Our purpose
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society.
Find out more about who we are
Photo: Einar Aslaksen
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About us
The world’s most important energy sources are knowledge and cooperation.
Every day, Equinor energises the lives of over 170 million people and companies around the world. Behind this contribution lie 50 years of another energy: knowledge, experience and cooperation across disciplines, companies, and countries. And we believe that it holds the key to solving the energy transition, the greatest task of our time.
We aim to be a net zero emissions company by 2050. To achieve it, we must find new solutions in renewables, low carbon and oil and gas. We might not have all the answers yet, but we have 22,000 employees with the knowledge and willpower to find them.
22,000
employees around the world
30 countries
presence & business operations
170 million
people’s lives energised, every day
8,000
suppliers working with us
From our Annual Report 2022, showing activities by country
Our portfolio encompasses oil and gas, renewables and low-carbon solutions. We are the largest supplier of energy to Europe, a world-leading offshore operator and an international pioneer in renewables and low-carbon solutions. Today, in an increasingly unpredictable world, our deliveries of oil, gas and wind power provide a vital and stabilising contribution to Europe’s energy security.
2,039 mboe/day
Equity oil and gas production (2022)
1.6 TWH
Renewable power generation (2022)
150,806 USD million
Total revenues and other income (2022)
79 USD billion
Net operating income
13.7 USD billion
Capital distribution including dividends and share buy-backs
55.2%
Adjusted return on capital employed
Our business model
In recent years we have evolved our business model significantly with the global shift towards sustainability and reducing carbon emissions, with an ambition to become a net-zero company by 2050.
Our business model is underpinned by a strong emphasis on safety, stakeholder engagement, and adherence to regulatory standards.
Upstream operations (exploration and production): The core of our business has been rooted in the exploration, development, and production of crude oil and natural gas, including operations on the Norwegian Continental Shelf (where we are the largest operator) and international oil and gas production in various parts of the world.
Downstream operations: Our downstream operations include refining, marketing, and distributing oil and gas products, but our downstream presence was considerably reduced following the sale of Statoil Fuel & Retail to Alimentation Couche-Tard in April 2012.
Renewable energy: In recent years, we have made significant investments in offshore wind farms, solar energy, and carbon capture utilisation and storage (CCUS) projects. Our goal is to transition from being a traditional oil and gas company to becoming a broader energy company, reducing the carbon intensity of our products in the process.
Research and development: We invest heavily in research, technological developments and digitalisation to optimise our production, enhance recovery rates from existing fields, and develop new energy solutions that are more environmentally friendly.
Strategic partnerships: We frequently collaborate with other industry players, technology firms, and even governments. These partnerships can help share risks, costs, and expertise, especially when entering new markets or developing large-scale projects.
Sustainability and low carbon strategy: Recognizing the global shift towards cleaner energy sources and the need to combat climate change, we have integrated sustainability into our business strategy. We have set ambitious targets to reduce our carbon emissions and intensify our push into renewable energy.
Key target markets
Our key markets include:
Norway: Although we are the largest oil and gas operator on the Norwegian continental shelf and a key supplier to the Norwegian domestic market, most of Norway's oil and gas production is exported, due to Norway's small population and the fact that Norwegian domestic electricity needs are largely met through hydropower.
Europe: Europe is a key market for us, particularly Western Europe, and following Russia's invasion of Ukraine in 2022, we are now the largest supplier of natural gas to Europe, particularly to the UK, Germany, and France.
United States: The US is another major market for us, particularly in the offshore oil and gas sector in the Gulf of Mexico. We also have significant investments in onshore shale oil and gas operations in the US, and we also have significant activities in wind power.
Brazil: We have invested heavily in Brazil's offshore oil fields and we regard the country as being a key growth area.
Renewable energy: We are investing strongly in renewable energy sources, such as offshore wind farms and solar power, in particular in the United Kingdom, Norway, Germany, the US and Poland.
Our peers and competitors
Given the capital-intensive nature of the energy sector, it is common for competitors to form partnerships or joint ventures on specific projects, especially when exploring new regions or developing complex infrastructures, enabling us to share risks, costs, and expertise.
Our peers, partners and competitors include other oil and gas majors such as BP (British Petroleum), ExxonMobil, Shell (Royal Dutch Shell), Chevron, TotalEnergies, ConocoPhillips, and Eni, as well as a larger number of other international renewable energy developers.
Differentiation from competitors
Although most of our peers have set net zero emission ambitions for 2050, we have set a further ambition to reduce the net carbon intensity (NCI) of the energy we provide by 20% by 2030, including scope 3 emissions from the use of our products. We are also investing heavily in offshore wind and other renewable sources and intend to play a leading role in the energy transition.
