Equinor President and Chief Executive Officer Anders Opedal earned just over $1.9m in 2023.
In its 2023 annual report, Equinor revealed that Anders Opedal took home a base salary $951,000, adding another $171,000 in fixed salary additions, with other fees and fringe benefits adding $134,000 more.
Variable remunerations added $681,000, with pension expenses adding the final $27,000.
The $1.963 million pay package marks a slight decline compared to 2022, when Mr Opedal made $2.042 million on a base salary of $999,000.
The 2023 figure is around a quarter of what his fellow energy major CEOs earned at Shell and BP for last year. Shell head Wael Sawan earned £7.9m while BP’s Murray Auchincloss took home just over £8m in pay in 2023.
In addition, Mr Opedal increased his holding in the company from 46,996 shares on 1 January 2023 to 56,649 on 31 December, 2023. At the end of the year, this had a market value of $1.7 million.
Equinor’s 2023 report added that the company saw the second highest financial result in its history, bringing in total revenues of $107.2 billion, leading to adjusted earnings of $36.2 billion.
Adjusted earnings after tax came in at $10.4 billion, which net operating income was $35.8 billion and net income was $11.9 billion.
Equinor added that it expects cash flow from its international portfolio to increase by 50% by 2030.
Oil growth
While the company expects oil and gas to remain the foundation of its business, it also said it is on track to reach goal of investing over 50% in profitable renewables and low carbon solutions by 2030.
Equinor expects to deliver above 5% production growth for oil and gas from 2023-2026 and maintain production of around 2 million bpd in 2030.
The companies proved oil and gas reserves rose to an estimated 5.21 billion boe at the end of 2023, compared to 5.19 billion boe at the end of 2022.
This was in part due to 507 million boe of new proved reserves coming in through extensions and discoveries. The Rosebank field in the UK, the Raia field in Brazil and the Sparta field in the US were the main contributors to this figure.
The largest assets with proved undeveloped reserves outside Norway, are Rosebank and Mariner in the UK and Raia, Bacalhau, Peregrino and Roncador in Brazil.
Equinor added that it expects that a substantial proportion of its 2024 capital expenditures will be spent on projects with recent final investment decisions, including Rosebank.
For renewable energy, the company expects capital expenditure in 2024 to mainly go to offshore wind projects.
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