Equinor (EQNR) Q4 FY25 earnings call

Equinor is bracing a record-production year against a softer price deck by hard-pivoting capital toward its low-breakeven oil and gas base (~60% NCS, ~30% international) and pulling back sharply on power and low-carbon spend. Management is deliberately leaning on the balance sheet through a 2026 trough — tax lag plus Empire Wind phasing — betting that lower cost, a high-graded portfolio and stronger 2027 free cash flow sustain competitive, mostly-bankable distributions through the cycle.