20 March 2025: Our Annual Report for 2024 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.
© Equinor
Equinor’s Annual Report for 2024
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.
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.
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 |
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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.
Our strategy
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
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.
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.