Correction: Equinor presents 2024 Annual report

Core Viewpoint - Equinor ASA's 2024 annual report highlights strong operational and financial performance amidst unpredictable energy markets, emphasizing the company's commitment to energy production and transition strategies [1][3][7]. 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 at USD 8.83 billion [3]. - Return on average capital employed (RoACE) was 21% for 2024, with organic capital expenditures totaling USD 12.1 billion [5]. - Equinor paid USD 20.6 billion in corporate income taxes in 2024, with USD 19.7 billion paid in Norway [6]. Operational Highlights - Equity production of liquids and gas was 2,067 mboe per day in 2024, consistent with the previous year. Renewable power production increased by 51% to 2,935 GWh [4]. - The company maintained a strong balance sheet with net debt to capital employed adjusted at 11.9% at the end of 2024 [5]. Safety Performance - The Serious Incident Frequency (SIF) for 2024 was 0.3, a decrease from 0.4 in 2023, although the year was marred by a fatal helicopter accident [2]. Strategic Developments - Equinor's growth strategy remains consistent, focusing on high-grading the portfolio and positioning for stronger cash flow and growth [7]. - In 2024, the company continued to develop its portfolio on the Norwegian continental shelf with 39 new licenses and project approvals [8]. Renewable Energy Initiatives - The renewables portfolio was enhanced to ensure profitable growth, with significant progress on the Dogger Bank offshore wind farm and the commencement of production at solar plants in Brazil [10][11]. - Equinor acquired a 10% stake in Ørsted, gaining exposure to a premium portfolio of offshore wind projects [11]. Environmental Commitment - Equinor achieved a 5% reduction in operated scope 1+2 greenhouse gas emissions in 2024, totaling 11.0 million tonnes CO2 equivalents, and a 34% reduction from 2015 levels [13]. - The average upstream CO2 intensity improved to 6.2 kg of CO2 per boe in 2024, down from 6.7 kg in 2023 [14]. Carbon Management - Significant progress was made in carbon transport and storage, with the completion of Northern Lights infrastructure in Norway and the initiation of two carbon capture projects in the UK [12]. Regulatory Issues - Equinor was fined EUR 4 million by the French Energy Regulatory Commission for market manipulation related to natural gas transmission capacity, which the company plans to appeal [17][18].