Equinor ASA (EQNR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo dinâmico da Equinor ASA, uma empresa pioneira em energia que está redefinindo o cenário global de energia por meio de um modelo de negócios inovador e multifacetado. Das águas geladas do Mar do Norte a projetos de energia renovável de ponta, o equinor transforma os paradigmas de energia tradicionais, misturando perfeitamente a experiência offshore de petróleo e gás com tecnologias sustentáveis ​​transformadoras. Seu modelo estratégico de negócios Canvas revela uma narrativa convincente de adaptação, inovação tecnológica e comprometimento com soluções de energia de baixo carbono que as posicionam na vanguarda da transição de energia global.

Equinor ASA (EQNR) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empresas internacionais de petróleo

A Equinor estabeleceu parcerias estratégicas com as seguintes empresas internacionais de petróleo:

Parceiro	Detalhes da parceria	Valor de investimento
Bp	Desenvolvimento eólico offshore conjunto no Reino Unido	Investimento de US $ 1,1 bilhão
Concha	Projetos de captura e armazenamento de carbono	US $ 450 milhões para investimento colaborativo
Energias totais	Compartilhamento de tecnologia de energia renovável	Parceria de US $ 320 milhões

Colaboração com provedores de tecnologia de energia renovável

As principais parcerias tecnológicas da Equinor incluem:

• Siemens Gamesa: Tecnologia de turbina eólica offshore
• Sistemas eólicos Vestas: infraestrutura de energia eólica
• NEL Hidrogênio: Tecnologias de Produção de Hidrogênio Verde

Joint ventures em projetos de captura de vento e carbono offshore

Tipo de projeto	Parceiros	Investimento do projeto
Vento offshore	Equinor + Masdar	Projeto de US $ 2,6 bilhões do Empire Wind
Captura de carbono	Equinor + Northern Light	Projeto de armazenamento de CO2 de US $ 1,7 bilhão

Parcerias com instituições de pesquisa

Equinor colabora com as seguintes instituições de pesquisa:

• Universidade Norueguesa de Ciência e Tecnologia
• Organização de Pesquisa Sintef
• Instituto de Energia da Universidade de Stanford

Relacionamentos de fornecedores em tecnologias avançadas

Fornecedor de tecnologia	Foco em tecnologia	Valor anual de compras
Baker Hughes	Tecnologias de perfuração e exploração	US $ 780 milhões
Schlumberger	Tecnologias de exploração submarina	US $ 650 milhões
Halliburton	Tecnologias de produção offshore	US $ 590 milhões

Equinor ASA (EQNR) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo e gás offshore

A Equinor opera 34 campos offshore na Noruega. O volume de produção em 2022 foi de 2,16 milhões de barris de petróleo equivalente por dia (BOEPD). Os investimentos totais de produção offshore em 2022 foram de NOK 49,5 bilhões.

Métrica de produção	2022 Valor
Campos totais offshore	34
Produção diária	2,16 milhões de boepd
Investimento offshore	NOK 49,5 bilhões

Desenvolvimento de energia renovável

A Equinor instalou capacidade de energia renovável de 1,5 GW em 2022, com projetos eólicos significativos em todo o mundo.

• Capacidade do vento offshore: 0,7 GW
• Capacidade de energia solar: 0,3 GW
• Total de investimentos renováveis ​​em 2022: NOK 31,2 bilhões

Captura e armazenamento de carbono (CCS)

Os investimentos da Equinor's CCS totalizaram NOK 5,6 bilhões em 2022. A Companhia opera o projeto Sleipner CCS, capturando 1 milhão de toneladas de CO2 anualmente.

Negociação de energia e marketing

A Equinor negociou 2,22 milhões de BOEPD em 2022, com receitas comerciais de NOK 1.385 bilhões.

Transformação digital

Os investimentos em tecnologia digital atingiram a NOK 3,2 bilhões em 2022. A Companhia implantou 127 soluções de AI e aprendizado de máquina nas operações.

Métrica de Inovação Digital	2022 Valor
Investimento digital	NOK 3,2 bilhões
Soluções de AI/Machine Learning	127 implantações

Equinor ASA (EQNR) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de perfuração e produção offshore

A partir de 2024, a Equinor opera 34 plataformas offshore no Mar do Norte, com uma capacidade total de produção de aproximadamente 2,2 milhões de barris de petróleo equivalente por dia. A infraestrutura offshore da empresa inclui:

Tipo de ativo	Número	Valor total
Plataformas offshore	34	US $ 42,6 bilhões
Poços de produção	287	US $ 15,3 bilhões
Instalações submarinas	23	US $ 8,7 bilhões

Capacidades tecnológicas avançadas

As capacidades tecnológicas da Equinor incluem:

