Our view

Equinor’s results depict a narrative of growth and commitment to renewables however, it still lacks the necessary disclosure to verify the progress or credibility of its low-carbon strategy. 

Investors engaging with Equinor should ask for:

1) Disclosure of the dollar value of capex for Renewables & Low carbon solutions that forms the basis for its capex target, including a reconciliation between Renewable capex disclosed in its results.

2) Information on how Equinor will meet its net carbon intensity target (-20% by FY30) given low carbon energy is expected to be only a minor component of its portfolio (4.8% of sales by FY30).

3) When the business expects renewables to form a significant part of its portfolio (>20%).

4) Unique capabilities in building out an integrated power business. 

Key findings