Equinor’s production grew 9% in the first quarter of this year as the company also reported seven commercial discoveries on the Norwegian Continental Shelf (NCS) as part of an exploration strategy that aims to maintain 2020 production levels through 2035.
“This quarter, we deliver exceptional operational performance and record‑high production; combined with higher prices, we present strong financial results,” said Equinor’s President and CEO Anders Opedal in the company's first-quarter earnings presentation.
Milestones include:
- Exploration activity on 11 offshore wells led to completion of nine wells.
- Nonoperated onshore assets in Argentina were sold, and drilling started at the Raia gas field in Brazil.
- The operator is expanding its integrated power portfolio in Brazil through the acquisition of the Esquina do Vento onshore wind project, with construction set to begin later this year.
- Equinor’s Adura joint venture (JV) with Shell in the UK delivered its first quarterly distribution of $150 million, reflecting strong early cash flow from producing fields such as Mariner and Buzzard. Formed in late 2025, the Adura JV is the largest independent oil and gas producer in the UK sector of the North Sea.
Equinor reported record-high production in the first quarter, with total equity output rising 9% year on year to 2.31 million BOED, from 2.12 million BOED in 1Q 2025.
Production from Johan Castberg, Halten East, and Verdande drove a 10% increase in NCS production compared to last year. New wells contributed to the growth, though natural decline across several fields partially offset the increase.
Internationally, Equinor said production growth from the Adura JV and the Bacalhau field in Brazil was partly offset by natural decline across other assets, portfolio changes, and operational issues at the Roncador field in the Campos Basin.
Bacalhau is Equinor’s largest international offshore field. Equinor holds a 40% operating stake alongside partners ExxonMobil Brazil (40%) and Petrogal Brasil (20%, a Galp-Sinopec JV), with Pré-sal Petróleo SA representing the Brazilian state under the production-sharing agreement.
The company’s US assets delivered record-high production in the first 3 months of the year, driven by higher gas output from Appalachia assets onshore and increased offshore production from new wells.
The Dogger Bank wind project and new onshore assets drove a 29% increase in renewable power generation, lifting total power generation to 1.39 TWh. Lower gas-to-power output partly offset the gains, resulting in broadly stable total power generation to 1Q2025, the company said.
Higher production combined with higher liquids prices and higher US gas prices enabled Equinor to deliver adjusted pre-tax operating income of $9.77 billion and $2.86 billion after tax in the first quarter, the majority state-owned Norwegian company reported.
Operating income was $8.78 billion, while adjusted net income reached $3.70 billion, with adjusted earnings per share of $1.48.
“Heightened geopolitical tension continues to disrupt energy flows and commodity prices,” Opedal noted in his presentation. “In such volatile markets, continued high production from the Norwegian Continental Shelf reinforces Equinor’s role as a trusted energy partner to Europe.”
“Successful exploration results on the Norwegian Continental Shelf underpin long‑term supply and value creation,” he added. “With our strong onshore gas position in the US and the optimized international portfolio, we are further strengthening competitiveness and future cash flow.”