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Hywind Tampen turbines behind rigs in Skipavika, Norway
Hywind Tampen turbines behind rigs in Skipavika, Norway
© Equinor, photo: Jan Arne Wold, Woldcam
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Annual Report 2022

In 2023, we released our integrated Annual Report for 2022 combining financial and sustainability reporting into a single document for the first time, acknowledging our stakeholders’ expectations and the increasing importance of sustainability to our operational and financial performance.

Our annual report for 2023 was published on March 21, 2024. See below:

2022 was a year that demonstrated how valuable energy is to society. And at a time when it was more important than ever, people working for Equinor stepped up to deliver safe, secure, and reliable production with low emissions

Anders OpedalPresident & CEO
Anders Opedal, President & CEO

Key figures for 2022

Equinor is a broad energy company, the largest oil and gas operator in Norway, one of the world’s largest offshore operators, and a growing force in renewables and low carbon solutions. Present in around 30 countries with approximately 22,000 employees, we provide reliable energy for societies worldwide and aim to be a leading company in the energy transition with the ambition to become a net-zero company by 2050.

These are non-GAAP figures. For items marked with an asterisk throughout this report, see section 5.8 Use and reconciliation of non-GAAP financial measures.


employees in 30 countries

1,649 GWh

renewable power generation, Equinor share

2,661 GWh

total power generation, Equinor share


Serious incident frequency
(per million hours worked)


gas production from the NCS


TRIF Total recordable injury frequency
(per million hours worked)

Always safe, high value, low carbon

2,039 mboe/d

oil and gas equity production

USD 52.2 billion

Current income tax expense

USD 13.7 billion

Capital distribution
including dividends paid and share buy-backs


CO2 intensity, upstream oil & gas portfolio
(operated 100%, kg CO2 per boe)

Key figures compared with 2021

(in USD million)



Total revenues and other income

150,806 90,924

Net operating income

78,811 33,663

Net income

28,744 8,576

Effective tax rate

63.4% 72.8%

Adjusted earnings*

74,940 33,486

Adjusted earnings after tax*

22,691 10,042

Free cash flow before capital distribution (in USD billion)*

32.1 27.1

Return on capital employed, adjusted*

55.2% 22.7%

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.