UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number 1-15200

(Translation of registrant’s name into English)

FORUSBEEN 50 NO-4035, STAVANGER, Norway

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X      Form 40-F

This Report on Form 6-K contains a report of the third quarter 2025 results of Equinor ASA.

Key figures

Equinor third quarter 2025 results

Equinor delivered an adjusted operating income* of USD 6.21 billion and USD 1.51 billion after tax* in the third quarter of 2025. Equinor reported a net operating

income of USD 5.27 billion and a net loss of USD 0.20 billion. Adjusted net income* was USD 0.93 billion, leading to adjusted earnings per share* of USD 0.37.

•7% production growth with strong performance from Johan Sverdrup

and Johan Castberg

•Robust balance sheet through lower price environment

•Reported results impacted by net impairments, primarily driven by

lower price outlook

Strong cost focus

•Stable cost from last year1

•50% cost reduction in Renewables

•Stopping two early-phase electrification projects

•First oil from the Bacalhau field in Brazil in October

•Successful infrastructure-led exploration on the NCS

•Participating in Ørsted rights issue, positioning for industrial and

strategic collaboration

•Third quarter cash dividend of USD 0.37 per share and fourth tranche

of share buy-back of up to USD 1.266 billion

•Total capital distribution for 2025 in line with announced level of

around USD 9 billion

Anders Opedal, President and CEO of Equinor ASA:

“We deliver strong operations this quarter. High performing fields and new

fields coming on stream on the Norwegian continental shelf, drive

production growth.”

“In October, we started production from our largest offshore field

internationally, Bacalhau. The field will contribute substantially to grow

earnings from our international portfolio towards 2030.”

“We have systematically addressed cost over time. In a period with both

production growth and inflation, we maintain stable costs year to date.”

Equinor delivered a total equity production of 2,130

mboe per day in the third quarter, up 7% from 1,984

mboe per day in the same quarter last year.

Operational performance on the Norwegian

continental shelf (NCS) was strong with several

fields, in particular the Johan Sverdrup field,

delivering strong production and minimal unplanned

downtime. Combined with the new Johan Castberg

and Halten East fields, the production growth was

9% on the NCS compared to the same quarter last

year. New wells and lower impact from turnarounds

also contributed positively.

The acquisition of additional interests in US onshore

assets in 2024, and increased production from

offshore assets, contributed to a 29% increase in oil

and gas production from the US segment in the third

quarter, compared to the same period last year.

The production from the international upstream

segment, excluding the US, is down compared to the

same quarter last year due to exits from Nigeria and

Azerbaijan in 2024. There was a two-month

production halt at the Peregrino field, which is held

for sale. The halt was due to audit requirements from

the Brazilian authorities, and production resumed in

October. Production from new wells internationally

contributed positively to the results.

The total power generation was 1.37 TWh. The

renewable portfolio contributed with 0.91 TWh, which

is a 34% increase compared to last year, primarily

driven by the ramp up of Dogger Bank A and new

production from onshore renewables.

In the quarter, Equinor completed 18 offshore

exploration wells on the NCS with 7 commercial

discoveries.

Financial results

Equinor delivered an adjusted operating income* of

USD 6.21 billion and USD 1.51 billion after tax* in

the third quarter of 2025. The results are affected by

lower liquids prices, which were partially offset by

higher production and higher gas prices in the US.

The reported net operating income of USD 5.27

billion is down from USD 6.91 billion in the same

quarter last year. This is impacted by net

impairments of USD 754 million, primarily due to

updated forward-looking price assumptions. Assets

held for sale in the international portfolio, which

hence have not been depreciated, accounted for

USD 650 million and USD 385 million is related to

non-operated assets offshore in the US. This was

partially offset by an impairment reversal of USD 299

million related to an onshore asset in Norway.

Equinor realised a European gas price of USD 11.4

per mmbtu and realised liquids prices were USD

64.9 per bbl in the third quarter.

