EQNR 6-K

Equinor second quarter 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50 NO-4035, STAVANGER, Norway

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X      Form 40-F

This Report on Form 6-K contains a report of the second quarter 2025 results of Equinor ASA.

2025

Second quarter

Financial statements and review

Equinor second quarter 2025

2	Press release	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Key figures

Operational	Financial		Sustainability
2,096	5.72	6.53	0.27
MBOE/D	USD BILLION	USD BILLION	SIF
Equity oil & gas production per<br><br>day	Net operating<br><br>income	Adjusted operating<br><br>income*	Serious incident<br><br>frequency (per million<br><br>hours worked)
1.12	1.94	0.64	6.2
TWh	USD BILLION	USD	KG / BOE
Total power generation,<br><br>Equinor share	Cash flow from operations<br><br>after taxes paid*	Adjusted earnings<br><br>per share*	CO₂ upstream intensity. Scope<br><br>1 CO₂ emissions, Equinor<br><br>operated, 100% basis for the<br><br>first half of 2025
0.83	0.37	5	5.4
TWh	USD PER SHARE	USD BILLION	MILLION TONNES CO2e
Renewable power<br><br>generation,<br><br>Equinor share	Announced cash<br><br>dividend per share	Share buy-back<br><br>programme for 2025	Absolute scope 1+2 GHG<br><br>emissions for the first half<br><br>of 2025

Always safe

High value

Low carbon

Equinor second quarter 2025

3	Press release	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Equinor second quarter 2025 results

Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating

income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

Solid financial results

•Strong operational performance and production growth

•Higher US onshore gas production capturing higher prices

•Stable cost and capex in line with guidance

•Balance sheet remains robust through lower price environment

Strategic progress

•Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3

and Fram South/Troll

•Announced divestment of the Peregrino field in Brazil for USD 3.5 billion

•Financial close of Bałtyk 2 & 3 offshore wind projects in Poland

•Empire Wind 1 project development back in execution. Impairments

driven by regulatory changes for future offshore wind projects leading

to a loss of future synergies on South Brooklyn Marine Terminal, and

increased exposure to tariffs

Capital distribution

•Ordinary cash dividend of USD 0.37 per share, third tranche of share

buy-back of up to USD 1.265 billion

•Expected total capital distribution of USD 9 billion in 2025

Anders Opedal, President and CEO of Equinor ASA:

“We are on track to deliver production growth in 2025 in line with our

guidance. Strong operational performance and Johan Castberg reaching

plateau are key contributors this quarter. In today’s volatile markets we

stay committed to being a long-term energy provider to Europe.”

“Last year, we strengthened our onshore gas portfolio in the US and this

has created substantial value this quarter, with a fifty percent increase in

gas production at prices almost eighty percent higher than the same time

last year.“

“We continue to progress our portfolio in renewables, and the Empire

Wind 1 project development is back in execution. We have reached

financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at

favourable terms, contributing to strong returns.”

Anders Opedal

Equinor second quarter 2025

4	Press release	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the

Supplementary disclosures.

1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see

note 1 Organisation and basis of preparation.

[ ] For items marked with numbers within brackets, see End notes in the Supplementary disclosures.

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Net operating income/(loss)	5,721	8,874	7,656	(25)%	14,595	15,287	(5)%
Net income/(loss)	1,317	2,630	1,872	(30)%	3,947	4,545	(13)%
Basic earnings per share (USD)	0.50	0.97	0.65	(23)%	1.48	1.56	(6)%
Adjusted operating income*	6,535	8,646	7,482	(13)%	15,181	15,015	1%
Adjusted net income*	1,670	1,789	2,417	(31)%	3,460	5,253	(34)%
Adjusted earnings per share* (USD)	0.64	0.66	0.84	(25)%	1.29	1.81	(29)%
Cash flows provided by operating activities1)	2,477	9,041	1,811	37%	11,518	10,948	5%
Cash flow from operations after taxes paid1)*	1,938	7,394	2,097	(8)%	9,332	8,054	16%
Net cash flow before capital distribution1)*	(1,289)	4,546	(1,553)	17%	3,257	1,770	84%
Operational information
Group average liquids price (USD/bbl) [1]	63.0	70.6	77.6	(19)%	66.6	76.8	(13)%
Total equity liquids and gas production (mboe per day) [3]	2,096	2,123	2,048	2%	2,109	2,106	—%
Total power generation (TWh) Equinor share	1.12	1.40	1.08	4%	2.52	2.36	7%
Renewable power generation (TWh) Equinor share	0.83	0.76	0.65	26%	1.58	1.43	11%
	E&P equity<br><br>liquids and gas<br><br>production	Total power<br><br>generation<br><br>Equinor share
---	---	---
Key figures by segment	(mboe/day)	(TWh)
E&P Norway	1,359	0.04
E&P International	306
E&P USA	431
MMP		0.30
REN		0.78
Other incl. eliminations
Equinor Group Q2 2025	2,096	1.12
Equinor Group Q2 2024	2,048	1.08
Equinor Group first half 2025	2,109	2.52
Equinor Group first half 2024	2,106	2.36
Net debt to capital employed adjusted*	31 December<br><br>2024	%-point change
Net debt to capital employed adjusted*	11.9%	3.3%
Dividend ( per share)	Q1 2025	Q2 2024
Ordinary cash dividend per share	0.37	0.35
Extraordinary cash dividend per share	—	0.35
In the first six months of 2025, Equinor settled shares in the market under the 2024 and 2025 share buy-back programmes of 815 million.

All values are in US Dollars.

Equinor second quarter 2025

5	Press release	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Solid production

Equinor delivered a total equity production of 2,096

mboe per day in the second quarter, up 2% from

2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational

performance was strong. New production from the

Johan Castberg field reaching plateau and Halten

East contributed. Together, this offset natural decline,

impact from the turnaround at Hammerfest LNG and

maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore

assets in 2024, and higher production from these

assets, contributed to a 28% increase in oil and gas

production from US in the second quarter, compared

to the same period last year.

The production from the international upstream

segment, excluding US, is down compared to the

same quarter last year, due to exits from Nigeria and

Azerbaijan in 2024. Higher production in Brazil, and

new wells in Argentina and Angola, contributed

positively.

The total power generation from the renewable

portfolio was 0.83 TWh. The increase compared to

second quarter last year is due to ramp up of power

production from Dogger Bank A and new production

from the onshore wind farm Lyngsåsa in Sweden

which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore

exploration wells on the NCS with 2 commercial

discoveries.

Strong financial results

Equinor delivered an adjusted operating income* of

USD 6.53 billion and USD 1.74 billion after tax* in the

second quarter of 2025. The results are affected by

lower liquids prices, which were partially offset by

higher gas prices and higher production.

The reported net operating income of USD 5.72 billion

is down from USD 7.66 billion in the same quarter last

year. This is impacted by an impairment of USD 955

million due to regulatory changes causing loss of

synergies from future offshore wind projects and

increased exposure to tariffs. Of this, USD 763 million

is related to Empire Wind 1/South Brooklyn Marine

Terminal project and the remainder is related to the

Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0

per mmbtu and realised liquids prices were USD 63.0

per bbl in the second quarter.

Adjusted operating and administrative expenses* are

stable from the same quarter last year.

Strong operational performance generated cash

flows provided by operating activities, before taxes

paid and working capital items, of USD 9.17 billion for

the second quarter.

Equinor paid two NCS tax instalments totalling USD

6.85 billion in the quarter. From August, the payments

of tax on the NCS will be changed to ten installments

annually, and for third quarter Equinor expects to pay

two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid* ended at

USD 1.94 billion.

Organic capital expenditure* was USD 3.40 billion for

the quarter, and total capital expenditures were USD

3.58 billion.

The net debt to capital employed adjusted ratio* was

15.2% at the end of the second quarter, compared to

6.9% at the end of the first quarter of 2025. The

calculation of net debt ratio includes the effect of the

Norwegian state’s share of the share buy-back, at

USD 4.26 billion paid in July.

Strategic progress

Since the end of the last quarter, Equinor progressed

projects to facilitate long-term production and value

creation on the Norwegian continental shelf. The plan

for development and operation on Fram South was

submitted and final investment decision was made on

Johan Sverdrup phase 3 in the North Sea which are

expected to increase the recoverable volumes from

the field by 40-50 million boe.

After less than three months in production, the Johan

Castberg field in the Barents Sea reached plateau on

17 June. The same month, an oil discovery estimated

at approximately 9-15 million barrels was made in the

area and can contribute with additional reserves for

the field.

Equinor and Centrica signed a long-term gas sales

agreement of 55 TWh of natural gas per year for a

period of 10 years, demonstrating the importance of

long-term gas supplies from the NCS to support the

UK’s energy security.

Health, safety and the environment	Twelve months average<br><br>per Q2 2025	Full year 2024
Serious incident frequency (SIF)	0.27	0.3
	First half 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)	6.2	6.2
	First half 2025	First half 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)	5.4	5.6

Equinor continues to high-grade its international

portfolio. In the quarter, the sale of the Peregrino field

in Brazil for USD 3.5 billion was announced. Equinor

will focus on the start-up of the Bacalhau field

expected on stream later in 2025 and progressing

the Raia gas project. New exploration acreage in the

Santos basin was awarded.

Financial close was announced on the Bałtyk 2 and

Bałtyk 3 offshore wind projects with financing

packages totalling EUR 6 billion. The wind projects are

located offshore Poland with an expected total

capacity of 1.4 GW.

Equinor second quarter 2025

6	Press release	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Competitive capital distribution

The board of directors has decided a cash dividend

of USD 0.37 per share for the second quarter of

2025, in line with communication at the Capital

Markets Update in February.

Expected total capital distribution for 2025 is USD 9

billion, including a share buy-back programme of up

to USD 5 billion. The board has decided to initiate a

third tranche of the share buy-back programme of

up to USD 1.265 billion. The tranche will commence

on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back

programme for 2025 was completed on 17 July

2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Johan Sverdrup

Equinor second quarter 2025

7	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Second quarter 2025 review

Group review	8
Outlook	10
Supplementary operational disclosures	11
Exploration & Production Norway	13
Exploration & Production International	14
Exploration & Production USA	15
Marketing, Midstream & Processing	16
Renewables	17

Mongstad, Norway

Equinor second quarter 2025

8	Group review	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Group review

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total revenues and other income	25,145	29,920	25,538	(2)%	55,066	50,673	9%
Total operating expenses	(19,424)	(21,046)	(17,883)	9%	(40,471)	(35,386)	14%
Net operating income/(loss)	5,721	8,874	7,656	(25)%	14,595	15,287	(5)%
Net financial items	37	19	(126)	N/A	56	240	(77)%
Income tax	(4,441)	(6,263)	(5,658)	(21)%	(10,704)	(10,983)	(3)%
Net income/(loss)	1,317	2,630	1,872	(30)%	3,947	4,545	(13)%
Adjusted total revenues and other income*	25,115	29,597	25,538	(2)%	54,713	50,326	9%
Adjusted purchases* [4]	(12,838)	(15,517)	(12,325)	4%	(28,355)	(24,138)	17%
Adjusted operating and administrative expenses*	(3,094)	(3,143)	(3,070)	1%	(6,237)	(5,901)	6%
Adjusted depreciation, amortisation and net<br><br>impairments*	(2,466)	(2,164)	(2,382)	4%	(4,630)	(4,726)	(2)%
Adjusted exploration expenses*	(183)	(127)	(279)	(35)%	(310)	(545)	(43)%
Adjusted operating income/(loss)*	6,535	8,646	7,482	(13)%	15,181	15,015	1%
Adjusted net financial items*	(106)	(230)	98	>(100%)	(336)	472	>(100%)
Income tax less tax effect on adjusting items	(4,758)	(6,626)	(5,164)	(8)%	(11,384)	(10,234)	11%
Adjusted net income*	1,670	1,789	2,417	(31)%	3,460	5,253	(34)%
Basic earnings per share (in USD)	0.50	0.97	0.65	(23)%	1.48	1.56	(6)%
Adjusted earnings per share* (in USD)	0.64	0.66	0.84	(25)%	1.29	1.81	(29)%
Capital expenditures and Investments	3,401	3,027	2,950	15%	6,428	5,433	18%
Cash flows provided by operating activities1)	2,477	9,041	1,811	37%	11,518	10,948	5%
Cash flows from operations after taxes paid1)*	1,938	7,394	2,097	(8)%	9,332	8,054	16%
1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see<br><br>note 1 Organisation and basis of preparation.									Operational information	Quarters			Change	First half
---	---	---	---	---	---	---	---
	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total equity liquid and gas production (mboe/day)	2,096	2,123	2,048	2%	2,109	2,106	—%
Total entitlement liquid and gas production<br><br>(mboe/day)	1,979	2,001	1,916	3%	1,990	1,977	1%
Total Power generation (TWh) Equinor share	1.12	1.40	1.08	4%	2.52	2.36	7%
Renewable power generation (TWh) Equinor<br><br>share	0.83	0.76	0.65	26%	1.58	1.43	11%
Average Brent oil price (USD/bbl)	67.8	75.7	84.9	(20)%	71.7	84.1	(15)%
Group average liquids price (USD/bbl) [1]	63.0	70.6	77.6	(19)%	66.6	76.8	(13)%
E&P Norway average internal gas price (USD/<br><br>mmbtu)	10.60	13.21	8.47	25%	11.96	8.10	48%
E&P USA average internal gas price (USD/mmbtu)	2.41	3.30	1.32	83%	2.82	1.54	83%

Operations and financial results

Equinor delivered a 2% increase in production levels

during the second quarter, driven by a strong

operational performance on the NCS and

contributions from our US upstream portfolio.

In E&P Norway, the ramp-up of the Johan Castberg

and Halten East fields, along with new wells across the

NCS, supported stable production compared to the

second quarter of 2024, negatively impacted by

planned turnaround at Hammerfest LNG. Natural

decline across several fields and planned

maintenance activities contributed to reduced

production the first half of 2025 compared to the

same period last year.

Portfolio changes in the international upstream

business throughout 2024 continued to shape

production levels in 2025. The acquisition of

additional interests in US onshore assets in December

2024 increased E&P USA production in the second

quarter and first half of 2025 compared to the same

periods last year. In E&P International, the

divestments of interests in Nigeria and Azerbaijan in

the fourth quarter of 2024 contributed to a reduction

in production for the quarter and first half of 2025

compared to the same periods last year. New wells

across the E&P International portfolio and improved

production efficiency in Brazil partially offset this

decline.

Developments in the renewables portfolio contributed

to the total power generation increase in the first half

of 2025. The operation of Dogger Bank A and a new

onshore acquisition in Sweden in March 2025 drove

the 26% and 11% increase in renewable power

generation for the second quarter and first half of

2025, respectively, compared to the same periods

last year. Unfavourable wind conditions throughout

2025 and lower clean spark spreads in gas to power

generation in the second quarter partially offset the

increase in total power generation.

Equinor second quarter 2025

9	Group review	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Marketing, Midstream and Processing segment’s

contribution to the group results in the second

quarter was primarily driven by optimisation of piped

gas trading in Europe, impacted by lower results from

LNG trading primarily due to turnaround activities at

Hammerfest LNG and reduced crude and product

trading results.

Higher production volumes and realised gas prices,

complemented by an increased share of gas in the

production mix, drove increased revenue for the first

half of 2025 compared to the same period last year.

However, lower liquids prices negatively impacted

these results for the quarter, leading to a marginal

decline in revenue compared to the second quarter

of 2024.

Adjusted operating and administrative expenses*

remained stable in the quarter compared to the same

period last year. Higher maintenance activity and an

increased overlift effect contributed to the rise in

adjusted operating and administrative expenses* in

the first half of 2025 compared to the same period

last year. This increase was partially offset by the

portfolio changes in E&P International and reduction

in business development and early phase projects

within the renewables and low carbon solutions

businesses.

New fields on stream on the NCS and an increase in

asset retirement obligations associated with a late-

life offshore asset in the US contributed to an

increase in adjusted depreciation, amortisation and

net impairments* in the quarter. The decrease in

adjusted depreciation, amortisation and net

impairments* in the first half of 2025 compared to the

same period last year was mainly attributable to the

cessation of depreciation for the UK assets Mariner

and Buzzard, classified as held for sale since

December 2024, and the cessation of depreciation

for Peregrino, classified as held for sale since May

2025 following the agreement with PRIO to sell

Equinor’s 60% operated interest.

