Equinor ASA Presents its Strategy To Accelerate The Company’s Transition, says an article on their website.
- growing cash flow and returns
- 40% reduction in net carbon intensity by 2035
- optimizing oil and gas portfolio
To accelerate the company’s transition
Today, Equinor ASA presents its strategy to accelerate the company’s transition while growing cash flow and returns.
Key highlights from the strategy update:
- Accelerating the transition and setting an ambition to reach a 40% reduction in net carbon intensity by 2035, on the way towards net-zero by 2050.
- Stepping up investments in renewables and low carbon solutions to more than 50% of gross annual investments by 2030.
- Growing cash flow and returns, expecting a free cash flow of around USD 35 billion before capital distribution in 2021 – 2026 and around 12% return on average capital employed in 2021 – 2030.
- Increasing the quarterly cash dividend to 18 cents per share and introducing a new share buy-back program.
“Our strategy is backed up by clear actions to accelerate our transition while growing cash flow and returns. We are optimizing our oil and gas portfolio to deliver even stronger cash flow and returns with reduced emissions from production, and we expect significant profitable growth within renewables and low carbon solutions. This is a strategy to create value as a leader in the energy transition”, says Anders Opedal, President and CEO of Equinor.
Net-zero energy company
Equinor has set a clear ambition to become a net-zero energy company by 2050, including emissions from production and final consumption. Today, Equinor also sets interim ambitions, aiming to reduce net carbon intensity by 20% by 2030 and 40% by 2035.
“This is a business strategy to ensure long-term competitiveness during a period with profound changes in the energy systems, as society moves towards net zero. We are building on our position as a global leader within carbon-efficient production of oil and gas. We will continue to cut emissions, and in the longer term, Equinor expects to produce less oil and gas than today recognizing reducing demand. Significant growth within renewables and low carbon solutions will increase the pace of change towards 2030 and 2035”, says Opedal.
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Source: Equinor
