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Tonje Sælensminde portrait. Equinor
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Equinor’s Annual Report for 2024

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.
Portrait of Anders Opedal, President & CEO
Anders Opedal
President & CEO
A message from the chair of the board and the CEO:

Consistent strategic direction, adapting to changing markets, positioned for growth.

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.

Read the full text of the chair and CEO message to stakeholders

Key numbers

  • 2,067
    MBOE/D
    Equity oil & gas production per day in 2024
  • 151%
    RRR
    Oil & gas reserves replacement ratio for 2024
  • 4.92
    TWh
    Total power generation, Equinor share in 2024
  • 2.93
    TWh
    Renewable power generation, Equinor share in 2024

See also our Annual Report, 2.1 Operational performance and 2.2 Financial performance

Key figures

(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

(previously Adjusted earnings*)

36,220 76,921 33,486

Adjusted operating income*

9,177

(previously adjusted earnings after tax*)

10,371 22,680 10,042

Net cash flow before capital distribution*

2,385

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.

See more key figures in detail

Our strategyOur 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

Our strategy in depth

Annual Report 2024 | All links and downloads

Date of publication: 20 March, 2025

English

Norwegian

Other reports and archives

All our annual reports dating back to 1972 are available for download below.

Related pages

Shareholders may also request a hard copy of the annual report free of charge here.

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.