• Tecnologia Twin Digital para Gerenciamento de Ativos
• Sistemas avançados de imagem sísmica
• Algoritmos de exploração acionados pela IA

Força de trabalho altamente qualificada

Composição da força de trabalho a partir de 2024:

Categoria de funcionários	Número	Especialização média
Total de funcionários	23,197	15,6 anos
Engenheiros	8,764	18,3 anos
Titulares de doutorado	1,243	22,1 anos

Recursos financeiros

Métricas financeiras para investimentos globais de energia:

Métrica financeira	2024 Valor
Total de ativos	US $ 106,4 bilhões
Orçamento anual de investimento	US $ 12,7 bilhões
Dinheiro e equivalentes	US $ 8,3 bilhões

Tecnologias digitais e de IA proprietárias

Portfólio de investimentos em tecnologia:

• Sistemas de gerenciamento de reservatórios movidos a IA
• Ferramentas de previsão de exploração de aprendizado de máquina
• Otimização da cadeia de suprimentos habilitada para blockchain

Investimento em tecnologia	Gasto anual	Pessoal de P&D
Tecnologias digitais	US $ 624 milhões	437
Desenvolvimento de IA	US $ 412 milhões	276

Equinor ASA (EQNR) - Modelo de negócios: proposições de valor

Soluções de energia integradas em setores tradicionais e renováveis

O portfólio de energia da Equinor, a partir de 2024, inclui:

Segmento de energia	Volume de produção	Porcentagem de portfólio total
Produção de petróleo offshore	1,92 milhão de barris por dia	62%
Energia renovável	0,7 GW Capacidade instalada	18%
Gás natural	0,8 bilhão de pés cúbicos por dia	20%

Experiência em transição de energia de baixo carbono

Investimentos de redução de carbono em 2024:

• Investimento anual de US $ 3,2 bilhões em projetos de energia de baixo carbono
• Alvo de redução de 40% na intensidade do carbono até 2030
• US $ 1,5 bilhão alocados às tecnologias de captura e armazenamento de carbono

Produção de energia sustentável e eficiente

Métrica de sustentabilidade	2024 Performance
Redução de emissões de carbono	Redução de 20% em comparação com 2020 linha de base
Crescimento energético renovável	25% aumento ano a ano
Melhorias de eficiência energética	Ganho de eficiência operacional de 12%

Inovação tecnológica em gerenciamento de energia

Redução de investimentos em tecnologia:

• US $ 750 milhões dedicados à transformação digital
• 347 Projetos de Desenvolvimento de Tecnologia Ativa
• 23 patentes arquivadas em 2024 para inovações de gerenciamento de energia

Compromisso de reduzir as emissões de carbono

Alvo de redução de emissão	Linha do tempo	Investimento
Escopo de zero 1 e 2 emissões	Até 2040	US $ 5,6 bilhões alocados
Escopo 3 redução de emissões	Até 2050	US $ 4,3 bilhões comprometidos

Equinor ASA (EQNR) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de energia industrial e comercial

A Equinor mantém contratos de fornecimento de energia de longo prazo com clientes industriais importantes em vários setores. Em 2023, a Companhia registrou 87 acordos de fornecimento de longo prazo com valores totais de contrato superiores a US $ 42,3 bilhões.

Segmento de clientes	Número de contratos	Valor total do contrato
Fabricantes industriais	37	US $ 18,6 bilhões
Consumidores de energia comercial	50	US $ 23,7 bilhões

Plataformas de engajamento de clientes digitais

A Equinor investiu US $ 127 milhões em tecnologias de engajamento de clientes digitais em 2023, com uma plataforma digital abrangente atendendo a mais de 14.500 clientes comerciais.

• Crescimento da base de usuários da plataforma digital: 22% ano a ano
• Engajamento de aplicativos móveis: 68% dos clientes comerciais
• Rastreamento de consumo de energia em tempo real: disponível para 92% dos clientes contratados

Soluções de energia personalizadas

A Equinor oferece soluções de energia personalizadas em diferentes segmentos de mercado, com pacotes de serviços especializados para vários setores.

Segmento de mercado	Soluções personalizadas	Penetração do cliente
Fabricação	Integração de energia renovável	43%
Transporte	Soluções de combustível de baixo carbono	31%
Marítimo	Estratégias de descarbonização	26%

Comunicação de Sustentabilidade

Equinor mantém Relatórios de sustentabilidade transparentes com divulgações detalhadas de impacto ambiental atingindo 98% de sua base de clientes.

Suporte ao cliente e assistência técnica

A empresa opera uma rede global de suporte ao cliente com serviços de assistência técnica 24/7.

