Market consensus of analysts
Every quarter ahead of the earnings announcement, Equinor collects earnings and production estimates from the equity analysts currently covering the company. These numbers become a proxy for the market expectations to Equinor’s results.
Analyst consensus
Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted earnings (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax earnings (adjusted) equals the consensus pre-tax number minus consensus for tax in total. Total equity production and entitlement production is the sum of the consensus items for production.
1st quarter 2023 — Collected April 2023, 26 analysts provided input
In million USD
| E&P Norway | 9516 |
| E&P International | 506 |
| E&P USA | 266 |
| MMP | 986 |
| REN | -38 |
| Other | -29 |
| Adjusted earnings before tax | 11 207 |
| Tax, E&P Norway | 7322 |
| Tax, E&P International | 195 |
| Tax E&P USA | 42 |
| Tax, MMP | 513 |
| TAX REN | -4 |
| Tax, Other | -8 |
| Tax in total | 8060 |
| Adjusted earnings after tax | 3147 |
| Expensed exploration impacting EPN | 94 |
| Expensed exploration impacting EPI | 92 |
| Expensed exploration impacting EP USA | 40 |
| mbd | |
| Liquids production Norway | 635 |
| Gas production Norway | 795 |
| Liquids production EPI, equity | 284 |
| Gas production EPI, equity | 45 |
| Liquids production EP USA, equity | 131 |
| Gas production EP USA, equity | 199 |
| Total production, equity | 2089 |
| PSA/royalty effect, EPI | 85 |
| PSA/royalty effect, EP USA | 44 |
| Total production, entitlement | 1960 |
| Realized price EPN, liquids/bbl | USD 77.5 |
| Realized price EPI, liquids/bbl | USD 68.5 |
| Realized price EP USA, liquids/bbl | USD 61.7 |
Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted earnings (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax earnings (adjusted) equals the consensus pre-tax number minus consensus for tax in total. Total equity production and entitlement production is the sum of the consensus items for production.
4th quarter 2022 — Collected January 2023, 25 analysts provided input
In million USD
| E&P Norway | 14 326 |
| E&P International | 757 |
| E&P USA | 566 |
| MMP | -1 191 |
| REN | -28 |
| Other | -15 |
| Adjusted earnings before tax | 14 413 |
| Tax, E&P Norway | 11 121 |
| Tax, E&P International | 276 |
| Tax E&P USA | 4 |
| Tax, MMP | -933 |
| TAX REN | -5 |
| Tax, Other | -7 |
| Tax in total | 10 456 |
| Adjusted earnings after tax | 3 957 |
| Expensed exploration impacting EPN | 90 |
| Expensed exploration impacting EPI | 164 |
| Expensed exploration impacting EP USA | 33 |
| mbd | |
| Liquids production Norway | 632 |
| Gas production Norway | 797 |
| Liquids production EPI, equity | 306 |
| Gas production EPI, equity | 49 |
| Liquids production EP USA, equity | 125 |
| Gas production EP USA, equity | 201 |
| Total production, equity | 2110 |
| PSA/royalty effect, EPI | 93 |
| PSA/royalty effect, EP USA | 45 |
| Total production, entitlement | 1972 |
| Realized price EPN, liquids/bbl | USD 84.2 |
| Realized price EPI, liquids/bbl | USD 78.4 |
| Realized price EP USA, liquids/bbl | USD 69.7 |
Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted earnings (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax earnings (adjusted) equals the consensus pre-tax number minus consensus for tax in total. Total equity production and entitlement production is the sum of the consensus items for production.