Equinor ASA (EQNR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving Equinor ASA, and honestly, after two decades analyzing energy giants, I see a clear dual strategy here. They are aggressively milking cash from their massive North Sea oil and gas reserves-think $17.86 billion in operating cash flow for the first nine months of 2025-while simultaneously placing disciplined, multi-gigawatt bets on renewables and Carbon Capture and Storage (CCS). This isn't just about today's commodity prices; it's a calculated pivot aiming for returns above 15% RoACE by 2030. So, if you want the precise breakdown of how they balance reliable European gas supply with pioneering low-carbon infrastructure, dive into the full Business Model Canvas below; it shows exactly where the capital is flowing.

Equinor ASA (EQNR) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances that underpin Equinor ASA's current operations and its energy transition strategy as of late 2025. These aren't just handshake deals; they are multi-billion dollar commitments shaping the next decade of energy supply and low-carbon development. Let's break down the key players and the hard numbers involved.

The most immediate, tangible partnership in the gas segment is with BASF. This is a significant, long-term commitment securing a major revenue stream. Equinor will supply BASF up to 23 TWh of natural gas annually for a 10-year period, with deliveries starting on October 1st, 2025. That's a massive volume, ensuring a substantial share of BASF's European needs.

In the burgeoning Carbon Capture and Storage (CCS) space, Equinor ASA is locked in a crucial joint venture with Shell and TotalEnergies for the Northern Lights CCS project. The ownership structure is perfectly balanced, with each partner holding an equal 33.3% stake. Phase one of the project, which began operations in the summer of 2025 with the first CO2 volumes injected in August 2025, has a storage capacity of 1.5 Mtpa (Million tonnes of CO2 per year). The partners announced a Final Investment Decision (FID) for Phase Two in March 2025, committing NOK 7.5 billion to increase the total injection capacity to a minimum of 5 Mtpa starting from 2028.

The push into European offshore wind is heavily reliant on the Polenergia joint venture in Poland. This is a true 50/50 JV for the Bałtyk 2 and Bałtyk 3 offshore wind farms.

Here are the specifics on that Polish renewable energy commitment:

• Combined installed capacity for Bałtyk 2 and Bałtyk 3 is 1.44 GW (or 1440 MW).
• The total investment for construction is approximately PLN 27 billion, or about EUR 6.28 billion.
• The financial close secured over EUR 6 billion in project financing packages (over EUR 3 billion for each project).
• Full commercial power production is anticipated in 2028, enough to power over 2 million Polish homes.
• Equinor ASA and Polenergia are also preparing Bałtyk 1, with a planned capacity up to 1.56 GW, for the late 2025 auction.

You can't discuss Equinor ASA's governance or strategic direction without acknowledging the Government of Norway. The state remains the anchor shareholder, holding a controlling 67% stake, managed by the Ministry of Trade, Industry and Fisheries. This majority position was instrumental in the 2025 Annual General Meeting, where the state voted to back the company's energy transition strategy, effectively blocking a resolution for enhanced climate disclosures.

Finally, the push into next-generation technology is evidenced by specific technology partnerships, particularly in floating wind, where Equinor ASA led global sales in 2024 with a 9% market share.

Consider this table summarizing the scale of these key strategic relationships:

The company's technology leadership is also visible in its floating wind portfolio, which includes the 88 MW Hywind Tampen farm, the world's largest floating wind farm as of its 2022 start. This deep technical expertise is what underpins the new, large-scale project bids, like the 3 GW pipeline Equinor ASA is maturing in Poland.

Finance: draft 13-week cash view by Friday.

Equinor ASA (EQNR) - Canvas Business Model: Key Activities

You're looking at the core engine driving Equinor ASA's performance right now, which is heavily weighted toward maximizing value from its existing hydrocarbon base while selectively advancing lower-carbon solutions. Here's a breakdown of what the company is actively doing as of late 2025.

