In line with the concept of double materiality, these are topics that may significantly affect our financial or operational performance, or that may significantly impact societies and ecosystems in which we operate. We support the Paris agreement and have set a clear ambition to become a net-zero company by 2050. Were the largest supplier of energy to Europe, a world-leading offshore operator, the largest oil and gas operator in Norway, and an international pioneer in renewables and low carbon solutions. [83] The ensuing protests led to the Shell to Sea campaign which opposed the project. For the first quarter of 2021, Equinor reported after tax earnings of $2.66 billion. Over the years, Equinor has also been an active member of several national multi-stakeholder groups (MSGs),including in Norway and Indonesia. We have zero tolerance for corruption in any form and take active steps to ensure that corruption does not occur in relation to Equinor's business activities. To reflect a merger of the two companies and with regards of the minor partner, Hydro, it was decided that the joint company should be given a new name. Safety is our top priority and the core of our licence to operate. In Norway, we support young people through our sponsorship and talent development programme Heroes of Tomorrow (Morgendagens Helter), and through our Equinor Support Scheme (Equinor Sttteordning) we also support clubs, associations and organisations that work for children and young people up to the age of 25. COA is headed by Senior Vice President and Chief Audit Executive (CAE) Bent Rune Solheim. Although most of our peers have set net zero emission ambitions for 2050, we have set a further ambition to reduce the net carbon intensity (NCI) of the energy we provide by 20% by 2030, including scope 3 emissions from the use of our products. Since then we have expanded our presence to include unconventional resources and renewable energy projects, and now employ 750 people in the United States. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. As a parliamentary decision in 2001 said it was a goal that the government should own 67% of Statoil, it was announced that the Norwegian government intended to increase its share. We invest in the community: We engage in many corporate social responsibility initiatives, including investing in local communities, contributing to social causes, and participating in volunteer activities. Empire Wind and Beacon Wind are being developed by Equinor and bp through their 50-50 strategic partnership in the U.S. We are the 5th largest producer of oil & gas in the US Gulf of Mexico and our US onshore operations are Equinors largest international production outside Norway. Welcome to Equinor, an international energy company headquartered in Norway with 22,000 employees in 30 countries. Our ambition is to reduce the net carbon intensity (NCI) of the energy we provide by 20% by 2030. Courtesy SFL Corp. Ltd. LinkedIn Odfjell Drilling, on behalf of SFL Corp. Ltd., has agreed with a subsidiary of Equinor to a drilling contract in Canada using the Hercules rig. Upstream operations (exploration and production): The core of our business has been rooted in the exploration, development, and production of crude oil and natural gas, including operations on the Norwegian Continental Shelf (where we are the largest operator) and international oil and gas production in various parts of the world. Data collected by third party, authorised by Equinor, 30 June 2023. The gas is exported to the UK, Germany, and Belgium, and the CO2 is injected into the Utsira formation. The role of the PO function is to establish the strategy direction for the function, set corporate functional standards and targets, and drive operational performance. Recognising that our activities have an impact on the environment, we aim to mitigate negative impact. Equinor was a partner of Royal Dutch Shell in the Corrib gas project, which had been developing a natural gas field off the northwest coast of County Mayo, Ireland. The Statoil classical music award has been awarded since 1999. The SSU organisation is headed by Executive Vice President Jannicke Nilsson. [33][34], In November 2011, a Statoil consultant and two others were tried for having received 7million Norwegian kroner, in exchange for contracts and payments totaling "several tenfold" of millions of Norwegian kroner. In accordance with the Storting's decision of 2001 concerning a minimum state shareholding of two-thirds in Statoil, the Government expressed its intention to increase the state's shareholding in Statoil over time to 67%. Optimised oil & gas portfolio capitalising on an advantaged portfolio as a strong cash engine to fund decarbonisation and transition activities. Corporate Communication is headed by Executive Vice President Jannik Lindbk. Equinor | LinkedIn In the longer term, a decline in oil and gas production will also drive reductions in net carbon intensity towards net zero in 2050. By Emily Mason Forbes Staff Jun 8, 2023 The name Equinor was adopted in 2018 and is formed by combining equi, the root for words such as equity, equality, and equilibrium, and nor, indicating