Equinor reveals 2024 Annual Report

Equinor recently released its annual report for the year 2024, which includes detailed financial and sustainability reporting. CEO Anders Opedal highlighted the challenges faced in the energy markets during the year, emphasizing the company’s commitment to meeting current energy demands while simultaneously working towards developing sustainable energy systems for the future.

One of the key areas of focus for Equinor is safety, with Opedal noting that their systematic approach to safety has resulted in the best safety outcomes to date. However, the year was marked by a tragic accident involving a search and rescue helicopter that resulted in the loss of a colleague. Opedal emphasized the importance of collaboration with suppliers and shared learning within the industry to continually improve safety standards.

In terms of financial performance, Equinor reported strong results for 2024, with adjusted operating income reaching USD 29.8 billion and adjusted net income at USD 9.18 billion. The company’s equity production of liquids and gas remained consistent with the previous year, while renewable power production saw a significant increase of 51%.

Equinor’s commitment to financial discipline was evident in its organic capital expenditures for the year, which stood at USD 12.1 billion. The company also maintained a strong balance sheet, with a net debt to capital employed ratio of 11.9% at the end of 2024. Additionally, Equinor made substantial contributions to society through corporate income tax payments, totaling USD 20.6 billion in 2024.

Looking ahead, Equinor remains focused on its growth strategy and strategic direction, positioning itself for increased free cash flow and shareholder value creation in the years to come. The company undertook various projects and transactions in 2024 to optimize its portfolio and drive growth and profitability.

Notable highlights from the year included developments on the Norwegian continental shelf, strategic exits and acquisitions in the international upstream portfolio, advancements in the renewables sector, and progress in carbon transport and storage initiatives. Equinor’s continued efforts in the energy transition were evident in its year-on-year reduction of greenhouse gas emissions and improvements in carbon intensity metrics.

The company’s updated Energy Transition Plan outlines its commitment to being a leading player in the energy transition, focusing on creating value while adapting to evolving market conditions and external factors. Despite challenges in the energy markets, Equinor remains dedicated to driving sustainable growth and innovation in the industry.