Exploration and Production (E&P): Equinor ASA is focused on driving 4% oil and gas production growth in 2025 compared to the 2024 level. You saw this commitment reflected in Q2 2025 when the CEO confirmed they were on track to deliver production growth in line with guidance. This growth is supported by key operational milestones, such as the Johan Castberg field reaching plateau production. The company's upstream carbon intensity remains industry-leading, hitting a record-low of 6.2 kg CO2 per barrel of oil equivalent (boe) in 2024, which helps keep costs down for these core volumes.

Large-scale gas marketing: Securing long-term supply contracts for European energy security remains a priority. The strategy involves leveraging a strengthened onshore gas portfolio, particularly in the US, which saw substantial gains. For instance, in Q2 2025, US onshore gas production saw a fifty percent increase at prices almost eighty percent higher than the same time last year. To give you a sense of the European market dynamics, the average European gas price Equinor ASA realized in Q1 2025 was $14.8 per Million British Thermal Units (MMBTU).

Offshore wind development: Equinor ASA is executing multi-gigawatt projects, though with a recalibrated focus on value creation. The company built a portfolio targeting 10-12 GW of installed renewable energy capacity by 2030, down from a previous high of 16 GW. You should note the three strategic megaprojects currently in construction: Dogger Bank A, B, C in the UK, Empire Wind 1 in the US, and Bałtyk 2&3 in Poland. The Polish projects, Bałtyk 2 & 3, reached financial close with financing packages totalling EUR 6 billion, contributing an expected total capacity of 1.4 GW.

Carbon Capture and Storage (CCS): Operating and expanding the Northern Lights infrastructure is a key activity demonstrating a new business model. Phase 1 is now operational, having started receiving CO2 volumes in August 2025, with an initial capacity of 1.5 million tonnes of CO2 per year, which is fully booked. The partnership has already approved Phase 2, which will increase the total injection capacity to a minimum of 5 million tonnes of CO2 per year, supported by an investment of $712.3 million. The long-term ambition for this segment is to achieve a transport and storage capacity of 30 to 50 million tonnes of CO2 per year by 2035.

Portfolio high-grading: This is about efficiency to bolster capital returns. Equinor ASA is actively engaged in reducing operational costs, specifically targeting a reduction in OpEx and SG&A by 20% to improve capital efficiency. This high-grading effort includes portfolio optimization, such as announcing the divestment of the Peregrino field in Brazil for USD 3.5 billion. The goal is to focus capital on high-value, low-cost assets, which supports the expectation of delivering an industry-leading return on average capital employed above 15% all the way to 2030.

Finance: draft 13-week cash view by Friday.

Equinor ASA (EQNR) - Canvas Business Model: Key Resources

You're looking at the core assets that make Equinor ASA tick, the things they own, control, or have exclusive access to, which are absolutely critical for their business model to work right now in late 2025. These aren't just nice-to-haves; they are the foundation of their competitive edge.

The most fundamental resource is the subsurface real estate. Equinor ASA remains the largest operator on the Norwegian Continental Shelf (NCS). This isn't just about volume; it's about efficiency and longevity. For instance, at the Johan Sverdrup field, systematic efforts are pushing the expected recovery rate to 66 percent, which is significantly higher than the average for the entire NCS, which sits at 47 percent. Plus, they keep adding to this base, logging discoveries in 2025 like the Lofn and Langemann wells, with preliminary estimates pointing to as much as 110 MMboe of recoverable resources. That's serious reserve depth.

Next up is their pioneering infrastructure in the low-carbon space. The Northern Lights CO2 storage facility is operational, marking the world's first third-party transport and storage facility. Phase 1 has a capacity of 1.5 million tonnes per year (Mtpa) and is fully booked. They made the Final Investment Decision for Phase 2 in March 2025, which will boost capacity to a minimum of 5 Mtpa by 2028. This operational CCS infrastructure is a massive differentiator.