that the company is of Norwegian origin. The government retained 81.7% of the shares. Country Garden: Why Its Financial Crisis Poses a Risk to China - The We are also investing heavily in offshore wind and other renewable sources and intend to play a leading role in the energy transition. We expect our suppliers and business partners to adhere to ethical standards which are consistent with our ethical requirements when working for or together with us. [90], In May 2012, Equinor signed an Arctic exploration deal with Rosneft. "[18], It has been noted within the analyst community that a proposal will create an entity with much more competitive strength versus its much larger European rivals, including BP, Total, and Shell, while also increasing the ability of the company to make strategic acquisitions, particularly in the Gulf of Mexico. Houston. [107], Equinor and Shell were planning on building a gas-fired powerplant in Norway that would infuse CO2 underground or beneath the seabed, but they discarded the plan due to economic reasons. [citation needed], The company was privatised and made a public limited company (allmennaksjeselskap) in 2001, becoming listed on both the Oslo Stock Exchange and the New York Stock Exchange. Equinor ASA (OSE: EQNR, NYSE: EQNR) announced on 4 May 2023 an ordinary dividend per share of USD 0.30 and an extraordinary dividend per share of USD 0.60 for first quarter 2023. In 1981, the company acquired, as the first Norwegian company, operator rights on the Norwegian continental shelf on the Gullfaks field. The company also has processing plants at Kolsnes, Krst, Mongstad, Tjeldbergodden, and Melkya. We are committed to conducting our business activities in an open manner, promoting transparency in our industry. Today, in a world that is increasingly unpredictable, our deliveries of oil, gas and wind power provide a vital and stabilising contribution to Europes energy security, both in the short and long term. Competitive performance and efficiency improvements will remain a priority. This ambition includes scope 3 emissions from the use of our products. [73], In 2010, the downstream operations were separated into new listed company Statoil Fuel & Retail. [104], Comprised as follows as of February 2017:[105], Equinor engages professional lobbyists to represent its interests in various jurisdictions. Through our leading positions in the offshore wind market and low-carbon solutions, we are building a pipeline of future projects within offshore and onshore renewables, CCS and hydrogen. We protect information created by us, or given to us, to ensure appropriate confidentiality and integrity. Our location in Stamford, Connecticut is the center for our trading activities and our offshore wind projects. [8], The Statoil/Horton case refers to the company's use of bribes in Iran in 20022003 in an attempt to secure lucrative oil contracts in that country. Equinor ASA (EQNR) - Financial and Strategic SWOT Analysis Review CCOMs purpose is to protect and enhance Equinors reputation, supporting the company's effort to reach strategic goals. In accordance with the recommendations of Oslo Stock Exchange, Equinor publishes the list of our largest shareholders. Equinor is a broad energy company committed to developing oil, gas, wind and solar energy in more than 30 countries worldwide. The fields operated are Brage, Heimdal, Grane, Glitne, Gullfaks, Heidrun, Huldra, Kristin, Kvitebjrn, Mikkel, Njord, Norne, Ormen Lange, Oseberg, Sleipner, Snorre, Snhvit, Statfjord, Sygna, Tordis, Troll, Veslefrikk, Vigdis, Visund, Volve, and sgard. Equinor's safety and security vision is zero harm. Equinor's shares traded at over $18 per share, and its market capitalization was valued at over US$55.5 billion in October 2018. Petrofrontier's Georgina Basin shale oil and gas bearing structures consistent with other producing areas in Australia and North America. We are on track to maintain profitable production from the Norwegian continental shelf at current level towards 2030. Schroder Investment Management Ltd. (SIM), Fidelity Management & Research Company LLC. [64] After the introduction of international sanctions during the Russo-Ukrainian War against Russia,[65] Equinor has kept a much lower public profile on its Russian activities while continuing largely as before. How will we do it? Forward-looking statements reflect current views with respect to future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. [96] The Australian Senate commenced an inquiry into oil or gas production in the Great Australian Bight on 22 February 2016. [38], Since 1 October 2014, Statoil also supplies natural gas to Ukraine's Naftogaz. While the Norwegian continental shelf (NCS) continues to be our backbone, the international business is an increasingly important contributor to our overall production and revenue. They help us set direction and they guide our decisions, actions and the way we interact with others. [39][40], In 2016, Statoil acquired a $3 million share of a US wind turbine leasing company. The CFO drives financial performance within Equinor and provides professional support and advice. Equinor views transparency