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Hywind Tampen turbines behind rigs in Skipavika, Norway
Hywind Tampen turbines behind rigs in Skipavika, Norway
© Equinor, photo: Jan Arne Wold, Woldcam

Annual reports

23 March, 2023

Integrated Annual Report 2022

This year, for the first time, we are releasing an integrated Annual Report which combines financial and sustainability reporting into a single document, acknowledging our stakeholders’ expectations and the increasing importance of sustainability to our operational and financial performance.

We are Equinor

Our ambition is to be a leading company in the energy transition. We aim to create value through the opportunities the energy transition brings, breaking new industrial ground by building on our 50 years of experience.

Read more about Equinor here

2022 was a year that demonstrated how valuable energy is to society. And at a time when it was more important than ever, people working for Equinor stepped up to deliver safe, secure, and reliable production with low emissions

Anders OpedalPresident & CEO
Anders Opedal, President & CEO

Key figures for 2022

Equinor is a broad energy company, the largest oil and gas operator in Norway, one of the world’s largest offshore operators, and a growing force in renewables and low carbon solutions. Present in around 30 countries with approximately 22,000 employees, we provide reliable energy for societies worldwide and aim to be a leading company in the energy transition with the ambition to become a net-zero company by 2050.

For items marked with an asterisk throughout this report, see section 5.8 Use and reconciliation of non-GAAP financial measures.

Key figures compared with 2021

(in USD million)



Total revenues and other income 150,806 90,924
Net operating income 78,811 33,663
Net income 28,744 8,576
Effective tax rate 63.4% 72.8%
Adjusted earnings* 74,940 33,486
Adjusted earnings after tax* 22,691 10,042
Free cash flow before capital distribution (in USD billion)* 32.1 27.1
Return on capital employed, adjusted* 55.2% 22.7%


employees in 30 countries

1,649 GWh

renewable power generation, Equinor share

2,661 GWh

total power generation, Equinor share


Serious incident frequency
(per million hours worked)


gas production from the NCS


TRIF Total recordable injury frequency
(per million hours worked)

Always safe, high value, low carbon

2,039 mboe/d

oil and gas equity production

USD 52.2 billion

Current income tax expense

USD 13.7 billion

Capital distribution
including dividends paid and share buy-backs


CO2 intensity, upstream oil & gas portfolio
(operated 100%, kg CO2 per boe)

These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the report for more details.

Our strategic beliefs

As Equinor transforms, we work towards striking the right balance between supporting our core, generating cash flow to enable the energy transition, growing business in new energy areas, and continuing as an attractive investment for our shareholders.

Creating value through the energy transition

Net-zero ambition gives new industry opportunities

Technology excellence and innovation define winners

Market dynamics set margins under pressure

Our strategic pillars stand firm

Always safe, High value, and Low carbon will continue to guide our business.

Always Safe

Safety is our top priority and the core of our licence to operate. To us, this means safety for our people, the environment and the societies in which we operate. We work hard to reduce risk and avoid incidents and injuries, both among our own employees and those of our suppliers. We shall respect human rights and support diversity, equality and inclusiveness in all our operations.

High value

Competitive performance and efficiency improvements will remain a priority. Our portfolio is resilient to low prices, has fast return on investments and world-class breakevens. We are growing cash flow from its international portfolio, making it more robust towards lower prices. Through our leading positions in the offshore wind market and low-carbon solutions, we are building a pipeline of future projects within offshore and onshore renewables, CCS and hydrogen. We are utilising our trading and midstream capabilities to optimise the portfolio of commodities that we provide to our customers, together with new products and services from low-carbon solutions.

Low carbon

Our long-term ambition is to become a net zero company by 2050. This ambition is supported by our Energy transition plan and is backed by actions such as: Reducing emissions from our oil and gas operations, increasing renewables capacity, establishing value chains in CCS and hydrogen, increasing the share of non-combusted products from hydrocarbons, and using high-quality carbon sinks. In the longer term, a decline in oil and gas production will also drive reductions in net carbon intensity towards net zero in 2050.

Progress on the Energy transition plan
Progress on the Energy transition plan

Material topics

Our purpose is to turn natural resources into energy for people and progress for society. This requires an understanding of the interplay between our business activities and the societies and ecosystems in which we operate.

We have identified nine topics that we believe are key to deliver on our strategy. In line with the concept of double materiality, these are topics that may significantly affect our financial or operational performance, or that may significantly impact societies and ecosystems in which we operate.

Cautionary note regarding forward-looking statements
This web page contains forward-looking statements. Forward-looking statements reflect current views with respect to future events 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. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.