The Norwegian state-owned oil and gas company Equinor has released its preliminary 2021 results, posting a net operating income of US$33.7bn in 2021 compared to a loss of US$3.4bn in 2020. The company produced 2,079 kboe/d of hydrocarbon in 2021 (stable compared to 2020), including 1,076 kboe/d of liquids (-4%) and 1,003 kboe/d of gas (+5.6%). Equinor's output mostly came from Norway, with 643 kboe/d of liquids (+2%) and 721 kboe of gas (+5%). The company's liquid production in the United States declined by 24% to 142 kboe/d. US gas production increased by 7% to 231 kboe/d. Equinor's power generation declined by 6% to less than 1.6 TWh.
The company expects its hydrocarbon production to increase by 2% in 2022 and plans to invest around US$10bn in 2022-2023 and US$12bn in 2024-2025. In addition, Equinor aims to invest massively in renewables (US$12bn in net capital expenditures for renewables over the 2021-2026 period) to reach 12-16 GW of renewable capacity by 2030 (from the current 0.7 GW).