Equinor ASA continued to advance its worldwide energy portfolio during 2020, with a long-term strategy set on becoming a net-zero emissions leader relying less on fossil fuels.

The management team held court with analysts and investors on Wednesday to share results for 2020 and the outlook going forward. Mirroring comments made by Big Energy CEOs during fourth quarter calls, CEO Anders Opedal acknowledged that last year’s operations were beaten down by the “market turmoil” brought about by Covid-19.

Still, the Norwegian operator captured “strong cost improvements and capital discipline” as the pandemic unfolded, helping to deliver more than $3.7 billion in savings. The gains from efficiencies and cost cuts, he said, were “well above our ambition for the action plan...