2025 Second quarter

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."

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 %

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

Renewable power generation (TWh) Equinor share 0.83 0.76 0.65 26 % 1.58 1.43 11 %

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.

	income*	production	Equinor share
Key figures by segment	(USD million)	(mboe/day)	(TWh)

E&P Norway	5,706	1,359	0.04
E&P International	429	306
E&P USA	183	431
MMP	333		0.30
REN	(75)		0.78
Other incl. eliminations	(40)
Equinor Group Q2 2025	6,535	2,096	1.12
Equinor Group Q2 2024	7,482	2,048	1.08
Equinor Group first half 2025	15,181	2,109	2.52
Equinor Group first half 2024	15,015	2,106	2.36

Adjusted operating

E&P equity liquids and gas Total power generation

Net debt to capital employed adjusted*	30 June 2025	31 December 2024	%-point change
Net debt to capital employed adjusted*	15.2%	11.9%	3.3 %

Dividend (USD per share)	Q2 2025	Q1 2025	Q2 2024
Ordinary cash dividend per share	0.37	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 USD 815 million.

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.

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.

Health, safety and the environment	Twelve months average 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

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.

PRESS	SECOND QUARTER	CONDENSED INTERIM FINANCIAL	SUPPLEMENTARY
RELEASE	2025 REVIEW	STATEMENTS AND NOTES	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

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
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 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 (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 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/ 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.

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 latelife 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.

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.

SECOND QUARTER 2025 REVIEW

Bacalhau FPSO

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.

1 USD/NOK exchange rate assumption of 11

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) %	Includes Hywind Tampen renewable power generation. 1)
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 %

SUPPLEMENTARY DISCLOSURES

Health, safety and the environment

	Twelve months average per Q2 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.

2) Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe).

3) Operational control, total scope 1 and 2 emissions of CO2 and CH4.

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
expenses*	(1,077)	(891)	(982)		10 % (1,968)	(1,848)	7 %
Adjusted depreciation, amortisation and net
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
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
(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.

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 expenses*	(490)	(567)	(582)		(16) % (1,057)	(977)	8 %
Adjusted depreciation, amortisation and net 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 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/ day)	306	309	336	(9) %	308	344	(10) %
E&P entitlement liquid and gas production (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.

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 expenses*	(306)	(311)	(291)	5 %	(617)	(571)	8 %
Adjusted depreciation, amortisation and net 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 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/ day)	431	424	337	28 %	427	344	24 %
E&P entitlement liquid and gas production (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 latelife 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.

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 expenses*	(1,198)	(1,348)	(1,238)		(3) % (2,547)	(2,576)	(1) %
Adjusted depreciation, amortisation and net 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 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 lowcarbon 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.

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 income	36	(21)	12	>100%	15	41	(62) %
Net income/(loss) from equity accounted 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 expenses*	(111)	(89)	(122)	(9) %	(199)	(243)	(18) %
Adjusted depreciation, amortisation and net 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 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

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.

Renewables power generation (TWh) Equinor

PRESS	SECOND QUARTER	CONDENSED INTERIM FINANCIAL	SUPPLEMENTARY
RELEASE	2025 REVIEW	STATEMENTS AND NOTES	DISCLOSURES

Melkøya, Norway

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

Equinor second quarter 2025

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 USD million) Note	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 5	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 6	(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

		Quarters		First half















Attributable to non-controlling interests	5	3	12	8	16

Basic earnings per share (in USD)	0.50	0.97	0.65	1.48	1.56
Diluted earnings per share (in USD)	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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		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
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
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.

CONSOLIDATED BALANCE SHEET

		At 30 June	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)

ASSETS
Property, plant and equipment	2	58,528	55,560
Intangible assets	3	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	3	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 USD 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 USD 2.2 billion.

(in USD million)	Note	At 30 June 2025 (unaudited)	At 31 December 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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

					OCI from equity
(unaudited, in USD million)	Share capital	Additional paid-in capital	Retained earnings	Foreign currency translation reserve	accounted investments	Shareholders' equity	Non-controlling 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

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 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 working capital items Taxes paid		9,167 10,620		9,948	19,788 (7,229) (3,226) (7,850) (10,456) (11,700)	19,754
(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 a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the restatement table in note 1 Organisation and basis of preparation.

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.

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 transactions	—	117	—	200	—	317	—	(563)	—	(246)	—	(399)	—	(645)
Cash flow provided by operating activities 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 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 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 transactions	—	3,678	—	426	—	4,103	—	(245)	—	3,858	—	698	—	4,556
Cash flow provided by operating activities 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 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 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

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 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 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 sale)								82,994

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

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

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

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

field in Brazil

segment.

