21 March 2024: Our integrated Annual Report for 2023 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.
© Equinor, photos: Ole Jørgen Bratland
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.
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.
* For items marked with an asterisk throughout this report, see section 5.6 Use and reconciliation of non-GAAP financial measures.
(in USD million, except percentages) | 2023 | 2022 | 2021 |
|---|---|---|---|
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% |
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
Optimised oil and gas portfolio
High-value growth in renewables
New market opportunities in low-carbon solutions
Date of publication: 21 March, 2024
English
Norwegian
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.