinor operates across the entire energy value chain, from traditional oil and gas exploration and production to renewable energy development and carbon capture technologies, positioning itself as a key player in the global energy transition.
Business
Equinor operates as an integrated energy company with activities spanning the complete energy value chain. The company's core business revolves around several key segments that collectively generate revenue from both traditional hydrocarbon resources and emerging clean energy technologies. The company's largest revenue generator is its Exploration & Production (E&P) Norway segment, which focuses on oil and gas extraction from the Norwegian Continental Shelf (NCS). This segment leverages Norway's abundant offshore hydrocarbon reserves, with flagship assets like the Johan Sverdrup field producing over 750,000 barrels per day. The Norwegian operations benefit from the country's favorable tax regime and established infrastructure, making it one of the world's most profitable oil and gas provinces. Exploration & Production International represents Equinor's global upstream activities outside Norway, including operations in Brazil (Bacalhau field), the UK (Rosebank project), and other international markets. This segment typically contributes around 15-20% of total production and focuses on high-value, lower-emission projects that can compete globally. The Exploration & Production USA segment encompasses Equinor's American shale operations, primarily focused on onshore gas production. The company has been strategically reshaping this portfolio, including recent asset swaps with EQT to optimize its U.S. footprint. Marketing, Midstream & Processing (MMP) handles the transportation, refining, and trading of oil and gas commodities. This segment operates refineries, terminals, and processing facilities while also engaging in sophisticated energy trading activities, including liquefied natural gas (LNG) and electricity trading. The MMP segment provides crucial market access and price optimization capabilities. The Renewables segment represents Equinor's growth engine for the energy transition, developing offshore and onshore wind projects, solar installations, and other renewable energy assets. Notable projects include the Dogger Bank offshore wind farm (world's largest when completed) and Empire Wind off the U.S. East Coast. While currently contributing a small percentage of total revenue, this segment is expected to grow significantly. The Other segment includes emerging technologies like carbon capture and storage (CCS), where Equinor operates the Northern Lights CO2 storage facility, and various low-carbon solutions that support the company's net-zero ambitions by 2050.
Revenue model
Equinor generates revenue through multiple complementary business models that span traditional energy production and emerging clean technologies. The company's primary revenue source comes from product sales of crude oil, natural gas, and refined petroleum products to global markets. Oil and gas production from Norwegian and international fields provides the foundation of cash flow, with pricing typically linked to international benchmark prices like Brent crude and European gas markets. The company's trading and marketing operations generate additional revenue through sophisticated commodity trading, particularly in natural gas and LNG markets where Equinor leverages its production base and market knowledge to capture trading margins. The MMP segment also earns processing fees from refining operations and terminal services. In the renewable energy sector, Equinor employs a project development and ownership model, developing wind farms and solar installations that generate revenue through long-term power purchase agreements (PPAs) and electricity sales to grid operators. Projects like Empire Wind have secured contracts at approximately $155/MWh, providing predictable cash flows over 20-25 year periods. The company's customers include major oil companies, utilities, industrial users, and government entities across Europe, North America, and other global markets. European gas customers represent a particularly important segment, as Equinor supplies approximately 20% of Europe's gas needs, making it a critical energy security partner. Several factors significantly impact Equinor's profitability margins. Commodity price volatility represents the most significant external factor, with oil and gas prices directly affecting revenue and cash flow generation. The company benefits from Norway's unique tax system, which provides substantial downside protection during low-price periods through tax refunds on investments. Currency fluctuations, particularly USD/NOK exchange rates, affect both revenues (primarily USD-denominated) and costs (partially NOK-denominated). Operational efficiency and cost management remain crucial, with the company maintaining industry-leading cost structures on the Norwegian Continental Shelf. Regulatory changes, particularly regarding carbon pricing, emissions regulations, and renewable energy policies, increasingly influence investment decisions and long-term profitability. Energy transition dynamics create both challenges and opportunities, as traditional energy demand patterns shift while new markets for clean energy and carbon management services emerge.
