Equinor has reported adjusted operating income $6.2 billion and $1.55 billion after tax in the fourth quarter of 2025. The company reported a net operating income of $5.49 billion and a net income of $1.31 billion. The company delivered 6%…
Equinor has reported adjusted operating income $6.2 billion and $1.55 billion after tax in the fourth quarter of 2025. The company reported a net operating income of $5.49 billion and a net income of $1.31 billion. The company delivered 6% production growth in the quarter and 3.4% for the full year. Free cash flow was $4 billion while operating costs have been reduced by 10%. Equinor is expecting 3% oil and gas production growth in 2026.
TotalEnergies has reported fourth quarter adjusted net income of $3.8 billion. It has generated cash flow of $7.2 billion in the 4th quarter, despite a drop of more than $5/b in oil prices. In 2025, TotalEnergies reports adjusted net income of $15.6 billion, down 15% year-on-year reflecting oil price decrease while cash flow of nearly $28 billion decreased by only 7% year-on-year.
Shell has reported Q4 2025 adjusted earnings of $3.3 billion and CFFO of $9.4 billion. The company has generated free cash flow of $26 billion. More than $3.5 billion of shares have been bought back. Net debt is ~$45.7 billion ($16.8 billion excluding leases) and gearing 20.7%. Shell reported $2 billion of cost reductions in 2025 and $5.1 billion since 2022. Capex in 2025 was $20.9 billion; cash capex outlook for 2026 is $20-22 billion.
Chevron has reported earnings of $2.8 billion for fourth quarter 2025, compared with $3.2 billion in fourth quarter 2024. Adjusted earnings of $3 billion in the fourth quarter 2025 compared to adjusted earnings of $3.6 billion in the fourth quarter 2024. Cash flow from operations was $10.8 billion.
BP has reported fourth quarter 2025 underlying RC profit of $1.5bn delivered against a weaker oil price environment. Operating cash flow was $24.5bn, including $2.9bn adjusted working capital. The company has suspended its buy back scheme and will focus resources on lowering debt. Full year RC profit was $7.5 billion.
ConocoPhillips has reported fourth-quarter 2025 earnings of $1.4 billion, compared with fourth-quarter 2024 earnings of $2.3 billion. Full-year 2025 earnings were $8 billion, compared with full-year 2024 earnings of $9.2 billion.
