“We are in a strong position today. We have strengthened our competitiveness, improved our project portfolio and have a clear strategy for further development of our company. We have positioned ourselves for long-term shareholder value creation and to be competitive in a low-carbon future. Our results confirm that we are on track with our ambitions to increase returns, grow production and bring cash flow to high levels in the years to come,” writes Eldar Sætre, in his letter to shareholders.
In 2018, Equinor delivered record-high equity production of 2.111 million barrels of oil equivalent per day. This has, combined with strong operational performance, contributed to USD 6.3 billion in organic free cash flow for the full year and strengthened our financial position. The reserve replacement ratio (RRR) was 213% in 2018, driven by sanctioning of new fields, positive revisions and acquisitions. 2018 saw increased prices and increased margins for the industry. Equinor's average realised liquids price was USD 63.1 per barrel for the year.