Progress towards net zero
Our ambition is to reduce the net carbon intensity (NCI) of the energy we provide by 20% by 2030. This ambition includes scope 3 emissions from the use of our products. Equinor has taken a clear stand on this: Our ambition is to continue supplying society with energy with lower emissions over time and reach net zero by 2050.
Investing the energy transition
Equinor’s ambition is to allocate more than 50% of our annual gross capex to renewables and low carbon solutions by 2030 and more than 30% in 2025. In 2022 we invested 14% of our gross capex into these areas, which is an increase of 3% compared to 2021.
A just energy transition
We recognise that a successful energy transition must take into account its impact on people and nature. In 2022, we launched our Just transition approach, which lays out five foundational principles to enable us to have a positive impact on the societies in which we operate, including respect for human rights, transparency in our financial reporting and advocacy, preparing our workforce for the future, enabling sustainable supply chains, and bringing resilience to local communities.
Our strategy
Climate change is the greatest challenge of our time. The world’s energy systems are in rapid transition to meet the challenge. The journey towards net zero creates new industry opportunities, and Equinor is ready to seize these opportunities.
Read more about our strategy
Our values embody the spirit and energy of Equinor at its best. They help us set direction and they guide our decisions, actions and the way we interact with others. Our values express the ideals we strive to live up to every day.
Open
- We promote transparency
- We embrace diversity and new perspectives
- We raise ethical dilemmas and act with integrity
Collaborative
- We work together as one team
- We share knowledge and help each other succeed
- We engage with, respect and earn the trust of our business partners and society
Courageous
- We are curious, innovative and commercial
- We continuously improve
- We use foresight, identify opportunities and manage risk
Caring
- We seek zero harm to people
- We respect each other and contribute to a positive working environment
- We act in a sustainable, ethical and socially responsible manner
To get there. Together
The energy transition and our net zero ambition by 2050 is a job that is greater than any single company, any one industry, or any nation on its own.
Together, we will develop new energy, and we will develop new industry. This is important, and it is necessary.
To get there. Together is a mindset, a way to work and to communicate. Ultimately, it’s about who we are as a company.
Our brand
Through our brand, we wish to position ourselves as a leading company in the energy transition with the industrial strength to make a difference, driven by purpose, people, innovative thinking and not least — collaboration.
Our name
In May 2018, our Annual General Meeting voted to change our company name from Statoil to Equinor to better reflect our evolution and identity as a company for the generations to come.
Our name derives from two key ideas: the first part denoting equal, equality, and equilibrium, and the second part signalling a company proud of its Norwegian origins that we will use actively in our positioning.
Our strategic communication foundation is To get there. Together.
We seek to measure, maintain and strengthen our brand toward internal and external stakeholders through regular surveys of public opinion and internal employee satisfaction surveys.
In Norway, we support young people through our sponsorship and talent development programme Heroes of Tomorrow (Morgendagens Helter), and through our Equinor Support Scheme (Equinor Støtteordning) we also support clubs, associations and organisations that work for children and young people up to the age of 25.
We also focus on the following areas:
Communicating a clear vision and values: We aspire to to convey a clear and compelling vision to help stakeholders understand our strategic direction and business model.
Focus on sustainability: We seek to demonstrate our commitment to sustainable practices and renewable energy, including our ambition for net zero by 2050.
Regular engagement with stakeholders: We actively utilise social media, webinars, podcasts, news and newsletters, public debates and presentations with the intention of helping key stakeholders up to date and informed about our activities, achievements, and plans for the future.
We invest in the community: We engage in many corporate social responsibility initiatives, including investing in local communities, contributing to social causes, and participating in volunteer activities. For more information, see Human rights cases and examples under the section on our approach to Human rights.
Promoting transparency: Openness is one of our values, and we strive to be open and transparent in all aspects of our business, financial performance and corporate governance.
Cultivating a positive company culture: We strive to maintain a positive and inclusive company culture, including offering attractive compensation and benefits, providing opportunities for growth and development, and fostering a supportive working environment.
Implementing what we stand for as a company
Our ability to create value depends on applying high ethical, safety and security standards to create a trust-based relationship with our people, our owners, our business partners, authorities and the societies where we do business.
In all our business activities we comply with applicable laws, act in an ethical, sustainable and socially responsible manner, practise good corporate governance and respect internationally recognised human rights. We maintain an open dialogue on ethical issues – both internally and externally. Open, honest and accurate communication is essential to our integrity and business success.
Our approach is integrated in our management system, and we have developed guidance and tools for everyone who works for us. Our Code of Conduct sets out our expectations, commitments and requirements for ethical conduct. We do not tolerate any breaches of the Code of Conduct or laws.
Our approach
Our history
In 1972, Statoil was formed by a decision of the Norwegian parliament and owned 100% by the Norwegian State. In 2001, Equinor was listed on the Oslo and New York stock exchanges with a 67% majority stake owned by the Norwegian State. In 2018 we changed our name to Equinor.
More about our history