Lower drilling activity across our international

portfolio contributed to a decrease in exploration

expenses in the second quarter and first half of 2025

compared to the same periods last year. Higher field

development costs partially offset this decrease.

Net operating income was also impacted by a USD

955 million impairment of US assets related to the

Empire Wind projects, contributing to the decline in

both the second quarter and first half of 2025

compared to the same periods last year. USD 763

million relates to the combined Empire Wind 1/South

Brooklyn Marine Terminal project under construction

and USD 192 million to the undeveloped Empire Wind

2 lease. The Empire Wind 1 project development is on

track. The recognised impairments are driven by

reduced expected synergies from future offshore

wind projects resulting from regulatory changes and

increased exposure to tariffs.

Adjusted net financial items* in the quarter and in the

first half of 2025 reduced from the same periods in

the prior year mainly due to increased currency

losses due to a weakening of the USD versus NOK for

the periods. In contrast, the first half of 2024 had

currency gains due to USD strengthening versus NOK.

Taxes

The effective reported tax rate of 77.1% for the

second quarter of 2025 increased compared to

75.1% in 2024. The increase was mainly due to higher

share of income from jurisdictions with high tax rates

offset by currency effects in entities that are taxable

in other currencies than the functional currency.

Cash flow and net debt

Solid operational performance in the second quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,167 million. The lower liquid prices drove the

decrease from USD 9,948 million in the same period in

the prior year.

Cash flow from operations after taxes paid*

decreased to USD 1,938 million from USD 2,097 million

in the second quarter of 2024, also impacted by

lower liquids prices in the quarter. For the first half of

2025, cash flow from operations after taxes paid*

was USD 9,332 million, up from USD 8,054 million in

the prior year due to lower tax payments.

Tax payments in the second quarter totalled USD

7,229 million, mainly reflecting the final two scheduled

Norwegian corporation tax instalments related to

2024 earnings. This is a decrease from USD 7,850

million in the same period last year, with the reduction

reflecting the relatively lower pricing environment of

2024. Due to the change in tax payment structure,

five NCS tax instalments related to 2025 earnings are

expected in the second half of 2025, with two

scheduled for the third quarter. The first instalment,

totalling NOK 19.7 billion, is expected to be paid in

August 2025.

A working capital decrease of USD 540 million

positively impacted the cash flow in the second

quarter of 2025 compared to an increase of USD 286

million in the second quarter of 2024.

Net cash flow before capital distribution* decreased

from positive USD 4,546 million in the prior quarter to

negative USD 1,289 million, primarily reflecting the

increase in the number of NCS tax instalments.

In addition, capital distribution impacted net cash

flow*, resulting in an outflow of USD 2,579 million for

the second quarter.

The net debt to capital employed adjusted ratio* at

the end of June 2025 was 15.2%, up from 6.9% at the

end of the previous quarter. During the quarter, net

debt increased mainly due to a USD 4,141 million

liability to the state, which is to be paid during July.

This relates to share buy-backs for the second, third

and fourth tranches of the 2024 programme, and the

first tranche of the 2025 programme and was

approved at the general meeting held on 14 May

2025. Equity was impacted by capital distribution of

USD 6.5 billion, including dividends from the previous

two quarters of USD 1.9 billion and share buy-back of

USD 4.6 billion, including the liability to the state.

Capital distribution

The board of directors has decided a cash dividend

of USD 0.37 per share for the second quarter of

2025, in line with communication at the Capital

Markets Update in February.

Expected total capital distribution for 2025 is USD 9

billion, including a share buy-back programme of up

to USD 5 billion. The board has decided to initiate a

third tranche of the share buy-back programme of up

to USD 1.265 billion. The tranche will commence on 24

July and end no later than 27 October 2025.

The second tranche of the share buy-back

programme for 2025 was completed on 17 July 2025

with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Health, safety and the environment

The twelve-month average serious incident

frequency (SIF) for the period ended 30 June 2025

was 0.27, a decrease from 2024 which ended at 0.3.

Equinor’s absolute Scope 1 and 2 GHG emissions from

operated production (100% basis) were 5.4 million

tonnes CO₂e in the first half of 2025, representing a

reduction of 0.2 million tonnes CO₂e compared to the

same period last year. The positive trend is primarily

attributed to a turnaround at Hammerfest LNG

during Q2 2025 and the emission-reducing effects of

electrification projects implemented on the NCS in

2024.

1 USD/NOK exchange rate assumption of 11

Equinor second quarter 2025

10	Outlook	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Outlook

•Organic capital expenditures* are estimated at

USD 13 billion for 20251.

•Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level [5].

•Equinor’s ambition is to keep the unit of

production cost in the top quartile of its peer

group.

•Scheduled maintenance activity is estimated to

reduce equity production by around 30 mboe per

day for the full year of 2025.

These forward-looking statements reflect current

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

create future value, gas off-take, timing of new

capacity coming on stream and operational

regularity and levels of industry product supply,

demand and pricing represent the most significant

risks related to the foregoing production guidance.

Our future financial performance, including cash flow

and liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the regulatory

and policy landscape, the development in realised

prices, including price differentials, tolls and tariffs

and other factors discussed elsewhere in the report.

Risks and uncertainties

The description of key risks in chapter 5.2 (Risk

Factors) of Equinor's Integrated Annual Report for

the year ended December 31, 2024, provides an

overview of the principal risks and uncertainties which

may affect Equinor in the remaining six months of the

financial year. The Strategic and commercial risks,

Security, health, safety and environmental risks, and

Compliance and control risks described therein and

summarised in the section “Forward Looking

Statements” in the Supplementary disclosures could,

separately or in combination, have an adverse effect

on our operational and financial performance

(including cash flows and liquidity), the

implementation of our strategy, our reputation and

the market price of our securities.

For further information, see section Forward-looking

statements in the report.

Bacalhau FPSO

Johan Castberg

Equinor second quarter 2025

11	Supplementary operational disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Supplementary operational disclosures

	Quarters			Change	First half				Quarters			Change	First half
Operational information	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change	Operational information	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Prices								Equity production (mboe per day)
Average Brent oil price (USD/bbl)	67.8	75.7	84.9	(20)%	71.7	84.1	(15)%	E&P Norway equity liquids production	655	625	630	4%	640	639	—%
E&P Norway average liquids price (USD/bbl)	65.4	73.8	80.6	(19)%	69.2	80.0	(13)%	E&P International equity liquids production	267	274	302	(11)%	270	309	(12)%
E&P International average liquids price (USD/bbl)	60.1	68.3	75.4	(20)%	64.2	74.7	(14)%	E&P USA equity liquids production	147	147	148	(1)%	147	151	(3)%
E&P USA average liquids price (USD/bbl)	56.3	61.2	68.0	(17)%	58.8	67.1	(12)%	Group equity liquids production	1,070	1,045	1,080	(1)%	1,057	1,099	(4)%
Group average liquids price (USD/bbl) [1]	63.0	70.6	77.6	(19)%	66.6	76.8	(13)%	E&P Norway equity gas production	704	765	744	(5)%	734	779	(6)%
Group average liquids price (NOK/bbl) [1]	649	782	833	(22)%	713	816	(13)%	E&P International equity gas production	39	36	34	14%	37	35	7%
E&P Norway average internal gas price (USD/mmbtu) [7]	10.60	13.21	8.47	25%	11.96	8.10	48%	E&P USA equity gas production	283	278	189	50%	281	193	45%
E&P USA average internal gas price (USD/mmbtu) [7]	2.41	3.30	1.32	83%	2.82	1.54	83%	Group equity gas production	1,026	1,078	968	6%	1,052	1,007	4%
Realised piped gas price Europe (USD/mmbtu) [6]	12.00	14.80	9.94	21%	13.44	9.66	39%	Total equity liquids and gas production [3]	2,096	2,123	2,048	2%	2,109	2,106	—%
Realised piped gas price US (USD/mmbtu) [6]	2.73	4.06	1.53	78%	3.30	1.96	68%
								Power generation
Entitlement production (mboe per day)								Power generation (TWh) Equinor share	1.12	1.40	1.08	4%	2.52	2.36	7%
E&P Norway entitlement liquids production	655	625	630	4%	640	639	—%	Renewable power generation (TWh) Equinor share1)	0.83	0.76	0.65	26%	1.58	1.43	11%
E&P International entitlement liquids production	224	223	227	(1)%	224	239	(6)%
E&P USA entitlement liquids production	132	132	132	—%	132	135	(2)%	1)Includes Hywind Tampen renewable power generation.
Group entitlement liquids production	1,011	980	989	2%	996	1,012	(2)%
E&P Norway entitlement gas production	704	765	744	(5)%	734	779	(6)%
E&P International entitlement gas production	22	20	23	(1)%	21	23	(6)%
E&P USA entitlement gas production	242	235	160	51%	239	163	47%
Group entitlement gas production	968	1,021	927	4%	994	965	3%
Total entitlement liquids and gas production [2]	1,979	2,001	1,916	3%	1,990	1,977	1%

Equinor second quarter 2025

12	Supplementary operational disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Health, safety and the environment

	Twelve months<br><br>average per Q2<br><br>2025	Full year 2024
Total recordable injury frequency (TRIF)	2.2	2.3
Serious Incident Frequency (SIF)	0.27	0.3
Oil and gas leakages (number of)1)	5	7
	First half 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)2)	6.2	6.2
	First half 2025	First half 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)3)	5.4	5.6
1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br><br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe).<br><br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4.

Mongstad, Norway

Equinor second quarter 2025

13	Exploration & Production Norway	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Exploration & Production Norway

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total revenues and other income	8,236	10,052	8,426	(2)%	18,288	16,305	12%
Total operating expenses	(2,530)	(2,108)	(2,297)	10%	(4,639)	(4,420)	5%
Net operating income/(loss)	5,706	7,944	6,129	(7)%	13,650	11,885	15%
Adjusted total revenues and other income*	8,236	9,561	8,426	(2)%	17,797	16,305	9%
Adjusted operating and administrative<br><br>expenses*	(1,077)	(891)	(982)	10%	(1,968)	(1,848)	7%
Adjusted depreciation, amortisation and net<br><br>impairments*	(1,338)	(1,127)	(1,206)	11%	(2,465)	(2,379)	4%
Adjusted exploration expenses*	(115)	(90)	(109)	5%	(206)	(193)	6%
Adjusted operating income/(loss)*	5,706	7,453	6,129	(7)%	13,158	11,885	11%
Additions to PP&E, intangibles and equity<br><br>accounted investments	1,674	2,409	1,579	6%	4,083	2,951	38%
Operational information	Quarters			Change	First half
E&P Norway	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
E&P entitlement liquid and gas production<br><br>(mboe/day)	1,359	1,390	1,375	(1)%	1,374	1,419	(3)%
Average liquids price (USD/bbl)	65.4	73.8	80.6	(19)%	69.2	80.0	(13)%
Average internal gas price (USD/mmbtu)	10.60	13.21	8.47	25%	11.96	8.10	48%

Production & Revenues

In the second quarter of 2025, production remained

robust and stable from the same quarter last year.

Production from the new fields on stream (Johan

Castberg and Halten East), high production efficiency

from Johan Sverdrup and new wells almost offset

natural decline on several fields, reduced production

from Troll due to capacity restrictions on Kollsnes and

planned turnaround at Hammerfest LNG. Liquids

production increased in the quarter, while gas

production decreased, mainly due to the new fields

producing more liquids than gas and maintenance

activities affecting mostly gas fields.

As there was only a small contribution from new fields

in the first quarter of 2025, there was a more

noticeable decline in production when comparing the

first half of 2025 to the same period last year.

Revenue for the second quarter of 2025 was

impacted by production mix relative to pricing

movements. The benefit from substantially higher gas

prices was more than offset by the impact of lower

liquids prices. In the first half of 2025, revenues

increased from the first half of 2024, as the positive

impact from an increase in gas prices offset the

negative impact from the decrease in gas production

and liquids prices.

Operating expenses and financial results

Operating and administrative expenses increased in

the second quarter and first half of 2025 compared

to the same period last year, mainly due to increased

overlift effect, new fields coming on stream and

impact from the swap transaction with Petoro which

was completed on 1 January. The weakening of the

USD versus NOK also contributed to the increase for

the second quarter 2025 compared to the same

period in 2024.

Depreciation, amortisation and net impairments in the

second quarter of 2025 was negatively impacted by

ramp up of new fields and field-specific investments,

as well as the development in the NOK/USD exchange

rate. These effects were partially offset by increased

proved reserves. The same factors drove the

increase for the first half of 2025 compared to the

same period last year, except for the NOK/USD

exchange rate development, which had a minor

impact.

The exploration activity in the second quarter of 2025

(9 wells) was at the same level as in the second

quarter last year. Reactivation of previously

expensed well cost in 2024, partially offset by higher

capitalisation rate led to a minor increase in

exploration expenses. The same factors drove the

increase for the first half of 2025 relative to the first

half of 2024.

In the first half of 2025, net operating income was

positively impacted by a gain of USD 491 million from

the swap transaction with Petoro.

Additions to PP&E, intangibles and equity accounted

investments in the first half of 2025 was influenced by

the assets acquired in the swap transaction

amounting to USD 1,086 million.

Equinor second quarter 2025

14	Exploration & Production International	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Exploration & Production International

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total revenues and other income	1,348	1,571	1,909	(29)%	2,919	3,563	(18)%
Total operating expenses	(932)	(992)	(1,209)	(23)%	(1,924)	(2,248)	(14)%
Net operating income/(loss)	415	579	699	(41)%	995	1,316	(24)%
Adjusted total revenues and other income*	1,348	1,523	1,909	(29)%	2,870	3,563	(19)%
Adjusted purchases*	(67)	3	(23)	>100%	(65)	10	N/A
Adjusted operating and administrative<br><br>expenses*	(490)	(567)	(582)	(16)%	(1,057)	(977)	8%
Adjusted depreciation, amortisation and net<br><br>impairments*	(310)	(396)	(453)	(32)%	(705)	(983)	(28)%
Adjusted exploration expenses*	(51)	(32)	(151)	(66)%	(84)	(299)	(72)%
Adjusted operating income/(loss)*	429	531	699	(39)%	960	1,316	(27)%
Additions to PP&E, intangibles and equity<br><br>accounted investments	622	761	779	(20)%	1,383	1,535	(10)%
Operational information	Quarters			Change	First half
E&P International	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
E&P equity liquid and gas production (mboe/<br><br>day)	306	309	336	(9)%	308	344	(10)%
E&P entitlement liquid and gas production<br><br>(mboe/day)	246	244	249	(1)%	245	261	(6)%
Production sharing agreements (PSA) effects	60	66	86	(31)%	63	82	(24)%
Average liquids price (USD/bbl)	60.1	68.3	75.4	(20)%	64.2	74.7	(14)%

Production & Revenues

The divestment of assets in Azerbaijan and Nigeria

led to a decrease in production in the second quarter

and the first half of 2025 compared to the same

periods last year. Natural decline in several fields

further contributed to the overall drop in the

production levels, partially offset by contributions

from new wells and improved production efficiency

from Brazil.

Production Sharing Agreements (PSA) effects were

reduced in the second quarter and first half of 2025

compared to the same periods last year, reflecting

the impact of the divestments and lower oil prices.

Total revenues and other income decreased in the

second quarter and first half of 2025 compared to

the same periods last year, primarily due to lower

volumes and liquids prices.

Operating expenses and financial results

The sale of assets in Azerbaijan and Nigeria at the

end of 2024, along with the impact of a large overlift

position in the second quarter last year, drove the

decrease in operating and administrative expenses in

the second quarter of 2025 compared to the same

period last year. The increase for the first half of 2025

was mainly due to higher operation and maintenance

activities in Brazil and Angola.

The cessation of depreciation for the UK assets

Mariner and Buzzard, classified as held for sale since

December 2024, and Peregrino, classified as held for

sale since May 2025, drove the decline in

depreciation in both the second quarter and first half

of 2025 compared to the same periods in 2024.