as a cornerstone of good governance and accountability. In 1972, Statoil was formed by a decision of the Norwegian parliament and owned 100% by the Norwegian State. Production, which had originally been planned to start in 2018, was temporarily shelved while the company and its partners reassessed the viability of the project and explored ways to reduce development costs. [43], In October 2017, Statoil commissioned the 30-MW Hywind Scotland floating wind farm 29 kilometres (18mi) off Peterhead, Scotland. The Norwegian State Equinor Company Profile: Stock Performance & Earnings - PitchBook Wed love to share this content with you, but first you must accept marketing cookies by enabling them in our cookie settings. [88][89], In 2012, a UK company, Ecclesiastical Investment, announced they were selling their stake in Statoil, as a result of perceived unethical practices related to Athabasca oil sands projects. Were responsible for 70% of oil and gas production in Norway. Research and development: We invest heavily in research, technological developments and digitalisation to optimise our production, enhance recovery rates from existing fields, and develop new energy solutions that are more environmentally friendly. The role of the SSU organisation is to enable strategy realisation, safeguard the company, drive performance and set corporate standards for Equinor. Creating value through the energy transition, Net-zero ambition gives new industry opportunities, Technology excellence and innovation define winners, Market dynamics set margins under pressure. Present in around 30 countries with approximately 22,000 employees, we provide reliable energy for societies worldwide and aim to be a leading company in the energy transition with the ambition to become a net-zero company by 2050. In support of our growing renewables activity, Equinor has an office in Boston and a joint project office in New York City. In 1973, the company started work acquiring a presence in the petrochemical industry. Our business model is underpinned by a strong emphasis on safety, stakeholder engagement, and adherence to regulatory standards. 2022 was a year that demonstrated how valuable energy is to society. As a broad energy company with an ambitious net-zero target for 2050, were pursuing the development of offshore wind projects in the US and quickly becoming a leader in the countrys growing offshore wind industry. Data collected by third party, authorised by Equinor, 30 June 2023. As Equinor transforms, we work towards striking the right balance between supporting our core, generating cash flow to enable the energy transition, growing business in new energy areas, and continuing as an attractive investment for our shareholders. We are growing cash flow from its international portfolio, making it more robust towards lower prices. [97] In October 2017, Chevron withdrew from the project,[98] but it returned alongside BP in 2019. [106], Statoil was responsible for 0.52% of global industrial greenhouse gas emissions from 1988 to 2015. A Moscow court has banned two major Swiss banks UBS and Credit Suisse from trying to wriggle their way out of their Russian subsidiaries, Reuters reported on Tuesday, citing court documents.. Want the full picture? Record the pronunciation of this word in your own voice and play it to listen to how you have pronounced it. [111] As of 2013, the grant for both awards is of 1 million NOK (about $166,000). Today, in an increasingly unpredictable world, our deliveries of oil, gas and wind power provide a vital and stabilising contribution to Europes energy security. The stations in Norway originated as Norol stations, while the stations in Denmark and Sweden were purchased from Esso in 1985, and the stations in Ireland were purchased from British Petroleum in 1992 and ConocoPhillips Jet in the mid 1990s, then sold by Statoil to Topaz Energy in 2006. Now it is staring down default, facing billions of dollars in losses . [55][56] The contract with New York State was reportedly the largest offshore wind deal offered by an American state to date. Wed love to share this content with you, but first you must accept marketing cookies by enabling them in our cookie settings. Through further privatization in 2004 and 2005, the government's share was reduced to 70.9%. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. And at a time when it was more important than ever, people working for Equinor stepped up to deliver safe, secure, and reliable production with low emissions. Our strategic communication foundation is To get there. EPI is headed by Executive Vice President Philippe Franois Mathieu. BP withdraws from Great Australian Bight drilling", "BP oil spill in Great Australian Bight would be catastrophic, modelling shows", "Oil or Gas Production in the Great Australian Bight - Senate Committee", "Chevron drops Great Australian Bight drilling plans", "BP, Chevron to invest $116M on exploration in Australia after Bight exit", "Environment Plan: Stromlo-1 exploration drilling program", "Great Australian Bight: Equinor abandons controversial oil drilling plans", "Equinor should have addressed 'significant' problems