Equinor

Report Publication Announcement • Mar 20, 2025

Equinor presents 2024 Annual report

Equinor presents 2024 Annual report

Equinor ASA (OSE: EQNR, NYSE: EQNR) publishes annual report for 2024, including

financial and sustainability reporting.

"2024 was marked by continued unpredictability in energy markets, with growing

energy demand, political uncertainty and uneven progress in the energy

transition. Our focus is on producing the energy the world needs today, and at

the same time developing the energy systems needed for the future," says Anders

Opedal, President and CEO of Equinor ASA.

Safety

"A systematic approach to safety over time is paying off with the best safety

results to date in 2024. However, the year was marked by the fatal search and

rescue (SAR) helicopter accident where we lost a dear colleague. We believe

close collaboration with suppliers and shared learning in the industry is

important for our continued safety improvement effort", says Opedal.

The twelve-month average Serious Incident Frequency (SIF) for 2024 was 0.3, down

from 0.4 in 2023.

Strong operational and financial performance

Equinor delivered adjusted operating income* of USD 29.8 billion, and adjusted

net income* of USD 9.18. Net operating income was reported at USD 30.9 billion

and net income at USD 8.83 billion.

"Our operational performance was strong, built on the dedicated efforts from

employees across the company. Our role as a major supplier of energy to Europe

is important and I am proud of the work we have done to provide energy

security", says Opedal.

Strong operational performance across the portfolio contributed to an equity

production of liquids and gas of 2,067 mboe per day in 2024, on par with the

year before. Equity production of renewable power increased by 51% to 2,935 GWh.

Strong financial result contributed to a return on average capital employed

(RoACE)* at 21% for 2024. Capital discipline remained firm with organic capital

expenditures* ending at USD 12.1 billion for the year. Equinor maintained a

strong balance sheet with net debt to capital employed adjusted* of 11.9% at the

end of 2024.

The strong financial results of 2024 also led to strong contributions to society

through taxes. In 2024, Equinor paid USD 20.6 billion in corporate income taxes

of which USD 19.7 billion was paid in Norway, where Equinor has the largest

share of its operations and earnings.

Firm strategy and progressing industrial development

"We have a consistent growth strategy, and our strategic direction remains firm.

By adapting to market situation and opportunities, we are positioned for

stronger free cash flow and growth, and set to create shareholder value for

decades to come", Opedal continues.

Through progressing projects and portfolio shaping transactions Equinor spent

2024 high-grading the portfolio and positioning for stronger growth and cash

flow.

On the Norwegian continental shelf, the development of the portfolio continued

with 39 new licences and approvals of the PDOs of Eirin, Irpa, Verdande and

Andvare projects. The Johan Castberg FPSO arrived at the field and started

preparations for startup.

The international upstream portfolio was focused with the exits from our long-

standing positions in Nigeria and Azerbaijan and deepened in core areas with the

acquisitions of US Onshore gas assets close to premium markets. In the UK an

agreement was signed to establish an incorporated joint venture with Shell UK

Ltd., which will become the largest independent oil and gas company on the UK

continental shelf.

Through 2024 Equinor high-graded the renewables portfolio to ensure profitable

growth, in a market challenged by cost inflation and regulatory delays. In the

UK the world's largest offshore wind farm, Dogger Bank, continued to progress

towards commercial start-up. Production was commenced at the Mendubim solar

plants in Brazil.

The long-term view on the importance of offshore wind remains firm. Through an

acquisition of a 10% stake in Ørsted, Equinor got exposure to a premium

portfolio of offshore wind projects and assets in operation.

Value chains for carbon transport and storage progressed notably. In Norway,

Northern Lights, the first commercial CO2 transport and storage infrastructure

was completed and is expected to receive and store CO2 in 2025. In the UK,

execution started for two of UK's first carbon capture and storage

infrastructure projects where Equinor is a partner.

Progress on the Energy transition plan

In 2024, Equinor achieved a year-on-year reduction of 5% in operated scope 1+2

greenhouse gas emissions, bringing the total down to 11.0 million tonnes CO2

equivalents. This is a 34% reduction from 2015, which is the reference year for

Equinor's ambition to reduce group-wide operated emissions by 50% on a net basis

by 2030. Throughout 2024, actions were taken for further emission reductions

with the partial electrification of the Sleipner field center, the Gudrun

platform, as well as the Troll B and C fields.

The average upstream CO2 intensity of Equinor's operated portfolio was 6.2 kg of

CO2 per boe in 2024 (100% basis), an improvement from 6.7kg of CO2/boe in 2023

and well below the industry average. The scope 3 GHG emissions from use of our

products were 251 million tonnes in 2024, on par with the level in 2023.

Equinor improved in the net carbon intensity of energy produced (including scope

1, 2 and 3 emissions) in 2024, which is now 2% below the 2019 baseline. The

reduction was mainly driven by increased renewable energy production and lower

scope 1+2 emissions.

Equinor ambition is to to be a leading company in the energy transition. The

updated Energy Transition Plan, published on March 20 2025, outlines the

approach to deliver on Equinor's strategy of creating value in the transition,

while adjusting to changing external context and market realities.

***

The previously announced decision of the French Energy Regulatory Commission

(CRE), includes a requirement for Equinor to publish the following summary

language:

"Les sociétés Danske Commodities A/S et Equinor ASA ont été condamnées, par une

décision n° 08-40-23 de la Commission de régulation de l'énergie (CRE) du 20

janvier 2025, au titre de la méconnaissance de l'article 5 du règlement REMIT

qui prohibe les manipulations de marché, au paiement de sanctions pécuniaires,

dont les montants s'élèvent à huit millions d'euros (8.000.000 EUR) pour la

société Danske Commodities A/S et quatre millions d'euros (4.000.000 EUR) pour la

société Equinor ASA, pour des manipulations commises sur le marché de gros en

2019 et en 2020, en ce qui concerne les capacités de transport de gaz naturel

entre la France et l'Espagne.

Danske Commodities A/S and Equinor ASA were ordered by decision no. 08-40-23 of

Commission de régulation de l'énergie (CRE) of 20 January 2025 to pay - for

infringement of Article 5 of REMIT Regulation prohibiting market manipulations -

financial penalties in the amount of eight million euros (EUR8,000,000) as regards

Danske Commodities A/S and four million euros (EUR4,000,000) as regards Equinor

ASA, for manipulations committed on the wholesale market in 2019 and 2020, with

regard to natural gas transmission capacity between France and Spain."

The full decision is included in the attached appendix "Full decision text".

Equinor does not agree with the decision from CRE and will appeal the case to

the Higher Administrative Court in France.

* * *

Our annual report and the subsidiary reports published separately can be

downloaded from equinor.com/reports.

* * *

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

Manual, Equinor ASA announces that on 20 March 2025 it filed with the Securities

and Exchange Commission its 2024 Annual Report on Form 20-F that includes

audited financial statements for the year ended December 31, 2024.

The Equinor 2024 Annual Report on 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.

* * *

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

measures in the annual report for more details.

Further information:

Investor relations

Bård Glad Pedersen, senior vice president Investor Relations,

+47 51 99 00 00

Press

Rikke Høistad Sjøberg, media spokesperson financial communication,

+47 901 01 451(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, are based on the

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 the forward-looking statements, including

those discussed under "Risk Factors" in the 2024 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.