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Annual Report 2019

Published 20 March, 2020

“The outbreak of the Corona virus and the sharp drop in oil prices are impacting industries and companies around the world and are expected to impact Equinor for a long time. We are a robust company with a strong balance sheet and we are now really benefitting from the improvements in recent years. Through those efforts, we are better prepared to handle volatile markets and unexpected events,” says Eldar Sætre, President and CEO of Equinor ASA.

2,074 mboe

per day - oil and gas equity production

1.8 TWh

Total renewable energy equity production

0.6 SIF

Serious incident frequency

(SIF - per million hours worked)

USD 9.3 Billion

Net operating income

CO2 intensity

For the upstream oil and gas portfolio

(operated 100% kg CO2 per boe)


Employees across more than 30 countries

In 2019 Equinor proved strong operational capabilities and brought six new fields on stream, including Johan Sverdrup. The major field was put on stream ahead of schedule and below cost.

“We are strengthening our portfolio to underpin a competitive and resilient business model fit for long term value creation, and in line with the Paris Agreement," writes Sætre, in his letter to fellow shareholders.

Total equity production ended at 2.074 million barrels of oil equivalent per day.

2019 saw a decrease in prices and lower margins for the industry.

In 2019, the cash flow from operations before tax ended at USD 21.8 billion. Equinor delivered a solid result with adjusted earnings of USD 13.5 billion and USD 4.93 billion after tax.

According to IFRS Equinor’s net operating income was UDS 9.30 billion and net income was USD 1.85 billion. The results are impacted by lower prices for gas and liquids, as well as net impairment losses.

Total capital distribution to shareholders increased by 42% to USD 3.78 billion including a 13% increase in cash dividend, and introduction of the share buy-back programme in September 2019.

"2019 was also truly a game-changing year for our renewables business. We made the investment decision for Hywind Tampen in Norway and won the opportunities to develop Empire Wind offshore New York and Dogger Bank in the UK, the world’s largest offshore wind development," writes Sætre.

Equinor is developing as a global offshore wind major with projects under development adding 2.8 gigawatts of renewables electricity capacity. In 2026 the production capacity is expected to be 4-6 GW, which is around 10 times current capacity.

Organic capex for 2019 was USD 10 billion, around USD 1 billion below the original guiding, achieved through strong project deliveries and capital discipline. Equinor completed 42 exploration wells in 2019.

For the full year, total recordable injuries frequency came in at 2.5, an improvement from 2.8 in the previous year. The serious incident frequency ended at 0.6, up from 0.5. 



Earlier reports

Annual reports dating back to 1972 are available for download here.