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Equinor develops and operates oil and gas fields in Norway, the United States and other countries. Norwegian fields account for most of its oil and gas production revenue and most of the company’s operating profit. It also produces and sells power, including renewable electricity, but this is a much smaller business.
Its marketing and trading operations connect production to buyers and bring in most revenue from outside customers. Equinor processes, transports and sells its own oil and gas alongside commodities it purchases. It delivers Norwegian natural gas mainly through pipelines to customers in the UK and mainland Europe, and ships liquefied natural gas worldwide.
The Norwegian State is both its majority shareholder and a supplier of oil and gas that Equinor markets alongside its own production. Equinor sells the State’s natural gas for the State’s account and risk, rather than retaining the sales proceeds for itself. The State can change or withdraw this marketing arrangement. Equinor also needs Norwegian government approval to explore and develop fields on the Norwegian continental shelf and to set individual fields’ production rates.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Equinor’s results hinge on Norwegian offshore oil and European gas, making Norwegian State approvals and the state production interests managed by Petoro important to watch.
Shell competes with Equinor to produce oil and gas and sell LNG, pipeline gas and power, exposing both to European gas prices and energy-trading margins. Watch Shell’s LNG and pipeline-gas trading results alongside the gas trading that drove Equinor’s marketing business in 2025.
TotalEnergies shares Equinor’s exposure to oil and gas prices: both produce oil and gas and sell gas, power and petroleum products. Its oil-and-gas production and LNG results offer a comparison for Equinor, but refining results also depend on how quickly fuel prices adjust to crude prices.
BP competes with Equinor in producing oil and gas, trading gas and power, and refining oil for sale to customers. Its gas production and trading business is the useful comparison for Equinor’s gas activities, rather than BP’s customer-facing fuel and mobility businesses.
Eni shares Equinor’s oil-and-gas price exposure and produces and sells oil and gas in overlapping regions, including Norway, the UK and Africa. Watch its exploration and production business for developments in those regions, noting that some Norwegian, UK and Angolan operations run through entities whose earnings Eni reports as an ownership share.
ConocoPhillips shares Equinor’s exposure to oil and gas prices and offshore development in Norway; both produce and market oil and gas internationally. Watch the prices ConocoPhillips receives on sales, which generally follow market prices with adjustments for location, quality and transport for crude oil and natural gas liquids.
ExxonMobil and Equinor share global oil-and-gas price exposure because both produce and sell crude oil and natural gas worldwide and sell petroleum products. ExxonMobil’s oil, gas and petroleum-product businesses are the relevant comparison, rather than its petrochemicals and specialty products.
Chevron competes with Equinor internationally to produce oil and gas, process and transport LNG, and refine and sell fuels, leaving both exposed to global oil and gas prices. Its gas marketing and refining businesses provide comparisons for Equinor beyond oil-and-gas production alone.
Petrobras is both an offshore oil-and-gas competitor in Brazil and a participant in Raia, where Equinor operates the development. Watch Raia updates in Petrobras’s 2026–30 business plan for news directly tied to Equinor’s Brazilian project, rather than treating all Petrobras production projects as Equinor exposure.
Vermilion sells European-produced gas into the regional market that is central to Equinor’s Norwegian gas sales to UK and mainland European customers. Watch its European gas business as a comparison for that market, separate from its Canadian gas and oil assets.
Canadian Natural shares Equinor’s oil-and-gas price exposure, with both producing and selling oil and gas and operating offshore in the North Sea and Africa. Its light and medium crude oil and natural gas liquids production in those offshore regions is a closer comparison than its Canadian oil-sands output.
Occidental shares Equinor’s exposure to US oil-and-gas production economics, including offshore production, and both sell oil and gas internationally. Its US oil-and-gas business offers a comparison for Equinor’s US operations, where higher production in 2025 did not prevent operating income from falling.
Suncor shares Equinor’s exposure to crude prices and refining margins through crude oil and fuel sales, but centres on Canadian oil sands rather than Norwegian offshore gas. Its sales of oil-sands crude to refineries in North America and Asia help compare the oil side of Equinor, not its European gas business.