Exploration expenses in the second quarter and first

half of 2025 were lower compared to the same

periods last year. This was primarily due to the

expensing of well cost related to the Bacalhau

appraisal well in Brazil during the first quarter of

2024, as well as the expensing of a well in Argentina

in the second quarter of 2024.

Net operating income for the first half of 2025 was

positively impacted by a contingent receivable

recorded as other income.

Additions to PP&E, intangibles and equity accounted

investments decreased in the the second quarter and

first half of 2025 compared to the same periods last

year. This decline was largely due to the UK assets

Rosebank, Mariner and Buzzard being classified as

held for sale. The classification of Peregrino as held

for sale effective May 2025 further contributed to the

decrease. The overall decrease was partially offset

by higher activity on development projects in Brazil.

Equinor second quarter 2025

15	Exploration & Production USA	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Exploration & Production USA

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total revenues and other income	1,040	1,197	1,001	4%	2,237	2,056	9%
Total operating expenses	(858)	(685)	(737)	16%	(1,543)	(1,415)	9%
Net operating income/(loss)	183	511	264	(31)%	694	641	8%
Adjusted total revenues and other income*	1,040	1,197	1,001	4%	2,237	2,056	9%
Adjusted operating and administrative<br><br>expenses*	(306)	(311)	(291)	5%	(617)	(571)	8%
Adjusted depreciation, amortisation and net<br><br>impairments*	(536)	(370)	(427)	25%	(906)	(791)	14%
Adjusted exploration expenses*	(16)	(5)	(19)	(16)%	(21)	(53)	(61)%
Adjusted operating income/(loss)*	183	511	264	(31)%	694	641	8%
Additions to PP&E, intangibles and equity<br><br>accounted investments	294	308	1,522	(81)%	601	1,881	(68)%
Operational information	Quarters			Change	First half
E&P USA	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
E&P equity liquid and gas production (mboe/<br><br>day)	431	424	337	28%	427	344	24%
E&P entitlement liquid and gas production<br><br>(mboe/day)	374	367	292	28%	371	297	25%
Royalties	57	57	46	24%	57	46	22%
Average liquids price (USD/bbl)	56.3	61.2	68.0	(17)%	58.8	67.1	(12)%
Average internal gas price (USD/mmbtu)	2.41	3.30	1.32	83%	2.82	1.54	83%

Production & Revenues

E&P USA reported higher production in the second

quarter and first half of 2025 compared to the same

periods in 2024, primarily driven by increased gas

output from the Appalachia onshore assets following

the acquisition of additional interests in late 2024. The

production increase was further supported by

elevated operational activity in the Appalachia

onshore asset. Production from U.S. offshore assets

remained flat year-on-year.

Revenue for the second quarter and first half of 2025

benefited from higher gas prices and increased gas

volumes. These gains were partially offset by lower

liquids prices and reduced liquids production relative

to the same periods in the prior year.

Operating expenses and financial results

Operating and administrative expenses increased

during the second quarter and first half of 2025,

primarily due to higher transportation costs resulting

from elevated production levels in the Appalachia

onshore assets.

Depreciation, amortisation and net impairments

increased compared to the second quarter and first

half of 2024. This was largely driven by an increase in

asset retirement obligations associated with a late-

life offshore asset, as well as the acquisition of

additional interests in Appalachia onshore properties.

The increase was partially offset by upward revisions

to proved reserves recorded at year end 2024.

Equinor second quarter 2025

16	Marketing, Midstream & Processing	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Marketing, Midstream & Processing

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Total revenues and other income	24,798	29,072	25,190	(2)%	53,870	50,014	8%
Total operating expenses	(24,469)	(28,987)	(24,693)	(1)%	(53,456)	(48,215)	11%
Net operating income/(loss)	329	84	497	(34)%	413	1,799	(77)%
Adjusted total revenues and other income*	24,787	29,241	25,189	(2)%	54,029	49,667	9%
Adjusted purchases* [4]	(23,023)	(27,413)	(23,187)	(1)%	(50,437)	(45,214)	12%
Adjusted operating and administrative<br><br>expenses*	(1,198)	(1,348)	(1,238)	(3)%	(2,547)	(2,576)	(1)%
Adjusted depreciation, amortisation and net<br><br>impairments*	(232)	(227)	(242)	(4)%	(460)	(469)	(2)%
Adjusted operating income/(loss)*	333	253	521	(36)%	586	1,408	(58)%
— Gas and Power	224	265	508	(56)%	489	1,038	(53)%
— Crude, Products and Liquids	178	179	195	(9)%	357	654	(45)%
— Other	(69)	(191)	(183)	(62)%	(260)	(283)	(8)%
Additions to PP&E, intangibles and equity<br><br>accounted investments	254	207	189	35%	461	399	16%
Operational information	Quarters			Change	First half
Marketing, Midstream and Processing	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Liquids sales volumes (mmbl)	262.3	288.6	253.8	3%	550.8	501.4	10%
Natural gas sales Equinor (bcm)	16.3	16.4	15.4	6%	32.7	32.2	2%
Natural gas entitlement sales Equinor (bcm)	13.4	13.7	12.9	3%	27.1	27.3	(1)%
Power generation (TWh) Equinor share	0.30	0.64	0.43	(30)%	0.94	0.93	1%
Realised piped gas price Europe (USD/mmbtu)	12.00	14.80	9.94	21%	13.44	9.66	39%
Realised piped gas price US (USD/mmbtu)	2.73	4.06	1.53	78%	3.30	1.96	68%

Volumes, Pricing & Revenues

Liquids sales volumes decreased compared to the

previous quarter due to lower third party volumes.

Against the same quarter of the previous year, liquids

sales volumes increased due to higher third party

volumes.

Gas sales remained at similar level compared to the

previous quarter. The increase in gas sales relative to

the second quarter of 2024 was driven by higher

Equinor international gas production and third party

volumes.

Power generation has decreased compared to the

previous quarter and same quarter previous year

due to lower clean spark spread.

The realised European piped gas price decreased

compared to the previous quarter due to lower

European market prices. This was driven by risk of

reduced global demand caused by uncertainty

related to US tariffs, combined with potential easing

of US sanctions on Russian gas assets and the EU’s

willingness to soften the region’s gas storage targets

before November. Compared to the same quarter

last year, the realised European piped gas price

increased as European market prices rose to attract

LNG to replace lost Russian gas flows via Ukraine, and

offset lower renewable power generation and lower

gas storage positions.

The realised piped gas price in the US decreased

versus the previous quarter as market prices fell due

to warmer weather conditions. Compared to the

same quarter last year, realised US gas price

increased in line with market prices, which were

strong due to low storage levels.

Financial Results

In the second quarter of 2025, the Gas and Power

contribution to adjusted operating income* was

primarily driven by optimisation of piped gas trading

in Europe, offset by a limited result from LNG, which

was adversely affected by turnaround activity. The

result from Crude, Products and Liquids was

positively impacted by solid results from physical

trading in a strong products market and a modest

contribution from crude in an oversupplied market.

Additionally, adjusted operating income* was

impacted by costs related to the development of low-

carbon projects.

Adjusted operating income* increased compared to

the previous quarter. This is mostly due to lower costs,

as drilling activities for future carbon storage took

place mainly in the first quarter of 2025.

Adjusted operating income* for the first half of 2025

was lower than the same period last year driven by

decreased results in Gas and Power mainly due to

lower result from LNG trading and lower crude

trading results.

Net operating income includes the net effect of fair

value changes in derivatives and storages, changes in

onerous provisions and operational storage value.

Equinor second quarter 2025

17	Renewables	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Renewables

Financial information	Quarters			Change	First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Revenues third party, other revenue and other<br><br>income	36	(21)	12	>100%	15	41	(62)%
Net income/(loss) from equity accounted<br><br>investments	31	22	37	(19)%	53	68	(22)%
Total revenues and other income	67	1	49	35%	68	109	(37)%
Total operating expenses	(1,069)	(260)	(140)	>100%	(1,329)	(420)	>100%
Net operating income/(loss)	(1,002)	(259)	(90)	>(100%)	(1,260)	(311)	>(100%)
Adjusted total revenues and other income*	48	48	49	(4)%	96	109	(12)%
Adjusted operating and administrative<br><br>expenses*	(111)	(89)	(122)	(9)%	(199)	(243)	(18)%
Adjusted depreciation, amortisation and net<br><br>impairments*	(12)	(7)	(18)	(31)%	(20)	(26)	(24)%
Adjusted operating income/(loss)*	(75)	(48)	(90)	17%	(124)	(160)	23%
Additions to PP&E, intangibles and equity<br><br>accounted investments	718	780	608	18%	1,499	1,232	22%
Operational information	Quarters			Change	First half
Renewables	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Renewables power generation (TWh) Equinor<br><br>share	0.78	0.71	0.63	24%	1.49	1.37	9%

Power generation

In the second quarter of 2025, total power

generation from offshore wind farms was 0.37 TWh,

primarily driven by production from Dudgeon,

Sheringham Shoal and Dogger Bank A. Onshore

renewables contributed 0.41 TWh, mainly from plants

in Brazil.

The total volume of power generated experienced an

increase compared to the same quarter in 2024. This

growth is primarily attributed to the ramp-up of

production from Dogger Bank A and a new onshore

acquisition in Sweden, offset by a decline in power

generation from certain offshore wind assets due to

unfavourable wind conditions.

Total revenues and other income

In the second quarter and the first half of 2025,

adjusted total revenues and other income* slightly

decreased compared to the same periods last year

due to the effects of lower offshore wind production

from assets in commercial operation, partially offset

by increased revenues from portfolio additions to

onshore renewables.

Operating expenses and financial results

In the second quarter of 2025, adjusted operating

and administrative expenses* decreased compared

to the same quarter last year. Project development

costs and business development costs were

significantly down, partially offset by favourable

adjustments in the second quarter last year.

The adjusted operating loss* for the second quarter

and first half of 2025 was also lower than the same

periods of 2024, attributable to the decrease in

project development costs and business development

costs.

Net operating loss for the second quarter of 2025

included the impact of impairments of US offshore

assets.

The offshore wind industry is facing major financial

and regulatory challenges in the US. Reduced

expected synergies from future offshore wind

projects resulting from regulatory changes and

increased exposure to tariffs impacted the project

economics negatively in the second quarter 2025. An

impairment loss of USD 955 million has been

recognised, where USD 763 million is related to the

combined Empire Wind 1/South Brooklyn Marine

Terminal project under construction and USD 192

million is related to the undeveloped Empire Wind 2

lease.

The construction activities for both onshore SBMT

and offshore EW1 are progressing according to plan

and the project aims to execute planned activities in

the offshore installation window in 2025 and reach its

planned commercial operation date in 2027.

In the second quarter of 2025, USD 39 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

679 million related to offshore wind projects. These

offshore additions primarily related to projects in the

US and investments related to projects in Europe.

Equinor second quarter 2025

18	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Condensed interim financial statements and notes

CONSOLIDATED STATEMENT OF INCOME	19
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	20
CONSOLIDATED BALANCE SHEET	21
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	22
CONSOLIDATED STATEMENT OF CASH FLOWS	23		NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	24
---	---
Note 1. Organisation and basis of preparation	24
Note 2. Segments	26
Note 3. Acquisitions and disposals	31
Note 4. Revenues	32
Note 5. Financial items	32
Note 6. Income taxes	33
Note 7. Provisions, commitments and contingent items	33
Note 8. Capital distribution	34
Note 9. Geopolitical and market uncertainty	34
Responsibility statement	35

Melkøya, Norway

Equinor second quarter 2025

19	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

CONSOLIDATED STATEMENT OF INCOME

		Quarters			First half			Quarters			First half
(unaudited, in USD million)	Note	Q2 2025	Q1 2025	Q2 2024	2025	2024	(unaudited, in million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Revenues	4	25,130	29,384	25,462	54,514	50,551	Interest income and other financial income	303	336	495	639	1,055
Net income/(loss) from equity accounted investments		9	13	12	22	44	Interest expenses and other financial expenses	(351)	(325)	(394)	(676)	(811)
Other income		6	523	65	530	78	Other financial items	86	8	(226)	94	(4)
Total revenues and other income	2	25,145	29,920	25,538	55,066	50,673	Net financial items	37	19	(126)	56	240
Purchases [net of inventory variation]		(12,739)	(15,443)	(12,145)	(28,182)	(24,068)	Income/(loss) before tax	5,759	8,893	7,530	14,651	15,527
Operating expenses	3	(2,752)	(2,843)	(2,761)	(5,595)	(5,391)
Selling, general and administrative expenses		(329)	(323)	(348)	(652)	(690)	Income tax	(4,441)	(6,263)	(5,658)	(10,704)	(10,983)
Depreciation, amortisation and net impairments	2	(3,422)	(2,310)	(2,348)	(5,731)	(4,693)
Exploration expenses		(183)	(127)	(279)	(310)	(545)	Net income/(loss)	1,317	2,630	1,872	3,947	4,545
Total operating expenses	2	(19,424)	(21,046)	(17,883)	(40,471)	(35,386)	Attributable to equity holders of the company	1,313	2,627	1,861	3,939	4,528
							Attributable to non-controlling interests	5	3	12	8	16
Net operating income/(loss)	2	5,721	8,874	7,656	14,595	15,287
							Basic earnings per share (in )	0.50	0.97	0.65	1.48	1.56
							Diluted earnings per share (in )	0.50	0.96	0.65	1.47	1.56
							Weighted average number of ordinary shares outstanding (in millions)	2,622	2,719	2,850	2,670	2,894
							Weighted average number of ordinary shares outstanding diluted (in millions)	2,629	2,724	2,856	2,676	2,899

All values are in US Dollars.

Equinor second quarter 2025

20	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarters			First half
(unaudited, in USD million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Net income/(loss)	1,317	2,630	1,872	3,947	4,545
Actuarial gains/(losses) on defined benefit pension plans	(187)	(114)	74	(301)	587
Income tax effect on income and expenses recognised in OCI1)	44	30	(14)	73	(131)
Items that will not be reclassified to the Consolidated statement of<br><br>income	(144)	(84)	60	(228)	456
Foreign currency translation effects	1,472	1,302	158	2,774	(937)
Share of OCI from equity accounted investments	(37)	33	(3)	(3)	5
Items that may be subsequently reclassified to the Consolidated<br><br>statement of income	1,436	1,335	155	2,771	(932)
Other comprehensive income/(loss)	1,292	1,251	215	2,543	(476)
Total comprehensive income/(loss)	2,609	3,881	2,088	6,490	4,069
Attributable to the equity holders of the company	2,604	3,878	2,076	6,482	4,053
Attributable to non-controlling interests	5	3	12	8	16
1)Other comprehensive income (OCI).

Peregrino B. Platform.

Troll A, Norway

Equinor second quarter 2025

21	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

CONSOLIDATED BALANCE SHEET

	At 30 June	At 31 December
(in million)	2025 (unaudited)	2024 (audited)
ASSETS
Property, plant and equipment	58,528	55,560
Intangible assets	6,371	5,654
Equity accounted investments	2,860	2,471
Deferred tax assets	5,296	4,900
Pension assets	1,917	1,717
Derivative financial instruments	712	648
Financial investments	5,933	5,616
Prepayments and financial receivables	1,376	1,379
Total non-current assets	82,994	77,946
Inventories	3,829	4,031
Trade and other receivables	11,567	13,590
Prepayments and financial receivables1) 2)	5,098	6,084
Derivative financial instruments	854	1,024
Financial investments	14,327	15,335
Cash and cash equivalents1)	9,472	5,903
Total current assets	45,149	45,967
Assets classified as held for sale	10,949	7,227
Total assets	139,091	131,141
1)Restated for 2024. For more information see note 1 Organisation and basis of preparation.2)Includes collateral deposits of 1.6 billion for 30 June 2025 related to certain requirements set out by exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is 2.2 billion.

All values are in US Dollars.

