05/08/2025
The world’s largest energy companies have just released their Q1 2025 re...
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How Energy Giants Performed in Q1 2025: A Breakdown of Equinor, BP, Hess, and NOG
05/08/2025
The world’s largest energy companies have just released their Q1 2025 results, offering a detailed look at how the sector is holding up amid fluctuating commodity prices, ongoing supply chain pressures, and the growing influence of gas and LNG markets.
Below, we break down Q1 2025 reports from Equinor, BP, Hess, and Northern Oil and Gas (NOG), with a side-by-side comparison of production and net income, and a clear snapshot of how they stacked up against Q1 2024.
Equinor Q1 2025 Performance
Total Equity Production: 2,123 mboe/day
Equinor’s total equity production in the first quarter of 2025 was 2,123 thousand barrels of oil equivalent per day (mboe/d). This represents a slight decline compared to 2,164 mboe/d in Q1 2024 — a decrease of about 1.9%.
Year-over-Year Production Comparison (Q1 2024 vs. Q1 2025):
|
Segment |
Q1 2024 |
Q1 2025 |
Change (%) |
|
Total Production (mboe/d) |
2,164 |
2,123 |
↓ 1.9% |
|
Renewable Electricity Generation (TWh) |
0.76 |
0.76 |
— |
Despite the dip in overall volumes, the company emphasized strong operational performance across major Norwegian Continental Shelf (NCS) assets — particularly Johan Sverdrup and Troll — helping offset negative impacts from:
- The Sleipner B fire (late 2024), resulting in temporary shut-in
- Planned and unplanned maintenance at Hammerfest LNG
On the other hand, U.S. production increased versus the prior year, due to:
- Increased output from existing fields
- Higher ownership from new transactions in U.S. onshore gas assets during 2024
Renewables Production: Flat Performance
Equinor’s renewable power generation in Q1 2025 was 0.76 TWh, the same as Q1 2024. The company noted that the output was in line with expectations, despite ongoing offshore development challenges (e.g., Empire Wind in the U.S.).
Strategic Production Outlook
Equinor plans to:
- Drill ~250 exploration wells on the NCS by 2035
- Continue expanding low-carbon solutions through CO₂ storage projects like Northern Lights Phase 2, with injection capacity increasing from 1.5 to 5 million tonnes/year
Financial Snapshot
- Adjusted Operating Income: $8.65 billion
- Net Income: $2.63 billion
- Adjusted Net Income: $1.79 billion
The company reported $10.6 billion in cash flow from operations (before tax/working capital) and $7.39 billion after tax, underscoring strong liquidity even in a transitional period.
BP Q1 2025 Performance
BP’s first quarter of 2025 reflects a strong operational footing and notable project milestones, despite a year-over-year decrease in profitability. The British energy major reported a profit of $687 million attributable to shareholders, down significantly from $2.263 billion in Q1 2024.
This decline was largely influenced by non-operating adjusting items and reduced commodity prices. Still, underlying replacement cost (RC) profit stood at $1.381 billion, compared to $2.723 billion in the same period last year, showing a drop of nearly 49%.
Production and Operations Performance
- Oil and gas output was resilient, underpinned by high asset reliability. BP achieved upstream plant reliability of 95.4%, one of its best on record, and refining availability at 96.2%.
- BP reported Adjusted EBITDA of $8.7 billion, down from $10.3 billion in Q1 2024, but slightly up from $8.4 billion in Q4 2024, signaling a rebound from a weaker close to last year.
Operating cash flow was $2.8 billion, sharply down from $5.0 billion in Q1 2024, impacted by lower realized oil and gas prices and adjusting items.
- In the first quarter of 2025, BP reported liquids production of 1,086 thousand barrels per day (mb/d), a 2.8% increase from 1,056 mb/d in Q1 2024. Natural gas production declined by 4.5%, dropping from 2,364 million cubic feet per day (mmcf/d) in Q1 2024 to 2,258 mmcf/d in Q1 2025. Overall, total hydrocarbons production rose slightly by 0.8%, reaching 1,475 thousand barrels of oil equivalent per day (mboe/d) compared to 1,463 mboe/d in the same period last year.
New Discoveries and Project Highlights
BP delivered on exploration with six new discoveries across global basins:
- In the US Gulf of America, BP made a Miocene oil discovery at the Far South prospect in Green Canyon Block 584, 120 miles off Louisiana. Drilled to 23,830 feet, this deepwater find reinforces BP’s leading Gulf position.
- In Guyana, through its Azule Energy joint venture with Eni, the Agogo FPSO completed construction and is now en route to Block 15/06, enhancing production in Angola’s offshore region.
- BP’s consortium in Namibia successfully drilled the Capricornus 1-X well, which produced test flows exceeding 11,000 barrels/day of light crude with minimal impurities.
Hess Q1 2025 Performance
Hess Corporation delivered a solid operational quarter in Q1 2025, marked by steady oil and gas production, continued development progress in Guyana, and significant investments in key upstream assets. While net income declined year-over-year due to lower realized oil prices, Hess remains on track with major growth projects and reaffirmed its full-year capital plans.
Production Performance and Operational Highlights
Hess reported net production of 476,000 barrels of oil equivalent per day (boepd), flat compared to Q1 2024:
United States
- Bakken (North Dakota)
Q1 2025: 195,000 boepd (↑ from 190,000 boepd YoY)
4 rigs operated, 32 wells brought online
Q2 forecast: 210,000–215,000 boepd
- Gulf of America (Offshore U.S.)
