Equinor

Report Publication Announcement • Mar 18, 2022

Equinor annual and sustainability reports for 2021

Equinor annual and sustainability reports for 2021

Equinor ASA (OSE: EQNR, NYSE: EQNR) presents its 2021 annual report and form 20-

F, and its 2021 Sustainability report.

"We present our annual reports for 2021 at a very difficult time in Europe. My

thoughts are with all suffering the consequences from the invasion of Ukraine.

Our top priority in this situation is to continue securing reliable and safe

delivery of energy to Europe," says Anders Opedal, President and CEO of Equinor

ASA.

Equinor took measures in the second half of 2021 to increase deliveries of gas

to Europe as demand increased. In 2022, the company remains focused on securing

safe and stable operations.

Equinor's performance 2021

In June 2021, Equinor presented its updated strategy to accelerate the

transition to a broad energy company by optimising the oil and gas portfolio,

high value growth in renewables, and shaping new markets within low carbon

solutions.

"The strategy will enable us to develop the industrial solutions needed to

support societies towards a low carbon future, and to position Equinor as a

leading company in the energy transition," Opedal writes in his letter to fellow

shareholders.

In 2021, Equinor delivered strong operational performance with high production

efficiency. The equity production of liquids and gas ended at 2.079 million boe

per day, a growth of 3.2%(1), and a power generation of 1,562 GWh. The growth in

production of gas from Norwegian Continental Shelf to Europe was 5% compared to

2020. The reserves replacement ratio was 113% in 2021.

The financial results for 2021 are strengthened by the recovery of the markets

with higher prices. Equinor reports adjusted earnings of USD 33.5 billion before

tax and USD 10.0 billion after tax for 2021. IFRS net operating income was USD

33.7 billion and net income was USD 8.58 billion.

With strong earnings and continued cost and capital discipline, Equinor

delivered a return on average capital employed (RoACE) of 22.7%. Equinor

strengthened its balance sheet through the year and improved the adjusted net

debt ratio(2) from 31.7% at the end of 2020 to negative 0.8% at end of 2021.

The Sustainability Report provides an overview of Equinor's performance and

progress towards the company's sustainability ambitions.

The twelve-month average Serious Incident Frequency (SIF) 2021 was 0.4, down

from 0.5 in 2020.

"My number one priority during the year was to keep everyone working for Equinor

safe. It is encouraging to see a declining trend in the serious incident

frequency compared to 2020. Going forward, we will continue working

systematically to improve these results to ensure the safety of all our people,"

Opedal says.

Equinor's (scope 1 & 2) greenhouse gas emissions (GHG) were 12.1 million tonnes

CO2, representing a decrease compared to 2020.

"Our ambition is to reduce our group-wide emissions by 50% by 2030, and we aim

to realise 90% of this ambition by absolute reductions. This ambition is aligned

with the goals of the Paris agreement and a 1.5°C pathway, and we are on track

with our performance so far," adds Opedal.

The average CO2 intensity of Equinor's operated portfolio was 7.0 kg CO2 per

barrel of oil equivalent, down from 8.0 in 2020. Increased production, changes

in the portfolio and emission reduction measures were the main drivers for the

reduction of the intensity compared to 2020.

The scope 3 GHG emissions were 249 million tonnes CO2.

To demonstrate our acceleration towards a broad energy company, Equinor's

ambition is to allocate more than 30% of annual gross capex by 2025 and more

than 50% by 2030 to renewables and low carbon solutions. The company is on track

towards the 2025 ambition, with gross investments increasing to 11% in 2021,

compared to 4% in 2020. Equinor has made significant progress with offshore

wind, onshore renewables, CCS and hydrogen projects in 2021.

* * *

In accordance with Section 203.01 of the New York Stock Exchange Listed Company

Manual, Equinor ASA announces that on 18 March 2022 it filed with the Securities

and Exchange Commission its 2021 Annual Report on Form 20-F that included

audited financial statements for the year ended December 31, 2021.

The Equinor 2021 Annual Report and Form 20-F may be downloaded from Equinor's

website at www.equinor.com. References to this document or other documents on

Equinor's website are included as an aid to their location and are not

incorporated by reference into this document. All SEC filings made available

electronically by Equinor may be obtained from the SEC's website at www.sec.gov

(http://www.sec.gov).

Shareholders may also request a hard copy of the annual report free of charge at

www.equinor.com (http://www.equinor.com).

* * *

(1) Adjusted for portfolio measures

(2) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial

measures in the report for more details.

* * *

Further information:

Investor relations

Peter Hutton, senior vice president Investor Relations,

+44 7881 918 792 (mobile)

Press

Ola Morten Aanestad, press spokesperson Media Relations,

+47 480 80 212 (mobile)

* * *

Cautionary Note regarding Forward Looking Statements This press release contains

forward-looking statements. Forward-looking statements reflect current views

with respect to 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. There are a number of factors that

could cause actual results and developments to differ materially from those

expressed or implied by the forward-looking statements, including those

discussed under "Risk review" in the 2021 Annual Report and elsewhere in

Equinor's publications. You should not place undue reliance on 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, Equinor

undertakes no obligation to update any of these statements, whether to make them

conform to actual results, changes in expectations or otherwise.

* * *

This information is subject to disclosure obligations pursuant to the EU Market

Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and

section 5-12 of the Norwegian Securities Trading Act.