Equinor announces fourth quarter and full year 2023 results

  • 2.1% production growth, contributing to energy security
  • Presenting updated outlook for profitable growth towards 2035 with a stronger cash flow, a broader energy offering and lower emissions

(28th of February 2024) Equinor, a Norwegian State-owned broad energy company, announced its fourth quarter and full year 2023 results in February, reaffirming Equinor’s commitment to and implementation of its plans for the energy transition.

Anders Opedal, President and CEO of Equinor ASA said “In 2023 we continued to contribute to energy security in Europe and delivered 2.1% production growth. Solid operational performance and cost focus yielded strong financial results and cash flow. We expect material and rapidly growing cash flow from our renewables and low carbon business by 2030 and also grow renewables and decarbonized energy to more than 80 terawatt hours by 2035.”

Fourth quarter and full year financial results and operational performance

Equinor delivered adjusted earnings* of USD 8.68 billion and USD 1.88 billion after tax in the fourth quarter of 2023. Net operating income was USD 8.75 billion and net income was USD 2.61 billion. Power production from renewable energy sources reached 694 GWh in the quarter, up 34% from the same quarter last year. This increase was mainly driven by onshore solar energy production from Rio Energy in Brazil and Wento in Poland, along with production from Hywind Tampen, the world’s largest floating offshore wind farm. In the UK, the world’s largest offshore windfarm, Dogger Bank, delivered first power in the fourth quarter and is currently ramping up production. In January, Equinor has announced its intention to take full ownership of the Empire Wind projects in the US through a swap transaction with bp, where bp takes full ownership to the Beacon Wind projects.

Profitable growth strategy including renewable energy and reduced carbon emissions

With a firm strategy and strong portfolio of projects, Equinor is well positioned for profitable growth with a stronger cash flow, a broader energy offering and lower emissions towards 2035.

Equinor plans to grow cash flow from operations after tax to around USD 23 billion by 2030 and to more than USD 26 billion by 2035. The company expects to sustain an annual average cash flow from operations after tax from oil, gas and trading of around USD 20 billion through 2035, with renewables and low carbon solutions expecting to deliver a material contribution with around USD 3 billion in 2030 and above USD 6 billion in 2035.

Equinor has set to broaden the energy offering and aims to deliver above 80 TWh from renewables and decarbonized energy by 2035. Based on extensive experience from CCS and project pipeline progress, Equinor also plans to increase the ambition for annual CO2 storage to 30-50 million tons in 2035.

Equinor continues to progress according to the Energy transition plan for gross investments in renewables and low carbon solutions increased to 20% in 2023 and Equinor is on the path to reach the ambition of above 50% by 2030. Reduced emissions, growth in renewables, decarbonized energy and CCS, underpins the ambition to reduce net carbon intensity by 20% by 2030 and 40% by 2035.

Bjørn Inge Braathen, Equinor Korea’s Country Managing Director, said “Despite a challenging external context, Equinor maintains stable oil and gas production in 2023 whilst continuing to invest in renewable energy and low-carbon solutions around the world – including in Korea – with a firm commitment to the energy transition. Based on 50 years of experience and capabilities in marine energy development with the local community, we seek to become a reliable partner that can support Korea in reaching carbon neutrality and provide a stable supply of renewable energy needed by the Korean economy.”

Click here to read Equinor fourth quarter and full year 2023 results.

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