Equinor

Equinor ASA (OSL: EQNR) is a Norwegian multinational energy company involved in the exploration, production, refining, and distribution of oil and natural gas. The company also provides renewables and low-carbon energy solutions. The company was incorporated in 1972 as a fully state-owned entity of the Norwegian government under the name “Statoil.” In 2001, it was listed on the Oslo Stock Exchange and NYSE, with the Norwegian state retaining a 67% majority stake. The company rebranded under the Equinor banner in 2018. Equinor generated revenues of USD 151 billion in 2022.

Exploration and Production (E&P) is Equinor’s primary operating division and is involved in upstream activities, including the exploration, development, and production of crude oil and natural gas. The Marketing, Midstream & Processing (MMP) segment covers midstream activities, primarily the refining and processing of crude oil and natural gas into usable petroleum commodities and the marketing and trading of its hydrocarbon products. Equinor’s offshore wind farms, solar farms, and other renewable energy operations are clustered under the Renewables segment. Other activities, including projects, drilling, and procurement (PDP), technology, digital, and innovation (TDI), and corporate activities are reported under the Other segment.

The geographic revenue split is heavily skewed in favor of Norway (84%), with the US (13%) and other International markets (3%) accounting for the remainder. Equinor expects to generate ~USD 20 billion on average in annual operating cash flow over 2023–2030, supported by a gradual increase in oil and gas production volumes through 2026. The company has a net-zero target by 2050 and plans to scale its presence in renewable energy and low-carbon solutions.