Technologically, Equinor ASA holds proprietary advantages, especially in deep-water renewables. They are the technical pioneer in floating offshore wind, exemplified by the Hywind concept. The Hywind Tampen wind farm, the world's largest floating wind farm, has a system capacity of 88 MW and powers the Gullfaks and Snorre platforms, offsetting 200,000 tonnes of CO2 emissions annually. Looking forward, Equinor plans to reach an installed net capacity of 10-12 GW by 2030, with two-thirds expected from offshore wind.

You can't run a global energy major without serious financial backing. As of late 2025, the company reports a strong financial footing, with cash flow from operations of $17.86 billion in 9M 2025. This financial strength underpins their ability to fund both the oil and gas core business and the energy transition investments.

Finally, the stability provided by the Norwegian State cannot be overstated. The Norwegian State is the largest shareholder, holding a definitive 67% stake in Equinor ASA, managed by the Ministry of Trade, Industry and Fisheries. This majority ownership provides defintely stability and alignment with national resource strategy.

Here's a quick look at the scale of these key resources:

These resources enable specific operational capabilities, which you can see mapped out below:

• Maintain leading production volumes on the NCS.
• Operate the world's first third-party CO2 storage facility.
• Leverage proprietary floating wind technology for electrification.
• Fund large-scale capital expenditure programs.
• Benefit from long-term governmental strategic alignment.

Equinor ASA (EQNR) - Canvas Business Model: Value Propositions

You're looking at the core promises Equinor ASA is making to the market right now, grounded in the numbers they presented in their early 2025 updates. Honestly, it's a balancing act between securing today's energy needs and building the lower-carbon future.

Energy security: Reliable, high-volume natural gas supply to Europe

Equinor ASA is a critical piece of Europe's energy foundation. As Norway's largest gas producer, the combined gas volumes from Equinor and the State's Direct Financial Interest (SDFI) make up nearly 30 per cent of the gas market in Europe. This reliability is key, especially as Europe received a record high of 117.6 Bcm of natural gas in 2024. The gas Equinor markets and sells is essential; roughly two-thirds of Norway's total gas exports to Europe in 2024 were marketed by Equinor. The scale of this supply is immense, with Equinor producing gas equivalent to the consumption of more than 50 million European households. Even a specific, recent contract with RWE, signed in late 2023, committed to volumes between 10 to 15 TWh per year until 2028.

Low-carbon hydrocarbons: Industry-leading low CO2 emissions from production

Equinor ASA positions its hydrocarbon production as industry-leading in carbon efficiency. The company achieved an upstream CO2 intensity of 6.2 kg CO2 per barrel of oil equivalent (boe) in 2024. This is less than half the industry average, which stood at 18 kg CO2 per barrel. For specific assets, like the Johan Sverdrup field, the expected lifetime CO2 intensity is just 0.67 kg per barrel of oil equivalent (boe). The overarching ambition is a 50 per cent net reduction in operated (scope 1+2) emissions by 2030, against a 2015 baseline. By the end of 2024, they had already achieved a 34 per cent reduction in operated emissions since 2015. They expect oil and gas production to rise to 2.2 million barrels per day (bpd) by 2030.

Here are the key carbon intensity metrics:

• Target upstream CO2 intensity by 2025: below 8 kg/boe
• Achieved upstream CO2 intensity in 2024: 6.2 kg/boe
• Target net reduction in operated emissions by 2030: 50 per cent
• Net carbon intensity reduction target for 2030: 15-20 per cent

Competitive shareholder returns: Targeting RoACE above 15% through 2030

Delivering competitive returns is a core driver for Equinor ASA's strategy adjustments. The company explicitly expects to deliver industry-leading Return on Average Capital Employed (RoACE) above 15 per cent all the way to 2030. This focus on value is supported by a strong cash flow outlook, projecting $23 billion in free cash flow over the next three years (from the February 2025 update). For 2025 specifically, the board approved a share buyback program of up to $5 billion, with a first tranche of $1.2 billion. Furthermore, the ordinary cash dividend was proposed to increase from $0.37 per share to $0.39. The full-year net income for 2024 was reported at $8.8 billion.