		At 30 June	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)
EQUITY AND LIABILITIES
Shareholders' equity		41,921	42,342
Non-controlling interests		51	38
Total equity		41,972	42,380
Finance debt	5	22,356	19,361
Lease liabilities		2,148	2,261
Deferred tax liabilities		14,913	12,726
Pension liabilities		4,257	3,482
Provision and other liabilities	7	14,053	12,927
Derivative financial instruments		1,122	1,958
Total non-current liabilities		58,850	52,715
Trade and other payables		10,418	11,110
Provisions and other liabilities		2,941	2,384
Current tax payable		11,863	10,319
Finance debt	5 , 8	8,644	7,223
Lease liabilities		1,197	1,249
Dividends payable		937	1,906
Derivative financial instruments		821	833
Total current liabilities		36,820	35,023
Liabilities directly associated with the assets classified for sale	3	1,449	1,023
Total liabilities		97,119	88,761
Total equity and liabilities		139,091	131,141

Equinor second quarter 2025

22	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited, in USD million)	Share capital	Additional paid-in<br><br>capital	Retained earnings	Foreign currency<br><br>translation reserve	OCI from equity<br><br>accounted<br><br>investments	Shareholders'<br><br>equity	Non-controlling<br><br>interests	Total equity
At 1 January 2024	1,101	—	56,521	(9,442)	310	48,490	10	48,500
Net income/(loss)			4,528			4,528	16	4,545
Other comprehensive income/(loss)			456	(937)	5	(476)		(476)
Total comprehensive income/(loss)						4,053	16	4,069
Dividends			(3,983)			(3,983)		(3,983)
Share buy-back	—	—	(4,880)			(4,880)		(4,880)
Other equity transactions		—	(9)			(9)	3	(6)
At 30 June 2024	1,101	—	52,634	(10,379)	315	43,671	29	43,700
At 1 January 2025	1,052	—	52,407	(11,385)	268	42,342	38	42,380
Net income/(loss)			3,939			3,939	8	3,947
Other comprehensive income/(loss)			(228)	2,774	(3)	2,543		2,543
Total comprehensive income/(loss)						6,482	8	6,490
Dividends			(1,937)			(1,937)		(1,937)
Share buy-back1)	—	—	(4,955)			(4,955)		(4,955)
Other equity transactions		—	(11)			(11)	5	(6)
At 30 June 2025	1,052	—	49,216	(8,611)	265	41,921	51	41,972
1)For more information see note 8 Capital distribution

Equinor second quarter 2025

23	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

CONSOLIDATED STATEMENT OF CASH FLOWS

		Quarters			First half
(unaudited, in USD million)	Note	Q2 2025	Q1 2025	Q2 2024	2025	2024
Income/(loss) before tax		5,759	8,893	7,530	14,651	15,527
Depreciation, amortisation and net impairments, including<br><br>exploration write-offs		3,427	2,310	2,346	5,738	4,772
(Gains)/losses on foreign currency transactions and balances	5	177	24	193	201	(110)
(Gains)/losses on sale of assets and businesses	3	(12)	(499)	(11)	(511)	118
(Increase)/decrease in other items related to operating activities		(537)	(399)	(737)	(936)	(1,619)
(Increase)/decrease in net derivative financial instruments		(157)	(16)	138	(173)	264
Cash collaterals for commodity derivative transactions1)		347	118	200	465	317
Interest received		395	265	555	661	961
Interest paid		(231)	(76)	(266)	(307)	(478)
Cash flow provided by operating activities before taxes paid and<br><br>working capital items		9,167	10,620	9,948	19,788	19,754
Taxes paid		(7,229)	(3,226)	(7,850)	(10,456)	(11,700)
(Increase)/decrease in working capital		540	1,647	(286)	2,187	2,894
Cash flows provided by operating activities		2,477	9,041	1,811	11,518	10,948
Cash (used)/received in business combinations	3	—	(26)	(467)	(26)	(467)
Capital expenditures and investments	3	(3,401)	(3,027)	(2,950)	(6,428)	(5,433)
(Increase)/decrease in financial investments		3,916	(1,379)	4,185	2,537	4,692
(Increase)/decrease in derivative financial instruments		191	211	99	402	53
(Increase)/decrease in other interest-bearing items		(166)	122	(283)	(45)	(493)
Proceeds from sale of assets and businesses	3	340	83	50	424	110
Cash flows provided by/(used in) investing activities		880	(4,016)	633	(3,136)	(1,538)				Quarters			First half
---	---	---	---	---	---	---
(unaudited, in USD million)	Note	Q2 2025	Q1 2025	Q2 2024	2025	2024
New finance debt	5	2,135	1,507	—	3,642	—
Repayment of finance debt		(1,255)	—	—	(1,255)	(1,900)
Repayment of lease liabilities		(379)	(364)	(375)	(743)	(748)
Dividends paid		(1,024)	(1,911)	(2,072)	(2,935)	(4,721)
Share buy-back		(265)	(549)	(398)	(815)	(947)
Net current finance debt and other financing activities		(691)	(2,312)	(471)	(3,003)	(1,626)
Cash flows provided by/(used in) financing activities		(1,480)	(3,629)	(3,315)	(5,109)	(9,942)
Net increase/(decrease) in cash and cash equivalents		1,878	1,396	(871)	3,274	(532)
Effect of exchange rate changes in cash and cash equivalents		191	69	29	261	(152)
Cash and cash equivalents at the beginning of the period1)		7,368	5,903	8,227	5,903	8,070
Cash and cash equivalents at the end of the period1)		9,437	7,368	7,386	9,437	7,386
1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on<br><br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these<br><br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the<br><br>restatement table in note 1 Organisation and basis of preparation.

Equinor second quarter 2025

24	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Note 1. Organisation and basis of preparation

Organisation and principal activities

Equinor Group (Equinor) consists of Equinor ASA and

its subsidiaries. Equinor ASA is incorporated and

domiciled in Norway and listed on the Oslo Børs

(Norway) and the New York Stock Exchange (USA).

The registered office address is Forusbeen 50,

N-4035, Stavanger, Norway.

The objective of Equinor is to develop, produce and

market various forms of energy and derived products

and services, as well as other businesses. The

activities may also be carried out through

participation in or cooperation with other companies.

Equinor Energy AS, a 100% owned operating

subsidiary of Equinor ASA and owner of all of

Equinor's oil and gas activities and net assets on the

Norwegian continental shelf, is a co-obligor or

guarantor of certain debt obligations of Equinor ASA.

Equinor's condensed interim financial statements for

the second quarter of 2025 were authorised for issue

by the board of directors on 22 July 2025.

Basis of preparation

These condensed interim financial statements are

prepared in accordance with IAS 34 Interim Financial

Reporting as issued by the International Accounting

Standards Board (IASB) and as adopted by the

European Union (EU). The condensed interim financial

statements do not include all the information and

disclosures required by IFRS® Accounting Standards

for a complete set of financial statements and should

be read in conjunction with the Consolidated annual

financial statements for 2024. IFRS Accounting

Standards as adopted by the EU differs in certain

respects from IFRS Accounting Standards as issued

by the IASB, however the differences do not impact

Equinor's financial statements for the periods

presented.

Certain amounts in the comparable years have been

reclassified to conform to current year presentation.

As a result of rounding differences, numbers or

percentages may not add up to the total.

The condensed interim financial statements are

unaudited.

Accounting policies

Except as described in section ‘Change in accounting

policy’ below, the accounting policies applied in the

preparation of the condensed interim financial

statements are consistent with those applied in the

preparation of Equinor’s consolidated annual

financial statements as at, and for the year ended,

31 December 2024.

A description of the material accounting policies is

included in Equinor’s consolidated annual financial

statements for 2024. When determining fair value,

there have been no changes to the valuation

techniques or models and Equinor applies the same

sources of input and the same criteria for

categorisation in the fair value hierarchy as disclosed

in the Consolidated annual financial statements for

2024.

For information about IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC® Interpretations effective from 1 January 2025,

that could affect the consolidated financial

statements, please refer to note 2 in Equinor’s

consolidated annual financial statements for 2024.

None of the amendments to IFRS Accounting

Standards effective from 1 January 2025 has had a

significant impact on the condensed interim financial

statements. Equinor has not early adopted any IFRS

Accounting Standards, amendments to IFRS

Accounting Standards or IFRIC Interpretations issued

but not yet effective.

Change in accounting policy

With effect from Q1 2025, Equinor has changed the

classification of cash collaterals for commodity

derivative transactions in the Consolidated balance

sheet from Cash and cash equivalents to

Prepayments and financial receivables (current), with

no impact on Total current assets. These collateral

deposits are related to certain requirements set out

by exchanges where Equinor is participating and

have previously been referred to as restricted cash

and cash equivalents. The reclassification is intended

to better reflect the nature and purpose of the

collateral deposits and to provide more relevant

information to stakeholders.

The change also affects the presentation in the

Consolidated statement of cash flows. With effect

from Q1 2025, the cash flows related to these

collateral deposits are included within Cash flows

provided by operating activities on a new line-item

named Cash collaterals for commodity derivative

transactions.

The change has been retrospectively applied to

comparative periods for consistency and

comparability. The comparative numbers are

restated in tables below.

Use of judgements and estimates

The preparation of financial statements in conformity

with IFRS Accounting Standards requires

management to make judgments, estimates and

assumptions that affect the application of accounting

policies and the reported amounts of assets, liabilities,

income and expenses. The estimates and associated

assumptions are reviewed on an on-going basis and

are based on historical experience and various other

factors that are believed to be reasonable under the

circumstances. These estimates and assumptions

form the basis for making the judgments about

carrying values of assets and liabilities that are not

readily apparent from other sources. Actual results

may differ from these estimates. Please refer to

note 2 in Equinor’s consolidated annual financial

statements for 2024 for more information about

accounting judgement and key sources of estimation

uncertainty.

Equinor second quarter 2025

25	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Consolidated balance sheet	At 31 December 2024		At 31 December 2023/ 1 January 2024
---	---	---	---	---
(in USD million)	As reported	Restated	As reported	Restated
Cash and cash equivalents	8,120	5,903	9,641	8,070
Prepayments and financial receivables	3,867	6,084	3,729	5,300
Sum	11,987	11,987	13,370	13,370		Consolidated Statement of Cash Flows	Q1 2024		Q2 2024		First six months 2024		Q3 2024		First nine months 2024		Q4 2024		Full year 2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(in USD million)	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated
Cash collaterals for commodity derivative<br><br>transactions	—	117	—	200	—	317	—	(563)	—	(246)	—	(399)	—	(645)
Cash flow provided by operating activities<br><br>before taxes paid and working capital items	9,689	9,806	9,748	9,948	19,437	19,754	9,233	8,670	28,670	28,424	9,813	9,414	38,483	37,838
Cash flows provided by operating activities	9,021	9,138	1,611	1,811	10,632	10,948	7,057	6,495	17,689	17,443	2,421	2,022	20,110	19,465
Cash and cash equivalents at the beginning of<br><br>the period (net of overdraft)	9,641	8,070	9,682	8,227	9,641	8,070	8,641	7,386	9,641	8,070	8,002	6,184	9,641	8,070
Cash and cash equivalents at the end of the<br><br>period (net of overdraft)	9,682	8,227	8,641	7,386	8,641	7,386	8,002	6,184	8,002	6,184	8,120	5,903	8,120	5,903		Consolidated Statement of Cash Flows	Q1 2023		Q2 2023		First six months 2023		Q3 2023		First nine months 2023		Q4 2023		Full year 2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(in USD million)	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated
Cash collaterals for commodity derivative<br><br>transactions	—	3,678	—	426	—	4,103	—	(245)	—	3,858	—	698	—	4,556
Cash flow provided by operating activities<br><br>before taxes paid and working capital items	15,305	18,982	10,485	10,910	25,789	29,893	11,336	11,091	37,126	40,984	10,890	11,588	48,016	52,572
Cash flows provided by operating activities	14,871	18,548	1,857	2,283	16,728	20,831	5,236	4,992	21,965	25,823	2,736	3,434	24,701	29,257
Cash and cash equivalents at the beginning of<br><br>the period (net of overdraft)	15,579	9,451	17,380	14,930	15,579	9,451	19,650	17,626	15,579	9,451	14,420	12,151	15,579	9,451
Cash and cash equivalents at the end of the<br><br>period (net of overdraft)	17,380	14,930	19,650	17,626	19,650	17,626	14,420	12,151	14,420	12,151	9,641	8,070	9,641	8,070

Equinor second quarter 2025

26	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Note 2. Segments

Equinor’s operations are managed through operating segments identified

on the basis of those components of Equinor that are regularly reviewed

by the chief operating decision maker, Equinor's Corporate Executive

Officer (CEO). The reportable segments Exploration & Production Norway

(E&P Norway), Exploration & Production International (E&P International),

Exploration & Production USA (E&P USA), Marketing, Midstream &

Processing (MMP) and Renewables (REN) correspond to the operating

segments. The operating segments Projects, Drilling & Procurement (PDP),

Technology, Digital & Innovation (TDI) and Corporate staff and functions

are aggregated into the reportable segment Other based on materiality.

The majority of the costs in PDP and TDI is allocated to the three

Exploration & Production segments, MMP and REN.

The accounting policies of the reporting segments equal those applied in

these condensed interim financial statements, except for the line-item

Additions to PP&E, intangibles and equity accounted investments in which

movements related to changes in asset retirement obligations are

excluded as well as provisions for onerous contracts which reflect only

obligations towards group external parties. The measurement basis of

segment profit is net operating income/(loss). Deferred tax assets, pension

assets, non-current financial assets, total current assets and total liabilities

are not allocated to the segments. Transactions between the segments,

mainly from the sale of crude oil, gas, and related products, are performed

at defined internal prices which have been derived from market prices. The

transactions are eliminated upon consolidation.

Net impairments

In the second quarter of 2025, Equinor recognised net impairments of USD

955 million in the REN segment related to Equinor’s offshore wind projects

on the US North East Coast. Regulatory changes leading to reduced

expected synergies from future offshore wind projects and increased

exposure to tariffs have impacted the project economics for the combined

cash generating unit encompassing Empire Wind 1 (EW1) and South

Brooklyn Marine Terminal (SBMT) negatively, as well as the undeveloped

Empire Wind 2 project. The impairment test employed a value in use

methodology with a 3% real post-tax discount rate, and the total carrying

amount after impairment is USD 2.3 billion.

