Equinor (EQNR) Status Update summary

Strategic direction and financial outlook

• Maintains a value-driven, balanced approach to the energy transition, reaffirming a 50% emissions reduction target by 2030 and net zero by 2050.

• Expects industry-leading return on capital employed above 15% through 2030, with $23 billion free cash flow over the next three years and $9 billion capital distribution in 2025.

• Oil and gas production growth is projected to exceed 10% from 2024 to 2027 without increasing CapEx, while renewables ambition is adjusted to 10-12 GW by 2030.

• Portfolio break-even remains below $40/bbl, ensuring resilience across IEA scenarios, including net zero, with new projects averaging under $40/bbl and ~2.5 years payback.

• CapEx flexibility is significant, with over 50% non-sanctioned from 2027, allowing adaptation to market changes.

Emissions reduction and operational efficiency

• Achieved a 34% reduction in emissions since 2015, with a 2024 upstream CO2 intensity of 6.2 kg/boe, well below industry average.

• Methane intensity is near zero, and flaring is over 10 times lower than industry average; routine flaring to be eliminated by 2030.

• Electrification and energy efficiency projects have cut emissions by over 750,000 tons in 2024, saving more than NOK 1 billion in OpEx.

• Most production is subject to carbon costs; internal carbon price is set at $92, rising to $180 by 2030 for investment analysis.

• All emission reduction projects are NPV positive, with $4 billion in avoided CO2 costs since 2005.

Renewables and low-carbon solutions

• Renewables ambition is adjusted to 10-12 GW by 2030, focusing on value-driven growth and capital efficiency.

• Three major offshore wind projects (Dogger Bank, Empire Wind 1, Bałtyk II/III) will deliver nearly 6 GW capacity, powering 9 million homes.

• Organic CapEx for renewables is cut by 50% for 2025-2027, and OpEx/SG&A by 20% through portfolio high-grading.

• Double-digit returns are targeted for renewables and low-carbon investments, leveraging oil and gas project expertise.

• CCS business aims for 30-50 million tons CO2 transport and storage capacity by 2035, with projects spanning UK, Norway, Denmark, USA, and NW Europe.