Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes 2023
Integrated annual report, combining financial and sustainability
reporting.
“In 2023 geopolitical tensions and challenging macroeconomics
drove volatility in the energy markets, making access to affordable
and sustainable energy less secure. Equinor continues to broaden
our portfolio, to deliver the energy needed today, while developing
the energy solutions for tomorrow,” says Anders Opedal, President
and CEO of Equinor ASA.
The report for 2023 integrates the annual financial and
sustainability reporting, reflecting the importance of
sustainability for Equinor’s operational and financial performance,
to our people, investors and other stakeholders.
Safety first
“Everyone should be safe working for Equinor. It is encouraging
that our safety performance indicators have seen a positive
development over time. Two accidents that took two lives during the
last year give a stark contrast to the positive trend. We continue
to reinforce our effort to ensure that all our people return safely
home from work”, says Opedal.
The two fatalities were the tragic SAR helicopter accident in
February 2024 and the man-overboard emergency at a contracted
tanker in Malaysia in August 2023.
The twelve-month average Serious Incident Frequency (SIF) for
2023 was 0.4, stable from 2022.
Strong operational and financial
performance
Equinor delivered the second-highest financial result in the
history of the company, with adjusted earnings* of USD 36.2
billion. Adjusted earnings after tax* totalled USD 10.4 billion.
Net operating income was reported at USD 35.8 billion and net
income at USD 11.9 billion.
During 2023 Equinor contributed to energy security through safe,
secure, and reliable energy production, while continuing to build
production capacity and progressing on the energy transition.
Solid operations across the portfolio contributed to a growth in
equity liquids and gas production of 2.1%, to 2,082 mboe per day in
2023. Equity production of power from renewable power sources
increased by 17% to 1,937 GWh.
Strong financial result resulted in a return on average capital
employed (RoACE)* at 25% for 2023. Capital discipline remained firm
with organic capital expenditures* ending at USD 10.2 billion for
the year. Equinor maintained a strong balance sheet with net debt
ratio* of negative 21.6% at the end of 2023, compared to negative
23.9% at the end of 2022.
In 2023 Equinor stepped up capital distribution to shareholders
to a total of USD 17 billion, including extraordinary dividend and
share buy backs.
The strong financial results of 2023 also led to strong
contributions to society through taxes. In 2023, Equinor paid USD
28 billion in corporate income taxes of which USD 27 billion was
paid in Norway, where Equinor has the largest share of its
operations and earnings.
Progressing on the strategy
Equinor continued to make progress on the strategy to optimise
oil and gas, accelerate high value growth in renewables and develop
new market opportunities in low carbon solutions.
The industrial progress was strong through the year. On the
Norwegian continental shelf, the Bauge and Breidablikk fields came
on stream, the Johan Sverdrup field achieved a higher plateau
production and Equinor increased the ownership share and took over
operatorship of the Linnorm discovery.
Equinor continued to optimise and focus its international oil
and gas portfolio with the final investment decisions on Rosebank
in UK, Raia in Brazil and the partner-operated Sparta in the USA,
and announcing divestments of assets and exits from Nigeria and
Azerbaijan.
The renewable portfolio progressed with the floating windfarm
Hywind Tampen on the NCS in full production and the first power
from Dogger Bank A in UK late in the year. The acquisitions of the
onshore renewables platforms BeGreen in Denmark and Rio Energy in
Brazil contributed to a 8 GW growth of the renewables pipeline for
the year.
Low carbon solutions saw progress of regulatory frameworks in
key markets for Equinor. Equinor continued the progress of market
opportunities and projects within low carbon solutions with the
acquisition of an interest in the CCS project Bayou Bend in the
US.
Progress on the Energy transition plan
2023 was a year of execution and capacity building for the
Energy transition plan, against a backdrop of continued energy
security concerns and new market challenges. The ambitions of the
plan remain unchanged, including the ambition to become a net zero
emissions company by 2050.
An increased share of oil in the oil and gas production in 2023
caused a small increase in net carbon intensity of energy produced.
At the same time, gross investments to renewables and low carbon
solutions increased from 14% in 2022 to 20% in 2023.
Equinor’s operated scope 1+2 GHG emissions were 11.6 million
tonnes of CO2e, a slight increase on 2022 levels, but 30% lower
than 2015, which is the reference year of Equinor’s ambition to
reduce group-wide operated emissions by 50% on a net basis by 2030.
Actions taken to reduce operated emissions throughout 2023, like
the startup of power from shore to the Gina Krog field and the
completion of the Hywind Tampen windfarm powering the Snorre and
Gullfaks fields, are expected to contribute to achievement of the
ambition in the coming years.
The average upstream CO2 intensity of Equinor’s operated
portfolio was 6.7 kg of CO2 per boe in 2023 (100% basis), down from
6.9kg of CO2/boe in 2022 and well below the industry average. The
increase in oil and gas production led to scope 3 GHG emissions
increasing 3% from 2022 to 250 million tonnes in 2023.
* * *
Our integrated annual report and the subsidiary reports
published separately can be downloaded from
equinor.com/reports.
* * *
In accordance with Section 203.01 of the New York Stock Exchange
Listed Company Manual, Equinor ASA announces that on 21 March 2024
it filed with the Securities and Exchange Commission its 2023
Annual Report on Form 20-F that includes audited financial
statements for the year ended December 31, 2023.
The Equinor 2023 Annual Report on Form 20-F may be downloaded
from Equinor's website at www.equinor.com. References to this
document or other documents on Equinor's website are included as an
aid to their location and are not incorporated by reference into
this document. All SEC filings made available electronically by
Equinor may be obtained from the SEC's website at www.sec.gov.
Shareholders may also request a hard copy of the annual report
free of charge at www.equinor.com.
* * *
(*) These are non-GAAP figures. See Use and reconciliation of
non-GAAP financial measures in the integrated annual report for
more details.
Further information:
Investor relationsBård Glad Pedersen, senior
vice president Investor Relations,+47 918 01 791 (mobile)
PressRikke Høistad Sjøberg, spokesperson
financial communication,+47 901 01 451 (mobile)
* * *
Cautionary Note regarding Forward Looking Statements
This press release contains forward-looking statements.
Forward-looking statements reflect current views with respect to
future events, are based on the management’s current expectations
and assumptions, 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, including those discussed under “Risk Factors” in the
2023 Integrated annual report and elsewhere in Equinor’s
publications. You should not place undue reliance on
forward-looking statements. Any forward-looking statement speaks
only as of the date on which such statement is made, and, except as
required by applicable law, Equinor undertakes no obligation to
update any of these statements, whether to make them conform to
actual results, changes in expectations or otherwise.
* * *
This information is subject to disclosure obligations pursuant
to the EU Market Abuse Regulation, ref. section 3-1 in the
Norwegian Securities Trading Act, and section 5-12 of the Norwegian
Securities Trading Act.
- Equinor Integrated Annual Report 2023
- Annual report 2023 on Form 20F
- Payments to governments 2023
- Oil and gas reserves report 2023
- Board statement on corporate governance 2023
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