Company Report
Equinor corporate report
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Report summary
Equinor’s business will change dramatically over the next three decades. Low-carbon energy production will ultimately displace legacy oil and gas business streams. New energy is Equinor’s most important growth engine and will, over time, become established as a core cash cow. Upstream will gradually enter harvest mode and then decline. As well as pursuing leadership in offshore wind, Equinor will build exposure to solar and onshore wind to diversify its low-carbon opportunity set. The company is also pushing CCUS and low carbon hydrogen harder than most, having built up deep pipelines in both technologies. The scale-up of both technologies will play an important role in achieving its 2050 net zero target and the development of a carbon-as-a-business profit centre.
Table of contents
- Managing the upstream cash engine
- Risk of falling short of renewable power growth targets
- Sustaining cash flow will need some big strategic decisions
-
SWOT Analysis
- SWOT analysis
- Overview
- Key targets
- Long-term strategic outlook
-
Recent market performance
- Resilience
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- Overview
-
Company targets and Wood Mackenzie outlook
- Legacy
- Growth
- Approved for Development
- Justified for Development
- Economically viable
- Exploration upside
-
Portfolio renewal
- Overview
- Exploration
- Overview
- Exploration performance
- Exploration outlook
- M&A
- High-grading
- Offshore wind
- Onshore wind and solar
- Carbon capture and storage
- Hydrogen
- Battery Storage
Tables and charts
This report includes 19 images and tables including:
- The Majors’ share price movement during 2023
- Benchmark: market premium/discount to WM base case NPV10 at US$60/bbl long-term real Brent
- Benchmark: Q3 2023 gearing (excluding operating leases) versus avg. Brent cash flow breakeven 2024-26
- Equinor: annual cash flow sources & uses
- Strategic fit of upstream regions
- Benchmarking: NPV,10 by resource theme*
- Wood Mackenzie’s projection of the Majors’ compound annual growth rate
- Resilience ratings: 1) IOC benchmarking; 2) Equinor ratings weighted by Dimension
- Sustainability ratings: 1) IOC benchmarking; 2) Equinor ratings weighted by Dimension
- Equinor’s production outlook, including economically viable resources
- Weighted average IRR and capex on newfield conventional developments*
- Equinor: development IRRs on conventional projects* and capex between 2023 and 2050
- Benchmark: exploration full cycle IRRs 2013-2022
- Equinor’s carbon reduction goals
- Benchmark: Wood Mackenzie estimate of renewable power capacity (net)
- Benchmark: Wood Mackenzie estimate of net CCUS capacity
- Benchmark: Wood Mackenzie estimate of net hydrogen capacity
- Price assumptions
- Valuation assumptions
What's included
This report contains:
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