Anders Opedal, President and CEO of Equinor ASA:
“With solid operational performance and results, we are well on track to deliver strong cashflow from operations in line with what we said at the capital markets update in February."
Delivering strong financial performance, growth and energy security
London, 7 February 2024: Our fourth quarter and full year were characterised by strong financial performance, a 2.1% growth in production in 2023, continuing optimisation of our oil and gas portfolio, and growth in renewables power production and portfolio. We are contributing to energy security while driving decarbonisation and energy transition.
Clear strategy for transition and growth
We believe we have a compelling investor proposition with long-term shareholder value as we become a leading provider of renewable energy and low-carbon solutions, alongside our continued optimised oil and gas portfolio.
We have a clear strategy for transition and growth, with competitive advantages in the energy transition that give us a strong outlook for 2035: stronger cash flow, broader energy and lower emissions.
We are making solid progress on our 2030 ambitions, with high value and low carbon at the centre of our strategy. We have strong earnings and capital discipline, we are delivering competitive capital distribution, we are growing production and sanctioning new projects, and progressing renewables and low carbon solutions. We will continue to transition and grow towards 2035.
Download more detailed presentations of our equity story below.
As Equinor transforms, we work towards striking the right balance between supporting our core, generating cash flow to enable the energy transition, growing business in new energy areas, and continuing as an attractive investment for our shareholders.
We aim to continue being Norway’s energy major and emerge as a leading energy player in select international markets.
We have developed a comprehensive Energy transition plan to become a net-zero company by 2050, including emissions from production and final consumption.
In 2030, our ambition is to have reduced the net carbon intensity by 20%, and by 40% in 2035. We aim to achieve this reduction by directing more than 50% of our annual gross investments in 2030 towards renewables and low-carbon solutions while continuing our efforts to reduce our emissions from the production of oil and gas.
Over the next ten years, we aim to generate a substantial cash flow from oil and gas, as our operations on the NCS are expected to continue delivering positive cash flow at low prices, short payback times, leading breakevens and top quartile production cost, and among the lowest carbon intensity per barrel of oil.
Internationally, the oil and gas portfolio will contribute significantly to after-tax cash flow as high-value development projects come onstream from the mid-2020s. The cash flow will be used to add to our portfolio, invest in our transition, and create value for shareholders and society.
We aim to accelerate growth in offshore wind from a strong industrial position to being among the top global players. We are also positioning for success in low-carbon solutions developing industrial value chains in CCS and hydrogen, and aiming for CCS leadership in Europe.