Equinor presents 2023 Integrated annual report

Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes 2023 Integrated annual report, combining financial and sustainability reporting.

“In 2023 geopolitical tensions and challenging macroeconomics drove volatility in the energy markets, making access to affordable and sustainable energy less secure. Equinor continues to broaden our portfolio, to deliver the energy needed today, while developing the energy solutions for tomorrow,” says Anders Opedal, President and CEO of Equinor ASA.

The report for 2023 integrates the annual financial and sustainability reporting, reflecting the importance of sustainability for Equinor’s operational and financial performance, to our people, investors and other stakeholders.

Safety first

“Everyone should be safe working for Equinor. It is encouraging that our safety performance indicators have seen a positive development over time. Two accidents that took two lives during the last year give a stark contrast to the positive trend. We continue to reinforce our effort to ensure that all our people return safely home from work”, says Opedal.

The two fatalities were the tragic SAR helicopter accident in February 2024 and the man-overboard emergency at a contracted tanker in Malaysia in August 2023.

The twelve-month average Serious Incident Frequency (SIF) for 2023 was 0.4, stable from 2022.

Strong operational and financial performance

Equinor delivered the second-highest financial result in the history of the company, with adjusted earnings* of USD 36.2 billion. Adjusted earnings after tax* totalled USD 10.4 billion. Net operating income was reported at USD 35.8 billion and net income at USD 11.9 billion.

During 2023 Equinor contributed to energy security through safe, secure, and reliable energy production, while continuing to build production capacity and progressing on the energy transition.

Solid operations across the portfolio contributed to a growth in equity liquids and gas production of 2.1%, to 2,082 mboe per day in 2023. Equity production of power from renewable power sources increased by 17% to 1,937 GWh.

Strong financial result resulted in a return on average capital employed (RoACE)* at 25% for 2023. Capital discipline remained firm with organic capital expenditures* ending at USD 10.2 billion for the year. Equinor maintained a strong balance sheet with net debt ratio* of negative 21.6% at the end of 2023, compared to negative 23.9% at the end of 2022.