Equinor

“We expect to increase power production to more than 20 Twh by 2030 as already sanctioned projects come on stream. With growing cashflow, we expect Power to be self-funded in the period 2027 to 2030.”

“Projects are expected to deliver nominal equity returns above 10%, with additional potential for portfolio uplift.”

“Most of that already by 2028, And actually… the offshore wind business will… in itself… turn cash flow positive, already next year. This means Power…overall… will come into a different phase.”

“Shaping the portfolio going forward … We will gradually shift investments towards more flexible assets. …and this will create a better balance between short and long-cycle investments.”

“While fundamentals are improving in the industry, consolidation is still needed, and stronger collaboration between Ørsted and Equinor can benefit both companies. We are seeking industrial solutions to unlock value for shareholders, and we are not considering buying more shares for cash.”

“clearly the 10% ownership share that we have, we are satisfied with that. And there's a high bar to commit more capital into offshore wind. And that also goes with the position in Ørsted. When that is said, we do believe that this industry will need consolidation to improve profitability and risk management.”

“With new fields on stream and strong operations, we deliver record-high production and competitive returns in 2025. We continue to allocate capital to further develop and maximise value from the Norwegian continental shelf. At the same time, we are delivering focused growth in our integrated power business, now focusing on the execution of already sanctioned projects.”

“In the current situation for the offshore wind industry, we are focusing on projects in execution and have a high bar for committing capital towards new offshore wind projects. This includes our ownership in Ørsted.”

“It's also because we have not been successful in some of the bidding because we have raised the bar for winning future CFDs. And a couple of years ago, we had several projects inside our CapEx outlook that is now not inside the CapEx outlook due to deliberately not being successful in those auctions.”

“If there is a kind of a strong division for potential projects, then we need to think twice and really understand the political risk. And this is something new. It's not only in US. This is something new that we have seen lately in several countries.”

“Equinor's support of the Rights Issue reflects confidence in Orsted's underlying business, and the competitiveness of offshore wind in the future energy mix, in selected geographies. Equinor believes that a closer industrial and strategic collaboration between Orsted and Equinor can create value for all shareholders in both companies.”

Equinor recognised a USD 955 million impairment related to its Empire Wind projects in the US in Q2 2025. Of this, USD 763 million related to the Empire Wind 1 / South Brooklyn Marine Terminal project under construction, and USD 192 million to the undeveloped Empire Wind 2 lease. The impairment was driven by reduced expected synergies from future US offshore wind projects, regulatory changes, and increased tariff exposure.

“We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful.”

“We appreciate the fact that construction can now resume on Empire Wind, a project which underscores our commitment to deliver energy while supporting local economies and creating jobs. I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.”

Equinor and Polenergia reached final investment decision and financial close on Baltyk 2 and Baltyk 3 offshore wind farms in the Polish Baltic Sea, with combined capacity of 1.44 GW. The projects secured over EUR 6 billion in financing. Expected operational by 2028. This represents Poland's first large-scale offshore wind farms and Equinor's first offshore wind FID since Dogger Bank C in 2021.

“We do this by high-grading the portfolio, reducing the investment outlook for renewables and low carbon solutions and improving cost across our organisation.”

“We expect to deliver industry-leading return on average capital employed, above 15% all the way to 2030. Our oil and gas production outlook is increased to more than 10% growth from 2024 to 2027.”

Equinor announced it would cut 20% of the workforce in its renewable energy division, approximately 250 jobs. The company cancelled offshore wind projects in France, Portugal, Spain, and Vietnam, and stated it would focus on three large projects: Dogger Bank (UK), Baltyk 2 and 3 (Poland), and Empire Wind 1 (US).

“Equinor has a long-term perspective and will be a supportive owner in Orsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. […] This investment is in line with Equinor's strategy of value driven growth in renewables. The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition.”

“Equinor is well positioned to deliver profitable growth. We expect to grow our cash flow and sustain competitive returns. We are extending the outlook for stable contribution from oil and gas to 2035. By 2030 we expect material and rapidly growing cash flow from our renewables and low carbon business.”

“We will provide a broader energy offering with lower emissions. We aim to grow renewables and decarbonised energy to more than 80 terawatt hours by 2035 and have increased our ambition for carbon storage.”

“Commercial viability is fundamental for ambitious projects of this size and scale. The Empire Wind 2 decision provides the opportunity to reset and develop a stronger and more robust project going forward.”

“We aspire to be a leading company in the energy transition. Building on our experience as a leading player in US offshore wind, we now take full ownership of a mature, large-scale offshore wind project in a key energy market, where we have built a strong local organization.”

Equinor officially opened Hywind Tampen, the world's largest floating offshore wind farm, with 11 Siemens Gamesa 8.6 MW turbines and total capacity of 94.6 MW. The wind farm provides electricity to five Equinor-operated oil and gas platforms on the Snorre and Gullfaks fields, reducing their CO2 emissions by about 200,000 tonnes per year.

“There is no doubt that offshore wind is in its first small crisis. Even though we have good profitability and money on the books, it is important that we make decisions that ensure profitability also in the future.”

“Trollvind was a bold industrial plan to solve pressing issues concerning electrification of oil and gas installations, bringing much needed power to the Bergen-area, while accelerating floating offshore wind power in Norway. Unfortunately, we no longer see a way forward to deliver on our original concept of having an operational wind farm well before 2030.”

“Equinor is uniquely positioned to provide energy and contribute to decarbonisation, while delivering strong returns. Strong earnings and cash flow will enable continued competitive capital distribution and investments in high-value, resilient projects within oil and gas, renewables, and low carbon solutions. Our ambition is to be a leading company in the energy transition.”

“With the first power from the world's largest floating wind farm Hywind Tampen in 2022 and the world's largest offshore wind farm, Dogger Bank in the UK, to start production in 2023, Equinor is demonstrating leadership within offshore wind.”

“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns. We are optimising our oil and gas portfolio to deliver even stronger cash flow and returns with reduced emissions from production, and we expect significant profitable growth within renewables and low carbon solutions. This is a strategy to create value as a leader in the energy transition.”

“Significant growth within renewables and low carbon solutions will increase the pace of change towards 2030 and 2035. Equinor expects to produce less oil and gas than today recognising reducing demand.”

Equinor and bp were selected by New York State for the largest-ever US offshore wind award. Empire Wind 2 (1,260 MW) and Beacon Wind 1 (1,230 MW) will provide a combined 2,490 MW, adding to Empire Wind 1's 816 MW commitment, totalling 3.3 GW for New York State.

SSE Renewables and Equinor took final investment decision on Dogger Bank A (1.2 GW) and Dogger Bank B (1.2 GW) in the UK North Sea. When complete, Dogger Bank will be the world's largest offshore wind farm at 3.6 GW across three phases. Each phase will use GE Haliade-X 13 MW turbines — the first commercial deployment of these turbines globally.

Equinor and bp formed a strategic partnership for offshore wind in the US, with bp acquiring a 50% interest in the Equinor-operated Empire Wind and Beacon Wind assets on the US East Coast. bp paid Equinor USD 1.1 billion for the stake. The combined portfolio totals 4.4 GW of development capacity across Empire Wind (2 GW) and Beacon Wind (2.4 GW).