• Centros de Suporte Global: 7 Locais
• Tempo médio de resposta: 12 minutos
• Classificação de satisfação do cliente: 4.7/5
• Equipe de suporte técnico: 426 profissionais especializados

Equinor ASA (EQNR) - Modelo de negócios: canais

Equipes de vendas diretas para grandes clientes industriais

A Equinor mantém 750 profissionais de vendas corporativos especializados em 30 mercados globais. O valor médio do contrato para grandes clientes industriais varia entre US $ 50 milhões e US $ 500 milhões anualmente.

Segmento de canal de vendas	Número de profissionais dedicados	Cobertura anual de receita
Setor petrolífero	350	US $ 22,3 bilhões
Energia renovável	250	US $ 8,7 bilhões
Gás natural	150	US $ 15,6 bilhões

Plataformas de negociação de energia online

Equinor opera Plataformas de negociação digital Processando aproximadamente 1,2 milhão de barris de petróleo equivalente por dia através de canais eletrônicos.

• Volume da transação da plataforma: 438 milhões de barris anualmente
• Valor comercial diário médio: US $ 124 milhões
• Integração de dados de mercado em tempo real

Canais de marketing e comunicação digital

Métricas de engajamento digital para estratégias de comunicação da Equinor:

Canal digital	Contagem de seguidores	Taxa de engajamento
LinkedIn	392,000	4.2%
Twitter	285,000	3.7%
Site corporativo	2,1 milhões de visitantes anuais	6.5%

Conferências e exposições do setor de energia

A Equinor participa de 47 conferências internacionais de energia anualmente, representando US $ 3,2 bilhões em possíveis oportunidades de negócios.

Redes de parceria estratégica

A Equinor mantém 126 parcerias estratégicas em 22 países, com a rede de parcerias gerando US $ 17,6 bilhões em receitas colaborativas.

Tipo de parceria	Número de parceiros	Receita colaborativa anual
Parcerias de tecnologia	42	US $ 5,4 bilhões
Colaborações de pesquisa	36	US $ 3,2 bilhões
Alianças de produção	48	US $ 9 bilhões

Equinor ASA (EQNR) - Modelo de negócios: segmentos de clientes

Grandes consumidores de energia industrial

A Equinor atende aos principais clientes industriais com requisitos de energia significativos em vários setores.

Setor	Consumo anual de energia	Base de clientes estimada
Fabricação	3,2 milhões de MWh	127 clientes industriais
Petroquímico	2,8 milhões de MWh	84 clientes corporativos
Mineração	1,5 milhão de MWh	42 clientes corporativos

Empresas de serviços públicos nacionais e internacionais

A equinpor fornece soluções de energia para os provedores de serviços públicos globais.

• Cobertura de utilidade européia: 18 países
• Fornecimento anual de energia: 42,6 bilhões de kWh
• Total de clientes utilitários: 276 empresas

Compradores de energia do governo e do setor público

O Equinor fornece soluções de energia para instituições governamentais e públicas.

Região	Contratos governamentais	Volume anual de energia
Países nórdicos	37 contratos	6,4 milhões de MWh
Reino Unido	22 contratos	3,9 milhões de MWh
Outro Internacional	15 contratos	2,1 milhões de MWh

Desenvolvedores de projetos de energia renovável

O Equinor suporta o desenvolvimento de infraestrutura de energia renovável.

• Projetos de energia eólica: 47 parcerias ativas
• Colaborações de energia solar: 23 desenvolvimentos em andamento
• Investimento renovável total: US $ 6,2 bilhões

Mercados de energia comercial e residencial

O Equinor serve diversos consumidores de energia residencial e comercial.

Segmento de mercado	Contagem de clientes	Fornecimento anual de energia
Negócios comerciais	12.500 clientes	8,7 milhões de MWh
Clientes residenciais	1,3 milhão de famílias	3,6 milhões de MWh

Equinor ASA (EQNR) - Modelo de negócios: estrutura de custos

Altos gastos de capital em exploração e produção

Em 2022, as despesas totais de capital da Equinor foram de US $ 10,4 bilhões, com investimentos significativos em atividades de exploração e produção.

Ano	Despesas de capital (bilhões de dólares)	Exploração & Alocação de produção
2022	10.4	7,2 bilhões
2023	11.2	7,8 bilhões

Investimentos de pesquisa e desenvolvimento

A Equinor investiu aproximadamente US $ 280 milhões em pesquisa e desenvolvimento em 2022, com foco nas tecnologias de transição energética.

• Tecnologias de energia renovável
• Captura e armazenamento de carbono
• Produção de hidrogênio
• Iniciativas de transformação digital

Manutenção de infraestrutura e custos de atualização

As despesas anuais de manutenção de infraestrutura para 2022 foram estimadas em US $ 1,5 bilhão, cobrindo plataformas, dutos e instalações de processamento offshore.

Categoria de infraestrutura	Custo de manutenção (milhões de dólares)
Plataformas offshore	650
Pipelines	450
Instalações de processamento	400

Despesas de tecnologia e transformação digital

A equinpor alocou US $ 350 milhões para transformação digital e aprimoramento da tecnologia em 2022.