Equinor expects the Midstream, Marketing and

Processing segment to deliver a quarterly average

adjusted operating income* of around USD 400

million going forward. This is due to changing market

conditions and earlier divestment of certain assets.

Adjusted operating and administrative expenses* are

higher compared to the same quarter last year. This

is due to the booking of future operating expenses

related to a US offshore asset that ceased

production in the quarter, as well as higher

transportation costs and currency effects. This was

partially offset by cost improvements in the

renewable segment.

Strong operational performance generated cash

flows provided by operating activities, before taxes

paid and working capital items, of USD 9.10 billion

for the third quarter.

Equinor paid two NCS tax instalments totalling USD

3.9 billion in the quarter. For the fourth quarter,

Equinor expects to pay three instalments. This is due

to the new phasing of ten instalments annually.

Cash flow from operations after taxes paid* ended at

USD 5.33 billion.

Organic capital expenditure* was USD 3.41 billion

for the quarter, and total capital expenditures were

USD 3.68 billion.

The net debt to capital employed adjusted ratio* was

12.2% at the end of the third quarter, compared to

15.2% at the end of the second quarter of 2025.

Successful near-infrastructure exploration on the

NCS, led to seven commercial discoveries in the

quarter. One of the discoveries already started

production, adding volumes to the Åsgard A in the

Norwegian Sea. Combined with production start-up

from the Askeladd Vest field in the Barents Sea, this

supports Equinor’s long-term role as a safe supplier

of energy to Europe.

In October, the Bacalhau field in Brazil came on

stream. With recoverable reserves of more than

1 billion barrels of oil equivalents, it is the largest

international offshore field ever developed by

Equinor.

In the third quarter, Equinor announced participation

in the rights issue of Ørsted. This is driven by a

positive long-term view for offshore wind and

confidence in the underlying business of Ørsted.

In the quarter, Northern Lights received and stored

the first CO₂ volumes. With this, the world’s first third

party CO₂ transport and storage facility is now

operational.

In October, Equinor decided to stop the early phase

Snorre and Halten electrification projects. The

reason for stopping the two projects was primarily

due to high abatement costs. The company will

further mature the Grane-Balder early-phase energy

project.

Competitive capital distribution

The board of directors has decided to initiate a

fourth and final tranche of the share buy-back

programme for 2025 of up to USD 1.266 billion.

The tranche will commence on 30 October and end

no later than 2 February 2026. This fourth tranche

will complete the announced share buy-back

programme of up to USD 5 billion for 2025. It will

also conclude total capital distribution for 2025 of

around USD 9 billion.

Third quarter 2025 review

Group review

Operations and financial results

Equinor delivered a 7% increase in production,

driven by new fields on the NCS and contributions

from the US upstream portfolio, while lower liquids

prices tempered financial results.

In E&P Norway, the new Johan Castberg and Halten

East fields drove increased production in both the

compared to the same periods last year. High

production efficiency from Johan Sverdrup, new

wells and a lower impact from turnarounds more

than offset natural decline on several fields in the

third quarter, while production during the first nine

months was partially impacted by increased

maintenance activities and natural decline across

several fields.

Portfolio changes in the international upstream

business throughout 2024 continued to influence

production levels in 2025. The acquisition of

additional interests in US onshore assets in

December 2024 increased E&P USA production in

the third quarter and first nine months of 2025

compared to the same periods last year. This

increase was supported by new offshore wells

brought into production in 2025. In E&P

International, the divestments of interests in Nigeria

and Azerbaijan in the fourth quarter of 2024 led to

lower production volumes for the quarter and first

nine months of 2025. The production stop in

Peregrino from mid-August 2025 further contributed

to the decrease, which was partially offset by new

wells across the E&P International portfolio in the

quarter.

Growth in the renewables portfolio drove the

increase in total power generation in the third quarter

and first nine months of 2025. The ongoing ramp-up

of Dogger Bank A and the onshore acquisition in

Sweden in March 2025 led to a 34% and 18%

increase in renewable power generation for the third

quarter and first nine months of 2025 respectively,

compared to the same periods last year.

