Core Points - The board of directors of Equinor ASA has proposed a reduction in share capital through the cancellation of own shares and redemption of shares belonging to the Norwegian State [1] - The share capital will be reduced by NOK 589,934,295 from NOK 6,981,953,075 to NOK 6,392,018,780 through the cancellation and redemption of a total of 235,973,718 shares [2] Summary by Sections - **Share Capital Reduction**: The proposal involves a significant reduction in share capital as a result of share buy-backs authorized in May 2024 [1][2] - **Financial Impact**: The reduction in share capital will decrease the total from NOK 6,981,953,075 to NOK 6,392,018,780, reflecting a decrease of approximately 8.4% [2]

Company Overview - Equinor is a major energy company based in Norway, with a significant presence in both fossil fuels and renewable energy sectors [1] - The company has a diverse portfolio that includes assets on the Norwegian Continental Shelf, offshore wind projects, hydrogen initiatives, and carbon capture and storage (CCS) [1] Investment Focus - The analysis emphasizes a strategy of identifying undervalued and overlooked companies or industries that possess strong fundamentals and robust cash flows [1] - There is a particular interest in sectors such as Oil & Gas and consumer goods, focusing on investments that have been unjustly neglected but have the potential for substantial returns [1] Market Sentiment - The article reflects a sentiment of long-term value investing, while also acknowledging the potential for deal arbitrage in specific situations [1] - Examples of companies that have been considered for arbitrage include Microsoft/Activision Blizzard and Spirit Airlines/JetBlue, indicating a willingness to explore various investment opportunities [1]

Core Insights - Equinor has significantly increased its economic impact in Norway, with procurement spending rising to NOK 142.6 billion in 2024 from NOK 134 billion in 2023, with 93% directed to Norwegian suppliers across 260 municipalities [1][2][3] Economic Impact - The procurement surge supported over 85,000 full-time equivalent jobs, highlighting Equinor's crucial role in employment and industrial growth in Norway [2] - The majority of the economic impact, over NOK 85 billion, stemmed from operating existing fields and onshore facilities, emphasizing the need for continued exploration and resource development as the Norwegian Continental Shelf matures [3] Development Projects - Development projects contributed more than NOK 36 billion in Norwegian deliveries, supporting over 20,000 full-time equivalents, with subsea developments accounting for 31%, Johan Castberg at 26%, and electrification projects at 23% [4] - Exploration spending increased to NOK 10.8 billion, over NOK 3 billion more than in 2023, indicating a strong commitment to exploration activities [4] Future Plans - Equinor aims for ambitious targets through 2035, including 250 exploration wells, 600 new development wells, 75 subsea developments, and 50 low-pressure projects, necessitating a focus on cost efficiency and collaboration with competitive suppliers [5] Supplier Industry Impact - Equinor's operations bolster employment and technical expertise among small, specialized suppliers in Norway, with competition for contracts fostering innovation in the supplier industry [6] Renewable and Low-Carbon Initiatives - The 2024 report introduced the economic effects of Equinor's renewable and low-carbon initiatives, with NOK 170 million in services delivered related to Hywind Tampen and the Northern Lights carbon capture project [7][8] Comprehensive Analysis - The report, prepared by Kunnskapsparken Bodo, analyzed procurement data from nearly 1,900 suppliers and thousands of sub-suppliers across 300 sectors, expanding its scope to include renewables and low-carbon solutions [8][9]

Equinor (EQNR) , the Norwegian energy giant, has received regulatory approval to begin exploration drilling in the North Sea using Odfjell Drilling’s Deepsea Atlantic rig. The Norwegian Ocean Industry Authority (Havtil) has granted consent for drilling in block 24/11, which falls under production license 169. This license was awarded in 1991 and remains valid until 2030.EQNR Moves Forward With North Sea DrillingEquinor, the operator of the license, holds a 57% ownership stake, while its partners Petoro and ...

Group 1: Acquisition Details - Equinor ASA has acquired the 95 MW Lyngsasa wind farm in southern Sweden from SUSI Partners, enhancing its renewable energy footprint [1] - The Lyngsasa wind farm, operational since September 2021, consists of 22 wind turbines and generates approximately 300 GWh annually, contributing around 10% to Equinor's total renewable power production in 2024 [2] - The acquisition increases Equinor's merchant exposure and ensures steady operational cash flows by selling power generated from Lyngsasa in the southern Swedish spot market [3] Group 2: Operational Management and Regulatory Approval - BayWa r.e. will continue as the technical and commercial manager of the wind farm, ensuring seamless operation [4] - The transaction received necessary regulatory approvals and was officially closed on March 19, 2025 [4] Group 3: Strategic Alignment and Market Position - This acquisition aligns with Equinor's strategy of expanding its onshore renewables portfolio and reinforces its ambition to be a competitive market-driven power producer [1][5] - Equinor's continued expansion into renewables is part of its broader strategy to reduce carbon intensity while maintaining profitability in the evolving energy landscape [5]

