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.

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.

1st quarter 2025 — Collected April 2025, 20 analysts provided input

In million USD
E&P Norway	7370
E&P International	465
E&P USA	310
MMP	444
REN	-69
Other	-12
Adjusted operating income before tax	8508
Tax, E&P Norway	5673
Tax, E&P International	175
Tax E&P USA	77
Tax, MMP	222
Tax, REN	-7
Tax, Other	-9
Tax in total	6131
Adjusted operating income after tax	2377
Expensed exploration impacting EPN	107
Expensed exploration impacting EPI	63
Expensed exploration impacting EP USA	29
mbd
Liquids production Norway	640
Gas production Norway	760
Liquids production EPI, equity	279
Gas production EPI, equity	35
Liquids production EP US, equity	152
Gas production EP US, equity	238
Total production, equity	2104
PSA/royalty effect, EPI	74
PSA/royalty effect, EP USA	49
Total production, entitlement	1981
CFFO after tax (excl. WC), million USD	7343
Organic capex , million USD	3141
Adjusted EPS, USD/share	0,85

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.

Invitations for consensus input

Q1 2025 – Invitation for consensus input

Market consensus of analysts

Analyst consensus

Closed Period

1st quarter 2025 — Collected April 2025, 20 analysts provided input

Invitations for consensus input

Historical consensus information and invitations for consensus input