Equinor’s massive gas market exposure

Equinor sold 64 Bcm of gas in 2024, and holds ~22 Bcm of long-term gas sales contracts. This implies an uncontracted volume of roughly 42 Bcm, most of which is likely to be exposed to variable merchant/gas market pricing.

Figures in Bcm/year. RWE (Germany) contract of 1.35 Bcm is midpoint of publicly stated band of 10–15 TWh/yr, based on Equinor's conversion factor of 11.1 TWh per Bcm. Implied merchant/uncontracted volume (~42 bcm) is 2024 gas sales volume of 63.6 Bcm minus all known headline public gas supply deals only. Residual ~42 bcm thus likely includes trader/resale flows, spot hub sales, short-term industrial contracts, third-party purchases/resales and volumes sold under unpublicised multi-year contracts. Equinor has many legacy contracts, framework agreements and smaller bilateral LTAs that are not always announced.
Chart: Energy FluxSource: Equinor press releases, Energy Flux calculationsGet the dataDownload imageCreated with Datawrapper