Equinor ASA ADR (EQNR) revenue breakdown
By segment, MMP is the largest at 70% of fiscal 2025 revenue; E&P Norway grew fastest, 11% a year over 6 years.
By product, Crude oil is the largest at 55% of fiscal 2025 revenue; Natural gas grew fastest, 12% a year over 9 years.
Revenue by segment
Fiscal years, as Equinor ASA ADR reports them in its 10-K filings; fiscal 2025 total $148.9B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMP | $45.0B | $59.1B | $75.8B | $61.0B | $45.0B | $87.4B | $148.1B | $105.9B | $101.8B | $104.8B | 70% |
| E&P Norway | — | — | — | $18.8B | $12.0B | $39.4B | $75.9B | $38.3B | $33.6B | $34.4B | 23% |
| E&P International | — | — | — | $6.1B | $3.5B | $5.6B | $7.4B | $7.0B | $7.3B | $5.1B | 3% |
| E&P USA | — | — | — | $4.2B | $2.6B | $4.1B | $5.5B | $4.3B | $4.0B | $4.3B | 3% |
| REN | — | — | — | $353M | $181M | $1.4B | $185M | $17M | $317M | $192M | 0% |
| Other | $39M | $87M | $280M | $271M | $132M | $355M | $187M | $253M | $133M | $132M | 0% |
| Exploration & Production Norway (E&P) | $13.1B | $17.7B | $22.5B | — | — | — | — | — | — | — | — |
| Exploration & Production (E&P) International | $6.7B | $9.3B | $12.4B | — | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as Equinor ASA ADR reports them in its 10-K filings; fiscal 2025 total $105.2B.
| Products | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Crude oil | $24.3B | $29.5B | $40.9B | $33.5B | $24.5B | $38.3B | $58.5B | $56.9B | $58.2B | $58.4B | 55% |
| Natural gas | $9.2B | $11.4B | $14.1B | $11.3B | $7.2B | $28.1B | $65.2B | $26.4B | $22.2B | $25.3B | 24% |
| Refined products | $8.1B | $11.4B | $13.1B | $10.7B | $6.5B | $11.5B | $11.1B | $10.1B | $9.2B | $10.4B | 10% |
| Natural gas liquids | $4.0B | $5.6B | $7.2B | $5.8B | $5.1B | $8.5B | $9.2B | $8.3B | $7.8B | $7.0B | 7% |
| Power | — | — | — | — | — | — | $4.0B | $2.2B | $1.9B | $2.1B | 2% |
| Transportation | — | — | $1.0B | $967M | $1.1B | $921M | $1.5B | $1.4B | $1.3B | $1.3B | 1% |
| Other sales | $1M | $3.0B | $903M | $445M | $681M | $1.0B | $748M | $809M | $649M | $778M | 1% |
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Where does Equinor ASA ADR make its money?
In fiscal 2025, by segment: MMP $104.8B, E&P Norway $34.4B, E&P International $5.1B, E&P USA $4.3B, REN $192M.
From Equinor ASA ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.