Agreement to sell all interests in the Peregrino

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

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.

Non-current assets by country

	At 30 June	At 31 December
(in USD million)	2025	2024

Norway1)	35,446	30,017
USA	15,693	15,638
Brazil	9,221	11,487
UK	1,785	1,641
Angola	1,186	1,159
Canada	1,067	1,019
Poland	969	644
Argentina	903	822
Denmark	826	770
Germany	306	287
Other	357	202

Total non-current assets2)	67,759	63,686

1) Increase is mainly due to weakening of USD 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.

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).

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.

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 held for trading purposes.

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.

Note 6. Income taxes

		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.

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,

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.

	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

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

STATEMENTS AND NOTES

/s/ JON ERIK REINHARDSEN CHAIR

/s/ ANNE DRINKWATER DEPUTY CHAIR	/s/ FERNANDA LOPES LARSEN	/s/ FINN BJØRN RUYTER
/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

PRESS	SECOND QUARTER	CONDENSED INTERIM FINANCIAL	SUPPLEMENTARY
RELEASE	2025 REVIEW	STATEMENTS AND NOTES	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 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

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 ongoing 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.

• 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 interestbearing 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.

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 interestbearing 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.

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 the second quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P 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
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 expenses	(3,094)	(1,077)	(490)	(306)	(1,198)	(111)	89

Items impacting net operating income/(loss) in the second quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Depreciation, amortisation and net impairments	(3,422)	(1,338)	(310)	(536)	(232)	(968)	(38)
Adjusting items	955	—	—	—	—	955	—
Impairment	955	—	—	—	—	955	—
Adjusted depreciation, amortisation and net 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)

Items impacting net operating income/(loss) in the second quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P 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 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 expenses	(3,070)	(982)	(582)	(291)	(1,238)	(122)	145

Items impacting net operating income/(loss) in the second quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Depreciation, amortisation and net impairments	(2,348) (1,206)		(453)	(427)	(209)	(18)	(35)
Adjusting items	(33)	—	—	—	(33)	—	—
Reversal of impairment	(33)	—	—	—	(33)	—	—
Adjusted depreciation, amortisation and net 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)

Items impacting net operating income/(loss) in	Equinor	E&P	E&P
the first quarter of 2025 (in USD million)	Group	Norway	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
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 expenses	(3,143)	(891)	(567)		(311) (1,348)	(89)	62

Items impacting net operating income/(loss) in the first quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Depreciation, amortisation and net impairments	(2,310)	(1,127)	(396)	(370)	(227)	(153)	(37)
Adjusting items	146	—	—	—	—	146	—
Impairment	146	—	—	—	—	146	—
Adjusted depreciation, amortisation and net 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)

Items impacting net operating income/(loss) in the first half of 2025 (in USD million)	Equinor Group	E&P Norway	E&P 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 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 expenses	(6,237) (1,968)		(1,057)		(617) (2,547)	(199)	151

Items impacting net operating income/(loss) in the first half of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Depreciation, amortisation and net 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 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)

Items impacting net operating income/(loss) in the first half of 2024 (in USD million)	Equinor group	E&P Norway	E&P 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 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 expenses	(5,901) (1,848)		(977)		(571) (2,576)	(243)	313

Items impacting net operating income/(loss) in the first half of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Depreciation, amortisation and net impairments	(4,693) (2,379)		(983)	(791)	(436)	(26)	(78)
Adjusting items	(33)	—	—	—	(33)	—	—
Reversal of impairment	(33)	—	—	—	(33)	—	—
Adjusted depreciation, amortisation and net 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)

45 Supplementary disclosures

Adjusted operating income after tax by reporting segment

					Quarters
		Q2 2025			Q1 2025 Q2 2024
(in USD million)	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
E&P Norway	5,706	(4,461)	1,244	7,453	(5,789)	1,664	6,129	(4,764)	1,364
E&P International	429	(138)	291	531	(417)	114	699	(225)	474
E&P USA	183	(41)	141	511	(118)	394	264	(72)	192
MMP	333	(189)	144	253	(153)	101	521	(285)	237
REN	(75)	3	(72)	(48)	63	15	(90)	6	(85)
Other	(40)	33	(7)	(54)	13	(41)	(40)	11	(29)
Equinor group	6,535	(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 USD million)	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
	13,158	(10,250)	2,908	11,885	(9,199)	2,686
E&P Norway
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%