Second quarter 2025
(in USD million)	E&P Norway	E&P<br><br>International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	75	155	61	24,795	22	23	—	25,130
Revenues and other income inter-segment	8,165	1,191	980	25	5	8	(10,374)	—
Net income/(loss) from equity accounted investments	—	—	—	(21)	31	(1)	—	9
Other income	(4)	2	—	—	9	—	—	6
Total revenues and other income	8,236	1,348	1,040	24,798	67	31	(10,374)	25,145
Purchases [net of inventory variation]	1	(67)	—	(23,055)	—	—	10,383	(12,739)
Operating, selling, general and administrative expenses	(1,077)	(504)	(306)	(1,182)	(101)	(33)	121	(3,081)
Depreciation and amortisation	(1,338)	(310)	(536)	(232)	(12)	(38)	—	(2,466)
Net impairment (losses)/reversals	—	—	—	—	(955)	—	—	(955)
Exploration expenses	(115)	(51)	(16)	—	—	—	—	(183)
Total operating expenses	(2,530)	(932)	(858)	(24,469)	(1,069)	(70)	10,504	(19,424)
Net operating income/(loss)	5,706	415	183	329	(1,002)	(40)	130	5,721
Additions to PP&E, intangibles and equity accounted<br><br>investments	1,674	622	294	254	718	15	—	3,577
Balance sheet information
Equity accounted investments	4	—	—	721	1,958	177	—	2,860
Non-current segment assets	31,985	12,451	12,369	3,530	3,639	924	—	64,899
Non-current assets not allocated to segments								15,234
Total non-current assets (excl. assets classified as held for<br><br>sale)								82,994

Equinor second quarter 2025

| 27 | Condensed Interim financial statements and notes | PRESS<br><br>RELEASE | SECOND QUARTER<br><br>2025REVIEW | CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES | SUPPLEMENTARY<br><br>DISCLOSURES | | --- | --- | --- | --- | --- | --- || First quarter 2025 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in USD million) | E&P Norway | E&P International | E&P USA | MMP | REN | Other | Eliminations | Total Group | | Revenues third party | 58 | 153 | 63 | 29,066 | 18 | 25 | — | 29,384 | | Revenues and other income inter-segment | 9,484 | 1,364 | 1,133 | 13 | 5 | 8 | (12,007) | — | | Net income/(loss) from equity accounted investments | — | — | — | (9) | 22 | (1) | — | 13 | | Other income | 511 | 54 | — | 1 | (44) | 2 | — | 523 | | Total revenues and other income | 10,052 | 1,571 | 1,197 | 29,072 | 1 | 34 | (12,007) | 29,920 | | Purchases [net of inventory variation] | (1) | 3 | — | (27,407) | — | — | 11,962 | (15,443) | | Operating, selling, general and administrative expenses | (891) | (567) | (311) | (1,353) | (107) | (50) | 113 | (3,166) | | Depreciation and amortisation | (1,127) | (396) | (370) | (227) | (8) | (37) | — | (2,165) | | Net impairment (losses)/reversals | — | — | — | — | (145) | — | — | (145) | | Exploration expenses | (90) | (32) | (5) | — | — | — | — | (127) | | Total operating expenses | (2,108) | (992) | (685) | (28,987) | (260) | (88) | 12,075 | (21,046) | | Net operating income/(loss) | 7,944 | 579 | 511 | 84 | (259) | (54) | 68 | 8,874 | | Additions to PP&E, intangibles and equity accounted investments | 2,409 | 761 | 308 | 207 | 780 | 30 | — | 4,496 |

Equinor second quarter 2025

| 28 | Condensed Interim financial statements and notes | PRESS<br><br>RELEASE | SECOND QUARTER<br><br>2025REVIEW | CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES | SUPPLEMENTARY<br><br>DISCLOSURES | | --- | --- | --- | --- | --- | --- || Second quarter 2024 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in USD million) | E&P Norway | E&P International | E&P USA | MMP | REN | Other | Eliminations | Total Group | | Revenues third party | 60 | 162 | 72 | 25,135 | 6 | 27 | — | 25,462 | | Revenues and other income inter-segment | 8,304 | 1,742 | 919 | 86 | 6 | 8 | (11,065) | — | | Net income/(loss) from equity accounted investments | — | 5 | — | (30) | 37 | — | — | 12 | | Other income | 62 | — | 9 | — | — | (6) | — | 65 | | Total revenues and other income | 8,426 | 1,909 | 1,001 | 25,190 | 49 | 28 | (11,065) | 25,538 | | Purchases [net of inventory variation] | — | (23) | — | (23,206) | — | — | 11,084 | (12,145) | | Operating, selling, general and administrative expenses | (982) | (582) | (291) | (1,279) | (122) | (33) | 179 | (3,110) | | Depreciation and amortisation | (1,206) | (453) | (427) | (242) | (15) | (35) | — | (2,379) | | Net impairment (losses)/reversals | — | — | — | 33 | (3) | — | — | 31 | | Exploration expenses | (109) | (151) | (19) | — | — | — | — | (279) | | Total operating expenses | (2,297) | (1,209) | (737) | (24,693) | (140) | (69) | 11,263 | (17,883) | | Net operating income/(loss) | 6,129 | 699 | 264 | 497 | (90) | (40) | 198 | 7,656 | | Additions to PP&E, intangibles and equity accounted investments | 1,579 | 779 | 1,522 | 189 | 608 | 101 | — | 4,779 |

Equinor second quarter 2025

29	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
First half 2025
---	---	---	---	---	---	---	---	---
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	133	308	124	53,861	40	48	—	54,514
Revenues and other income inter-segment	17,649	2,555	2,113	38	10	16	(22,381)	—
Net income/(loss) from equity accounted investments	—	—	—	(30)	53	(1)	—	22
Other income	506	56	—	1	(35)	2	—	530
Total revenues and other income	18,288	2,919	2,237	53,870	68	64	(22,381)	55,066
Purchases [net of inventory variation]	—	(65)	—	(50,462)	—	—	22,345	(28,182)
Operating, selling, general and administrative expenses	(1,968)	(1,071)	(617)	(2,535)	(208)	(83)	234	(6,247)
Depreciation and amortisation	(2,465)	(705)	(906)	(460)	(21)	(75)	—	(4,631)
Net impairment (losses)/reversals	—	—	—	—	(1,100)	—	—	(1,100)
Exploration expenses	(206)	(84)	(21)	—	—	—	—	(310)
Total operating expenses	(4,639)	(1,924)	(1,543)	(53,456)	(1,329)	(158)	22,579	(40,471)
Net operating income/(loss)	13,650	995	694	413	(1,260)	(94)	198	14,595
Additions to PP&E, intangibles and equity accounted investments	4,083	1,383	601	461	1,499	45	—	8,073

Equinor second quarter 2025

| 30 | Condensed Interim financial statements and notes | PRESS<br><br>RELEASE | SECOND QUARTER<br><br>2025REVIEW | CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES | SUPPLEMENTARY<br><br>DISCLOSURES | | --- | --- | --- | --- | --- | --- || First half 2024 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in USD million) | E&P Norway | E&P International | E&P USA | MMP | REN | Other | Eliminations | Total Group | | Revenues third party | 116 | 345 | 139 | 49,868 | 32 | 51 | — | 50,551 | | Revenues and other income inter-segment | 16,156 | 3,212 | 1,887 | 178 | 9 | 16 | (21,457) | — | | Net income/(loss) from equity accounted investments | — | 8 | — | (31) | 68 | — | — | 44 | | Other income | 33 | (1) | 30 | — | — | 16 | — | 78 | | Total revenues and other income | 16,305 | 3,563 | 2,056 | 50,014 | 109 | 84 | (21,457) | 50,673 | | Purchases [net of inventory variation] | — | 10 | — | (45,174) | — | — | 21,096 | (24,068) | | Operating, selling, general and administrative expenses | (1,848) | (977) | (571) | (2,605) | (394) | (79) | 392 | (6,081) | | Depreciation and amortisation | (2,379) | (983) | (791) | (469) | (23) | (71) | — | (4,716) | | Net impairment (losses)/reversals | — | — | — | 33 | (3) | (7) | — | 23 | | Exploration expenses | (193) | (299) | (53) | — | — | — | — | (545) | | Total operating expenses | (4,420) | (2,248) | (1,415) | (48,215) | (420) | (157) | 21,488 | (35,386) | | Net operating income/(loss) | 11,885 | 1,316 | 641 | 1,799 | (311) | (74) | 31 | 15,287 | | Additions to PP&E, intangibles and equity accounted investments | 2,951 | 1,535 | 1,881 | 399 | 1,232 | 142 | — | 8,140 |

Equinor second quarter 2025

31	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Non-current assets by country
---	---
	At 31 December
(in million)	2024
Norway1)	30,017
USA	15,638
Brazil	11,487
UK	1,641
Angola	1,159
Canada	1,019
Poland	644
Argentina	822
Denmark	770
Germany	287
Other	202
Total non-current assets2)	63,686
1)Increase is mainly due to weakening of versus NOK and acquisitions. For more information on acquisitions please see note 3.2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.

All values are in US Dollars.

Note 3. Acquisitions and disposals

Acquisitions and disposals

Swap with Petoro in the Haltenbanken area

On 1 January 2025, Equinor closed a transaction with

Petoro to swap ownership interests in the

Haltenbanken area. Equinor increased its ownership

interests primarily in the Heidrun field (from 13.0% to

34.4%) and reduced its interests primarily in the

Tyrihans field (from 58.8% to 36.3%) and the Johan

Castberg field (from 50.0% to 46.3%). No cash

consideration is involved. The purpose of the

transaction is to align ownership interests in the

licenses to maximise resource utilisation. The assets

acquired and liabilities assumed were recognised in

accordance with the principles in IFRS 3 Business

Combinations within the E&P Norway segment, mainly

as property, plant, and equipment (USD 610 million),

goodwill (USD 476 million) and deferred tax liability

(USD 381 million). The swap resulted in a gain of USD

491 million, reported as Other Income in the

Consolidated statement of income.

Held for sale

Joint venture agreement with Shell in the UK

On 5 December 2024, Equinor and Shell agreed to

merge their UK upstream businesses and establish a

joint venture. The parties will hold a 50% equity

interest each. Selected UK North Sea upstream fields,

associated licenses and infrastructure will be

transferred by both parties to the joint venture,

including Equinor’s interests in Rosebank, Mariner and

Buzzard. The joint venture will be accounted for under

the equity method upon completion of the

transaction. Completion of the transaction is subject

to license partners’ and regulatory approvals and is

expected by the end of 2025. As of 30 June 2025,

assets held for sale amounted to USD 7,871 million

and liabilities directly associated with the assets held

for sale amounted to USD 903 million. Equinor’s UK

upstream business is part of the E&P International

segment.

Agreement to sell all interests in the Peregrino

field in Brazil

On 1 May 2025, Equinor entered into agreements

with Prio Tigris Ltda., a subsidiary of PRIO SA, to sell its

60% operating interest in the Peregrino field in Brazil

as part of the ongoing optimisation of Equinor’s

international upstream portfolio. The agreements,

one for the sale of a 40% interest and transfer of

operatorship of Peregrino, and the second for the

sale of the remaining 20% interest, are subject to

regulatory and legal approvals. Completion of the

transactions is expected within the first half of 2026.

As of 30 June 2025, assets held for sale amounted to

USD 3,078 million, and liabilities directly associated

with the assets held for sale amounted to USD 547

million. The interests are part of the E&P International

segment.

Equinor second quarter 2025

32	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Note 4. Revenues

Revenues from contracts with customers by

geographical areas

When attributing the line item Revenues from

contracts with customers for the second quarter

2025 to the country of the legal entity executing the

sale, Norway and the USA accounted for 75% and

22%, respectively, of such revenues (77% and 20%,

respectively, for the first quarter of 2025 and 80%

and 18%, respectively, for the second quarter of

2024).

Revenues from contracts with customers and other revenues
	Quarters			First half
(in USD million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Crude oil	13,863	16,082	15,633	29,945	29,899
Natural gas	5,918	7,591	4,888	13,509	9,948
- European gas	4,874	6,366	3,967	11,240	8,143
- North American gas	477	552	199	1,029	504
- Other incl. Liquefied natural gas	568	672	723	1,240	1,301
Refined products	2,374	2,582	2,045	4,956	4,269
Natural gas liquids	1,825	2,024	1,806	3,849	3,903
Power	357	673	405	1,031	968
Transportation	323	302	387	625	756
Other sales	108	105	92	213	176
Revenues from contracts with customers	24,769	29,358	25,255	54,128	49,918
Total other revenues1)	361	26	207	387	632
Revenues	25,130	29,384	25,462	54,514	50,551
1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories<br><br>held for trading purposes.

For the first half of 2025, Norway and the USA

accounted for 76% and 21% of such revenues,

respectively (79% and 18% respectively for the first

half of 2024). Revenues from contracts with

customers are mainly reflecting such revenues from

the reporting segment MMP.

Note 5. Financial items

	Quarters			First half
(in USD million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Interest income and other financial income	303	336	495	639	1,055
Interest expenses and other financial expenses	(351)	(325)	(394)	(676)	(811)
Net foreign currency exchange gains/(losses)	(177)	(24)	(193)	(201)	110
Gains/(losses) on financial investments	113	(25)	21	87	15
Gains/(losses) other derivative financial instruments	150	58	(54)	208	(128)
Net financial items	37	19	(126)	56	240

In the second quarter of 2025, Equinor ASA issued

bonds with maturities from 3 to 10 years for a total of

USD 1.75 billion. The bonds were issued in USD and

are fully and unconditionally guaranteed by Equinor

Energy AS.

In the first half of 2025, Equinor has drawn on project

financing for a total amount of USD 1.9 billion, of which

USD 0.4 billion was drawn in the second quarter of

2025. The amounts are included in Finance debt.

Equinor has a US Commercial paper programme

available with a limit of USD 5 billion. As of

30 June 2025, USD 0.2 billion were utilised compared

to USD 4.1 billion utilised as of 31 December 2024.

Equinor second quarter 2025

33	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Note 6. Income taxes

	Quarters			First half
(in USD million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Income/(loss) before tax	5,759	8,893	7,530	14,651	15,527
Income tax	(4,441)	(6,263)	(5,658)	(10,704)	(10,983)
Effective tax rate	77.1%	70.4%	75.1%	73.1%	70.7%

The effective reported tax rate of 73.1% for the first

half of 2025 increased compared to 70.7% in 2024

due to higher share of income from jurisdictions with

high tax rates and the extension of the Energy Profits

Levy in the UK. The increase was partly offset by

currency effects in entities that are taxable in other

currencies than the functional currency and the tax

exempted gain from the Swap with Petoro on the

NCS.

The effective tax rate of 77.1% for the second quarter

of 2025 increased compared to 75.1% in 2024. The

increase was mainly due to higher share of income

from jurisdictions with high tax rates offset by

currency effects in entities that are taxable in other

currencies than the functional currency.

Note 7. Provisions, commitments and

contingent items

Asset retirement obligation

Equinor’s estimated asset retirement obligations

(ARO) have increased by approximately USD 1.4

billion to USD 12.3 billion at 30 June 2025 compared

to year-end 2024, mainly due to currency effects

(USD weakening versus NOK). Changes in ARO are

reflected within Property, plant and equipment and

Provisions and other liabilities in the Consolidated

balance sheet.

Litigation and claims

During the normal course of its business, Equinor is

involved in legal and other proceedings, and several

unresolved claims are currently outstanding. The

ultimate liability or asset in respect of such litigation

and claims cannot be determined at this time. Equinor

has provided in its Condensed interim financial

statements for probable liabilities related to litigation

and claims based on the company’s best judgement.

Equinor does not expect that its financial position,

results of operations or cash flows will be materially

affected by the resolution of these legal proceedings.

Equinor second quarter 2025

34	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Note 8. Capital distribution

Dividend for the second quarter 2025

On 22 July 2025, the board of directors resolved to

declare a cash dividend for the second quarter of

2025 of USD 0.37 per share. The Equinor shares will

trade ex-dividend 13 November 2025 on the Oslo

Børs and 14 November for ADR holders on the New

York Stock Exchange. Record date will be 14

November and payment date will be 26 November

2025.

Share buy-back programme 2025

Based on the authorisation from the annual general

meeting on 14 May 2025, the board of directors will,

on a quarterly basis, decide on share buy-back

tranches. The 2025 programme is up to USD 5 billion,

including shares to be redeemed from the Norwegian

state.

In February 2025, Equinor launched the first tranche

of USD 1.2 billion of which USD 397 million was

acquired in the market in the first quarter. In May

2025, Equinor launched the second tranche of USD

1,265 million including shares to be redeemed from

the Norwegian state, and entered into an irrevocable

agreement with a third party to purchase shares for

USD 418 million in the market. Of this second tranche,

shares for USD 265 million have been purchased in

the market and settled as of 30 June 2025,

	First half
Equity impact of share buy-back programmes (in USD million)	2025	2024
First tranche	397	396
Second tranche	418	528
Norwegian state share1)	4,141	3,956
Total	4,955	4,880
1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme

whereas USD 418 million have been recognised as

reduction in equity. The market execution of the

second tranche was completed in July 2025.

On 22 July 2025, the Board of Directors decided to

initiate a third share buy-back tranche of up to

USD 1,265 million for 2025, including shares to be

redeemed from the Norwegian state. The third

tranche will start 24 July 2025 and end no later than

27 October 2025.

In order to maintain the Norwegian state’s ownership

share in Equinor, a proportionate share of the

second, third and fourth tranche of the 2024

programme as well as the first tranche of the 2025

programme was redeemed and cancelled through a

capital reduction by the annual general meeting on 14

May 2025. The liability to the Norwegian state of USD

4,141 million (NOK 42.7 billion) following the capital

reduction has been recognised as reduction in equity

and was settled in July 2025. A proportionate share

of the second and third tranche of the 2025

programme will be redeemed and cancelled at the

annual general meeting in May 2026.

