We are Equinor
Our ambition is to be a leading company in the energy transition. We aim to create value through the opportunities the energy transition brings, breaking new industrial ground by building on our 50 years of experience.
Our annual report for 2023 will be published on March 21, 2024:
In March 2023, we released our first integrated Annual Report combining financial and sustainability reporting into a single document, acknowledging our stakeholders’ expectations and the increasing importance of sustainability to our operational and financial performance. Our next annual report will be published on March 21, 2024.
Our ambition is to be a leading company in the energy transition. We aim to create value through the opportunities the energy transition brings, breaking new industrial ground by building on our 50 years of experience.
Equinor is a broad energy company, the largest oil and gas operator in Norway, one of the world’s largest offshore operators, and a growing force in renewables and low carbon solutions. Present in around 30 countries with approximately 22,000 employees, we provide reliable energy for societies worldwide and aim to be a leading company in the energy transition with the ambition to become a net-zero company by 2050.
For items marked with an asterisk throughout this report, see section 5.8 Use and reconciliation of non-GAAP financial measures.
(in USD million) | 2022 | 2021 |
---|---|---|
Total revenues and other income | 150,806 | 90,924 |
Net operating income | 78,811 | 33,663 |
Net income | 28,744 | 8,576 |
Effective tax rate | 63.4% | 72.8% |
Adjusted earnings* | 74,940 | 33,486 |
Adjusted earnings after tax* | 22,691 | 10,042 |
Free cash flow before capital distribution (in USD billion)* | 32.1 | 27.1 |
Return on capital employed, adjusted* | 55.2% | 22.7% |
employees in 30 countries
renewable power generation, Equinor share
total power generation, Equinor share
Serious incident frequency
(per million hours worked)
gas production from the NCS
TRIF Total recordable injury frequency
(per million hours worked)
oil and gas equity production
Current income tax expense
Capital distribution
including dividends paid and share buy-backs
CO2Â intensity, upstream oil & gas portfolio
(operated 100%, kg CO2 per boe)
These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the report for more details.
As Equinor transforms, we work towards striking the right balance between supporting our core, generating cash flow to enable the energy transition, growing business in new energy areas, and continuing as an attractive investment for our shareholders.
Creating value through the energy transition
Net-zero ambition gives new industry opportunities
Technology excellence and innovation define winners
Market dynamics set margins under pressure
Always safe, High value, and Low carbon will continue to guide our business.
Safety is our top priority and the core of our licence to operate. To us, this means safety for our people, the environment and the societies in which we operate. We work hard to reduce risk and avoid incidents and injuries, both among our own employees and those of our suppliers. We shall respect human rights and support diversity, equality and inclusiveness in all our operations.
Competitive performance and efficiency improvements will remain a priority. Our portfolio is resilient to low prices, has fast return on investments and world-class breakevens. We are growing cash flow from its international portfolio, making it more robust towards lower prices. Through our leading positions in the offshore wind market and low-carbon solutions, we are building a pipeline of future projects within offshore and onshore renewables, CCS and hydrogen. We are utilising our trading and midstream capabilities to optimise the portfolio of commodities that we provide to our customers, together with new products and services from low-carbon solutions.
Our long-term ambition is to become a net zero company by 2050. This ambition is supported by our Energy transition plan and is backed by actions such as: Reducing emissions from our oil and gas operations, increasing renewables capacity, establishing value chains in CCS and hydrogen, increasing the share of non-combusted products from hydrocarbons, and using high-quality carbon sinks. In the longer term, a decline in oil and gas production will also drive reductions in net carbon intensity towards net zero in 2050.
By 2030, we aim to be a leading provider of renewable energy and low-carbon solutions, alongside our continued optimised oil and gas portfolio. We aim to continue being Norway’s energy major and emerge as a leading energy player in select international markets.
Our purpose is to turn natural resources into energy for people and progress for society. This requires an understanding of the interplay between our business activities and the societies and ecosystems in which we operate.
We have identified nine topics that we believe are key to deliver on our strategy. In line with the concept of double materiality, these are topics that may significantly affect our financial or operational performance, or that may significantly impact societies and ecosystems in which we operate.
Date of publication: 23 March, 2023
All our annual reports dating back to 1972 are available for download below.
Cautionary note regarding forward-looking statements
This web page contains forward-looking statements. Forward-looking statements reflect current views with respect to future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.