Risk and opportunity go hand in hand in a changing energy landscape. Here, we describe key risks that could affect Equinor’s results, strategy and reputation.
You’ll find an overview by topic area followed by key risks and additional detail you can expand under “Read more”. Some risks are connected and may reinforce each other.
Information is sourced from the 2025 Annual Report. For a comprehensive review, please see the full report.
Fluctuating oil and gas prices, exchange rates, and macroeconomic conditions significantly affect Equinor’s financial results and ability to fund capital expenditure. Uncertainty in global energy supply and demand, as well as geopolitical events, can lead to volatility and impact production, asset values, and taxation.
Political instability, civil unrest, terrorism, sanctions, and trade disputes in regions where Equinor operates can disrupt projects and adversely affect operations, production, and financial results.
Changes in resource estimates and access to renewables and low-carbon projects influence future production and revenues. Uncertainty in geological data, government decisions, and market conditions may require significant revisions or lead to impairments.
Changes in laws, regulations, and policies across multiple jurisdictions can impact exploration, production, and financial performance. Regulatory uncertainty and government intervention may increase compliance costs, restrict operations, or require divestment.
Evolving climate policies, regulations, market dynamics, and technology developments may affect asset values, costs, access to capital, and delivery of Equinor’s transition strategy. Uncertainty in stakeholder sentiment and competitive landscape poses additional risks.
Increased reliance on digital systems exposes Equinor to risks from cyber disruption, unauthorised access, attacks, and technology failure, which can result in operational delays, loss of data, legal liability, and financial losses.
Uncertainties in project development and production operations, including equipment failure, natural hazards, and cost inflation, may delay or curtail projects and negatively impact financial results.
The Norwegian state’s majority ownership may result in interests that diverge from other shareholders, influencing strategic decisions and potentially affecting Equinor’s market position and financial performance.
Equinor’s reliance on partners, contractors, and joint ventures can expose the company to operational, compliance, and financial risks, including legal liability and reputational damage.
Rapid developments by competitors in technology and business models may undermine Equinor’s competitiveness and ability to deliver its strategy. Risks also arise from new technologies such as artificial intelligence.
Exposure to liquidity, interest rate, foreign exchange, equity, and credit risks may adversely affect Equinor’s financial position and operational capability.
Trading activities in commodity markets entail risks from price volatility, forecasting errors, and counterparty defaults, potentially leading to financial losses.
Difficulty in attracting and retaining skilled personnel, and implementing effective organisational models, may impact Equinor’s ability to execute its strategy and affect current and future performance.
Inadequate crisis management and insurance coverage may increase vulnerability to major incidents, business disruptions, and financial losses.
Risks to health, safety, and the environment can result in harm to people, assets, and reputation, as well as regulatory action, business interruption, and legal liability.
Hostile or malicious acts, including terrorism, sabotage, and cybercrime, may disrupt operations, cause harm, and result in financial and reputational losses.
Non-compliance with laws and regulations, including anti-corruption, bribery, competition, and human rights, may result in legal liability, fines, loss of business, and reputational damage.
Extreme weather and chronic climate impacts may disrupt operations, reduce energy yield, and increase costs or health, safety, and environmental incidents. Ongoing assessment and mitigation support portfolio resilience