“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.

“Last year was one for the history books. We became Equinor after almost 50 years as Statoil. Our name change reflects the global energy transition and our development as a broad energy company,” writes Sætre.

Organic capex for 2018 was USD 9.9 billion, around USD 1 billion below the initial guiding, achieved through continued efficiency improvements and strong project deliveries. Equinor completed 24 exploration wells in 2018. For the full year, the serious incident frequency came in at 0.5, a positive development from the previous year.

Equinor has initiated a series of safety initiatives at all levels and parts of the company, with the 'Safety beyond 2020' project as the main corporate initiative. "The safety of our people and integrity of our operations remains our top priority,” says Sætre in the letter.