Q1 2025: 41,000 boepd (↑ from 31,000 boepd YoY)
Boosted by new Pickerel well tied back to Tubular Bells
Guyana (Offshore)
- Stabroek Block (Hess 30%)
Q1 2025: 183,000 bopd, down from 190,000 bopd YoY
14 cargoes sold vs. 15 in Q1 2024
Q2 forecast: ~180,000 bopd
Yellowtail FPSO (ONE GUYANA) arrived April 15, on track for Q3 startup (250,000 bopd capacity)
- Future Guyana Projects
Uaru: 250,000 bopd, start-up in 2026
Whiptail: 250,000 bopd, start-up in 2027
Hammerhead: 150,000 bopd, pending approval for 2029
Financial Performance (GAAP and Adjusted)
|
Metric |
Q1 2025 |
Q1 2024 |
YoY Change |
|
Net Income (GAAP) |
$430 million |
$972 million |
▼ 56% |
|
Adjusted Net Income |
$559 million |
$972 million |
▼ 43% |
|
EPS (GAAP) |
$1.39 |
$3.16 |
▼ |
|
EPS (Adjusted) |
$1.81 |
$3.16 |
▼ |
|
E&P Capex |
$1.085 billion |
$927 million |
▲ |
|
Cash from Ops (before WC) |
$1.315 billion |
$1.729 billion |
▼ |
|
Net Cash from Ops (after WC) |
$1.401 billion |
$885 million |
▲ |
Northern Oil and Gas (NOG) Q1 2025 Performance
Northern Oil and Gas (NOG) delivered a record-setting first quarter in 2025, underscoring the effectiveness of its non-operated model and strategic diversification across key U.S. shale basins. With increased oil and gas volumes, disciplined capital spending, and strong free cash flow generation, NOG continues to build shareholder value and maintain operational flexibility.
Production and Operational Performance
In Q1 2025, NOG achieved record total production of 134,959 Boe/day, representing a 13% year-over-year increase and a 2.4% sequential increase from Q4 2024. Strong contributions came from the Permian, Williston, Uinta, and Appalachian basins.
Production Breakdown:
- Oil volumes: 78,675 Bbl/day (58% of total production), up 12.1% YoY
- Natural gas: 337,706 Mcf/day, up 14% YoY
- Net wells turned in-line: 27.3
- Net producing wells (end of period): 1,133.9
- Uinta Basin: Volumes grew over 15% sequentially under SM Energy operatorship
- Appalachia: Record volumes of 113.5 MMcfe/day
Costs and Financial Performance
Operating Costs:
- LOE: $114 million or $9.39/Boe (down 2% QoQ)
- Production taxes: $2.97/Boe (down due to lower oil prices and higher Uinta volumes)
- G&A expenses: $1.19/Boe, with cash G&A at $0.87/Boe
Capital Expenditures:
- Total capex: $249.9 million (excluding non-budgeted acquisitions)
- D&C capex: $245.1 million
- Ground Game: $4.8 million (acquired over 1,000 net acres and 1.1 net wells)
Recent Acquisition:
- Upton County, TX: Closed April 1, 2025, for $61.7 million, adding 2,275 net acres
2025 Outlook and Strategic Positioning
NOG reaffirmed its 2025 annual guidance, aiming to produce between 130,000 – 135,000 Boe/day with oil accounting for 75,000 – 79,000 Bbl/day. Total capital expenditures are projected at $1.05 to $1.2 billion, with capital allocated approximately as follows:
- Permian Basin: 66%
- Williston Basin: 20%
- Appalachian & Uinta Basins: 14%
The company plans to complete 87–91 net oil wells and 97–99 total wells in 2025.
Q1 2025 vs Q1 2024 – Production & Net Income Comparison
|
Company |
Production (Q1 2025) |
Production (Q1 2024) |
Net Income Q1 2025 (USD) |
Net Income Q1 2024 (USD) |
|
Equinor |
2.12 million boe/day |
2.16 million boe/day |
$2.63 billion |
$4.97 billion |
|
BP |
1,086 mb/d (liquids) 2,258 mmcf/d (gas) 1.475 mboe/d (total hydrocarbons) |
1,056 mb/d (liquids) 2,364 mmcf/d (gas) 1.463 mboe/d (total hydrocarbons) |
$2.26 billion |
$8.22 billion |
|
Hess |
476,000 boe/day |
476,000 boe/day |
$430 million |
$972 million |
|
NOG |
134,959 boe/day |
119,436 boe/day |
$139 million |
$98 million (est.) |
Conclusion: Q1 2025 Performance Summary
- Equinor
Strong in: European gas pricing, new field startups (Johan Castberg), and capital discipline.
Note: Net income declined but solid cash flow and production stability maintained.
- BP
Strong in: Resilient production, refining/trading performance.
Note: Net income fell significantly due to lower prices and divestments.
- Hess
Strong in: Stable output, strong Guyana asset momentum (Yellowtail FPSO on track).
Note: Earnings declined due to lower oil prices, but long-term outlook remains strong.
- NOG (Northern Oil and Gas)
Strong in: Record production, high free cash flow, and capital returns.
Note: Delivered the best YoY performance across production and earnings.
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