Competitive moat
Equinor's competitive moat stems from several distinctive advantages that are difficult for competitors to replicate. The company's privileged access to Norwegian Continental Shelf resources represents its strongest moat, as these offshore fields offer some of the world's lowest-cost, lowest-emission oil and gas production. The Norwegian government's stable fiscal regime and Equinor's deep operational expertise in harsh offshore environments create significant barriers to entry for competitors. The company's integrated value chain presence provides operational synergies and market intelligence that pure-play exploration companies cannot match. Equinor's trading and marketing capabilities, combined with its production base, allow for sophisticated hedging strategies and market optimization that enhance overall returns. In renewable energy, Equinor is building a first-mover advantage in offshore wind, particularly in floating wind technology where the company has pioneered commercial-scale deployments. This technical expertise, combined with project development capabilities and access to capital, positions Equinor favorably in emerging offshore wind markets globally. However, the strength of Equinor's moat faces several challenges. The energy transition poses long-term risks to traditional oil and gas assets, potentially eroding the value of the company's core Norwegian production base over time. Increasing competition in renewable energy markets, particularly from established utilities and technology companies with deeper pockets, threatens Equinor's positioning in clean energy. The company's renewable energy operations currently lack the scale and cost advantages of pure-play renewable developers, making it vulnerable to competitive pressure. Additionally, regulatory and political risks could impact the company's moat, particularly if Norwegian energy policies shift or if international climate regulations accelerate the transition away from fossil fuels faster than anticipated. The company's success in maintaining its competitive position will largely depend on its ability to successfully execute the energy transition while preserving cash flow from traditional operations.
Risks & safety
Equinor demonstrates a strong margin of safety with robust financial metrics and conservative capital management, though energy transition investments introduce some execution risks. • **Liquidity and Solvency**: Strong cash position of $7.4 billion with additional short-term investments, current ratio of 1.54x indicating adequate liquidity coverage, and debt-to-equity ratio of 0.65x representing manageable leverage levels. • **Cash Generation**: Exceptional free cash flow generation of $6.0 billion in Q1 2025 and $7.9 billion for full year 2024, supported by high-margin Norwegian production and favorable tax regime providing downside protection. • **Valuation Metrics**: Trading at attractive multiples with P/E ratio of 7.1x, EV/EBITDA of 2.1x, and price-to-book of 1.63x, suggesting reasonable valuation relative to cash generation capability. • **Capital Allocation**: Committed to returning $9 billion to shareholders in 2025 through dividends and buybacks, demonstrating disciplined capital allocation and shareholder-friendly policies. • **Risk Factors**: Empire Wind project represents $1.5-2 billion potential exposure following regulatory stop-work order, renewable energy investments carry execution risk, and commodity price volatility affects earnings predictability.
Recent development
Over the past few years, Equinor has undergone a significant strategic transformation, pivoting from a traditional oil and gas company toward an integrated energy provider focused on the energy transition. The company's most notable strategic shift has been the rebalancing of its renewable energy strategy, moving from aggressive growth targets to a more disciplined, value-focused approach. In 2024, management reduced renewable capital expenditure by 50% and revised capacity targets from aggressive expansion to a more measured 10-12 GW by 2030, emphasizing returns over volume. The company has made substantial portfolio optimization moves, including the strategic asset swap with EQT in U.S. onshore operations, allowing Equinor to focus on higher-value international assets while maintaining exposure to North American energy markets. Additionally, the company acquired a 9.8% stake in Ørsted as a counter-cyclical investment, positioning itself to benefit from offshore wind market recovery while gaining access to development opportunities. Operational excellence initiatives have delivered impressive results, with the Johan Sverdrup field achieving record production levels and extending its plateau phase. The company has also advanced several major international projects, including the Bacalhau field in Brazil and the Rosebank project in the UK, diversifying its production base beyond Norway. In emerging technologies, Equinor has established a new power business area starting in September 2025, signaling increased focus on electricity markets and grid integration. The company has also progressed its carbon capture and storage initiatives, completing the Northern Lights CO2 storage facility and developing both European and U.S. carbon management opportunities. However, the company faces significant challenges, particularly with the Empire Wind project, which received an unexpected regulatory stop-work order in April 2025, creating $1.5-2 billion in potential exposure and highlighting execution risks in the U.S. offshore wind market.
EQNR company profile · for informational purposes only — not investment advice.
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