Market consensus of analysts
Our consensus of analysts represents the average estimate of multiple independent financial and equity analysts following Equinor. We aggregate their forecasts on key metrics such as earnings and production estimates, helping investors to predict performance and providing a benchmark for comparing actual outcomes.
Every quarter ahead of the earnings announcement, we collect earnings and production estimates from the equity analysts covering the company. These numbers become a proxy for the market’s expectations of our results.
We voluntarily apply a ‘closed period’ before the results of a reporting period are announced. During the two-week period preceding the announcement, we limit our communications with the capital market and will not meet with capital market representatives.
2nd quarter 2025 — Collected July 2025, 21 analysts provided input
In million USD |
|
|---|---|
E&P Norway | 5643 |
E&P International | 327 |
E&P USA | 229 |
MMP | 424 |
REN | -60 |
Other | -29 |
Adjusted operating income before tax | 6533 |
Tax, E&P Norway | 4334 |
Tax, E&P International | 125 |
Tax E&P USA | 55 |
Tax, MMP | 204 |
Tax, REN | -6 |
Tax, Other | -7 |
Tax in total | 4705 |
Adjusted operating income after tax | 1828 |
Expensed exploration impacting EPN | 105 |
Expensed exploration impacting EPI | 71 |
Expensed exploration impacting EP USA | 37 |
mbd | |
Liquids production Norway | 656 |
Gas production Norway | 700 |
Liquids production EPI, equity | 262 |
Gas production EPI, equity | 33 |
Liquids production EP US, equity | 152 |
Gas production EP US, equity | 262 |
Total production, equity | 2064 |
PSA/royalty effect, EPI | 67 |
PSA/royalty effect, EP USA | 55 |
Total production, entitlement | 1942 |
CFFO after tax (excl. WC), million USD | 2096 |
Organic capex , million USD | 3066 |
Adjusted EPS, USD/share | 0,66 |
Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted operating income (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax operating income (adjusted) equals the consensus pre-tax number minus consensus for tax in total.