Equinor ASA – Annual report – 31 December 2025
Industry: oil and gas
Note 5. Segments
Accounting policies
Equinor’s operations are organised into business areas and followed up through operating segments in order to effectively manage and execute our strategy, including the ability to measure the progress of the business against its strategic goals. The operating segments are defined based on the components of Equinor that undergo regular review by the chief operating decision maker, Equinor’s Chief Executive Officer (CEO). The following reportable segments correspond to the operating segments: Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables (REN). Based on materiality considerations, the remaining business areas Projects, Drilling & Procurement (PDP), Technology, Digital & Innovation (TDI) as well as Corporate staff and functions, are aggregated into the reportable segment Other. The majority of the costs in PDP and TDI is allocated to the three Exploration & Production segments, MMP and REN.
The accounting policies of the reporting segments are consistent with those described in these Consolidated financial statements, except for the following: movements related to changes in asset retirement obligations are excluded from the line-item Additions to PP&E, intangibles and Equity accounted investments, and provisions for onerous contracts reflect only obligations towards group external parties. The measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension assets, non-current financial assets, total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the sale of crude oil, gas, and related products, are performed at defined internal prices which have been derived from market prices. The transactions are eliminated upon consolidation.
The Exploration & Production operating segments are responsible for the discovery and appraisal of new resources, commercial development and safe and efficient operation of the oil and gas portfolios within their respective geographical areas: E&P Norway on the Norwegian continental shelf, E&P USA in USA and E&P International worldwide outside of E&P Norway and E&P USA.
PDP is responsible for oil and gas field development, well deliveries, and sourcing across Equinor.
TDI encompasses research, technology development, specialist advisory services, digitalisation, IT, improvement, innovation, and ventures and future business.
MMP is responsible for the marketing, trading, processing and transportation of crude oil and condensate, natural gas, NGL and refined products, and includes refinery, terminals, and processing plant operation. MMP is also managing power and emissions trading and the development of transportation solutions for natural gas, liquids, and crude oil, including pipelines, shipping, trucking and rail. In addition, MMP is in charge of low carbon solutions in Equinor.
REN is developing, exploring, investing in, and operating areas within renewable energy such as offshore wind, green hydrogen, storage solutions and solar power.
During the fourth quarter of 2025, Equinor made changes to its organisational structure by establishing the new Power business area (PWR). With effect from 1 January 2026, the operating results of PWR will undergo regular review by the chief operating decision maker for the purpose of resource allocation, and PWR will be presented as a reportable segment in Equinor’s financial statements from the first quarter of 2026. Comparable segment information will be restated. The PWR business area is responsible for all power activities, including Renewables (REN) and flexible power assets from the business area Marketing, Midstream and Processing (MMP), as well as Danske Commodities’ power trading business.
Segment information for the years ended 31 December 2025, 2024, and 2023 are presented below. For revenues per geographical area, please see note 7 Total revenues and other income. For further information on the following items affecting the segments, please refer to the related notes: note 6 Acquisitions and disposals, note 14 Impairments, and note 26 Other commitments, contingent liabilities, and contingent assets.
1) Increase is mainly due to weakening of USD versus NOK.
2) This increase mainly relates to the Adura transaction, for more information please see note 6.
3) Excluding deferred tax assets, pension assets and non-current financial assets (non-current assets that are not allocated to segments). Non-current assets are attributed to the country of operations and do not include assets classified as held for sale.
Note 7. Total revenues and other income (extract)
Revenues from contracts with customers by geographical areas
Equinor has business operations in more than 20 countries. When attributing the line-item Revenues from contracts with customers in 2025 to the country of the legal entity executing the sale, Norway and the USA accounted for 77% and 19% respectively (79% and 18% respectively in 2024, and 79% and 18% respectively in 2023). Revenues from contracts with customers are mainly reflecting such revenues from the reporting segment MMP.
Revenues from contracts with customers and other revenues
Accounts examples 