Cenovus shares Equinor’s crude-price and refining-margin exposure: both produce offshore oil and sell crude and refined fuels, although Cenovus is more exposed to Canadian heavy oil. Watch its crude, gasoline, diesel and jet-fuel sales, while allowing for the partial protection its heavy-oil refineries provide against heavy-oil price discounts.
Equinor relies on TechnipFMC for systems and services that produce and transport oil and gas beneath the sea at Raia and Johan Sverdrup Phase 3; TechnipFMC earns revenue supplying energy developers. Watch updates on those two projects in its subsea order backlog for a direct view of Equinor’s offshore development work.
Equinor pays Transocean to provide offshore rigs, equipment and crews to drill oil and gas wells, making Transocean dependent on Equinor’s drilling work. Equinor accounted for 12% of its 2025 revenue and 16% of its contracted work remaining on February 19, 2026; watch Equinor-related drilling contracts in that backlog.
ENI S.p.A. earningsE
Eni’s report will show how its oil and gas business is faring in Norway, the UK and Africa, offering a read on conditions that also affect Equinor’s operations there.
Read Eni’s exploration and production results for Norway, the UK and Africa alongside Equinor’s oil and gas production and earnings in those regions. Strength at both would be consistent with supportive shared price or operating conditions; if Eni weakens while Equinor holds up, differences in output, costs or ownership-share reporting may explain the gap, so Eni’s result is a comparison, not Equinor’s result.
Equinor ASA earningsThis company
Equinor earns most of its operating income from oil and gas production in Norway, while its marketing business also depends on gas trading, and this report will show whether both are supporting earnings.
Read production and operating income from Norway alongside results from marketing, trading and processing. Steady Norwegian production and earnings, with a continuing contribution from marketing and trading, would show both sides supporting Equinor; if both weaken, its profit base is narrowing, while weakness in only one makes the strength of the other the key question.
EIA Crude Oil Stocks Change (Oct/23)
US crude and gasoline inventories help gauge oil-market supply and demand. Price shifts can affect EQUINOR's own-produced oil sales and its crude and refined-product marketing, refining and trading businesses.
Read crude and gasoline inventories alongside refinery activity: a crude draw can reflect refinery use rather than stronger fuel demand. For EQUINOR, the effect depends on the resulting crude and product prices and the gap between purchase costs and selling prices.
TechnipFMC plc earningsFTI
TechnipFMC’s report will update subsea work in its backlog for Raia and Johan Sverdrup Phase 3, giving readers a view of services supporting Equinor’s two offshore developments.
Check whether TechnipFMC’s backlog updates show work progressing on Raia and Johan Sverdrup Phase 3. Clear progress gives evidence that the subsea systems and services for these projects are moving ahead; weaker or delayed updates raise execution questions, but do not by themselves prove Equinor’s schedule has changed.
Shell plc earningsSHEL
Shell’s report will show how its LNG and pipeline-gas trading is performing, offering a comparison for the gas-trading conditions Equinor’s marketing business faces.
Compare Shell’s LNG and pipeline-gas trading results with Equinor’s gas and power results in marketing, trading and processing. Stronger trading at Shell shows that gas trading can contribute at a peer, consistent with supportive conditions for Equinor but not proof of the same outcome; weaker results flag possible pressure, while Equinor’s own figures determine how its business fared.
Transocean LTD. earningsRIG
Transocean’s report will update its Equinor-related drilling contracts, showing how much contracted work Equinor’s offshore drilling provides this rig supplier.
Check the size and updates of Equinor-related contracts in Transocean’s backlog; as of February 19, 2026, Equinor accounted for 16% of its contracted work remaining. Sustained or greater contracts show that Equinor continues to provide visible rig work; fewer contracts reduce Transocean’s work visibility and may reflect a change in Equinor’s drilling demand, but do not establish Equinor’s overall production or investment.
