Equinor’s Annual Report for 2024

20 March 2025: Our Annual Report for 2024 combines financial and sustainability reporting, reflecting the importance of sustainability in our business.

Portrait of Anders Opedal, President & CEO — **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.

Read the full text of the chair and CEO message to stakeholders

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
(previously Adjusted earnings*)		36,220	76,921	33,486
Adjusted operating income*	9,177
(previously adjusted earnings after tax*)		10,371	22,680	10,042
Net cash flow before capital distribution*	2,385
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.

See more key figures in detail

Our strategyOur 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 in depth

Norwegian

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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.

Equinor’s Annual Report for 2024

Consistent strategic direction, adapting to changing markets, positioned for growth.

ESG reporting centre

Energy transition plan

Key numbers

Key figures

Our strategyOur strategic pillars - embedded in everything we do

Always safe

High value

Low carbon

How we will get there – our strategic focus areas

Annual Report 2024 | All links and downloads

Other reports and archives

Related pages