Note 9. Geopolitical and market

uncertainty

Geopolitical and market uncertainty

The geopolitical and macroeconomic uncertainty

relating to announcements and policy updates in the

US regarding international trade continue to prevail

in the second quarter of 2025. As the actual policy

changes, both substance and duration, are still

unknown, so are the implications for economic growth,

demand for energy, supply costs, inflation, interest

rates and foreign exchange rates. The current

situation is unclear and could drive development in

different directions. Equinor is actively assessing the

impact of these uncertainties; however, the resulting

operational and economic effects on the company

cannot fully be determined at this time. In the second

quarter, Equinor recognised net impairments of USD

955 million related to offshore wind projects on the

US North East Coast due to regulatory changes

leading to reduced expected synergies from future

offshore wind projects and increased exposure to

tariffs. We refer to Note 2 Segments for further

information. We further refer to sensitivities disclosed

in Note 14 Impairment to the 2024 annual report

regarding illustrative impairment losses to be

recognised following downward adjustments in

Equinor’s commodity price assumptions or a change

in the discount rate used for impairment testing.

Equinor second quarter 2025

35	Condensed Interim financial statements and notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Responsibility statement

Today, the board of directors and the chief executive

officer have reviewed and approved the Equinor ASA

Condensed interim financial statements as of 30 June

2025.

Pursuant to the Norwegian Securities Trading Act

section 5-6 with pertaining regulation we confirm to

the best of our knowledge that:

•the Equinor ASA Condensed interim financial

statements for the first half of 2025 have been

prepared in accordance with IFRSs as adopted by

the European Union (EU), IFRSs as issued by the

International Accounting Standards Board (IASB)

and additional Norwegian disclosure

requirements in the Norwegian Accounting Act,

and that

•the Condensed interim financial statements give a

true and fair view of the assets, liabilities, financial

position and results of the company and the

group taken as a whole, and that

•the Condensed interim financial statements give a

fair view of important events that have occurred

during the first six months of the financial year and

their impact on the Condensed interim financial

statements, major related party transactions and

the principal risks and uncertainties for the

remaining six months of the financial year.

Oslo, 22 July 2025

	/s/ JON ERIK REINHARDSEN
	CHAIR
/s/ ANNE DRINKWATER	/s/ FERNANDA LOPES LARSEN	/s/ FINN BJØRN RUYTER
DEPUTY CHAIR
/s/ HAAKON BRUUN-HANSSEN	/s/ TONE HEGLAND BACHKE	/s/ MIKAEL KARLSSON
/s/ FRANK INDRELAND GUNDERSEN	/s/ GEIR LEON VADHEIM	/s/ HILDE MØLLERSTAD
		/s/ ANDERS OPEDAL
		PRESIDENT AND CEO

Equinor second quarter 2025

36	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Supplementary disclosures

Exchange rates	37
Use and reconciliation of Non-GAAP financial measures	37
Reconciliation of adjusted operating income	40
Adjusted operating income after tax by reporting segment	45
Reconciliation of adjusted operating income after tax to net income	46
Reconciliation of adjusted net income to net income	46
Adjusted exploration expenses	47
Calculation of CFFO after taxes paid, net cash flow before capital<br><br>distribution and net cash flow	48
Organic capital expenditures	49
Calculation of capital employed and net debt to capital employed ratio	50
Forward-looking statements	51
End notes	52

Wilko Wind farm, Poland

Equinor second quarter 2025

37	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Supplementary disclosures

Exchange rates

	Quarters			Change	First half
Exchange rates	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
USD/NOK average daily exchange rate	10.2974	11.0782	10.7440	(4)%	10.7006	10.6248	1%
USD/NOK period-end exchange rate	10.0977	10.5529	10.6460	(5)%	10.0977	10.6460	(5)%
EUR/USD average daily exchange rate	1.1334	1.0517	1.0764	5%	1.0897	1.0811	1%
EUR/USD period-end exchange rate	1.1720	1.0815	1.0705	9%	1.1720	1.0705	9%

Use and reconciliation of Non-GAAP financial

measures

Non-GAAP financial measures are defined as

numerical measures that either exclude or include

amounts that are not excluded or included in the

comparable measures calculated and presented in

accordance with GAAP (i.e., IFRS Accounting

Standards in the case of Equinor). The following

financial measures included in this report may be

considered non-GAAP financial measures:

Adjusted operating income is based on net

operating income/ (loss) and adjusts for certain items

affecting the income for the period to separate out

effects that management considers may not be well

correlated to Equinor’s underlying operational

performance in the individual reporting period.

Management believes adjusted operating income

provides an indication of Equinor’s underlying

operational performance and facilitates comparison

of operational trends between periods.

Adjusted operating income after tax equals

adjusted operating income less tax on adjusted

operating income. Tax on adjusted operating income

is computed by adjusting the income tax for tax

effects of adjustments made to net operating income.

The tax rate applied is the tax rate applicable to each

adjusting item and tax regime, adjusted for certain

foreign currency effects as well as effects of specific

changes to deferred tax assets. Management

believes adjusted operating income after tax

provides an indication of Equinor’s underlying

operational performance after tax and facilitates

comparisons of operational trends after tax between

periods as it reflects the tax charge associated with

operational performance excluding the impact of

financing. Tax on adjusted operating income should

not be considered indicative of the amount of current

or total tax expense (or taxes payable) for the period.

Adjusted net income is based on net income/(loss)

and provides additional transparency to Equinor’s

underlying financial performance by also including net

financial items and the associated tax effects. This

measure includes adjustments made to arrive at

adjusted operating income after tax, in addition to

specific adjustments related to net financial items and

related tax effects, as well as certain adjustments to

income tax as described below. Management believes

this measure provides an indication of Equinor’s

underlying financial performance including the impact

from financing and facilitates comparison of trends

between periods.

Adjusted Earnings Per Share (Adjusted EPS) is

computed by dividing Adjusted net income by the

weighted average number of shares outstanding

during the period. Earnings per share is a metric that

is frequently used by investors, analysts and other

parties to assess a company's profitability per share.

Management believes this measure provides an

indication of Equinor’s underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

The non-GAAP financial measures presented above

are supplementary measures and should not be

viewed in isolation or as substitutes for net operating

income/(loss), net income/(loss) and earnings per

share, which are the most directly comparable IFRS

Accounting Standards measures. The reconciliation

tables later in this report reconcile the above non-

GAAP measures to the most directly comparable

IFRS Accounting Standards measure or measures.

There are material limitations associated with the

above measures compared with the IFRS Accounting

Standards measures, as these non-GAAP measures

do not include all the items of revenues/ gains or

expenses/losses of Equinor that are required to

evaluate its profitability on an overall basis. The non-

GAAP measures are only intended to be indicative of

the underlying developments in trends of our on-

going operations.

Adjusted operating income adjusts for the

following items:

•Changes in fair value of derivatives:

In the ordinary course of business, Equinor enters

into commodity derivative contracts to manage

the price risk exposure relating to future sale and

purchase contracts. These commodity derivatives

are measured at fair value at each reporting

date, with the movements in fair value recognised

in the income statement. By contrast, the related

sale and purchase contracts are not recognised

until the transaction occurs resulting in timing

differences. Therefore, the unrealised movements

in the fair value of these commodity derivative

contracts are excluded from adjusted operating

income and deferred until the time of the physical

delivery to minimise the effect of these timing

differences. Further, embedded derivatives within

certain gas contracts and contingent

consideration related to historical divestments

are carried at fair value. Any accounting impacts

resulting from such changes in fair value are also

excluded from adjusted operating income, as

these fluctuations are not indicative of the

underlying performance of the business.

Equinor second quarter 2025

38	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

•Periodisation of inventory hedging effect:

Equinor enters into derivative contracts to

manage price risk exposure relating to its

commercial storage. These derivative contracts

are carried at fair value while the inventories are

accounted for at the lower of cost or market

price. An adjustment is made to align the valuation

principles of inventories with related derivative

contracts. The adjusted valuation of inventories is

based on the forward price at the expected

realisation date. This is so that the valuation

principles between commercial storages and

derivative contracts are better aligned.

•The operational storage is not hedged and is not

part of the trading portfolio. Cost of goods sold is

measured based on the FIFO (first-in, first-out)

method, and includes realised gains or losses that

arise due to changes in market prices. These

gains or losses will fluctuate from one period to

another and are not considered part of the

underlying operations for the period.

•Impairment and reversal of impairment are

excluded from adjusted operating income since

they affect the economics of an asset for the

lifetime of that asset, not only the period in which it

is impaired, or the impairment is reversed.

Impairment and reversal of impairment can

impact both the exploration expenses and the

depreciation, amortisation and net impairment

line items.

•Gain or loss from sales of assets is eliminated

from the measure since the gain or loss does not

give an indication of future performance or

periodic performance; such a gain or loss is

related to the cumulative value creation from the

time the asset is acquired until it is sold.

•Eliminations (Internal unrealised profit on

inventories): Volumes derived from equity oil

inventory vary depending on several factors and

inventory strategies, i.e., level of crude oil in

inventory, equity oil used in the refining process

and level of in-transit cargoes. Internal profit

related to volumes sold between entities within the

group, and still in inventory at period end, is

eliminated according to IFRS Accounting

Standards (write down to production cost). The

proportion of realised versus unrealised gain

fluctuates from one period to another due to

inventory strategies and consequently impact net

operating income/ (loss). Write-down to

production cost is not assessed to be a part of the

underlying operational performance, and

elimination of internal profit related to equity

volumes is excluded in adjusted operating income.

•Other items of income and expense are adjusted

when the impacts on income in the period are not

reflective of Equinor’s underlying operational

performance in the reporting period. Such items

may be unusual or infrequent transactions, but

they may also include transactions that are

significant which would not necessarily qualify as

either unusual or infrequent. However, other items

adjusted do not constitute normal, recurring

income and operating expenses for the company.

Other items are carefully assessed and can

include transactions such as provisions related to

reorganisation, early retirement, etc.

•Change in accounting policy is adjusted when

the impacts on income in the period are unusual

or infrequent, and not reflective of Equinor’s

underlying operational performance in the

reporting period.

Adjusted net income incorporates the

adjustments above, as well as the following items

impacting net financial items:

•Changes in fair value of financial derivatives

used to hedge interest bearing instruments.

Equinor enters into financial derivative contracts

to manage interest rate risk on long term interest-

bearing liabilities including bonds and financial

loans. The financial derivative contracts (hedging

instruments) are measured at fair value at each

reporting date, with movements in fair value

recognised in the income statement. The long

term interest-bearing liabilities are measured at

amortised cost and not remeasured at fair value

at each reporting date. This creates

measurement differences and therefore the

movements in the fair value of these financial

derivative contracts and associated tax effects

are excluded from the calculation of adjusted net

income and deferred until the time the underlying

instrument is matured, exercised, or settled.

Management believes that this appropriately

reflects the economic effect of these risk

management activities in each period and

provides an indication of Equinor’s underlying

financial performance.

•Foreign currency gains/losses on positions used

to manage currency risk exposure related to

future payments in NOK and foreign currency

gains/losses on intercompany bank balances.

Foreign currency gains/losses on positions used

to manage currency risk exposure (cash

equivalents/financial investments and related

currency derivatives where applicable), as well as

currency gains/losses on intercompany bank

balances are eliminated from adjusted net

income. The currency effects on intercompany

•bank balances are mainly due to a large part of

Equinor’s operations having a functional currency

different from USD, and these effects are offset

within equity as other comprehensive income

arising on translation from functional currency to

presentation currency USD. These currency

effects increase volatility in financial performance,

which does not reflect Equinor’s underlying

financial performance. Management believes that

these adjustments remove periodic fluctuations in

Equinor’s adjusted net income.

Adjustments made to arrive at adjusted operating

income and adjusted net income listed below are

similarly applied to net income/(loss) from equity

accounted investments when relevant.

Adjustments to income tax and tax rate:

•Derecognition of deferred tax assets or

recognition of previously unrecognised

deferred tax assets. These changes are related

to taxable income in future reporting periods and

are not reflective of performance in the current

reporting period.

•Income tax effects arising only when calculating

income tax in the functional currency USD.

Certain group companies have USD as functional

currency, which is different from the currency in

which the taxable income is measured (tax

currency). Income tax effects arising only when

calculating income tax in the functional currency

USD, that are not part of the tax calculation in the

tax currency, are adjusted for. Management

believes this better aligns the effective tax rate in

functional currency with the statutory tax rate in

the period.

Equinor second quarter 2025

39	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Net debt to capital employed ratio – In Equinor’s

view, net debt ratios provide a more informative

picture of Equinor’s financial strength than gross

interest-bearing financial debt. Three different net

debt to capital ratios are presented in this report: 1)

net debt to capital employed, 2) net debt to capital

employed adjusted, including lease liabilities, and 3)

net debt to capital employed adjusted. These

calculations are all based on Equinor’s gross interest-

bearing financial liabilities as recorded in the

Consolidated balance sheet and exclude cash, cash

equivalents and current financial investments.

The following adjustments are made in calculating the

net debt to capital employed adjusted, including lease

liabilities ratio and the net debt to capital employed

adjusted ratio: financial investments held in Equinor

Insurance AS (classified as Current financial

investments in the Consolidated balance sheet) are

treated as non-cash and excluded from the

calculation of these non-GAAP measures, as these

investments are not readily available for the group to

meet short term commitments. These adjustments

result in a higher net debt figure and in Equinor’s view

provides a more prudent measure of the net debt to

capital employed ratio than would be the case

without such exclusions. Additionally, lease liabilities

are further excluded in calculating the net debt to

capital employed adjusted ratio. The table

Calculation of capital employed and net debt to

capital employed ratio later in this report details the

calculations for these non-GAAP measures and

reconciles them with the most directly comparable

IFRS Accounting Standards financial measure or

measures.

Organic capital expenditures (organic investments/

capex) – Capital expenditures is defined as Additions

to PP&E, intangibles and equity accounted

investments, which excludes assets held for sale, as

presented in note 2 Segments to the Condensed

interim financial statements. Organic capital

expenditures are capital expenditures excluding

expenditures related to acquisitions, leased assets

and other investments with significantly different cash

flow patterns. Equinor believes this measure gives

stakeholders relevant information to understand the

company’s investments in maintaining and developing

its assets. Forward-looking organic capital

expenditures included in this report are not

reconcilable to its most directly comparable IFRS

Accounting Standards measure without

unreasonable efforts, because the amounts excluded

from such IFRS Accounting Standards measure to

determine organic capital expenditures cannot be

predicted with reasonable certainty.

Cash flows from operations after taxes paid (CFFO

after taxes paid) represents, and is used by

management, to evaluate cash generated from

operating activities after taxes paid, which is available

for investing activities, debt servicing and distribution

to shareholders. Cash flows from operations after

taxes paid is not a measure of our liquidity under IFRS

Accounting Standards and should not be considered

in isolation or as a substitute for an analysis of our

results as reported in this report. Our definition of

Cash flows from operations after taxes paid is limited

and does not represent residual cash flows available

for discretionary expenditures. The table Calculation

of CFFO after taxes paid and net cash flow later in

this report provides a reconciliation of Cash flows

from operations after taxes paid to its most directly

comparable IFRS Accounting Standards measure,

Cash flows provided by operating activities before

taxes paid and working capital items, as of the

specified dates.

Net cash flow before capital distribution - Net cash

flow before capital distribution represents, and is

used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing and distribution to shareholders. Net

cash flow before capital distribution is not a measure

of our liquidity under IFRS Accounting Standards and

should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow before

capital distribution is limited and does not represent

residual cash flows available for discretionary

expenditures. The table Calculation of CFFO after

taxes paid and net cash flow later in this report

provides a reconciliation of Net cash flow before

capital distribution to its most directly comparable

IFRS Accounting Standards measure, Cash flows

provided by operating activities before taxes paid

and working capital items, as of the specified dates.

Net cash flow - Net cash flow represents, and is used

by management to evaluate, cash generated from

operational and investing activities available for debt

servicing. Net cash flow is not a measure of our

liquidity under IFRS Accounting Standards and should

not be considered in isolation or as a substitute for an

analysis of our results as reported in this report. Our

definition of Net cash flow is limited and does not

represent residual cash flows available for

discretionary expenditures. The table Calculation of

CFFO after taxes paid and net cash flow later in this

report provides a reconciliation of Net cash flow to its

most directly comparable IFRS Accounting Standards

measure, Cash flows provided by operating activities

before taxes paid and working capital items, as of the

specified dates.

