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].

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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]

Core Viewpoint - Equinor ASA's 2024 annual report highlights the company's strong operational and financial performance amidst unpredictable energy markets, emphasizing the dual focus on current energy production and future energy system development [1]. 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 was USD 8.83 billion [3]. - The return on average capital employed (RoACE) was 21% for 2024, with organic capital expenditures totaling USD 12.1 billion [5]. - Equinor contributed significantly to society through taxes, paying USD 20.6 billion in corporate income taxes, of which USD 19.7 billion was in Norway [6]. Operational Performance - Equity production of liquids and gas was 2,067 mboe per day in 2024, consistent with the previous year. Renewable power equity production increased by 51% to 2,935 GWh [4]. - The average upstream CO2 intensity of Equinor's operated portfolio improved to 6.2 kg of CO2 per boe in 2024, down from 6.7 kg in 2023 [14]. Safety and Sustainability - The Serious Incident Frequency (SIF) for 2024 was 0.3, a decrease from 0.4 in 2023, although the year was marked by a tragic helicopter accident [2]. - Equinor achieved a 5% reduction in operated scope 1+2 greenhouse gas emissions, totaling 11.0 million tonnes CO2 equivalents, representing a 34% reduction from 2015 [13]. Strategic Developments - The company maintained a consistent growth strategy, focusing on high-grading its portfolio and positioning for stronger growth and cash flow [7]. - In 2024, Equinor continued to develop its portfolio on the Norwegian continental shelf with 39 new licenses and project approvals [8]. - The international upstream portfolio saw exits from Nigeria and Azerbaijan, while acquisitions were made in US Onshore gas assets [9]. Renewable Energy Initiatives - Equinor advanced its renewables portfolio despite market challenges, with significant progress on the Dogger Bank offshore wind farm and the commencement of production at solar plants in Brazil [10]. - The company acquired a 10% stake in Ørsted, enhancing its exposure to offshore wind projects [11]. Carbon Management - Notable progress was made in carbon transport and storage, with the completion of the Northern Lights project in Norway and the initiation of carbon capture and storage projects in the UK [12].

Group 1: Company Overview - Equinor ASA (EQNR) is a Norwegian integrated energy company that has received a drilling permit from the Norwegian Offshore Directorate (NOD) to drill two wildcat wells in production license (PL) 554 [1] - Equinor holds a 40% stake in PL 554, with partners Aker BP and Vår Energi each holding 30% [2] - The company has contracted the Deepsea Atlantic semi-submersible rig for the drilling activities, which are scheduled to commence in April 2025 [2] Group 2: Rig and Drilling Details - The Deepsea Atlantic rig, built in 2009, is a sixth-generation drillship designed for deepwater operations in harsh environments [3] - Equinor has extended the contract for the Deepsea Atlantic rig, ensuring its availability until 2027 [3] - The rig has previously been involved in several drilling campaigns for Equinor, including a recent gas and condensate discovery in the "Mistral Sor" exploration well [4] Group 3: Market Position and Comparisons - EQNR currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [5] - Comparatively, Archrock Inc. has a Zacks Rank of 1 (Strong Buy), while Eni SpA and NextDecade Corporation both hold a Zacks Rank of 2 (Buy) [5] - Archrock focuses on midstream natural gas compression services, generating stable fee-based revenues [6] - Eni is a leading global integrated energy company with a strong emphasis on liquefied natural gas (LNG), which is expected to play a significant role in the energy transition [7] - NextDecade is an emerging player in the LNG market, focusing on expanding its liquefaction capacity to meet rising global demand for natural gas [8]

Core Viewpoint - Equinor ASA (EQNR) is currently undervalued compared to industry peers, trading at a trailing 12-month EV/EBITDA of 1.44x, significantly lower than the industry average of 3.56x and major competitors like BP and Shell [1] Group 1: Company Overview - Equinor is a global leader in oil, gas, renewables, and low-carbon solutions, committed to net zero by 2050 and leveraging 50 years of expertise in the energy transition [4] - The company is recognized as the world's premier offshore operator and is focused on delivering resilience amid market volatility [4] Group 2: Production and Financial Outlook - Equinor has increased its production outlook, expecting over 10% growth in oil and gas production from 2024 to 2027, targeting 2.2 million barrels per day by 2030 [5] - The company anticipates generating $23 billion in free cash flow over the next three years, achieved through portfolio optimization and cost-cutting measures [6] Group 3: Capital Distribution and Strategy - The board has approved a total capital distribution of $9 billion for 2025, including a quarterly cash dividend increase and $5 billion in share buybacks, demonstrating a strong commitment to shareholder returns [7] - Equinor maintains a robust low-carbon strategy, with an industry-leading emissions reduction target of 50% by 2030 and advancing carbon capture and storage projects [8][9] Group 4: Stock Performance and Investment Potential - Despite a slight stock dip of 0.4% over the past year, EQNR has outperformed the industry's 7.1% decline, indicating an attractive entry point for investors [10] - Wall Street's average price target suggests a potential 26.9% increase from the recent closing price, with the highest target indicating a possible gain of 45.8% [12]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score identifies undervalued stocks using financial ratios [3] - Growth Score assesses stocks based on their future earnings and financial health [4] - Momentum Score tracks price trends to identify optimal buying opportunities [5] - VGM Score combines all three styles to provide a comprehensive evaluation of stocks [6] Zacks Rank and Performance - The Zacks Rank is a proprietary model that uses earnings estimate revisions to identify stocks likely to perform well [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal investment potential [9] Company Spotlight: Equinor ASA - Equinor ASA, based in Norway, is a leading integrated energy company with operations in 30 countries and is the second-largest natural gas supplier in Europe [11] - The company reported estimated proved reserves of 5.571 billion barrels of oil equivalent at the end of 2024, an increase of 358 million Boe from 2023 [11] - Equinor holds a Zacks Rank of 2 (Buy) and a VGM Score of B, with a Value Style Score of A due to a forward P/E ratio of 6.72 [12] - Recent analyst revisions have increased the earnings estimate for fiscal 2025, with the Zacks Consensus Estimate rising by $0.32 to $3.46 per share [12] - With strong rankings and favorable Style Scores, Equinor is positioned as a compelling investment opportunity [13]

Investment Thesis - Equinor (NYSE: EQNR) is positioned as a strong investment opportunity for the year due to increasing natural gas prices in Europe, indicating a trend with sustainability [1] Company Strategy - The company plans to reduce investments, which may impact its future growth trajectory [1]

Core Points - Equinor ASA announced an ordinary cash dividend of USD 0.35 per share and an extraordinary cash dividend of USD 0.35 per share for the third quarter of 2024, totaling USD 0.70 per share [1][2] - The NOK cash dividend per share is calculated based on the average USDNOK fixing rate from Norges Bank, which was 11.1820 for the relevant period, resulting in a NOK dividend of 7.8274 per share [2] - The cash dividend will be paid on 28 February 2025 to shareholders on Oslo Børs and to holders of American Depositary Receipts (ADRs) on the New York Stock Exchange [2]