Decarbonization services: Offering commercial-scale CO2 transport and storage (CCS)

Equinor ASA is actively building out commercial-scale Carbon Capture and Storage (CCS) as a service. The Northern Lights Phase 1 facility, which began injecting CO2 in August 2025, has a capacity of 1.5 million tonnes of CO2 per year (mtpa), and this capacity is fully booked. The owners have already made the final investment decision for Phase 2, which will increase total injection capacity to a minimum of 5 million tonnes of CO2 per year. This expansion is backed by an investment of NOK 7.5 billion. Looking further out, Equinor maintains an ambition to achieve 30-50 million tonnes per annum of CO2 transport and storage capacity by 2035.

Here is a look at the Northern Lights capacity milestones:

Diversified energy portfolio: Balancing oil/gas with profitable renewable power generation

The diversification strategy involves balancing continued oil and gas growth with selective, value-driven renewable power generation. Equinor increased its gross capital expenditure (capex) into renewables and low-carbon solutions from 4 per cent of total capex in 2020 to 27 per cent in 2024. However, in early 2025, the company pivoted, cutting planned investment to around $5 billion for the 2025-2027 period. This shift is reflected in the revised 2030 renewable capacity target, which was lowered to 10 GW-12 GW. Currently, Equinor has approximately 7 GW of renewable energy installed or under development. The renewables segment recorded an adjusted operating loss of $375 million for the full year 2024. Conversely, the oil and gas segment is expected to deliver production growth of more than 10 per cent between 2024 and 2027.

Equinor ASA (EQNR) - Canvas Business Model: Customer Relationships

You're looking at how Equinor ASA manages its crucial external ties as of late 2025. It's all about locking in future revenue and maintaining government support, you see.

Long-term contracts: Securing multi-year, high-volume agreements with industrial majors

Equinor ASA focuses on securing supply commitments that give stability to its production profile. The company is a major contributor of secure energy to Europe. The company's strategy includes flexible gas sales to capture upsides, with approximately 70% of gas production covered by long-term agreements as of February 2025.

Here are some concrete examples of these long-term commitments:

• Secured a 10-year agreement for gas supplies into the Czech Republic, signed in 2025.
• Signed a long-term agreement with ENAP, Chile's National Petroleum Company, for shale oil export until 2033.
• Plans for the Norwegian Continental Shelf (NCS) aim to preserve high energy deliveries to Europe over the long term.

This focus on long-term supply is supported by robust activity levels planned on the NCS, including aiming for 250 exploration wells by 2035.

Dedicated key account management: Serving large European utilities and national oil companies

Equinor ASA targets markets primarily in Europe, serving a diverse range of customers across various industries. The company is one of Europe's main gas suppliers. Key relationships involve major energy purchasers and state-owned entities.

The relationship with the Norwegian State is paramount, as the Government of Norway retains a 67% stake in Equinor ASA.

Investor relations: Consistent capital distribution, expected to be $9 billion in 2025

Equinor ASA maintains a competitive capital distribution strategy to reward shareholders. The expected total capital distribution for 2025 is set at $9 billion. This target includes a share buy-back programme of up to $5 billion for 2025. The company maintained its first quarter cash dividend at $0.37 per share for 2025.

You can see the key relationship metrics below:

The company's strong balance sheet is cited as the enabler for this level of shareholder return.

Government engagement: Managing regulatory and licensing relationships globally

Regulatory relationships, particularly in Norway, are critical for Equinor ASA's upstream business. The company actively engages with the Ministry of Energy. This engagement secures access to acreage for future production and low-carbon solutions.

Recent government interactions include:

• Award of 27 new production licenses on the Norwegian continental shelf in January 2025.
• Award of License EXL014 to explore potential carbon dioxide (CO2) injection sites in the North Sea in June 2025.
• The government is making it possible for Norway to receive large quantities of CO2 from Europe for storage on commercial terms.
• Equinor depends on continued government support for the electrification of oil and gas installations on the NCS.

Finance: review the impact of the $3.5 billion Peregrino field divestment on Q2 2025 cash flow by next Tuesday.