For more information on our definitions and use of

non-GAAP financial measures, see section 5.5 Use

and reconciliation of non-GAAP financial measures in

Equinor's 2024 Annual Report.

Equinor second quarter 2025

40	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Reconciliation of adjusted operating income

The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal.

Items impacting net operating income/(loss) in<br><br>the second quarter of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
Net operating income/(loss)	5,721	5,706	415	183	329	(1,002)	90
Total revenues and other income	25,145	8,236	1,348	1,040	24,798	67	(10,343)
Adjusting items	(30)	—	—	—	(11)	(19)	—
Changes in fair value of derivatives	(4)	—	—	—	(4)	—	—
Gain/loss on sale of assets	(19)	—	—	—	—	(19)	—
Other adjustments	6	—	—	—	6	—	—
Periodisation of inventory hedging effect	(12)	—	—	—	(12)	—	—
Adjusted total revenues and other income	25,115	8,236	1,348	1,040	24,787	48	(10,343)
Purchases [net of inventory variation]	(12,739)	1	(67)	—	(23,055)	—	10,382
Adjusting items	(99)	—	—	—	31	—	(130)
Eliminations	(130)	—	—	—	—	—	(130)
Operational storage effects	31	—	—	—	31	—	—
Adjusted purchases [net of inventory<br><br>variation]	(12,838)	1	(67)	—	(23,023)	—	10,252
Operating and administrative expenses	(3,081)	(1,077)	(504)	(306)	(1,182)	(101)	89
Adjusting items	(13)	—	14	—	(17)	(10)	—
Gain/loss on sale of assets	15	—	14	—	—	1	—
Provisions	(28)	—	—	—	(17)	(12)	—
Adjusted operating and administrative<br><br>expenses	(3,094)	(1,077)	(490)	(306)	(1,198)	(111)	89		Items impacting net operating income/(loss) in<br><br>the second quarter of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Depreciation, amortisation and net<br><br>impairments	(3,422)	(1,338)	(310)	(536)	(232)	(968)	(38)
Adjusting items	955	—	—	—	—	955	—
Impairment	955	—	—	—	—	955	—
Adjusted depreciation, amortisation and net<br><br>impairments	(2,466)	(1,338)	(310)	(536)	(232)	(12)	(38)
Exploration expenses	(183)	(115)	(51)	(16)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(183)	(115)	(51)	(16)	—	—	—
Sum of adjusting items	813	—	14	—	4	926	(130)
Adjusted operating income/(loss)	6,535	5,706	429	183	333	(75)	(40)
Tax on adjusted operating income	(4,793)	(4,461)	(138)	(41)	(189)	3	33
Adjusted operating income/(loss) after tax	1,741	1,244	291	141	144	(72)	(7)

Equinor second quarter 2025

41	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Items impacting net operating income/(loss) in<br><br>the second quarter 2024 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Net operating income/(loss)	7,656	6,129	699	264	497	(90)	158
Total revenues and other income	25,538	8,426	1,909	1,001	25,190	49	(11,036)
Adjusting items	(1)	—	—	—	(1)	—	0
Changes in fair value of derivatives	(10)	—	—	—	(10)	—	—
Periodisation of inventory hedging effect	9	—	—	—	9	—	—
Adjusted total revenues and other income	25,538	8,426	1,909	1,001	25,189	49	(11,036)
Purchases [net of inventory variation]	(12,145)	0	(23)	—	(23,206)	0	11,084
Adjusting items	(179)	—	—	—	19	—	(198)
Eliminations	(198)	—	—	—	—	—	(198)
Operational storage effects	19	—	—	—	19	—	—
Adjusted purchases [net of inventory<br><br>variation]	(12,325)	0	(23)	—	(23,187)	0	10,886
Operating and administrative expenses	(3,110)	(982)	(582)	(291)	(1,279)	(122)	145
Adjusting items	40	—	0	(0)	40	—	—
Provisions	40	—	—	—	40	—	—
Adjusted operating and administrative<br><br>expenses	(3,070)	(982)	(582)	(291)	(1,238)	(122)	145		Items impacting net operating income/(loss) in<br><br>the second quarter 2024 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Depreciation, amortisation and net<br><br>impairments	(2,348)	(1,206)	(453)	(427)	(209)	(18)	(35)
Adjusting items	(33)	—	—	—	(33)	—	—
Reversal of impairment	(33)	—	—	—	(33)	—	—
Adjusted depreciation, amortisation and net<br><br>impairments	(2,382)	(1,206)	(453)	(427)	(242)	(18)	(35)
Exploration expenses	(279)	(109)	(151)	(19)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(279)	(109)	(151)	(19)	—	—	—
Sum of adjusting items	(173)	—	—	—	25	—	(198)
Adjusted operating income/(loss)	7,482	6,129	699	264	521	(90)	(40)
Tax on adjusted operating income	(5,329)	(4,764)	(225)	(72)	(285)	6	11
Adjusted operating income/(loss) after tax	2,153	1,364	474	192	237	(85)	(29)

Equinor second quarter 2025

42	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Items impacting net operating income/(loss) in<br><br>the first quarter of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Net operating income/(loss)	8,874	7,944	579	511	84	(259)	14
Total revenues and other income	29,920	10,052	1,571	1,197	29,072	1	(11,973)
Adjusting items	(323)	(491)	(49)	—	170	47	—
Changes in fair value of derivatives	113	—	—	—	113	—	—
Gain/loss on sale of assets	(450)	(491)	—	—	(1)	43	—
Other adjustments	(45)	—	(49)	—	—	4	—
Periodisation of inventory hedging effect	58	—	—	—	58	—	—
Adjusted total revenues and other income	29,597	9,561	1,523	1,197	29,241	48	(11,973)
Purchases [net of inventory variation]	(15,443)	(1)	3	—	(27,407)	—	11,962
Adjusting items	(74)	—	—	—	(6)	—	(68)
Eliminations	(68)	—	—	—	—	—	(68)
Operational storage effects	(6)	—	—	—	(6)	—	—
Adjusted purchases [net of inventory<br><br>variation]	(15,517)	(1)	3	—	(27,413)	—	11,894
Operating and administrative expenses	(3,166)	(891)	(567)	(311)	(1,353)	(107)	62
Adjusting items	23	—	—	—	5	18	—
Other adjustments	6	—	—	—	—	6	—
Provisions	17	—	—	—	5	12	—
Adjusted operating and administrative<br><br>expenses	(3,143)	(891)	(567)	(311)	(1,348)	(89)	62		Items impacting net operating income/(loss) in<br><br>the first quarter of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Depreciation, amortisation and net<br><br>impairments	(2,310)	(1,127)	(396)	(370)	(227)	(153)	(37)
Adjusting items	146	—	—	—	—	146	—
Impairment	146	—	—	—	—	146	—
Adjusted depreciation, amortisation and net<br><br>impairments	(2,164)	(1,127)	(396)	(370)	(227)	(7)	(37)
Exploration expenses	(127)	(90)	(32)	(5)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(127)	(90)	(32)	(5)	—	—	—
Sum of adjusting items	(228)	(491)	(49)	—	169	210	(68)
Adjusted operating income/(loss)	8,646	7,453	531	511	253	(48)	(54)
Tax on adjusted operating income	(6,401)	(5,789)	(417)	(118)	(153)	63	13
Adjusted operating income/(loss) after tax	2,245	1,664	114	394	101	15	(41)

Equinor second quarter 2025

43	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Items impacting net operating income/(loss) in<br><br>the first half of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Net operating income/(loss)	14,595	13,650	995	694	413	(1,260)	104
Total revenues and other income	55,066	18,288	2,919	2,237	53,870	68	(22,316)
Adjusting items	(353)	(491)	(49)	—	159	27	—
Changes in fair value of derivatives	109	—	—	—	109	—	—
Gain/loss on sale of assets	(469)	(491)	—	—	(1)	23	—
Other adjustments	(39)	—	(49)	—	6	4	—
Periodisation of inventory hedging effect	46	—	—	—	46	—	—
Adjusted total revenues and other income	54,713	17,797	2,870	2,237	54,029	96	(22,316)
Purchases [net of inventory variation]	(28,182)	—	(65)	—	(50,462)	—	22,344
Adjusting items	(173)	—	—	—	25	—	(198)
Eliminations	(198)	—	—	—	—	—	(198)
Operational storage effects	25	—	—	—	25	—	—
Adjusted purchases [net of inventory<br><br>variation]	(28,355)	—	(65)	—	(50,437)	—	22,146
Operating and administrative expenses	(6,247)	(1,968)	(1,071)	(617)	(2,535)	(208)	151
Adjusting items	10	—	14	—	(12)	8	—
Gain/loss on sale of assets	15	—	14	—	—	1	—
Other adjustments	7	—	—	—	—	7	—
Provisions	(12)	—	—	—	(12)	—	—
Adjusted operating and administrative<br><br>expenses	(6,237)	(1,968)	(1,057)	(617)	(2,547)	(199)	151		Items impacting net operating income/(loss) in<br><br>the first half of 2025 (in USD million)	Equinor<br><br>Group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Depreciation, amortisation and net<br><br>impairments	(5,731)	(2,465)	(705)	(906)	(460)	(1,121)	(75)
Adjusting items	1,101	—	—	—	—	1,101	—
Impairment	1,101	—	—	—	—	1,101	—
Adjusted depreciation, amortisation and net<br><br>impairments	(4,630)	(2,465)	(705)	(906)	(460)	(20)	(75)
Exploration expenses	(310)	(206)	(84)	(21)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(310)	(206)	(84)	(21)	—	—	—
Sum of adjusting items	585	(491)	(35)	—	173	1,137	(198)
Adjusted operating income/(loss)	15,181	13,158	960	694	586	(124)	(94)
Tax on adjusted operating income	(11,194)	(10,250)	(555)	(159)	(341)	66	46
Adjusted operating income/(loss) after tax	3,986	2,908	404	535	245	(58)	(48)

Equinor second quarter 2025

44	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
Items impacting net operating income/(loss) in<br><br>the first half of 2024 (in USD million)	Equinor<br><br>group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Net operating income/(loss)	15,287	11,885	1,316	641	1,799	(311)	(43)
Total revenues and other income	50,673	16,305	3,563	2,056	50,014	109	(21,374)
Adjusting items	(347)	—	—	—	(347)	—	—
Changes in fair value of derivatives	(454)	—	—	—	(454)	—	—
Periodisation of inventory hedging effect	107	—	—	—	107	—	—
Adjusted total revenues and other income	50,326	16,305	3,563	2,056	49,667	109	(21,374)
Purchases [net of inventory variation]	(24,068)	0	10	—	(45,174)	0	21,096
Adjusting items	(71)	—	—	—	(40)	—	(31)
Eliminations	(31)	—	—	—	—	—	(31)
Operational storage effects	(40)	—	—	—	(40)	—	—
Adjusted purchases [net of inventory<br><br>variation]	(24,138)	0	10	—	(45,214)	0	21,065
Operating and administrative expenses	(6,081)	(1,848)	(977)	(571)	(2,605)	(394)	313
Adjusting items	179	—	—	—	29	151	—
Gain/loss on sale of assets	147	—	—	—	—	147	—
Other adjustments	3	—	—	—	—	3	—
Provisions	29	—	—	—	29	—	—
Adjusted operating and administrative<br><br>expenses	(5,901)	(1,848)	(977)	(571)	(2,576)	(243)	313		Items impacting net operating income/(loss) in<br><br>the first half of 2024 (in USD million)	Equinor<br><br>group	E&P<br><br>Norway	E&P<br><br>International	E&P USA	MMP	REN	Other
---	---	---	---	---	---	---	---
Depreciation, amortisation and net<br><br>impairments	(4,693)	(2,379)	(983)	(791)	(436)	(26)	(78)
Adjusting items	(33)	—	—	—	(33)	—	—
Reversal of impairment	(33)	—	—	—	(33)	—	—
Adjusted depreciation, amortisation and net<br><br>impairments	(4,726)	(2,379)	(983)	(791)	(469)	(26)	(78)
Exploration expenses	(545)	(193)	(299)	(53)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(545)	(193)	(299)	(53)	—	—	—
Sum of adjusting items	(272)	—	—	—	(391)	151	(31)
Adjusted operating income/(loss)	15,015	11,885	1,316	641	1,408	(160)	(74)
Tax on adjusted operating income	(10,288)	(9,199)	(317)	(166)	(672)	20	46
Adjusted operating income/(loss) after tax	4,727	2,686	998	475	736	(140)	(28)

Equinor second quarter 2025

45	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Adjusted operating income after tax by reporting segment

				Quarters
	Q2 2025			Q1 2025			Q2 2024
(in million)	Tax on adjusted<br><br>operating income	Adjusted<br><br>operating income<br><br>after tax	Adjusted<br><br>operating income	Tax on adjusted<br><br>operating income	Adjusted<br><br>operating income<br><br>after tax	Adjusted<br><br>operating income	Tax on adjusted<br><br>operating income	Adjusted<br><br>operating income<br><br>after tax
E&P Norway	(4,461)	1,244	7,453	(5,789)	1,664	6,129	(4,764)	1,364
E&P International	(138)	291	531	(417)	114	699	(225)	474
E&P USA	(41)	141	511	(118)	394	264	(72)	192
MMP	(189)	144	253	(153)	101	521	(285)	237
REN	3	(72)	(48)	63	15	(90)	6	(85)
Other	33	(7)	(54)	13	(41)	(40)	11	(29)
Equinor group	(4,793)	1,741	8,646	(6,401)	2,245	7,482	(5,329)	2,153
Effective tax rates on adjusted operating income		73.4%			74.0%			71.2%
			First half 2025			First half 2024
(in million)			Adjusted<br><br>operating income	Tax on adjusted<br><br>operating income	Adjusted<br><br>operating income<br><br>after tax	Adjusted<br><br>operating income	Tax on adjusted<br><br>operating income	Adjusted<br><br>operating income<br><br>after tax
E&P Norway			13,158	(10,250)	2,908	11,885	(9,199)	2,686
E&P International			960	(555)	404	1,316	(317)	998
E&P USA			694	(159)	535	641	(166)	475
MMP			586	(341)	245	1,408	(672)	736
REN			(124)	66	(58)	(160)	20	(140)
Other			(94)	46	(48)	(74)	46	(28)
Equinor group			15,181	(11,194)	3,986	15,015	(10,288)	4,727
Effective tax rates on adjusted operating income					73.7%			68.5%

All values are in US Dollars.

Equinor second quarter 2025

46	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Reconciliation of adjusted operating income after tax to net income

	Quarters			First half
(in million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Net operating income/(loss)	5,721	8,874	7,656	14,595	15,287
Income tax	4,441	6,263	5,658	10,704	10,983
Tax on net financial items	(2)	238	(178)	236	(82)
Income tax less tax on net financial items	4,443	6,024	5,835	10,468	11,065
Net operating income after tax	1,278	2,849	1,821	4,127	4,222
Items impacting net operating income/(loss)1)	813	(228)	(173)	585	(272)
Tax on items impacting net operating income/(loss)	(350)	(376)	506	(726)	777
Adjusted operating income after tax	1,741	2,245	2,153	3,986	4,727
Net financial items	37	19	(126)	56	240
Tax on net financial items	2	(238)	178	(236)	82
Net income/(loss)	1,317	2,630	1,872	3,947	4,545

All values are in US Dollars.

1)For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the

Supplementary disclosures.

