Output to Fall as Equinor Transitions Faster

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Equinor is accelerating its energy transition strategy, announcing plans to ramp up investment in renewables and low-carbon solutions and rationalize its oil and gas portfolio. "This is a strategy to ensure long-term competitiveness during a period with profound changes in the energy systems, as society moves towards net zero," CEO Anders Opedal said during a capital markets day presentation. "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,” Opedal said. Key Targets and Numbers • Equinor plans to increase its investment in renewables and low-carbon solutions to more than 50% of gross annual capital spending by 2030 from 4% in 2020. • It has set an interim target of a 40% reduction in net carbon intensity by 2035, on the way toward net-zero emissions by 2050 (Scopes 1, 2 and 3). • It is bringing forward its renewable power goal of 12-16 gigawatts of capacity to 2030 from 2035 previously. Two-thirds of this will be offshore wind capacity. • Graphs presented by the company showed its oil and gas production starting to decline gradually after 2026. • Equinor expects around $35 billion of free cash flow before capital distribution from 2021-26 at a $60 per barrel oil price, and a return on average capital employed of around 12% from 2021-30. • It will raise its quarterly cash dividend by 20% to 18¢ per share and introduce a new annual share buyback program of $1.2 billion starting in the second half of this year. • It has set a new goal of capturing and storing 15 million-30 million tons of carbon dioxide per year by 2035. Renewable Rates of Return

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