Financial data (USD million) | 2025 | 2024 | 2023 |
|---|---|---|---|
Total revenues and other income | 106,462 | 103,774 | 107,174 |
Total operating expenses | (81,109) | (72,846) | (71,404) |
Income before tax | 25,088 | 30,986 | 37,884 |
Net operating income | 25,352 | 30,927 | 35,770 |
Adjusted operating income* | 27,591 | 29,798 | 36,203 |
Net income | 5,058 | 8,829 | 11,904 |
Adjusted net income* | 6,434 | 9,177 | 11,318 |
Capital distribution | 9 bn | 14 bn | 17 bn |
Return on average capital employed, adjusted (ROACE)* | 14.5% | 20.6% | 24.8% |
Balance sheet and financial indicators (USD million) | 2025 | 2024 | 2023 |
|---|---|---|---|
Total assets (current and non-current) | 131,727 | 131,141 | 143,580 |
Gross interest-bearing debt | 31,222 | 30,094 | 31,796 |
Net debt to capital employed ratio | 22.70% | 17.30%1 | (17.10%) |
Net debt to capital employed ratio adjusted* | 17.80% | 11.90% | (21.60%) |
Shareholders equity at year end | 40,424 | 42,342 | 48,490 |
Cash and cash equivalents | 5,036 | 5,9031 | 8,0701 |
Current financial investments | 14,297 | 15,335 | 29,224 |
Cash flow (USD million) | 2025 | 2024 | 2023 |
|---|---|---|---|
Cash flows provided by operating activities | 19,971 | 19,4651 | 29,2571 |
Cash flow from operations after taxes paid* (CFFO after taxes paid) | 17,980 | 17,2461 | 24,2971 |
Cash flows provided by/(used in) investing activities | (9,596) | (3,532) | (12,409) |
Cash flows provided by/(used in) financing activities | (11,526) | (17,741) | (18,142) |
Net increase/(decrease) in cash and cash equivalents | (1,150) | (1,808)1 | (1,294)1 |
Capital expenditures and investments | 13,994 | 12,177 | 10,575 |
Organic capital expenditures* | 13,120 | 12,101 | 10,234 |
Ordinary dividends paid to shareholders | 3.8 bn | 3.9 bn | 3.7 bn |
Extraordinary dividends paid to shareholders | - | 2.9 bn | 6.3 bn |
Per share data (USD, for the year ended 31 December) | 2025 | 2024 | 2023 |
|---|---|---|---|
Basic earnings per share | 1.94 | 3.12 | 3.93 |
Diluted earnings per share | 1.94 | 3.11 | 3.93 |
Share price at OSE (Norway) on 31 December (in NOK) | 237 | 265.4 | 322.15 |
Share price at NYSE (USA) on 31 December (in USD) | 23.63 | 23.69 | 31.64 |
Ordinary dividend | 1.5 | 1.42 | 1.25 |
Extraordinary dividend | - | 1.05 | 2.15 |
Sum dividend paid per share | 1.81 | 3.00 | 3.60 |
Key figures by segment (USD billion) | 2025 | 2024 | 2023 |
|---|---|---|---|
Production costs: (USD/boe) |
|
|
|
Entitlement volumes | 7 | 6.9 | 6.6 |
Equity volumes | 6.6 | 6.4 | 6.2 |
|
|
|
|
Adjusted operating income* |
|
| |
E&P Norway | 23.8 | 24.6 | 29.6 |
E&P International | 1.57 | 2.03 | 2.84 |
E&P USA | 1.09 | 1.03 | 1.08 |
MMP | 1.56 | 2.61 | 3.24 |
REN | (0.21) | (0.38) | (0.45) |
Other | (0.22) | (0.06) | (0.08) |
Group | 27.6 | 29.8 | 36.2 |
|
|
|
|
Net operating income* |
|
|
|
E&P Norway | 24.1 | 24.6 | 29.1 |
E&P International | 0.47 | 2.75 | 2.33 |
E&P USA | 0.67 | 1.03 | 1.35 |
MMP | 1.7 | 3.33 | 3.98 |
REN | (1.61) | (0.68) | (0.76) |
Other | 0.01 | (0.06) | (0.23) |
Group | 25.4 | 30.9 | 35.8 |
Other data | 2025 | 2024 | 2023 |
|---|---|---|---|
Employees at year end | 24,620 | 24,970 | 23,000 |
Total recordable injury rate (TRIF) | 2.3 | 2.3 | 2.4 |
Serious incident frequency (SIF) | 0.21 | 0.3 | 0.4 |
Upstream CO2 intensity, kg/boe | 6.3 | 6.2 | 6.7 |
Reduction in Scope 1+2 operated CO2 emissions since 2015 | 34% | 34% | 30% |
1) Previously reported numbers for 2024 and 2023 have been restated due to a change in accounting policy. For more information, please review the Annual Report.
* Non-GAAP measures. See chapter 5.5 Use and reconciliation of non-GAAP financial measures in the 2025 Annual Report.
See the full Annual Report for a complete description of definitions and compliance with accounting standards.
Disclaimer: In the case of any discrepancy between this web page and the full Annual report PDF, the PDF applies.