Equinor ASA - Company Profile
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Business Description
Equinor ASA (Equinor), formerly Statoil ASA, is an energy company. The company operates in the oil and gas, renewables, and low-carbon solutions sectors. Equinor's business portfolio includes oil and gas production, refining, processing and marketing, carbon capture and storage (CCS), and renewable energy.
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R&D Overview
Equinor is actively engaged in a range of R&D initiatives to support its energy transition goals and enhance its competitiveness. The company's focus areas include artificial intelligence, oil and gas, offshore wind, hydrogen and ammonia, carbon capture and storage (CCS), and lithium extraction. Key projects include the use of AI for seismic data interpretation and well design, advancements in offshore wind technology, the HyPilot project for green hydrogen production, and the development of CCS technologies. Equinor through Equinor Ventures supports the development of energy transition technologies through corporate venture capital investments. The research and development unit of Equinor is responsible for developing technologies to deliver reliable energy and support the company's energy transition plan towards net zero by 2050. The unit focuses on innovation to enhance competitiveness, collaborating with research institutions, suppliers, and industry players to address challenges in the energy transition. In FY2024, the company spent US$1,185 million on R&D, which as a percentage of revenue, stood at 1.2% and grew 61.4% YoY.
Business Segments
- Exploration & Production International
- Exploration & Production Norway
- Exploration & Production USA
- Marketing, Midstream and Processing
- Renewables
- Other
Overview
Includes the exploration, development, and production of oil and gas outside the NCS and the US. It is responsible for international exploration and production activities and manages upstream activities in countries outside of Norway. It has operations across five continents, covering offshore and onshore exploration and extraction of crude oil, natural gas, and natural gas liquids. The segment had operations in eight countries. Pipeline projects include Bacalhau and Raia in Brazil and the Rosebank field in the UK. The segment's strategies include a focus on improving the robustness of the portfolio. The segment also aims to increase voluntary social investments in both core and other countries, along the resilient host communities dimension in the just transition framework, and identify key biodiversity features associated with projects through site-specific inventories to enable biodiversity preservation. In FY2024, the segment incurred a capital expenditure of US$3,220 million, which grew 26.1% YoY.
Performance
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Overview
Involved in exploration, field development, production, and operations on the Norwegian continental shelf (NCS), which includes the North Sea, the Norwegian Sea, and the Barents Sea. It serves the oil and gas industry and is responsible for the exploration and extraction of crude oil, natural gas, and natural gas liquids on the NCS. Pipeline projects include Johan Castberg; Irpa; Halten East; and the Oseberg OGP; among others. The segment expects to continue to add profitable barrels from the NCS towards 2035. Norway Energy Hub, Equinor's industrial plan to transform the NCS into a broad energy province led by E&P Norway. In FY2024, the segment incurred a capital expenditure of US$5,698 million, which grew 5.9% YoY.
Performance
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Overview
It includes the covers exploration, development, and production of oil and gas in the US. It's pipelines include the Vito platform and Sparta. In FY2024, the segment incurred a capital expenditure of US$1,270 million, which grew 8.4% YoY.
Performance
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Overview
It includes the global marketing and trading of crude oil, petroleum products, natural gas, electric power, and green certificates, including marketing of the Norwegian State’s natural gas and crude oil resources. It also manages onshore plants and transportation, and the development of value chains to ensure flow assurance for Equinor’s upstream production. Low-carbon solutions, such as carbon capture and storage and hydrogen, and marketing of these services are also a part of Marketing, Midstream, and Processing (MMP’s) remit. The MMP includes marketing, trading, processing, and transporting crude oil and condensate, natural gas, natural gas liquids (NGL), and refined products; operation of a refinery, terminals, and processing plants; Trading power; providing transport solutions for natural gas, liquids, and crude oil from Equinor assets, including pipelines, shipping, trucking, and rail; and Developing Equinor’s low-carbon solutions. Terminals are in Mongstad crude oil terminal and Sture crude oil terminal, Storage is located in Aldbrough gas storage and interest in the Etzel Gas Lager. Refineries are located at Mongstad and a methanol production plant at Tjeldbergodden. Major products include crude, petroleum products, natural gas, and electricity. Its operation also includes providing low-carbon solutions. In FY2024, the segment incurred a capital expenditure of US$387 million, which grew 102.6% YoY.
Performance
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Overview
It includes the operations and project development in renewable energy activity. Its main purpose is to develop offshore wind, onshore renewables, and energy storage solutions across the Americas, Asia-Pacific, Europe, and Norway. It operates five offshore wind farms, five solar projects, two onshore wind and two battery storage systems. In FY2024, the segment incurred a capital expenditure of US$1,405 million, which grew 66.7% YoY.
Performance
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Overview
It includes activities in projects, drilling and procurement (PDP), the technology, digital, and innovation (TDI) segment, and corporate staff and support functions. Technology, Digital, and Innovation (TDI) It offers research, technology development, specialist advisory services, digitization, IT, improvement, innovation, ventures, and future businesses. TDI is also responsible for safe and efficient development and operation of assets; and for providing expertise, projects, and products across the company. It is responsible for developing technology to help Equinor reach its business targets and ambitions within oil and gas, renewables, and low-carbon solutions. Projects, Drilling, and Procurement (PDP) PDP is responsible for oil and gas field development, well delivery, electrification, CCS and hydrogen projects, and procurement in Equinor. PDP is also responsible for the global project portfolio, well deliveries, and procurement and supply chain management across Equinor. Corporate Staff and Support Functions Corporate staff and support functions comprise the non-operating activities of the company, including the head office and central functions that provide business support such as finance and control, corporate communication, safety, security and sustainability, corporate audit, legal and compliance, and people and organization. In FY2024, the segment incurred a capital expenditure of US$121 million, which grew 33% YoY.
Performance
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