Reconciliation of adjusted operating income after tax to net income

		Quarters			First half
(in USD million)		Q2 2025	Q1 2025	Q2 2024	2025	2024

Net operating income/(loss)	A	5,721	8,874	7,656	14,595	15,287
Income tax		B1 4,441	6,263	5,658	10,704	10,983
Tax on net financial items	B2	(2)	238	(178)	236	(82)
Income tax less tax on net financial items	B = B1 - B2 4,443		6,024	5,835	10,468	11,065
Net operating income after tax	C = A - B	1,278	2,849	1,821	4,127	4,222
Items impacting net operating income/(loss)1)	D	813	(228)	(173)	585	(272)
Tax on items impacting net operating income/(loss)	E	(350)	(376)	506	(726)	777
Adjusted operating income after tax	F = C+D+E	1,741	2,245	2,153	3,986	4,727
Net financial items	G	37	19	(126)	56	240
Tax on net financial items	H	2	(238)	178	(236)	82
Net income/(loss)	I = C+G+H	1,317	2,630	1,872	3,947	4,545

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 USD 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)	A	813	(228)	(173)	585	(272)
Adjusted operating income1)		B 6,535	8,646	7,482		15,181 15,015
Net financial items		37	19	(126)	56	240
Adjusting items		C (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		D (106)	(230)	98	(336)	472
Income tax		E (4,441)			(6,263) (5,658) (10,704) (10,983)
Tax effect on adjusting items		F (317)	(363)	494	(680)	749
Adjusted net income	G = B + D + E +	F 1,670	1,789	2,417	3,460	5,253
Less:
Adjusting items	H = A + C	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		I 1,313	2,627	1,861	3,939	4,528
Attributable to non-controlling interests		5	3	12	8	16
Attributable to shareholders in %	J	99.7 %	99.9 %	99.4 %	99.8 %	99.6 %
Adjusted net income attributable to shareholders	K = G x J 1,666		1,786	2,405	3,452	5,237
Weighted average number of ordinary shares outstanding (in millions)		L 2,622	2,719	2,850	2,670	2,894
Basic earnings per share (in USD)		M = I/L 0.50	0.97	0.65	1.48	1.56
Adjusted earnings per share (in USD)		N = K/L 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.

Adjusted exploration expenses

	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) %

1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary 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) Taxes Paid	9,167 (7,229)	10,620 (3,226)	9,948 (7,850)	(8) % (8) %	19,788 (10,456)	19,754 (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 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 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)

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

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 USD million)		2025	2024

Shareholders' equity		41,921	42,342
Non-controlling interests		51	38
Total equity	A	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	B	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)	C	23,800	21,238
Net interest-bearing debt [8]1)	B1 = B - C	10,546	8,856
Other interest-bearing elements1)2)		306	366
Net interest-bearing debt adjusted including lease liabilities*	B2	10,852	9,221
Lease liabilities		3,345	3,510
Net interest-bearing debt adjusted*	B3	7,507	5,711

Calculation of capital employed and net debt to capital employed ratio		At 30 June	At 31 December
(in USD million)		2025	2024
Calculation of capital employed*
Capital employed1)	A + B1	52,517	51,235
Capital employed adjusted, including lease liabilities	A + B2	52,824	51,601
Capital employed adjusted	A + B3	49,479	48,091
Calculated net debt to capital employed*
Net debt to capital employed1)	(B1) / (A+B1)	20.1%	17.3%
Net debt to capital employed adjusted, including lease liabilities	(B2) / (A+B2)	20.5%	17.9%
Net debt to capital employed adjusted	(B3) / (A+B3)	15.2%	11.9%

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 USD million)		As reported	Restated	Impact
Cash and cash equivalents		8,120	5,903	(2,217)
Cash and cash equivalents and financial investment	C	23,455	21,238	(2,217)
Net interest-bearing debt [8]	B1 = B - C	6,638	8,856	2,217
Other interest-bearing elements		2,583	366	(2,217)
Capital employed	A + B1	49,018	51,235	2,217
Net debt to capital employed	(B1) / (A+B1)	13.5%	17.3%	3.7%

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. Forwardlooking 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 forwardlooking 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

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.
1. 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.
1. 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.
1. 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.
1. The group's average realised piped gas prices include all realised piped gas sales, including both physical sales and related paper positions.
The internal transfer price paid from the MMP segment to the E&P Norway, E&P International and E&P USA segments.