in U.S. sooner -chairman", "Science Museum sponsorship deal with oil firm included gag clause", "Board of Directors - Board of Directors - equinor.com", "Top 100 producers and their cumulative greenhouse gas emissions from 1988-2015", "Statoil, Shell shelve Draugen field CO2 injection | Environment", "Kunstnerforbundet - Desemberutstillingen", "Millionen som deler musikk-Noreg - NRK Kultur og underholdning - Nyheter og aktuelt stoff", Her er de nominerte til Statoils kunstpris 2011. In Houston, we manage key strategic and innovative initiatives and our offshore exploration and production activities. [citation needed], A merger proposal was announced in December 2006. Chief Financial Officer Torgrim Reitan heads the CFO organisation. Climate change is the greatest challenge of our time. [48] It also owns 25% stake in the 385-MW Arkona wind farm offshore Germany. Very difficult. [12] The 120 metres (390ft) tall tower with a 2.3 MW turbine was towed 10 kilometres (6.2mi) offshore into the Amoy Fjord in 220 metres (720ft) deep water, off of Stavanger, Norway on 9 June 2009 for a two-year test run. Equinor ASA: Announcement of dividend per share in NOK for first [6] The Norwegian meaning of the former name Statoil is 'state oil', indicating that the oil company is state-owned.[7]. Please note: financial results for each business area are to be found in our Annual Report Chapter 3, Reporting segment performance. These are non-GAAP figures. During 2008, the Government built up the State's ownership interest in Statoil by buying shares in the market. The company has trading offices for crude oil, refined petroleum products, and natural gas liquids in London, Stamford, Connecticut, and Singapore. Were an international energy company headquartered in Norway, with 22,000 employees in over 30 countries. Equinor is an international power enterprise present day in extra than 30 international locations worldwide, collectively with numerous of the world's most important oil and gas provinces. EQNR:NYQ Actions Energy Oil, Gas and Coal Price (USD) 30.54 Today's Change -0.11 / -0.36% Shares traded 2.93m 1 Year change -17.75% Beta 1.0009 Data delayed at least 15 minutes, as of Aug 15 2023. Petrobras and Statoil announced plans to create dozens of refineries in Brazil and the rest of the world where vegetable oil will be added to crude to create a no-sulphur fuel. We are the largest supplier of energy to Europe, a world-leading offshore operator and an international pioneer in renewables and low-carbon solutions. [116], .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct,.mw-parser-output .geo-inline-hidden{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}585330.48N 5432.82E / 58.8918000N 5.7174500E / 58.8918000; 5.7174500, Charges of unethical practices in Athabasca, Norwegian Ministry of Petroleum and Energy, controversy arose between Statoil and local environmentalists, Norway purchases Canadian oil sands company, international sanctions during the Russo-Ukrainian War, North Sea oil spill is Norway's second worst, National Offshore Petroleum Safety and Environmental Management Authority, Norwegian Society of Engineers and Technologists, "Anders Opedal taking over as president and CEO", "Oil & Gas Giant Statoil Proposes Changing Name To Equinor", " Staten m selge seg ut av Statoil - NRK Rogaland - Lokale nyheter, TV og radio", "Hydro's oil and gas activities to merge with Statoil", "EU regulators approve Statoil, Norsk Hydro merger", "Merger of Statoil and Hydro oil- and gas division", "Statoil, Norsk Hydro Create an Energy Behemoth", "Annual general meeting held in StatoilHydro ASA", "Mr. McStatoil vil vokse seg stor i Polen", "Statoil opens for a new ownership structure for its energy and retail business", "Canada's Couche-Tard to buy Statoil Fuel for $2.8 billion", "Statoil reports oil and gas discovery just north of Norne (Scandinavian Oil-Gas Magazine)", "Statoil sells oilsands assets to Athabasca Oil in deal worth up to $832 million", "Norway Makes Its Second Huge Oil Discovery In The Past Year", "Statoil doubles estimated size of North Sea find", "Statoil Buys Brigham for $4.4 Billion to Get Bakken Shale - Bloomberg Business", "Statoil Leases Rail Cars to Ship Bottlenecked North Dakota Oil - WSJ", "Statoil to begin transporting Bakken crude from North Dakota by rail to overcome limited pipeline capacity; more than 1,000 cars for unit trains", "PetroFrontier Corp. | PetroFrontier Corp. announces Statoil to fully fund a US$50 million 2013/2014 exploration program in the Southern Georgina Basin", "Statoil gjr milliardkjp p brasiliansk sokkel", "Statoil exits Shah Deniz with $2.25 billion sale to Petronas", "Gas contract with Statoil more advantageous than with Gazprom Yatseniuk", "Norway's Statoil sells gas to Ukraine's Naftogaz", "Statoil Energy Ventures makes first investment: United Wind", Exxon backs serious action on climate change, "Statoil will not give up on exploration in Arctic", "Statoil to pilot floating wind farm scheme offshore Peterhead", "Hywind Scotland Pilot Park - 4C Offshore", "For clean energy, buy American or buy it quick and cheap?
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