Equinor presents 2024 Annual report

Core Viewpoint - Equinor ASA's 2024 annual report highlights the company's strong operational and financial performance amidst unpredictable energy markets, emphasizing the dual focus on current energy production and future energy system development [1]. Financial Performance - Adjusted operating income for 2024 was USD 29.8 billion, with adjusted net income at USD 9.18 billion. Net operating income was USD 30.9 billion and net income was USD 8.83 billion [3]. - The return on average capital employed (RoACE) was 21% for 2024, with organic capital expenditures totaling USD 12.1 billion [5]. - Equinor contributed significantly to society through taxes, paying USD 20.6 billion in corporate income taxes, of which USD 19.7 billion was in Norway [6]. Operational Performance - Equity production of liquids and gas was 2,067 mboe per day in 2024, consistent with the previous year. Renewable power equity production increased by 51% to 2,935 GWh [4]. - The average upstream CO2 intensity of Equinor's operated portfolio improved to 6.2 kg of CO2 per boe in 2024, down from 6.7 kg in 2023 [14]. Safety and Sustainability - The Serious Incident Frequency (SIF) for 2024 was 0.3, a decrease from 0.4 in 2023, although the year was marked by a tragic helicopter accident [2]. - Equinor achieved a 5% reduction in operated scope 1+2 greenhouse gas emissions, totaling 11.0 million tonnes CO2 equivalents, representing a 34% reduction from 2015 [13]. Strategic Developments - The company maintained a consistent growth strategy, focusing on high-grading its portfolio and positioning for stronger growth and cash flow [7]. - In 2024, Equinor continued to develop its portfolio on the Norwegian continental shelf with 39 new licenses and project approvals [8]. - The international upstream portfolio saw exits from Nigeria and Azerbaijan, while acquisitions were made in US Onshore gas assets [9]. Renewable Energy Initiatives - Equinor advanced its renewables portfolio despite market challenges, with significant progress on the Dogger Bank offshore wind farm and the commencement of production at solar plants in Brazil [10]. - The company acquired a 10% stake in Ørsted, enhancing its exposure to offshore wind projects [11]. Carbon Management - Notable progress was made in carbon transport and storage, with the completion of the Northern Lights project in Norway and the initiation of carbon capture and storage projects in the UK [12].