Equinor has reported total revenues of $29.05bn in Q4 2023, a drop of 15% from $34.32bn in the same period a year earlier.

For the full year 2023, Equinor’s total revenues reduced by 29% to $107.17bn from $150bn in 2022.

The Norwegian oil and gas company’s net income for the quarter ending 31 December 2023 stood at $2.6bn, a 67% drop from $7.89bn in the same period a year ago.

Net income for the full year 2023 reduced by 59% to $11.9bn from $28.74bn in 2022.

In Q4 2023, net operating income stood at $8.75bn, a 47% drop from $16.58bn in Q4 2022. For the full year 2023, it was $35.77bn, a drop of 55% from the year before.

Cash flows provided by operating activities were $2.73bn for Q4 2023 against $4.26bn in Q4 2022, and were $24.70bn for the full year 2023, a decline of 30% from the prior year.

Organic capital expenditure (capex) for the latest reported quarter was $2.99bn, and $10.2bn for the full year, with total capex at $3.77bn for the quarter and $14.5bn for the year.

The company's production for Q4 averaged 2.2mboe/d, an increase from 2.05mboe/d in the same quarter of the previous year.

This growth was primarily driven by the Johan Sverdrup field and new wells, with additional contributions from international assets such as the Peregrino field and US offshore operations.

The company also recognised net impairments of $328m, mainly due to the sale of assets and its exit from Azerbaijan.

After taxes, shareholder distributions and investments, Equinor's net cash flow stood at negative $3.26bn for Q4 2023 and at negative $8.34bn for the full year 2023.

The fourth tranche of the 2023 share buyback programme was completed on 19 January 2024, totalling $1.67bn, bringing the year's total buybacks to $6bn.

Equinor's board announced a share buyback programme of $10bn–12bn for the next two years, with the first tranche of up to $1.2bn under this programme commencing on 8 February 2024.

Equinor president and CEO Anders Opedal said: “We are extending the outlook for stable contribution from oil and gas to 2035. By 2030 we expect material and rapidly growing cash flow from our renewables and low carbon business.

“We will provide a broader energy offering with lower emissions. We aim to grow renewables and decarbonised energy to more than 80 terawatt-hours by 2035 and have increased our ambition for carbon storage.”

For 2024, the company expects organic capex to be around $13bn and oil and gas production to be stable compared with 2023.