Marketing, Midstream and Processing segment

results in the third quarter were primarily driven by

the optimisation of piped gas trading in Europe. The

result from Crude, Products and Liquids was weak

during the third quarter of 2025, negatively affected

by losses on hedging of shipping contracts and weak

speculative trading. Lower contributions from LNG,

crude, LPG trading and gas infrastructure, due to

sale of assets, led to decreased results during the

first nine months.

Higher production volumes and realised gas prices

drove increased revenue for the quarter and first

nine months of 2025 relative to the same periods last

year. For the quarter, lower liquids prices partially

offset the benefit from higher production, leading to

only a marginal increase in revenue.

increased in the quarter and first nine months

compared to the same periods last year, primarily

impacted by transportation costs and changes in

estimates of asset retirement obligations associated

with a late-life offshore asset in the US that ceased

production during the third quarter. This increase

was partially offset by the divestments in E&P

International and reduction in business development

and early phase projects within the renewables and

low carbon solutions businesses.

The new fields on the NCS were the primary driver

of an increase in adjusted depreciation, amortisation

and net impairments* in the quarter. For the first nine

months of 2025, the impact of the new fields was

mostly offset by the cessation of depreciation for UK

assets, classified as held for sale since December

2024, and the cessation of depreciation for

2025, resulting in stable depreciation relative to the

same period last year.

Lower drilling activity across our international

portfolio contributed to a decrease in exploration

expenses in the third quarter and first nine months of

2025, partially offset by increased exploration activity

on the NCS during the third quarter.

Net operating income included net impairments of

USD 754 million in the third quarter, and USD 1,855

million during the first nine months of 2025, impacted

to a large extent by updated price assumptions.

During the quarter, impairments totalling USD 650

million related to assets held for sale in our E&P

International portfolio and USD 385 million related to

producing assets in the Gulf of America. These

charges were partially offset by an impairment

reversal of USD 299 million related to an onshore

asset in Norway.

Adjusted net financial items* in the quarter and in the

first nine months of 2025 reduced from the same

periods in the prior year, mainly due to losses on

financial investments during 2025.

Taxes

The effective reported tax rate was high for the

quarter and increased from 68.6% in 2024 to 104.4%

for the third quarter of 2025.The increase was mainly

due to higher share of income from jurisdictions with

high tax rates. The tax rate is also influenced by the

de-recognition of deferred tax assets and an

impairment related to the joint venture agreement

with Shell in the UK, see note 3. The increase was

partially offset by currency effects in entities that are

taxable in other currencies than the functional

currency.

Cash flow and net debt

Strong operational performance in the third quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,098 million. Higher gas prices contributed to the

increase from USD 8,670 million in the same quarter

last year, partially offset by lower liquids prices. For

the first nine months, cash flow provided by

capital items increased slightly from USD 28,424

million in the same period last year to USD 28,885

million.

Cash flow from operations after taxes paid*

decreased to USD 5,334 million from USD 5,685

million in the third quarter of 2024, primarily due to

higher tax payments in the quarter. For the first nine

months of 2025, cash flow from operations after

taxes paid* was USD 14,666 million, up from USD

13,739 million in the prior year.

Tax payments in the third quarter totalled USD 3,764

million, mainly representing the first two scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 2,986

million in the same period last year, with the increase

reflecting the change in the NCS instalment tax

payment structure.

A working capital decrease of USD 1,012 million

positively impacted the cash flow in the third quarter

of 2025 compared to a decrease of USD 810 million

in the third quarter of 2024.

Net cash flow before capital distribution* increased

from negative USD 1,289 million in the prior quarter

to positive USD 2,085 million. The increase was

mainly due to lower tax payments in the third quarter,

as it was the first quarter under the new NCS

instalment tax structure and related to 2025

earnings.

In the third quarter, net cash flow* amounted to an

outflow of USD 3,565 million, reflecting substantial

cash distributions of USD 4,712 million related to the

share buy-back programme, including USD 4,260

million payment to the Norwegian state. Net cash

flow* was an outflow of USD 4,058 million in the first

nine months of 2025, down from an outflow of USD

7,882 million in the same period last year, primarily

due to higher dividend payments in the prior year.