Equinor ASA (EQNR) - Canvas Business Model: Channels

You're looking at how Equinor ASA moves its product-energy-to the customer, which is a complex mix of physical infrastructure and global market access as of late 2025. The channels are definitely not one-size-fits-all; they depend entirely on the commodity.

Gas pipeline network: Direct transport of Norwegian gas to European hubs (e.g., Sleipner)

The physical backbone for much of Equinor ASA's gas business remains the extensive pipeline network, ensuring reliable delivery into Europe. The Sleipner area acts as a critical processing and export hub, handling gas from multiple fields including Sleipner Øst, Gungne, Sleipner Vest, and tie-ins from Gudrun and Gina Krog. Sleipner delivers dry gas directly into the Gassled pipeline infrastructure under Area D. Furthermore, the Sleipner Riser platform functions as a gas hub, routing gas from Kollsnes (via Zeepipe II) and Nyhamna (via Langeled) onward to European destinations like Draupner, Zeebrugge, and Easington. This infrastructure is key to maintaining energy security for Europe; for instance, the Sleipner Project itself prevents about 1 million tonnes of CO2 emissions annually by sequestering CO2 from produced gas. That's a tangible environmental channel benefit.

Global commodity trading: Wholesale markets for crude oil, liquids, and gas

Equinor ASA's Marketing, Midstream and Processing (MMP) segment is the primary channel for monetizing crude oil, liquids, and gas volumes on the wholesale spot and forward markets. The scale of this operation is significant, as evidenced by the Q3 2025 results. For that quarter, Equinor ASA reported Sales Revenues of $26.06B. The realized prices in the E&P Norway segment for Q3 2025 show the market reality: liquids fetched $67.2-69.2 per barrel, while realized gas prices were $9.98 per million BTU. The MMP segment itself is expected to generate an average adjusted operating income of approximately $400 million per quarter going forward, reflecting its role in optimizing the flow of these commodities. The total equity production underpinning these trading activities reached 2,130 mboe/day in Q3 2025.

Here's a quick look at the Q3 2025 financial snapshot that drives the trading channel:

Power transmission grids: Connecting offshore wind farms to national electricity systems

For the growing renewables portfolio, the channel to market is the power transmission grid, connecting offshore wind assets to national systems, often through hybrid solutions. Equinor ASA aims for 10-12 GW of installed renewable energy capacity by 2030, though this target was recalibrated from a previous higher goal. In Q3 2025, the renewable portfolio contributed 0.91 TWh to the total power generation of 1.37 TWh. The connection strategy involves significant infrastructure; for example, analyses suggest it is likely possible to connect 2.8 GW of offshore wind to southern Norway using planned onshore grid reinforcements. To support this, the company has focused its near-term renewable investments to approximately $5 billion over the next two years, indicating a more selective approach to grid development.

• Renewable capacity ambition (2030): 10-12 GW
• Q3 2025 Renewable Power Generation: 0.91 TWh
• Planned near-term renewables capex: $5 billion (over two years)

Direct industrial sales: Supplying feedstock and energy directly to large manufacturers

A key channel for Equinor ASA is securing long-term, direct supply agreements with large industrial consumers, which provides stable offtake for its gas production. These deals often lock in volumes for a decade or more. For instance, a ten-year agreement signed in July 2025 commits Equinor ASA to supply BASF with up to 23 terawatt hours (around 2 billion cubic meters) of natural gas annually, starting October 1st, 2025. This gas serves as both energy and critical feedstock for BASF's chemical production. Separately, a massive 10-year deal with Centrica for the U.K. market covers 55 TWh of natural gas per year (about 5 billion cubic meters), with an estimated total contract value around $27 billion (£20 billion). Defintely, these long-term contracts are a core part of the strategy to remain a reliable supplier.

Key direct supply agreements as of late 2025:

Equinor ASA (EQNR) - Canvas Business Model: Customer Segments

You're looking at Equinor ASA's customer base as of late 2025, and honestly, it's a mix of legacy energy security needs and the accelerating demands of the energy transition. The total revenue for the twelve months ending September 30, 2025, was approximately $107.06 billion, showing the sheer scale of their customer base across all segments.