Reconciliation of adjusted net income to net income

	Quarters			First half
(in million)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Net operating income/(loss)	5,721	8,874	7,656	14,595	15,287
Items impacting net operating income/(loss)1)	813	(228)	(173)	585	(272)
Adjusted operating income1)	6,535	8,646	7,482	15,181	15,015
Net financial items	37	19	(126)	56	240
Adjusting items	(144)	(249)	224	(392)	231
Changes in fair value of financial derivatives used to hedge interest bearing instruments	(150)	(58)	54	(208)	128
Foreign currency (gains)/losses on certain intercompany bank and cash balances	7	(191)	170	(185)	103
Adjusted net financial items	(106)	(230)	98	(336)	472
Income tax	(4,441)	(6,263)	(5,658)	(10,704)	(10,983)
Tax effect on adjusting items	(317)	(363)	494	(680)	749
Adjusted net income	1,670	1,789	2,417	3,460	5,253
Less:
Adjusting items	670	(477)	51	193	(40)
Tax effect on adjusting items	(317)	(363)	494	(680)	749
Net income/(loss)	1,317	2,630	1,872	3,947	4,545
Attributable to shareholders of the company	1,313	2,627	1,861	3,939	4,528
Attributable to non-controlling interests	5	3	12	8	16
Attributable to shareholders in %	99.7%	99.9%	99.4%	99.8%	99.6%
Adjusted net income attributable to shareholders	1,666	1,786	2,405	3,452	5,237
Weighted average number of ordinary shares outstanding (in millions)	2,622	2,719	2,850	2,670	2,894
Basic earnings per share (in )	0.50	0.97	0.65	1.48	1.56
Adjusted earnings per share (in )	0.64	0.66	0.84	1.29	1.81
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.

All values are in US Dollars.

Equinor second quarter 2025

47	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES
	Quarters			Change	First half
---	---	---	---	---	---	---	---
(in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
E&P Norway exploration expenditures	184	167	184	—%	351	276	27%
E&P International exploration expenditures	74	32	170	(56)%	106	270	(61)%
E&P USA exploration expenditures	13	5	17	(25)%	18	61	(71)%
Group exploration expenditures	272	204	372	(27)%	476	607	(22)%
Expensed, previously capitalised exploration expenditures	5	1	(4)	N/A	6	77	(92)%
Capitalised share of current period's exploration activity	(95)	(77)	(90)	5%	(172)	(142)	22%
Impairment (reversal of impairment)	—	—	2	(100)%	—	2	(100)%
Exploration expenses according to IFRS	183	127	279	(35)%	310	545	(43)%
Items impacting net operating income/(loss)1)	—	—	—	N/A	—	—	N/A
Adjusted exploration expenses	183	127	279	(35)%	310	545	(43)%

Adjusted exploration expenses

1)For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary

disclosures.

Equinor second quarter 2025

48	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow

CFFO information	Quarters			Change	First half
(in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Cash flows provided by operating activities before taxes paid and working capital items1)	9,167	10,620	9,948	(8)%	19,788	19,754	—%
Taxes Paid	(7,229)	(3,226)	(7,850)	(8)%	(10,456)	(11,700)	(11)%
Cash flow from operations after taxes paid (CFFO after taxes paid)1)	1,938	7,394	2,097	(8)%	9,332	8,054	16%
Net cash flow information	Quarters			Change	First half
(in USD million)	Q2 2025	Q1 2025	Q2 2024	Q2 on Q2	2025	2024	Change
Cash flow from operations after taxes paid (CFFO after taxes paid)1)	1,938	7,394	2,097	(8)%	9,332	8,054	16%
(Cash used)/received in business combinations	—	(26)	(467)	(100)%	(26)	(467)	(94)%
Capital expenditures and investments	(3,401)	(3,027)	(2,950)	15%	(6,428)	(5,433)	18%
(Increase)/decrease in other interest-bearing items	(166)	122	(283)	>(100%)	(45)	(493)	(91)%
Proceeds from sale of assets and businesses	340	83	50	>100%	424	110	>100%
Net cash flow before capital distribution1)	(1,289)	4,546	(1,553)	17%	3,257	1,770	84%
Dividend paid	(1,024)	(1,911)	(2,072)	(51)%	(2,935)	(4,721)	(38)%
Share buy-back	(265)	(549)	(398)	(33)%	(815)	(947)	(14)%
Net cash flow1)	(2,579)	2,086	(4,022)	36%	(493)	(3,897)	87%
1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement  on relevant line items affected are shown below. For more information see note 1<br><br>Organisation and basis of preparation.									Line items impacted by change in accounting policy	Q2 2024			First half 2024
---	---	---	---	---	---	---
(in USD million)	As reported	Restated	Impact	As reported	Restated	Impact
Cash flows provided by operating activities before taxes paid and working<br><br>capital items	9,748	9,948	(200)	19,437	19,754	(317)
Cash flow from operations after taxes paid (CFFO after taxes paid)	1,898	2,097	(200)	7,737	8,054	(317)
Net cash flow before capital distribution	(1,752)	(1,553)	(199)	1,454	1,770	(317)
Net cash flow	(4,222)	(4,022)	(199)	(4,214)	(3,897)	(317)

Equinor second quarter 2025

49	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Organic capital expenditures

Organic capital expenditures	Quarters			First half
(in USD billion)	Q2 2025	Q1 2025	Q2 2024	2025	2024
Additions to PP&E, intangibles and equity accounted investments	3.6	4.5	4.8	8.1	8.1
Less:
Acquisition-related additions	0.0	1.3	1.5	1.3	1.8
Right of use asset additions	0.2	0.2	0.4	0.4	0.7
Organic capital expenditures	3.4	3.0	2.9	6.4	5.7

Equinor second quarter 2025

50	Supplementary disclosures	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Calculation of capital employed and net debt to capital employed ratio

Calculation of capital employed and net debt to capital employed ratio	At 30 June	At 31 December
(in million)	2025	2024
Shareholders' equity	41,921	42,342
Non-controlling interests	51	38
Total equity	41,972	42,380
Current finance debt and lease liabilities	9,840	8,472
Non-current finance debt and lease liabilities	24,505	21,622
Gross interest-bearing debt	34,345	30,094
Cash and cash equivalents1)	9,472	5,903
Current financial investments	14,327	15,335
Cash and cash equivalents and financial investment1)	23,800	21,238
Net interest-bearing debt [8]1)	10,546	8,856
Other interest-bearing elements1)2)	306	366
Net interest-bearing debt adjusted including lease liabilities*	10,852	9,221
Lease liabilities	3,345	3,510
Net interest-bearing debt adjusted*	7,507	5,711

All values are in US Dollars.

Calculation of capital employed and net debt to capital employed ratio	At 30 June	At 31 December
(in million)	2025	2024
Calculation of capital employed*
Capital employed1)	52,517	51,235
Capital employed adjusted, including lease liabilities	52,824	51,601
Capital employed adjusted	49,479	48,091
Calculated net debt to capital employed*
Net debt to capital employed1)	20.1%	17.3%
Net debt to capital employed adjusted, including lease liabilities	20.5%	17.9%
Net debt to capital employed adjusted	15.2%	11.9%

All values are in US Dollars.

1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the

restatement on relevant line items affected are shown below. For more information see note 1 Organisation and basis of

preparation.

2)Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial

investments.

Line items impacted by change in accounting policy	At 31 December 2024
(in million)	As reported	Restated	Impact
Cash and cash equivalents	8,120	5,903	(2,217)
Cash and cash equivalents and financial investment	23,455	21,238	(2,217)
Net interest-bearing debt [8]	6,638	8,856	2,217
Other interest-bearing elements	2,583	366	(2,217)
Capital employed	49,018	51,235	2,217
Net debt to capital employed	13.5%	17.3%	3.7%

All values are in US Dollars.

Equinor second quarter 2025

51	Forward-looking statements	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

Forward-looking statements

This report contains certain forward-looking

statements that involve risks and uncertainties. In

some cases, we use words such as "ambition",

"continue", "could", "estimate", "intend", "expect",

"believe", "likely", "may", "outlook", "plan", "strategy", "will",

"guidance", "targets", and similar expressions to

identify forward- looking statements. Forward-

looking statements include all statements other than

statements of historical fact, including, among others,

statements regarding Equinor's plans, intentions, aims,

ambitions and expectations; the commitment to

develop as a broad energy company and diversify its

energy mix; the ambition to be a leading company in

the energy transition and reduce net group-wide

greenhouse gas emissions; our ambitions and

expectations regarding decarbonisation; future

financial performance, including earnings, cash flow

and liquidity; expectations and ambitions regarding

value creation; expectations and ambitions regarding

progress on the energy transition plan; expectations

regarding cash flow and returns from Equinor’s oil

and gas portfolio, CCS projects and renewables and

low carbon solutions portfolio; our expectations and

ambitions regarding operated emissions, annual CO₂

storage and carbon intensity; plans to develop fields;

'expectations and ambitions regarding exploration

activities; plans and ambitions for renewables

production capacity and CO₂ transport and storage

and investments in renewables and low carbon

solutions; expectations and plans regarding

development of renewables projects, CCUS and

hydrogen businesses and production of low carbon

energy and CCS; our intention to optimise our

portfolio; robustness of our portfolio; contributions to

energy security; break-even considerations, targets

and other metrics for investment decisions; future

worldwide economic trends, market outlook and

future economic projections and assumptions,

including commodity price, currency and refinery

assumptions; estimates of reserves and expectations

regarding discoveries; organic capital expenditures

for 2025; expectations regarding investments and

capex and estimates regarding capacity, production,

development and execution of projects; expectations

and estimates regarding future operational

performance, including oil and gas and renewable

power production; estimates regarding tax payments;

expectations and ambitions regarding costs, including

the ambition to keep unit of production cost in the top

quartile of our peer group; scheduled maintenance

activity and the effects thereof on equity production;

regarding completion and results of acquisitions,

disposals, joint ventures and other contractual

arrangements; ambitions regarding capital

distributions and expected amount and timing of

dividend payments and the implementation of our

share buy-back programme; projected impact of

legal claims against us; and provisions and contingent

liabilities. You should not place undue reliance on

these forward-looking statements. Our actual results

could differ materially from those anticipated in the

forward-looking statements for many reasons.

These forward-looking statements reflect current

views about future events, are based on

management’s current expectations and assumptions

and are, by their nature, subject to significant risks

and uncertainties because they relate to events and

depend on circumstances that will occur in the future.

There are a number of factors that could cause

actual results and developments to differ materially

from those expressed or implied by these forward-

looking statements, including levels of industry

product supply, demand and pricing, in particular in

light of significant oil price volatility; unfavourable

macroeconomic conditions and inflationary

pressures; exchange rate and interest rate

fluctuations; levels and calculations of reserves and

material differences from reserves estimates;

regulatory stability and access to resources, including

attractive low carbon opportunities; the effects of

climate change and changes in stakeholder sentiment

and regulatory requirements regarding climate

change; changes in market demand and supply and

policy support from governments for renewables;

inability to meet strategic objectives; the development

and use of new technology; social and/or political

instability, including worsening trade relations; failure

to prevent or manage digital and cyber disruptions to

our information and operational technology systems

and those of third parties on which we rely;

operational problems, including cost inflation in

capital and operational expenditures; unsuccessful

drilling; availability of adequate infrastructure at

commercially viable prices; the actions of field

partners and other third-parties; reputational

damage; the actions of competitors; the actions of the

Norwegian state as majority shareholder and

exercise of ownership by the Norwegian state;

changes or uncertainty in or non- compliance with

laws and governmental regulations; adverse changes

in tax regimes; the political and economic policies of

Norway and other oil-producing countries;

regulations on hydraulic fracturing and low-carbon

value chains; liquidity, interest rate, equity and credit

risks; risk of losses relating to trading and commercial

supply activities; an inability to attract and retain

personnel; ineffectiveness of crisis management

systems; inadequate insurance coverage; health,

safety and environmental risks; physical security risks

to personnel, assets, infrastructure and operations

from hostile or malicious acts; failure to meet our

ethical and social standards; actual or perceived

non-compliance with legal or regulatory

requirements; and other factors discussed elsewhere

in this report and in Equinor's Integrated Annual

Report for the year ended December 31, 2024

(including section 5.2 - Risk factors thereof). Equinor's

2024 Integrated Annual Report is available at

Equinor's website www.equinor.com.

Although we believe that the expectations reflected in

the forward-looking statements are reasonable, we

cannot assure you that our future results, level of

activity, performance or achievements will meet these

expectations. Moreover, neither we nor any other

person assumes responsibility for the accuracy and

completeness of the forward-looking statements. Any

forward-looking statement speaks only as of the date

on which such statement is made, and, except as

required by applicable law, we undertake no

obligation to update any of these statements after

the date of this report, either to make them conform

to actual results or changes in our expectations.

We use certain terms in this document, such as

"resource" and "resources", that the SEC's rules

prohibit us from including in our filings with the SEC.

U.S. investors are urged to closely consider the

disclosures in our Annual Report on Form 20-F for the

year ended December 31, 2024, SEC File No.

1-15200. This form is available on our website or by

calling 1-800-SEC-0330 or logging on to

www.sec.gov

Equinor second quarter 2025

52	End notes	PRESS<br><br>RELEASE	SECOND QUARTER<br><br>2025REVIEW	CONDENSED INTERIM FINANCIAL<br><br>STATEMENTS AND NOTES	SUPPLEMENTARY<br><br>DISCLOSURES

End notes

1.The group's average liquids price is a volume

weighted average of the segment prices of crude

oil, condensate and natural gas liquids (NGL).

2.Liquids volumes include oil, condensate and NGL,

exclusive of royalty oil.

3.Equity volumes represent produced volumes

under a production sharing agreement (PSA)

that correspond to Equinor’s ownership share in a

field. Entitlement volumes, on the other hand,

represent Equinor’s share of the volumes

distributed to the partners in the field, which are

subject to deductions for, among other things,

royalty and the host government's share of profit

oil. Under the terms of a PSA, the amount of profit

oil deducted from equity volumes will normally

increase with the cumulative return on investment

to the partners and/or production from the

licence. Consequently, the gap between

entitlement and equity volumes will likely increase

in times of high liquids prices. The distinction

between equity and entitlement is relevant to

most PSA regimes, whereas it is not applicable in

most concessionary regimes such as those in

Norway, the UK, the US, Canada and Brazil.

4.Transactions with the Norwegian state. The

Norwegian state, represented by the Ministry of

Trade, Industry and Fisheries, is the majority

shareholder of Equinor and it also holds major

investments in other entities. This ownership

structure means that Equinor participates in

transactions with many parties that are under a

common ownership structure and therefore meet

the definition of a related party. Equinor

purchases liquids and natural gas from the

Norwegian state, represented by SDFI (the State's

Direct Financial Interest). In addition, Equinor sells

the State's natural gas production in its own name,

but for the Norwegian state's account and risk,

and related expenditures are refunded by the

State.

5.The production guidance reflects our estimates of

proved reserves calculated in accordance with

US Securities and Exchange Commission (SEC)

guidelines and additional production from other

reserves not included in proved reserves

estimates.

6.The group's average realised piped gas prices

include all realised piped gas sales, including both

physical sales and related paper positions.

7.The internal transfer price paid from the MMP

segment to the E&P Norway, E&P International

and E&P USA segments.

8.Since different legal entities in the group lend to

projects and others borrow from banks, project

financing through external bank or similar

institutions is not netted in the balance sheet and

results in over-reporting of the debt stated in the

balance sheet compared to the underlying

exposure in the group. Similarly, certain net

interest-bearing debt incurred from activities

pursuant to the Marketing Instruction of the

Norwegian government are offset against

receivables on the SDFI. Some interest-bearing

elements are classified together with non-interest

bearing elements and are therefore included

when calculating the net interest-bearing debt.

Equinor ASA

Box 8500

NO-4035 Stavanger

Norway

Telephone:+47 51 99 00 00

www.equinor.com

Photos:

Page 1 Jan Arne Wold, Woldcam

Pages 1, 3, 4, 6, 7, 12, 36 Ole Jørgen Bratland

Page 2 Einar Aslaksen

Page 10 Lars-Ivar Flage

Page 18 Øivind Haug

Page 20 Øyvind Gravås and Even Kleppa

SIGNATURE - 6K FURNISHED

Pursuant to the requirements of the

Securities Exchange Act of 1934, the

registrant has duly caused this report to be

signed on its behalf by the undersigned,

thereunto duly authorised.

EQUINOR ASA

(Registrant)

Dated: 23 July 2025

By: _/s/ Torgrim Reitan

Name: Torgrim Reitan

Title: Chief Financial Officer