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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

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.

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.

  • 21,936

    employees in 30 countries

  • 1,649 GWh

    renewable power generation, Equinor share

  • 2,661 GWh

    total power generation, Equinor share

  • 0.4

    Serious incident frequency
    (per million hours worked)

  • +8%

    gas production from the NCS

  • 2.5

    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

  • 6.9

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

Key figures compared with 2021

(in USD million)

2022

2021

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%

Progress on our Energy transition plan

Equinor’s integrated Annual Report 2022:
All links and downloads

Date of publication: 23 March, 2023

Other reports and archive

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.