Shareholders: Seeking competitive dividends and share buybacks

Shareholders are a critical segment, expecting a clear return of capital. Equinor announced an expected total capital distribution for 2025 of up to USD 9 billion. The quarterly dividend policy is active, with the ordinary cash dividend for Q2 2025 set at USD 0.37 per share. The company is also executing a significant share repurchase plan. The 2025 share buy-back program is set for up to USD 5 billion in total, intended to conclude the two-year program spanning 2024-2025. The authorization granted at the May 14, 2025, Annual General Meeting allows for the purchase of up to 84,000,000 shares in the market, with prices capped between NOK 50 and NOK 1,000 per share.

Here's the quick math on the capital return commitment:

European utilities and traders: Major buyers of wholesale gas and power

Equinor ASA remains a key supplier for European energy security, delivering gas for power generation, heating, and cooking. The company's Marketing, Midstream & Processing segment delivered solid results through LNG trading, supported by physical and financial trading of LPG. You can see the scale of their power business from 2024 figures, where their total power generation share was 4.92 TWh, with renewable power generation accounting for 2.93 TWh of that total. A concrete example of a long-term commitment is the 10-year agreement signed in November 2025 for gas supplies into the Czech Republic with Pražská plynárenská. The realized European gas price in Q4 2024 was USD 13.5 per mmbtu.

The key customer types in this segment include:

• Major European utilities like RWE and Enel, seeking reliable power.
• Wholesale gas and power traders across the continent.
• Customers requiring stable, dispatchable power sources.

European industrial users: Chemical, fertilizer, and heavy industry (e.g., BASF)

Industrial users are increasingly focused on securing low-carbon power to meet decarbonization targets under the EU Green Deal. Industrial leaders like BASF and ArcelorMittal are explicitly mentioned as partnering with energy providers like Equinor ASA to achieve this. This segment drives demand for both traditional energy sources and new low-carbon solutions, such as the Northern Lights CO2 storage facility, which is set to begin receiving captured CO2 from customers in 2025. Northern Lights offers a storage capacity of 1.5 million tonnes of CO2 per year.

Joint venture partners: Co-investors in large-scale E&P and renewables projects

Equinor ASA actively partners to share risk and deploy capital in major projects. A significant recent development is the formation of Adura, a joint venture with Shell combining their UK offshore oil and gas operations, with each holding a 50% stake. Adura is projected to become the UK North Sea's largest independent producer, expected to produce over 140,000 barrels of oil equivalent per day in 2026. In renewables, the company secured $3 billion in project financing for its 810 MW offshore wind farm in New York, Empire Wind 1. Furthermore, the Northern Lights carbon capture and storage facility is a joint venture with Shell and TotalEnergies, where Equinor ASA acts as the technical service provider.

Governments and state-owned entities: Partners in energy security and infrastructure

The Norwegian State is a primary stakeholder, which directly influences capital distribution policy. Agreements are in place to regulate the redemption and annulment of a proportional share of the State's shares during buybacks to ensure its ownership interest remains unchanged. On the customer side, Equinor ASA's role as a major gas supplier is crucial for meeting Europe's energy security needs, especially following new discoveries in the North Sea that can be developed for the European market through existing infrastructure.

Equinor ASA (EQNR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Equinor ASA's operations, which is dominated by massive, necessary capital outlays and significant sovereign tax obligations. Honestly, managing this structure is key to delivering on that promised return on average capital employed above 15% towards 2030.

The core of the cost structure is anchored in capital expenditure for maintaining and growing the oil and gas base, which is still the primary cash engine.

High capital expenditures are a given for an upstream major like Equinor ASA. The company has set its expected organic capital expenditure for 2025 at $13 billion. This investment level is designed to support an oil and gas production growth expectation of more than 10% from 2024 to 2027.