A decrease in liquid assets in the quarter, combined

with decreased equity caused a decrease in the net

debt to capital employed adjusted* ratio at the end of

September 2025 to 12.2% from 15.2% at the end of

June 2025

The subscription of additional shares in Ørsted A/S

for USD 0.9 billion was settled in early October and

will be reflected in cash flows for the fourth quarter.

The board of directors has decided to initiate a fourth

and final tranche of the share buy-back programme

for 2025 of up to USD 1.266 billion. The tranche will

commence on 30 October and end no later than 2

February 2026. This fourth tranche will complete the

announced share buy-back programme of up to USD

5 billion for 2025. It will also conclude total capital

distribution for 2025 of around USD 9 billion.

Health, safety and the environment

In September, Equinor had a fatal accident where a

sub-contractor lost his life during a lifting operation at

the Mongstad refinery. The accident is being

investigated by Havtil, the police and internally by

Equinor.

Equinor's internal investigation of the accidental oil

spill from Njord A in December 2024 has been

completed and confirms that the incident could not

have developed into a major incident. There is no

documented oil-damaged wildlife or other

environmental damage following the spill. The

mapping and collection of oil clumps has been

completed for 2025 and Equinor plans to undertake

inspection and verification activities in 2026.

The twelve-month average serious incident

frequency (SIF) for the period ended 30 September

2025 was 0.23, a decrease from 2024 which ended

at 0.3.

Equinor’s absolute Scope 1 and 2 GHG emissions

from operated production (100% basis) were 8.0

million tonnes CO₂e in the first nine months of 2025,

representing a reduction of 0.2 million tonnes CO₂e

compared to the same period last year. The

reduction is primarily attributed to a turnaround at

Hammerfest LNG and the positive emission-reducing

effects of electrification projects implemented on the

NCS in 2024.

Outlook

•Organic capital expenditures* are estimated at

USD 13 billion for 20252.

•Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level [5].

•Equinor’s ambition is to keep the unit of

production cost in the top quartile of its peer

group.

•Scheduled maintenance activity is estimated to

reduce equity production by around 30 mboe per

day for the full year of 2025.

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

create future value, gas off-take, timing of new

capacity coming on stream and operational regularity

and levels of industry product supply, demand and

pricing represent the most significant risks related to

the foregoing production guidance. Our future

financial performance, including cash flow and

liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the

regulatory and policy landscape, the development in

realised prices, including price differentials, tolls and

tariffs and other factors discussed elsewhere in the

report.

For further information, see section Forward-looking

statements in the report.

Supplementary operational disclosures

Exploration & Production Norway

In the third quarter of 2025, new fields coming on

stream (Johan Castberg and Halten East) drove an

increase in production compared to the same quarter

last year. High production efficiency from Johan

Sverdrup, new wells and a lower impact from

turnarounds and maintenance more than offset

natural decline on several fields. Liquids production

had a greater increase than gas in the quarter,

driven by new fields coming on stream with higher

liquids share in the production mix.

Production increased slightly for the first nine months

of 2025 compared to the same period last year,

reflecting a stable underlying performance and

modest ramp-up from new fields during the first half

of the year.

Revenues in the third quarter of 2025 were slightly

higher than in the same quarter last year, as strong

production performance more than offset the effect

of lower liquids prices. For the first nine months of

2025, revenues increased compared to the same

period of 2024, driven by higher gas prices which

more than offset the decline in liquids prices.

Operating and administrative expenses were stable

when compared to the third quarter of 2024, with the

reported increase reflecting the weakening of the

USD versus NOK. There was a one-off

transportation cost effect in the quarter in addition to

increases related to the Petoro swap, new fields

coming on stream, partially offset by an underlift

effect. The same factors drove the increase for the

first nine months of 2025 relative to 2024, except

that there was an overlift effect instead of underlift.