Core Viewpoint - Equinor ASA has reduced its energy transition targets due to rising costs, supply-chain challenges, and changing political priorities, reflecting a broader trend among oil and gas companies reassessing their renewable energy commitments [1][2][5] Group 1: Changes in Renewable Energy Targets - Equinor previously aimed to allocate over 50% of its gross capital expenditure to renewables and low-carbon solutions by 2030 but has scrapped this commitment, citing limited high-value growth opportunities [2] - The company has revised its renewable energy target to 10-12 gigawatts (GW) of installed capacity by 2030, down from the previous goal of 12-16 GW, aligning with similar reductions by peers like BP and Shell [3] - Despite these changes, Equinor remains committed to achieving net zero emissions by 2050 and aims to reduce emissions from operations by 50% by 2030 compared to 2015 levels [4] Group 2: Adjustments in Carbon Intensity Reduction Targets - Equinor has adjusted its carbon intensity reduction targets, now aiming for a 15-20% cut by 2030 instead of 20%, and a 30-40% reduction by 2035 instead of 40% [4] Group 3: Industry Context and Investor Reactions - The recalibrated energy transition plan highlights the complexities of scaling renewable energy investments amid economic and geopolitical pressures [5] - Some investors have welcomed Equinor's strategic shift, while others, such as key investor Sarasin, have exited their positions in the company [3]

Core Viewpoint - Equinor ASA's 2024 annual report highlights strong operational and financial performance amidst unpredictable energy markets, emphasizing the company's commitment to energy production and transition strategies [1][3][7]. Financial Performance - Adjusted operating income for 2024 was USD 29.8 billion, with adjusted net income at USD 9.18 billion. Net operating income was USD 30.9 billion and net income at USD 8.83 billion [3]. - Return on average capital employed (RoACE) was 21% for 2024, with organic capital expenditures totaling USD 12.1 billion [5]. - Equinor paid USD 20.6 billion in corporate income taxes in 2024, with USD 19.7 billion paid in Norway [6]. Operational Highlights - Equity production of liquids and gas was 2,067 mboe per day in 2024, consistent with the previous year. Renewable power production increased by 51% to 2,935 GWh [4]. - The company maintained a strong balance sheet with net debt to capital employed adjusted at 11.9% at the end of 2024 [5]. Safety Performance - The Serious Incident Frequency (SIF) for 2024 was 0.3, a decrease from 0.4 in 2023, although the year was marred by a fatal helicopter accident [2]. Strategic Developments - Equinor's growth strategy remains consistent, focusing on high-grading the portfolio and positioning for stronger cash flow and growth [7]. - In 2024, the company continued to develop its portfolio on the Norwegian continental shelf with 39 new licenses and project approvals [8]. Renewable Energy Initiatives - The renewables portfolio was enhanced to ensure profitable growth, with significant progress on the Dogger Bank offshore wind farm and the commencement of production at solar plants in Brazil [10][11]. - Equinor acquired a 10% stake in Ørsted, gaining exposure to a premium portfolio of offshore wind projects [11]. Environmental Commitment - Equinor achieved a 5% reduction in operated scope 1+2 greenhouse gas emissions in 2024, totaling 11.0 million tonnes CO2 equivalents, and a 34% reduction from 2015 levels [13]. - The average upstream CO2 intensity improved to 6.2 kg of CO2 per boe in 2024, down from 6.7 kg in 2023 [14]. Carbon Management - Significant progress was made in carbon transport and storage, with the completion of Northern Lights infrastructure in Norway and the initiation of two carbon capture projects in the UK [12]. Regulatory Issues - Equinor was fined EUR 4 million by the French Energy Regulatory Commission for market manipulation related to natural gas transmission capacity, which the company plans to appeal [17][18].

Group 1 - Dividend-paying stocks mentioned in communications with the author are eligible for a reader favorite listing since May 2017 [1] - The series of articles includes a follow-up to the dividend dog story and offers a subscription service for readers [1] Group 2 - A live video series on Facebook highlights portfolio candidates for dividend stocks, occurring the evening before each NYSE trading day [2] - Audience engagement is encouraged through comments on favorite or least favorite stock tickers for future reports [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March, 2025 Commission File Number 1-15200 Equinor ASA In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 20 March 2025 it filed with the Securities and Exchange Commission its 2024 Annual Report on Form 20-F that includes audited financi ...

