4C is now TGS

We are excited to announce a significant milestone in 4C Offshore's journey. Our integration into the TGS family marks the beginning of a new era in offshore wind market intelligence.

Learn what this means for you!

Equinor ASA publishes 2023 integrated Annual Report

By: Chloe Emanuel 21/03/2024 Equinor

General Windfarms

The Hywind Tampen floating wind farm seen from the Gullfaks C platform

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.

“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.

“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.

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.

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.

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.

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.

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.

The average upstream CO2 intensity of Equinor’s operated portfolio was 6.7 kg of CO2 per boe in 2023 (100% basis), down from 6.9kg of CO2/boe in 2022 and well below the industry average. The increase in oil and gas production led to scope 3 GHG emissions increasing 3% from 2022 to 250 million tonnes in 2023.

For more information about offshore wind farm projects across the globe, click here.

Premium

4C Offshore Premium, our most popular subscription, gives you full access to use the 4C Offshore WebApp which includes exclusive offshore wind, transmission and vessel reports, news and downloads.

Request a 30 minute Demo

Equinor ASA publishes 2023 integrated Annual Report

Back to News

Trending News!