This statistic highlights Equinor’s Revenue by Segment, split between Exploration and Production International, Exploration and Production Norway, Exploration and Production, Marketing, Midstream, and Processing, Renewables, and others, reported quarterly from Q1 2016 onwards.
Equinor ASA works in a variety of energy industry segments. It makes money through exploring, producing, refining, and marketing oil, gas, and renewable energy sources. Equinor operates offshore and onshore in the oil and gas sector, extracting hydrocarbons from areas across the world.
Equinor’s Revenue by Segment
| Segment | 2022 Q1 | 2022 Q4 | 2023 Q1 | Growth Rate (2023 Q1) |
| Exploration and Production International | 1,453 | 2,373 | 1,548 | 6.54% |
| Exploration and Production Norway | 18,424 | 16,729 | 12,044 | -34.63% |
| Exploration and Production USA | 1,269 | 1,083 | 1,015 | -20.02% |
| Marketing, Midstream, and Processing | 35,917 | 33,591 | 28,889 | -19.57% |
| Other | 75 | |||
| Renewables | 119 | 31 | -2 | -101.68% |
| Total | 57,182 | 53,807 | 43,569 | -23.81% |
(All the figures are in million USD except percentages)
Exploration and Production International increased by 6.54% in the first quarter of 2022, while Exploration and Production in Norway decreased by 34.63%. Exploration and Production in the United States fell by 20.02%. Marketing, Midstream, and Processing all fell by 19.57%. Renewables experienced a severe drop of 101.68%. Overall, the company’s total revenue declined by 23.81% in the first quarter of 2023 as compared to the same time in 2022.
Exploration and Production
Equinor ASA works in the oil and gas business, mostly in upstream operations, which involve the discovery and extraction of hydrocarbon deposits from the earth. Equinor explores oil and gas resources around the world, employing innovative technology and skills to maximize production efficiency while minimizing environmental impact. Exploration and production activities are fundamental to the company’s business strategy and contribute to its overall energy portfolio.
It separates into distinct regions.
- International: international revenue was $1,453 million in Q1 2022, rising to $1,548 million in Q1 2023, a 6.54% year-on-year increase.
- Norway: Revenue in Norway was $18,424 million in Q1 2022 but fell to $12,044 million in Q1 with a 34.63% year-on-year reduction.
- USA: Revenue in the USA was $1,269 million in Q1 2022 and down by 20.02% year on year to $1,015 million in Q1 2023.
Marketing, Midstream, and Processing
The Marketing, Midstream, and Processing branch of Equinor ASA is responsible for the sale and transportation of oil, gas, and petroleum products. They are involved in operations such as trading, supply chain management, logistics, and processing facility operations. Their specialty is increasing the value of hydrocarbon resources from production to market distribution. Revenue decreased by 19.57% from $35,917 million in Q1 2022 to $28,889 million in Q1 2023.
Others
Equinor ASA’s other revenue refers to income made by the firm from sources other than its main energy operations. These sources may include investments, asset sales, royalties, or any other unrelated sources of income to Equinor’s principal business activity. The revenue in 2023 Q1 was $75 million.
Renewables
The Renewables division is responsible for the development and operation of renewable energy projects such as offshore wind farms and solar arrays. Equinor intends to minimize greenhouse gas emissions by transitioning to a low-carbon future and expanding its renewable energy portfolio. Renewables saw a severe fall with negative growth, reaching -101.68% in the first quarter of 2023.
About Company
Equinor ASA is a renowned Norwegian energy firm dedicated to creating the energy future. Equinor has a long history of developing oil, gas, and renewable energy resources in a safe and environmentally responsible manner. We operate on a global scale, leveraging our expertise in offshore exploration and production to supply energy to markets across the world. Equinor is a leader in the energy transition, investing in cutting-edge technologies such as offshore wind, carbon capture and storage, and hydrogen. We are motivated by our goal of being a net-zero energy firm by 2050, paving the way for a more sustainable and low-carbon future.
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