Equinor delivered adjusted operating profit* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Reported operating profit was USD 8.74 billion, and profit for the period was USD 2.00 billion, resulting in adjusted earnings per share* of USD 0.63.
The results for the fourth quarter and the year 2024 were characterized by:
- Solid financial results with 21% return on capital employed* in 2024
- Strong operations with stable oil and gas production
- Continued industrial progress and value-driven transactions
Capital distribution
- Proposed fourth quarter cash dividend of $0.37 per share
- Announced buyback program of up to USD 5 billion for 2025
- Expected total capital distribution for 2025 of up to 9 billion USD
- Stronger expected free cash flow* supports sustained competitive capital deployment
Equinor is well positioned for stronger cash flow and growth:
- Strategy to deliver competitive returns to shareholders. Consistent value-driven execution - expected return of over 15% on average capital employed* by 2030.
- Strengthens free cash flow*, expecting USD 23 billion for 2025–2027 through reduced investments and cost control
- Increasing oil and gas production with expectations of more than 10% growth from 2024-2027
- Reduces expected investments in renewable energy and low-carbon solutions to approximately USD 5 billion after project financing for 2025-2027 combined
- Lowers expected renewable energy capacity to 10-12 gigawatts by 2030
Anders Opedal, CEO of Equinor:
'Equinor is well positioned for further growth and competitive returns to shareholders. We expect to deliver an industry-leading return on capital employed of over 15% all the way to 2030. Expected oil and gas production has been increased to more than 10% growth from 2024 to 2027. We are significantly strengthening our expected free cash flow compared to last year’s outlook. We are achieving this by optimising the portfolio, reducing the investment outlook for renewable energy and low-carbon solutions, and realising cost improvements across the organisation.
'Today we are announcing a total capital distribution of up to $9 billion in 2025. Supported by stronger free cash flow, we expect to increase our quarterly cash dividend and use share repurchases to ensure that our capital distribution remains competitive going forward.
'We have a consistent growth strategy and the direction is set. We continue to reduce emissions from our own production and build profitable businesses in renewable energy and low-carbon solutions with an ambition of net zero emissions by 2050. We adapt to the market situation and opportunities, and this provides a basis for creating value for shareholders for decades to come.
'In 2024, we delivered solid financial results and high production through strong operations. We now expect production at the Johan Sverdrup field in 2025 to remain close to the same level as the last two years. This shows how we are working systematically to improve our production to remain a secure and reliable energy supplier.
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Source: Equinor
