Equinor presents 2023 Integrated annual report - Seite 2

In 2023 Equinor stepped up capital distribution to shareholders to a total of USD 17 billion, including extraordinary dividend and share buy backs.

The strong financial results of 2023 also led to strong contributions to society through taxes. In 2023, Equinor paid USD 28 billion in corporate income taxes of which USD 27 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

Progressing on the strategy

Equinor continued to make progress on the strategy to optimise oil and gas, accelerate high value growth in renewables and develop new market opportunities in low carbon solutions.

The industrial progress was strong through the year. On the Norwegian continental shelf, the Bauge and Breidablikk fields came on stream, the Johan Sverdrup field achieved a higher plateau production and Equinor increased the ownership share and took over operatorship of the Linnorm discovery.

Equinor continued to optimise and focus its international oil and gas portfolio with the final investment decisions on Rosebank in UK, Raia in Brazil and the partner-operated Sparta in the USA, and announcing divestments of assets and exits from Nigeria and Azerbaijan.

The renewable portfolio progressed with the floating windfarm Hywind Tampen on the NCS in full production and the first power from Dogger Bank A in UK late in the year. The acquisitions of the onshore renewables platforms BeGreen in Denmark and Rio Energy in Brazil contributed to a 8 GW growth of the renewables pipeline for the year.

Low carbon solutions saw progress of regulatory frameworks in key markets for Equinor. Equinor continued the progress of market opportunities and projects within low carbon solutions with the acquisition of an interest in the CCS project Bayou Bend in the US.

Progress on the Energy transition plan

2023 was a year of execution and capacity building for the Energy transition plan, against a backdrop of continued energy security concerns and new market challenges. The ambitions of the plan remain unchanged, including the ambition to become a net zero emissions company by 2050.

An increased share of oil in the oil and gas production in 2023 caused a small increase in net carbon intensity of energy produced. At the same time, gross investments to renewables and low carbon solutions increased from 14% in 2022 to 20% in 2023.

Equinor’s operated scope 1+2 GHG emissions were 11.6 million tonnes of CO2e, a slight increase on 2022 levels, but 30% lower than 2015, which is the reference year of Equinor’s ambition to reduce group-wide operated emissions by 50% on a net basis by 2030. Actions taken to reduce operated emissions throughout 2023, like the startup of power from shore to the Gina Krog field and the completion of the Hywind Tampen windfarm powering the Snorre and Gullfaks fields, are expected to contribute to achievement of the ambition in the coming years.