• Implementações de AI e aprendizado de máquina
• Infraestrutura de segurança cibernética
• Plataformas de análise de dados
• Sistemas de monitoramento avançado

Custos de iniciativa de conformidade e sustentabilidade

Os investimentos em sustentabilidade e conformidade totalizaram US $ 420 milhões em 2022.

Área de conformidade	Investimento (US $ milhões)
Conformidade ambiental	180
Iniciativas de segurança	140
Programas de redução de carbono	100

Equinor ASA (EQNR) - Modelo de negócios: fluxos de receita

Vendas de petróleo e gás

Receitas totais de 2022 da Equinor das vendas de petróleo e gás: 531,4 bilhões de kroner norueguês (NOK).

Produto	Volume anual de produção	Contribuição da receita
Petróleo bruto	596.000 barris por dia	327,6 bilhões de Nok
Gás natural	1,3 bilhão de metros cúbicos	203,8 bilhões de nok

Receita de geração de energia renovável

Receita de energia renovável em 2022: 22,1 bilhões de nok

• Geração de vento offshore: 12,4 bilhões de nok
• Geração de energia solar: 5,7 bilhões de nok
• Geração de vento em terra: 4,0 bilhões de nok

Negociação de energia e receita de marketing

Receitas de negociação de energia em 2022: 47,6 bilhões de nok

Segmento de negociação	Receita
Negociação de gás natural líquido	27,3 bilhões de Nok
Comércio de mercado de energia	20,3 bilhões de nok

Receitas de projeto de captura e armazenamento de carbono

Receitas do projeto de captura de carbono em 2022: 3,2 bilhões de nok

Serviços de tecnologia e consultoria

Receitas de serviços de tecnologia em 2022: 6,7 bilhões de nok

• Digital Solutions Consulting: 3,4 bilhões de nok
• Serviços de Engenharia Técnica: 3,3 bilhões de Nok

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:

Phase	Capacity (Million Tonnes CO2/year)	Status/Timeline
Phase 1	1.5	Fully booked; Injection started in August 2025
Phase 2	Minimum 5.0	FID taken in March 2025
2035 Ambition	30-50	Targeted total transport & storage capacity

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:

Relationship Metric	Value/Detail	Period/Date
Expected Total Capital Distribution	$9 billion	2025
Share Buy-back Programme Target	Up to $5 billion	2025
Q1 Cash Dividend per Share	$0.37	2025
Norwegian State Ownership Stake	67%	Current

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:

Metric	Value (Q3 2025)	Unit
Adjusted Operating Income (Group)	$6.21 billion	USD
Adjusted Net Income (After Tax)	$1.51 billion	USD
Total Equity Production	2,130	mboe/day
MMP Segment Adjusted Operating Income (Forecast)	$400 million	Per Quarter

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:

Customer/Market	Annual Volume (Approximate)	Term/Start
BASF (Germany)	23 TWh (2 BCM)	10 Years, starting Oct 2025
Centrica (U.K.)	55 TWh (5 BCM)	10 Years, starting Oct 2025
Pražská plynárenská (Czech Republic)	Gas Supplies	10 Years (Agreement signed Nov 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:

Capital Return Component	2025 Target/Value	Specific Data Point
Total Capital Distribution	Up to USD 9 billion	Expected total for 2025
2025 Share Buyback Program	Up to USD 5 billion	Total announced program size
Q2 2025 Cash Dividend	USD 0.37 per share	Ordinary quarterly payment
Max Shares Authorized for Buyback (AGM 2025)	84,000,000 shares	Maximum number authorized for purchase
Fourth Tranche Market Buyback (Max)	Up to USD 417.8 million	Market portion of the final 2025 tranche

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.

Cost Component	2025 Estimate / Period Figure	Context / Source Data
Organic Capital Expenditure (Organic CapEx)	$13 billion	Estimated for the full year 2025.
Q2 2025 NCS Tax Instalments Paid	$6.85 billion	Two instalments paid in the second quarter of 2025.
H2 2025 Expected NCS Tax Instalments	NOK 100 billion	Expected payments for the second half of 2025.
Q2 2025 Organic Operating Expenses (OpEx)	$3.40 billion	Reported organic OpEx for the second quarter of 2025.
Renewables/Low-Carbon Investment (2025-2027)	Reduced to approximately $5 billion total	Reduced investment outlook for the 2025-2027 period after project financing.

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:

Segment	Q3 2025 Adjusted Operating Income (USD million)
E&P Norway	5,618
E&P International	396
E&P USA	37
MMP (Marketing, Midstream & Processing)	299
REN (Renewables)	(64)
Other incl. eliminations	(71)
Equinor Group Total	6,215

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.