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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.

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Analyst consensus

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.

Closed Period

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.

4th quarter 2023 — Collected January 2023, 26 analysts provided input

In million USD

E&P Norway

7328

E&P International

585

E&P USA

191

MMP

461

REN

-90

Other

-13

Adjusted earnings before tax

8462

Tax, E&P Norway

5657

Tax, E&P International

215

Tax E&P USA

47

Tax, MMP

228

Tax, REN

-9

Tax, Other

-3

Tax in total

6136

Adjusted earnings after tax

2326

Expensed exploration impacting EPN

95

Expensed exploration impacting EPI

94

Expensed exploration impacting EP USA

119

mbd

Liquids production Norway

652

Gas production Norway

769

Liquids production EPI, equity

316

Gas production EPI, equity

40

Liquids production EP US, equity

169

Gas production EP US, equity

198

Total production, equity

2144

PSA/royalty effect, EPI

81

PSA/royalty effect, EP USA

48

Total production, entitlement

2015

Realized price EPN, liquids/bbl

USD 79.9

Realized price EPI, liquids/bbl

USD 69.1

Realized price EP USA, liquids/bbl

USD 66.1

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 earnings (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax earnings (adjusted) equals the consensus pre-tax number minus consensus for tax in total. Total equity production and entitlement production is the sum of the consensus items for production.

Historical consensus information and invitations for consensus input