Message to stakeholders

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.

Safety

Safety is our first priority and the foundation for everything we do. In 2024 we achieved our best safety results to date with a serious incident frequency per million hours worked of 0.3. The year was, however, marked by the fatal search and rescue (SAR) helicopter accident where we lost a dear colleague. We work to continuously improve our performance through focus on safety visibility, leadership, learning follow-up and collaboration with our suppliers. Our clear goal is to ensure that everyone who is working for Equinor returns home safely from work, every day.

Performance

Our operational performance was strong in 2024, with an equity production of 2.07 million barrels of oil equivalent per day, of which 67% was from the Norwegian Continental Shelf. The Norwegian Continental Shelf is still the backbone of our oil and gas portfolio, and we saw increased production in 2024 with record levels at the Johan Sverdrup and Troll fields. Our international assets delivered consistent production throughout the year. Our power production from renewable sources grew by 50% to 2.94 terawatt hours.

We generated USD 103.8 billion in total revenues and other income and adjusted operating income* of 29.8 USD billion. Cash flow from operations after taxes paid totalled USD 17.9 billion for 2024, supporting a competitive capital distribution of USD 14 billion.

With our solid financial performance, we delivered 21% return on average capital employed in 2024. To deliver industry-leading returns is one of our main ambitions.

Strategic progress and high-grading portfolio

We continued our industrial progress and used M&A to high-grade our portfolio in 2024. Across the portfolios we invested USD 12.1 billion in our projects.

Within oil and gas, we progressed major projects, put new wells on stream, continued exploring and used M&A actively. We announced plans to create the UK’s largest independent oil and gas company through an incorporated joint venture between our UK subsidiary Equinor UK and Shell UK Ltd., increasing our near-term cash flow.

We had good progress on the FPSO for Johan Castberg which will produce in the Barents Sea and the FPSO Bacalhau, heading to Brazil. On the NCS we increased ownership in the Halten East Unit, an important project in a core area with strong profitability and low emissions. A discovery was made near the Fram field in the North Sea.

In the US, we swapped operated assets in Ohio for larger, unoperated natural gas assets in the US Northern Marcellus. With our position within gas in the US, we are well positioned to capitalise on positive long-term demand indicators in the US energy market. We announced and completed country exits from Nigeria and Azerbaijan. Our strong portfolio of assets and continued improvement efforts made it possible to increase our production outlook at our capital markets update in 2025.

In Norway, Northern Lights, the first commercial CO₂ transport and storage infrastructure has been completed and is ready to receive and store CO₂. In the UK, a major milestone was the progress on two of UK’s first carbon capture and storage infrastructure projects. We have made progress, but we have also seen lower-than-expected uptake of hydrogen and CCS by potential customers.

In renewables, we have seen rapidly shifting market conditions including cost inflation and regulatory delays. At the same time, our activity within renewables was at a high level in 2024, progressing three large-scale offshore wind developments. In the UK, the world’s largest offshore wind farm, Dogger Bank, continued towards commercial start-up. Through the acquisition of a 10% stake in Ørsted, we got exposure to premium offshore wind assets in operation. Onshore renewables continued at a smaller scale.

Throughout 2024, we took bold strategic steps to ensure the future viability of our business. Going forward, we will continue to phase our investments to changing market opportunities and use acquisitions and divestments to optimise our global portfolio when good business opportunities arise.

Adjusting ambitions to realities

As we have high-graded the project portfolios in renewables and low carbon solutions, and reduced cost and early phase spend, we have also adjusted our ambition level. At our capital markets update in 2025 we announced a reduction of 50% in our planned investments for renewables and low carbon solutions from 2025 to 2027, compared to last year’s outlook. We also retired our 50% gross capex ambition for investments in renewables and low carbon and introduced a range for our net carbon intensity ambitions in 2030 and 2035. We intend to submit our updated ETP for an advisory vote at the 2025 AGM for the purpose of receiving feedback.

We continue to cut CO₂ emissions from our production to improve the sustainability, profitability, longevity and competitiveness of our oil and gas production. We achieved a 34% reduction in our operated emissions by the end of 2024 and maintain our ambition to reduce net emissions (scope 1 and 2) by 50% and gross emissions by 45% by 2030 relative to 2015 levels.

Our strategic direction remains firm, with an ambition to be a leading company in the energy transition towards net zero in 2050.

Searching for better

We invest to create long-term value as energy markets change, building on our strengths and technology leadership — and we wish to thank our shareholders for their continuing investment and support.

To continue ‘searching for better’ is an important part of our purpose and looking at our track record we have used our drive for innovation, adaptability and expertise to overcome challenges in the past. That is what we see in the people working in Equinor, our partners and suppliers, and we want to thank everyone for their efforts to deliver our results and creating new opportunities within the future energy systems.

Jon Erik Reinhardsen, chair of the board
Anders Opedal, President and CEO

* Non-GAAP measures. See chapter 5.5 Use and reconciliation of non-GAAP financial measures in the 2024 Annual Report.