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Equinor’s Annual Report for 2023

21 March 2024: Our integrated Annual Report for 2023 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.

We are positioned for transition and growth, and towards 2035 we can deliver a stronger cash flow from a broader energy mix, with lower emissions overall.

Anders OpedalPresident & CEO
Anders Opedal, President & CEO

Securing the energy needs of today, while developing the energy solutions of tomorrow.

In 2023, we presented strong earnings, second only to our highest results ever the previous year. Furthermore, we’re still on track for our 2030 ambitions, and will continue to deliver competitive capital distribution while progressing towards net zero.

We believe our strategy offers a resilient and determined response to the combined challenges of energy security, affordability and climate, enabling us to secure the energy needs of today, while developing the energy solutions of tomorrow.

Message from chair of the board and the CEO

Always safe



Serious incident frequency (per million hours worked)



Total recordable incident frequency (per million hours worked)


Oil and gas leakages with rate above 0.1 kg/ second during the past 12 months

High value


USD billion

Adjusted earnings*


USD billion

Cash flow from operations after tax* (CFFO)


USD billion

Capital distribution including dividends and share buy-backs

Low carbon



CO₂ upstream intensity. Scope 1 CO₂ emissions, Equinor operated, 100% basis



Gross capex* to transition. Renewables & Low Carbon Solution share (REN & LCS)



Renewables pipeline additions. Equinor share, unrisked

* For items marked with an asterisk throughout this report, see section 5.6 Use and reconciliation of non-GAAP financial measures.

Key figures

(in USD million, except percentages)




Total revenues and other income

107,174 150,806 90,924

Net operating income

35,770 78,811 33,663

Net income

11,904 28,744 8,576

Effective tax rate

68.6% 63.4% 72.8%

Adjusted earnings*

36,220 76,921 33,486

Adjusted earnings after tax*

10,371 22,680 10,042

Net (free) cash flow before capital distribution (in USD billion)*

8.2 32.1 27.1

Cash flow from operations after taxes paid* (CFFO)

19,741 39,752 28,816

Return on average capital employed (ROACE)*

24.9% 55.1% 22.7%

Our strategic beliefs

  • Creating value through the energy transition

  • Net-zero ambition gives rise to new industry opportunities

  • Technological excellence and innovation will define winners

  • Emerging market dynamics put margins under pressure

Our strategic pillars – embedded in everything we do

  • Always safe

    • Safeguarding our people
    • Protecting our assets
    • Committed to a just transition
  • High value

    • Competitive at all times
    • Value creation through the transition
  • Low carbon

    • Reducing own emissions
    • Increasing investments in renewables and low carbon solutions

How we will get there – our strategic focus areas

  • Optimised oil and gas portfolio

  • High-value growth in renewables

  • New market opportunities in low-carbon solutions

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.