Sustainability and Decarbonization - Equinor aims to achieve net zero by 2050 and is focusing on high-value growth in renewables and low-carbon solutions[23] - The company plans to allocate investments towards reducing operated emissions and net carbon intensity, with a commitment to decarbonization[23] - Equinor is committed to developing its carbon capture and storage (CCS) and hydrogen businesses as part of its energy transition strategy[23] - Equinor's ambitions include increasing renewables production capacity and power generation, with specific targets for CO2 transport and storage[23] - The company is actively involved in energy transition plans, reflecting its commitment to sustainable practices[40] Financial Performance - Total revenues for Equinor in 2024 reached $44,931 million, a decrease from $49,663 million in 2023, representing a decline of approximately 9.5%[130][132] - The results of operations before tax for 2024 were $28,330 million, down from $32,746 million in 2023, indicating a decrease of about 13.5%[130][132] - Net income for 2024 was reported at $7,680 million, compared to $8,812 million in 2023, reflecting a decline of approximately 12.8%[130][132] - Tax expense for 2024 was $20,650 million, down from $23,934 million in 2023, reflecting a decrease of approximately 13.5%[130][132] - Equinor's total revenues and other income for the full year 2024 amounted to USD 84,765 million, with external revenues contributing USD 79,092 million[207] Operational Performance - Equinor's cash flow from operations after taxes paid (CFFO after taxes paid) is projected to grow, supporting its financial stability and investment plans[22] - Equinor's operational performance is expected to improve, with plans for scheduled maintenance activities to optimize production levels[23] - The average production cost per barrel of oil equivalent (boe) in 2024 was $7, compared to $7 in 2023, remaining stable year-over-year[135] - Equinor's production per field includes significant contributions from fields like Johan Sverdrup, which produced 320 mboe/day in 2024[142] - Average daily entitlement production for E&P Norway increased by 1% to 1,386 mboe/day in 2024, up from 1,374 mboe/day in 2023[159] Investments and Expenditures - Equinor's organic capital expenditures for 2025 are expected to be significant, reflecting its strategy to enhance production capacity in both oil and gas and renewables[23] - Exploration expenditures for 2024 totaled USD 1.401 billion, an increase from USD 1.276 billion in 2023, while development costs rose to USD 9.234 billion from USD 8.206 billion[126] - Equinor's exploration and development expenditures in 2024 included USD 6.019 billion in Norway and USD 3.950 billion in the USA[126] - Additions to PP&E, intangibles, and equity accounted investments increased by 6% to USD 6,285 million in 2024[159] - The acquisition of full ownership of Empire Wind projects in the US in Q1 2024 contributed to an increase in additions to PP&E for REN, which rose by 7% to USD 2,153 million[189] Regulatory Environment - Equinor operates in approximately 30 countries and is committed to compliance with various global laws and regulations[36] - The company is subject to various health, safety, and environmental regulations, which are critical to its operations[41] - Equinor's operations in the US are subject to extensive regulations at federal, state, and local levels, impacting hydrocarbon development[90] - The Norwegian Petroleum Act imposes strict liability for pollution damage, holding Equinor accountable for spills or discharges from its facilities[84] - Equinor continuously monitors regulatory changes to ensure compliance with applicable laws and regulations across its operational regions[97] Market Position and Strategy - The company is focused on maintaining a competitive position in the market through strategic acquisitions and partnerships[23] - Equinor announced a joint venture with Shell to combine their UK upstream businesses, expected to complete by the end of 2025[156] - Equinor divested its 20.21% stake in Agbami, effectively exiting Nigeria, and also sold its business in Azerbaijan[156] - The company recognizes the importance of technological innovation and digitalization in achieving its strategic objectives[23] - Equinor's net debt to capital employed ratio is considered a key financial measure to assess the company's financial strength[209] Taxation and Financial Obligations - Equinor's profits from petroleum production in Norway are subject to a marginal tax rate of 78% after the recent tax reform[110] - The UK government increased the Energy Profits Levy to 38% effective November 1, 2024, extending it until March 31, 2030[120] - In Brazil, the corporate income tax and social contribution are levied at a combined rate of 34%[114] - Equinor's projected pension benefit obligation was USD 7,286 million, while the fair value of plan assets was USD 5,664 million as of December 31, 2024[197] - The company reported a currency gain of USD 1,344 million on transactions between Equinor ASA and Equinor Energy AS, included in financial items[204]