Depreciation, amortisation and net impairments in

the third quarter and the first nine months of 2025

was negatively impacted by ramp up of new fields

and field-specific investments, as well as the

development in the USD/NOK exchange rate. These

effects were partially offset by increased proved

reserves compared to the same periods last year.

The exploration activity in the third quarter of 2025

(18 wells) was higher than in the third quarter last

year (8 wells). The higher drilling cost was more than

offset by higher capitalisation rate and lower seismic

cost, leading to a decrease in exploration expenses.

When comparing the first nine months this year to

last year, the same explanatory factors are relevant,

but offsetting each other.

In the first nine months of 2025, net operating

income was positively impacted by a gain of USD

491 million from the swap transaction with Petoro.

investments in the first nine months of 2025 was

influenced by the assets acquired in the swap

transaction amounting to USD 1,086 million.

Exploration & Production International

The divestment of assets in Azerbaijan and Nigeria

along with the production stop in Peregrino from mid-

August 2025, due to audit requirements from

Brazilian authorities, led to a decrease in production

in the third quarter and the first nine months of 2025

compared to the same periods last year. Natural

decline in several fields further contributed to the

overall drop in production levels. The decrease was

partially offset by contributions from new wells,

mainly in Argentina and Angola.

Production Sharing Agreements (PSA) effects were

reduced in the third quarter and the first nine months

of 2025 compared to the same periods last year,

reflecting the impact of the divestments and lower

liquids prices. 

Total revenues and other income decreased in the

compared to the same periods last year primarily

due to lower volumes and liquids prices. Total

revenues and other income was positively impacted

by net overlift in the third quarter of 2025.

Operating and administrative expenses were at a

similar level in the third quarter of 2025 compared to

the same quarter last year. The increase in the first

nine months of 2025 was mainly due to higher

operation and maintenance costs in Brazil and UK.

This was partially offset by the divestments.

The cessation of depreciation for the UK assets

classified as held for sale since December 2024, and

2025, drove the decline in adjusted depreciation,

amortisation and net impairments* in both the third

quarter and first nine months of 2025 compared to

the same periods in 2024.

Exploration expenses decreased in the third quarter

and the first nine months of 2025 compared to the

same periods in 2024, primarily due to expensed

wells in Canada in the third quarter of last year.

Expensed wells in Brazil and Argentina in the first

half of 2024 further contributed to the decrease in

the first nine months of 2025.

Net operating income in the third quarter and the first

nine months of 2025 was negatively impacted by an

impairment of assets held for sale in the UK

amounting to USD 650 million.

investments decreased in the the third quarter and

periods last year. This decline was mainly due to the

UK assets and Peregrino being classified as held for

sale. The decrease was partially offset by higher

activity in Brazil.

Exploration & Production USA

E&P USA reported higher production volumes in the

compared to the same periods in 2024. This

increase was primarily driven by greater gas output

from the Appalachia onshore assets following the

acquisition of additional interests in late 2024.

Elevated operational activity in the Appalachia region

during the first nine months of 2025 further

supported the production gains. US Offshore

production increased in the third quarter of 2025 due

to additional wells brought into production in the first

nine months of 2025. However, offshore production

remained flat over the first nine months when

compared to the first nine months of 2024.

Revenue for the third quarter and the first nine

months of 2025 benefitted from higher gas prices

and increased gas volumes. The third quarter of

2025 also benefitted from higher liquids production,,

partially offset by lower liquids prices, which limited

the overall increase in revenue.

Operating and administrative expenses increased

during both the third quarter and the first nine

months of 2025. This increase was primarily driven

by an increase in asset retirement obligations

associated with changes in estimates of a late-life

offshore asset that ceased production during the

third quarter, as well as elevated transportation costs

resulting from increased production volumes in the

Appalachia onshore assets.

Adjusted depreciation, amortisation and net

impairments* remained stable in the third quarter of

2025 compared to the same period last year, as the

effect of higher depreciation from lower proved

reserve additions was largely offset by higher capital