Equinor ASA, called Statoil until 2018, is Norway's state-controlled energy company. Founded in 1972 and listed in Oslo and New York in 2001, it is about 67% owned by the Norwegian state and is the largest operator on the Norwegian Continental Shelf.
How Equinor makes money
Most of Equinor's income comes from producing oil and gas at fields such as Johan Sverdrup, Troll and Johan Castberg and selling it at market prices. Its Marketing, Midstream & Processing segment sells gas to European buyers and trades crude and products. In 2025 Equinor reported $106.5 billion in revenue and $5.0 billion in net income attributable to shareholders.
Europe's gas supplier
After Russian pipeline flows to Europe collapsed in 2022, Norwegian gas became Europe's largest source of supply, and Equinor's revenue peaked at $150.8 billion that year. Gas prices have since normalised, but Equinor remains central to European energy security.
Offshore wind and carbon storage
Equinor pioneered floating wind with Hywind Scotland in 2017 and Hywind Tampen in 2023, and is building Dogger Bank in the UK and Empire Wind 1 off New York. With Shell and TotalEnergies it owns Northern Lights, which began storing CO2 under the North Sea in 2025. Losses and delays in US offshore wind led Equinor to scale back renewables in 2026.
2026 results and strategy
Higher prices lifted Q2 2026 net income to $4.84 billion and production to 2,165 thousand boe per day. At its June 2026 Capital Markets Day CEO Anders Opedal set a target of about 2.3 million boe per day by 2030, said about 90% of capex will go to oil and gas, and doubled the 2026 buyback to $3 billion.