The tax burden from the Norwegian Continental Shelf (NCS) is a significant, non-discretionary cost. For instance, Equinor ASA paid two NCS tax instalments totalling $6.85 billion in the second quarter of 2025 alone. Looking ahead in that same year, the company expected the second-half NCS tax payments to reach NOK 100 billion.

Exploration and development costs are tied directly to securing future reserves, often near existing infrastructure to keep development costs low. The recent Lofn and Langemann discoveries in the Sleipner area are estimated to hold combined recoverable volumes between 30 to 110 million barrels of oil equivalent. Specifically, Lofn is estimated at 22-63 million barrels of oil equivalent, and Langemann at 6-50 million barrels. The strategy here is to leverage existing infrastructure for efficient, low-emission subsea tie-back development.

Operating costs reflect the day-to-day running of complex offshore and onshore facilities. For the second quarter of 2025, the reported organic OpEx was $3.40 billion. Equinor ASA has an ambition to keep its unit of production cost in the top quartile of its peer group, indicating a focus on efficiency. Furthermore, as part of its portfolio high-grading, the company is reducing OpEx and SG&A by 20%.

The investment in low-carbon solutions is being recalibrated to focus strictly on high-return projects, which means a reduction in planned spending in earlier stages. Equinor ASA has reduced its investment outlook for renewables and low-carbon solutions to approximately $5 billion in total for the period 2025-2027 after project financing. This shift is underscored by retiring the previous ambition to allocate 50% of gross capital expenditures to these areas by 2030.

• The company is prioritizing cost-efficient oil and gas production with a break-even for new projects below $40 USD/bbl.
• New projects coming on stream in the next 10 years have an average pay back time of around 2.5 years.
• The internal carbon cost applied in investment analysis rises to $118 by 2030 in regions without existing carbon costs.

Equinor ASA (EQNR) - Canvas Business Model: Revenue Streams

The revenue streams for Equinor ASA are fundamentally tied to global commodity markets for oil and gas, supplemented by growing contributions from power generation assets. You need to track these core areas to understand the top-line performance.

The Trailing Twelve Months (TTM) Revenue, as of September 2025, was approximately $107.07 billion. This figure reflects the aggregate sales from all business segments over the preceding year.

For the first nine months of 2025, the company reported an Adjusted Operating Income of $21.395 billion. This figure is the sum of the quarterly adjusted operating incomes for Q1, Q2, and Q3 2025, demonstrating the core profitability before certain adjustments.

Crude Oil and Condensate Sales remain a major component, heavily influenced by realized liquids prices. For the third quarter of 2025, the realized liquids price stood at $64.9 per barrel. The result from Crude, Products and Liquids was weak during Q3 2025, negatively affected by losses on hedging of shipping contracts and weak speculative trading.

Natural Gas Sales represent the largest single revenue stream, particularly serving the European market. The European gas price realized in the third quarter of 2025 was $11.4 per mmbtu. For the nine months ended September 30, 2025, total equity liquid and gas production reached 2,116 mboe/day.

Electricity Sales is a growing income source, primarily from offshore wind and solar assets. Total power generation, Equinor share, for the first nine months of 2025 was 3.89 TWh. The renewable portfolio contributed 0.91 TWh in Q3 2025 alone, a 34 percent increase compared to the previous year.

Here's a look at the segment contribution to the Adjusted Operating Income for the third quarter of 2025, which feeds into the nine-month total:

The revenue generation is further supported by operational metrics that drive sales volume. For Q3 2025, total equity production was 2,130 mboe/day, up 7 percent from the same quarter last year. The E&P Norway segment saw production growth of 9 percent on the Norwegian continental shelf.

Key drivers influencing realized prices and revenue include:

• European gas price in Q1 2025 was $14.8 per mmbtu.
• Realized liquids price in Q1 2025 was $70.6 per bbl.
• The Midstream, Marketing and Processing segment is expected to deliver a quarterly average adjusted operating income of around $400 million going forward.
• Total capital distribution expected for 2025 is up to $9 billion.