Assets dominated by the Norwegian Continental Shelf (Johan Sverdrup, Troll, Johan Castberg started 2025, Oseberg, Aasta Hansteen), plus Brazil (Bacalhau first oil 2025, Peregrino), US onshore gas & Gulf of Mexico, and a leading gas/LNG position supplying ~25-30% of Europe's gas.
Fortress balance sheet frequently in net-cash territory, a competitive dividend plus large buyback program, and 67% Norwegian state ownership; renewables ambitions materially scaled back in 2024-25 under CEO Anders Opedal (since 2020).
Its EV/EBITDA of 2.9x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.0% is lower than the 6.5% median, and at $21.27/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Equinor scores 45/100, strongest on safety (65/100). Sub-scores: value 41, quality 40, growth 31, risk 35 (higher = riskier).
Equinor holds approximately 5.18 billion boe of proved (1P) reserves with FY2025 production of about 2,137 thousand boe/d (45% liquids), a reserve life of roughly 6.6 years. Break-even: ~$35/bbl (portfolio Brent breakeven) — NCS flagship Johan Sverdrup is among the world's lowest-cost fields (~$15-20/bbl); the group's next-decade project portfolio breaks even near ~$35/bbl Brent.
Using Equinor's SEC-disclosed after-tax standardized measure of proved reserves ($33.1bn) less net debt ($11.9bn) gives an equity-NAV floor of about $21.2bn — the current market capitalisation sits +364% versus that floor. Disclosed pre-tax PV-10: —. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Omits Marketing/Midstream & Processing (trading, LNG, pipelines) and Renewables; proved upstream reserves only.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Norway | 65% | 3 | Stable, predictable; high but transparent 78% tax. |
| United States | 12% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
| Brazil | 10% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
| Other | 7% | 50 | diversified/unspecified exposure — universe-average proxy |
| United Kingdom | 6% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Johan Sverdrup | Norway | Oil (NCS) | Flagship low-cost field, ~755 kboe/d plateau, ~$15-20/bbl breakeven |
| Troll | Norway | Gas (NCS) | Core long-life gas hub anchoring European supply |
| Johan Castberg | Norway | Oil (Barents Sea) | First oil 2025, ~220 kboe/d plateau |
| Bacalhau | Brazil | Oil (pre-salt) | Operated FPSO, first oil 2025, ~220 kboe/d |
| Peregrino | Brazil | Oil (Campos) | Operated heavy-oil field, Phase 2 ramp-up |
| Empire Wind | United States | Offshore wind | NY offshore wind; 2025 federal stop-work then restart; impairment overhang |
| Appalachia | United States | Gas (onshore) | Marcellus/Utica dry gas position |
| Rosebank | United Kingdom | Oil (West of Shetland) | Large UK development, in execution |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 2060 | 2050 | 2080 | 2070 | 2137 |
| Proved reserves (bnboe) | 5.36 | 5.03 | 5.05 | 5.20 | 5.18 |
| Revenue ($bn) | 89.0 | 150.0 | 107.0 | 103.0 | 106.5 |
| EBITDA ($bn) | 45.0 | 95.0 | 55.0 | 45.0 | 37.8 |
| Net income ($bn) | 8.6 | 28.7 | 11.9 | 8.8 | 5.0 |
| Free cash flow ($bn) | 10.0 | 20.0 | 14.0 | 10.0 | 4.9 |
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✓ FY2025 figures verified against primary sources:
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