Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes the
integrated annual report for 2022, combining financial and
sustainability reporting.
“Through 2022 we focused on securing safe and reliable delivery
of energy. The invasion of Ukraine and Russia’s weaponisation of
energy brought further instability to already tight markets, and
across the organisation we have felt the responsibility that comes
with being the single largest supplier of gas to Europe. At the
same time, we also progressed on our Energy transition plan,” says
Anders Opedal, President and CEO of Equinor ASA.
Equinor publishes an integrated report for 2022 combining annual
financial and sustainability reporting. This reflects the
increasing importance of environmental, social and governance
issues to the company’s stakeholders. The report applies the
principle of double materiality, covering topics that are most
material either financially or due to Equinor’s impact on nature or
society, or both.
Operational and financial performance
In 2022 Equinor stepped up to deliver safe, secure, and reliable
energy production, with low emissions from operations. The
twelve-month average Serious Incident Frequency (SIF) 2022 was 0.4,
unchanged from 2021.
“My number one priority is to keep everyone working for Equinor
safe. It is encouraging to see that the number of serious incidents
is at the lowest level so far. We will continue to work
systematically and collaborate with our peers and suppliers to
ensure the safety of all our people,” Opedal says.
Equinor progressed on the strategy throughout 2022 and continued
optimising the oil and gas portfolio, driving high value growth in
renewables, and shaping new markets within low carbon solutions.
Equinor developed the project portfolio and passed several
industrial milestones. Resumption of production from Hammerfest LNG
and the Peregrino field and start-up of the new Peregrino phase 2
in Brazil, Johan Sverdrup phase 2 and Njord, are expected to
contribute high value volumes going forward. First power was
generated from Hywind Tampen, and all turbines at the world’s
largest floating windfarm are expected to come into production in
2023.
In 2022 Equinor delivered solid operational performance,
contributing to energy security. Equity production of liquids and
gas ended at 2.039 million boe per day, 2% lower than in 2021,
impacted by the exit from assets in Russia. Gas production on the
Norwegian continental shelf (NCS) increased by 8% compared to
2021.
Equinor delivered adjusted earnings* of USD 74.9 billion and USD
22.7 after tax. Net operating income was reported at USD 78.9
billion and net income at USD 28.7 billion. The financial results
were strengthened by the higher prices across markets, compared to
2021, and particularly high prices and higher production of gas to
Europe.
The strong performance in 2022 also led to higher tax
contributions. In 2022, Equinor paid USD 45 billion in corporate
income taxes of which USD 44 billion was paid in Norway, where
Equinor has the largest share of its operations and earnings.
Capital discipline remained firm with organic capital
expenditures* ending at USD 8.1 billion for the year. Strong
financial result resulted in a return on average capital employed
(RoACE)* at 55 % for 2022. Throughout the year Equinor further
strengthened its balance sheet and reduced the adjusted net debt
ratio* from negative 0.8% at the end of 2021 to negative 23.9% at
the end of 2022.
In 2022 Equinor stepped up capital distribution to shareholders,
following the capital distribution framework presented in
2021.Total capital distribution for 2022 amounted to USD 13.7
billion, including extraordinary dividend and share buy backs.
Progress on the Energy transition plan
The integrated annual report includes Equinor’s performance on
key sustainability topics, as well as progress on the Energy
transition plan. The plan was endorsed by 97.5% of the votes at an
advisory vote among shareholders in May 2022.
Equinor’s own greenhouse gas emissions were 11.4 million tonnes
CO2e, representing a decrease compared to 2021.
“Our ambition is to reduce our group-wide emissions by net 50%
by 2030, compared to 2015. In 2022, we made significant progress
towards this ambition and our operated emissions are now more than
30 percent lower than in 2015,” adds Opedal.
The average CO2 intensity of Equinor’s operated portfolio was
6.9 kg CO2 per barrel of oil equivalent (boe). This is slightly
below 7.0kg CO2/boe for 2021, and well below Equinor’s target of
8.0 kg CO2/boe in 2025 and the industry average of 16 kg CO2/boe.
Scope 3 GHG emissions were 243 million tonnes in 2022.
Equinor’s ambition is to allocate more than 30 percent of annual
gross capex to renewables and low carbon solutions by 2025 and more
than 50 percent by 2030. Based on current portfolio forecasts, the
company is on track towards the 2025 ambition, with gross
investments increasing to 14% in 2022.
* * *
Our integrated annual report and the subsidiary reports
published separately can be downloaded from
equinor.com/reports.
* * *
In accordance with Section 203.01 of the New York Stock Exchange
Listed Company Manual, Equinor ASA announces that on 23 March 2023
it filed with the Securities and Exchange Commission its 2022
Annual Report on Form 20-F that includes audited financial
statements for the year ended December 31, 2022.
The Equinor 2022 Annual Report on Form 20-F may be downloaded
from Equinor's website at www.equinor.com. References to this
document or other documents on Equinor's website are included as an
aid to their location and are not incorporated by reference into
this document. All SEC filings made available electronically by
Equinor may be obtained from the SEC's website at www.sec.gov.
Shareholders may also request a hard copy of the annual report
free of charge at www.equinor.com.
* * *
(*) These are non-GAAP figures. See Use and reconciliation of
non-GAAP financial measures in the integrated annual report for
more details.
* * *
Further information:
Investor relationsBård Glad Pedersen, senior
vice president Investor Relations,+47 918 01 791 (mobile)
PressSissel Rinde, vice president Media
Relations,+47 480 80 212 (mobile)
* * *
Cautionary Note regarding Forward Looking Statements
This press release contains forward-looking statements.
Forward-looking statements reflect current views with respect to
future events, are based on the management’s current expectations
and assumptions, and are, by their nature, subject to significant
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by the forward-looking
statements, including those discussed under “Risk Factors” in the
2022 Integrated annual report and elsewhere in Equinor’s
publications. You should not place undue reliance on
forward-looking statements. Any forward-looking statement speaks
only as of the date on which such statement is made, and, except as
required by applicable law, Equinor undertakes no obligation to
update any of these statements, whether to make them conform to
actual results, changes in expectations or otherwise.
* * *
This information is subject to disclosure obligations pursuant
to the EU Market Abuse Regulation, ref. section 3-1 in the
Norwegian Securities Trading Act, and section 5-12 of the Norwegian
Securities Trading Act.
- Equinor integrated annual report 2022
- Payments to governments
- Oil and gas reserves report
- 2022 Annual report on Form 20-F
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