Equinor

Quarterly Report • Apr 30, 2025

1st quarter 2025 results

Torgrim Reitan

Chief financial officer

30 April 2025

First quarter 2025 Highlights

Strong financial and operational performance

• − Strong financial results and cash flow
• − Start up of new fields and FID for Northern Lights Phase 2
• − Delivering capital distribution in line with CMU guiding

Prepared for market volatility

• − Resilient towards lower commodity prices
• − Robust portfolio, strong balance sheet and capital discipline

Empire Wind

• − Halt work order received 16 April
• − Lease obtained in 2017, project fully permitted in 2024
• − Empire Wind gross book value of around USD 2.5 billion1

1. Including South Brooklyn Marine Terminal

Safety: performance indicators

Serious Incident Frequency (SIF) Serious incidents and near-misses per million hours worked. 12-month average.

Total Recordable Injury Frequency (TRIF) Personal injuries per million hours worked. 12-month average. 4,4

Oil and gas leakages

Number of leakages with rate above 0.1 kg/second during the past 12 months.

Equity production 1Q 2025

Oil and gas

• − Strong production efficiency on the NCS
• − Higher US onshore production
• − Impact from divestments in Azerbaijan and Nigeria

Oil and gas production mboe/d

Highlights

• − E&P Norway driven by higher gas prices
• − E&P Int tax rate impacted by UK EPL period extension
• − E&P US driven by higher onshore production capturing higher prices
• − MMP lower liquids and LNG trading results and impacted by cost of CCS wells
• − REN results reflect lower business development and early phase costs
• − Committed to capital discipline and keeping costs flat

Realised prices	1Q25	1Q24
Liquids (USD/bbl)	70.6	76.0
European gas (USD/mmbtu)	14.80	9.41
N. American gas (USD/mmbtu)	4.06	2.33
Adjusted operating income	1Q25	1Q24

Adjusted operating income		1Q25	1Q24
	Pre-tax	Post-tax	Pre-tax	Post-tax
E&P Norway	7,453	1,664	5,756	1,322
E&P Int	531	114	616	524
E&P US	511	394	377	283
MMP	253	101	887	499
REN	(48)	15	(70)	(55)
Group	8,646	2,245	7,533	2,574

Open 30 April 2025

• One NCS tax instalment of USD 3.1 billion1
  • 2Q25: Two NCS tax instalments of NOK 35.2 billion1 each
  • 2H25 payments based on estimated 2025 results
• − Significant capital distribution of USD 2.5 billion
• − Organic capex USD 3.0 billion
• − Strong balance sheet with cash, cash equivalents and financial investments of USD 24.8 billion
• Resilient financial position with net debt ratio of 6.9%2
  • State's share of 2024 share buy-back to be booked as finance debt in 2Q and paid in 3Q

Cash flow (USD million)	1Q25	1Q24
Cash flow from operations3	10,620	9,806
Total taxes paid	(3,226)	(3,849)
Cash flow from operations after tax4	7,394	5,957
Cash flow to investments5	(2,931)	(2,693)
Proceeds from sale of assets	83	60
Net cash flow before capital distribution	4,546	3,324
Capital distribution6	(2,460)	(3,199)
Net cash flow	2,086	125

1. Based on estimated 2024 financial year earnings

2. 1. Adjusted, excluding IFRS 16 impact; normalised for tax payments
3. 1. CFFO from year to date: Income before tax USD 8.9 billion + non-cash items USD 1.7 billion and excludes changes in working capital items
4. 1. Excludes changes in working capital

5. Including inorganic investments and increase/decrease in other interest-bearing items

6. Cash dividend, extraordinary dividend and share buy-back executed in market

Forward-looking statements

This presentation 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; 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 proved reserves; organic capital expenditures for 2025; expectations regarding investments and capex and estimates regarding production and 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 forwardlooking 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 interestrate 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 forrenewables; 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, interestrate, equity and creditrisks;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 ourfuture results, level of activity, performance or achievements will meetthese 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 conformto actualresults 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 orlogging on to www.sec.gov

CONTACT INFORMATION

Investor Relations in Equinor

E-mail: irpost@equinor.com

Norway/UK

Bård Glad Pedersen	Senior Vice President	bgp@equinor.com	+47 91 80 17 91
Lars Valdresbråten	IR Senior Manager Norway	lava@equinor.com	+47 40 28 17 89
Ingvar Egeland	IR Senior Manager UK	ineg@equinor.com	+44 7561 854176
Erik Gonder	IR Manager	ergon@equinor.com	+47 99 56 26 11
Kristjan Osaland	IR Graduate	kosal@equinor.com	+47 41 35 97 44
Anne Sofie Dahle	Senior Consultant	asda@equinor.com	+47 90 88 75 54
Fan Gao	IR Officer UK	fgao@equinor.com	+44 7771 918026
USA
Amberley Doskey	IR Senior Manager US	amlev@equinor.com	+1 617 216 4385
Nate Mital	IR Officer US	nmita@equinor.com	+1 469 927 5677

Segment results 1Q 2025

E&P Norway Adjusted operating		E&P International		E&P USA		MMP		REN
income Million USD	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax
1Q 25	7,453	1,664	531	114	511	394	253	101	(48)	15
1Q 24	5,756	1,322	616	524	377	283	887	499	(70)	(55)
Net operating income Million USD
1Q 25	7,944		579		511		84		(259)
1Q 24	5,756		616		377		1,303		(220)