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
Equinor’s Annual Report for 2023
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.
Anders Opedal
President & CEO
Securing the energy needs of today, while developing the energy solutions of tomorrow.
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.
Always safe
- 0.4SIFSerious incident frequency (per million hours worked)
- 2.4TRIFTotal recordable incident frequency (per million hours worked)
- 10Oil and gas leakages with rate above 0.1 kg/ second during the past 12 months
High value
- 36USD billionAdjusted earnings*
- 20USD billionCash flow from operations after tax* (CFFO)
- 17USD billionCapital distribution including dividends and share buy-backs
Low carbon
- 6.7KG / BOECO₂ upstream intensity. Scope 1 CO₂ emissions, Equinor operated, 100% basis
- 20PercentGross capex* to transition. Renewables & Low Carbon Solution share (REN & LCS)
- 8GWRenewables pipeline additions. Equinor share, unrisked
* For items marked with an asterisk throughout this report, see section 5.6 Use and reconciliation of non-GAAP financial measures.
Key figures
(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% |
Our strategic beliefs
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
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
Our strategy
Annual Report 2023 | All links and downloads
Date of publication: 21 March, 2024
English
Norwegian
Other reports and archives
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.