20 March 2025: Our Annual Report for 2024 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.
© Equinor
20 March 2025: Our Annual Report for 2024 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.
Throughout 2024, we took bold strategic steps to ensure the future viability of our business. Going forward, we will continue to optimise our global portfolio and phase our investments to changing market opportunities.
A message from the chair of the board and the CEO:
2024 was marked by continued unpredictability in energy markets, with growing energy demand, political uncertainty and uneven progress in the energy transition emerging as three global trends.
In Equinor, safe and reliable production is at our core, and we are well positioned to continue contributing to energy security. Our operational performance was strong, built on the dedicated efforts of employees across the company. Our focus is on producing the energy the world needs today, and at the same time developing the energy systems needed for the future. In the current geopolitical context, we take pride in providing energy security for Europe as a major supplier.
(in USD million, except percentages) | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
Total revenues and other income | 103,774 | 107,174 | 150,806 | 90,924 |
Net operating income | 30,927 | 35,770 | 78,811 | 33,663 |
Net income | 8,829 | 11,904 | 28,744 | 8,576 |
Effective tax rate |
| 68.6% | 63.4% | 72.8% |
Adjusted operating income | 29,798 |
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(previously Adjusted earnings*) |
| 36,220 | 76,921 | 33,486 |
Adjusted operating income* | 9,177 |
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(previously adjusted earnings after tax*) |
| 10,371 | 22,680 | 10,042 |
Net cash flow before capital distribution* | 2,385 |
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Net (free) cash flow before capital distribution (in USD billion)* |
| 8.2 | 32.1 | 27.1 |
Cash flow from operations after tax* (CFFO) | 17,892 | 19,741 | 39,752 | 28,816 |
Return on average capital employed (ROACE)* | 21% | 24.9% | 55.1% | 22.7% |
* Non-GAAP measures. See chapter 5.5 Use and reconciliation of non-GAAP financial measures in the 2024 Annual Report.
Optimised oil and gas portfolio
High-value growth in renewables
New market opportunities in low-carbon solutions
Date of publication: 20 March, 2025
English
Norwegian
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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.
