Equinor is a Norwegian state-controlled oil and gas company. Its core business is exploring for, developing, and producing oil and natural gas, primarily on the Norwegian Continental Shelf (NCS) but also internationally. Equinor's largest single asset is Johan Sverdrup, a giant North Sea oil field where Equinor holds a 42.6% operated stake and produced around 310,000 boe/d in 2025. NCS production overall reached roughly 1,410 mboe/d in 2025, with total group production at a record 2.137 million boe/d. Outside Norway, Equinor's largest hub is U.S. Appalachian shale gas (Marcellus and Utica), supplemented by positions in Brazil, Angola, Algeria, Argentina, and the Gulf of Mexico. Equinor's NCS business benefits from a unit production cost of around $6/boe and a 78% marginal tax structure that simultaneously concentrates earnings and cushions them from oil price swings. The U.S. Appalachian gas business operates at around $1/boe in unit production costs, and Equinor markets its gas directly into premium Northeast markets. A midstream, marketing, and processing segment trades Equinor's own production alongside the Norwegian state's equity volumes, capturing value through geographic arbitrage and gas price volatility. Equinor is also building an offshore wind business, with projects including Empire Wind in New York and Dogger Bank in the U.K., though this segment is currently loss-making and Equinor has pulled back on new commitments given construction cost inflation and higher interest rates.