# EDGAR Filing Document

**Accession Number:** 0001140625
**File Stem:** 0001140625-25-000114
**Filing Date:** 2025-10
**Character Count:** 200187
**Document Hash:** c8370a07e2135b2bf17f6a8eb077a8bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140625-25-000114.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001140625-25-000114

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EQUINOR ASA
- **CENTRAL INDEX KEY:** 0001140625
- **STANDARD INDUSTRIAL CLASSIFICATION:** PETROLEUM REFINING [2911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15200
- **FILM NUMBER:** 251426714

**BUSINESS ADDRESS:**
- **STREET 1:** FORUSBEEN 50
- **CITY:** STAVANGER NORWAY
- **STATE:** Q8
- **ZIP:** N 4035
- **BUSINESS PHONE:** 47 51 99 00 00

**MAIL ADDRESS:**
- **STREET 1:** FORUSBEEN 50
- **CITY:** STAVANGER
- **STATE:** Q8
- **ZIP:** N 4035

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATOIL ASA
- **DATE OF NAME CHANGE:** 20091102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATOILHYDRO ASA
- **DATE OF NAME CHANGE:** 20071005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATOIL ASA
- **DATE OF NAME CHANGE:** 20010515

?xml version='1.0' encoding='ASCII'? eqnr-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

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

**SECURITIES EXCHANGE ACT OF 1934**

For the month of October 2025

Commission File Number 1-15200

**Equinor ASA**

(Translation of registrant's name into English)

FORUSBEEN 50NO-4035, STAVANGER, Norway

(Address of principal executive offices)

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

Form 20-F **X** Form 40-F

This report on Form 6-K is being filed for the purposes of incorporation by reference in the Registration Statements on Form F-3 (File No. 333-271647) and Form S-8 (File No. 333-262601). This report shall be deemed filed and incorporated

by reference in such Registration Statements and shall be deemed to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

This document includes portions from the previously published results announcement of Equinor ASA as of, and for the nine months ended 30 September 2025, as revised to comply with the requirements of Item 10(e) of Regulation S-K

regarding non-GAAP financial information promulgated by the U.S. Securities and Exchange Commission. This document does not update or otherwise supplement the information contained in the previously published results

announcement.

![Equinor_PRIMARY_logo_RGB_RED.jpg](eqnr-20250930_g1.jpg)

2025

Third quarter

Financial statements and review

![K_CROP_OJB-9071 (2).jpg](eqnr-20250930_g2.jpg)

![CROP1_RED__DSCF9444.jpg](eqnr-20250930_g3.jpg)

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2 | Key figures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| CONDENSED INTERIM FINANCIAL <br>STATEMENTS AND NOTES<br>| SUPPLEMENTARY <br>DISCLOSURES<br>|

---

Key figures

---

| | | | |
|:---|:---|:---|:---|
| Operational | Financial | Financial | Sustainability |
| 2130 | 5.27 | (0.20) | 0.23 |
| **MBOE/D** | **USD BILLION** | **USD BILLION** | **SIF** |
| Equity oil & gas production per <br>day<br>| Net operating<br>income<br>| Net income/(loss) | Serious incident <br>frequency (per million <br>hours worked)<br>|
| 1.37 | 6.35 | (0.08) | 6.1 |
| **TWh** | **USD BILLION** | **USD** | **KG / BOE** |
| Total power generation, <br>Equinor Share<br>| Cash flows provided by <br>operating activities<br>| Basic earnings per <br>share<br>| CO₂ upstream intensity. Scope <br>1 CO₂ emissions, Equinor <br>operated, 100% basis for the <br>first nine months of 2025<br>|
| 0.91 | 0.37 | 5 | 8.0 |
| **TWh** | **USD PER SHARE** | **USD BILLION** | **MILLION TONNES CO2e** |
| Renewable power <br>generation, <br>Equinor share<br>| Announced cash <br>dividend per share<br>| Share buy-back <br>programme for 2025<br>| Absolute scope 1+2 GHG <br>emissions for the first nine <br>months of 2025<br>|

---

Always safe

High value

Low carbon

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3 | Press release | <u>[PRESS](#i21f3614772984e09a16c4bc143db5255_4)</u><br><u>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)</u><br>| THIRD QUARTER<br>2025<u>[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)</u><br>| CONDENSED INTERIM FINANCIAL <br>STATEMENTS AND NOTES<br>| SUPPLEMENTARY <br>DISCLOSURES<br>|

---

## Equinor third quarter 2025 results
Equinor delivered net operating income of USD 5.27 billion and net loss of USD 0.20 billion in the third quarter of 2025.

![CROP_OJB-7954 2.jpg](eqnr-20250930_g4.jpg)

**Strong cashflow and operational performance**

• 7% production growth with strong performance from Johan Sverdrup

and Johan Castberg

• Robust balance sheet through lower price environment

• Reported results impacted by net impairments, primarily driven by

lower price outlook

**Strong cost focus**

• Significant cost reduction in Renewables

• Stopping two early-phase electrification projects

**Strategic development**

• First oil from the Bacalhau field in Brazil in October

• Successful infrastructure-led exploration on the NCS

• Participating in Ørsted rights issue, positioning for industrial and

strategic collaboration

**Capital distribution:**

• Third quarter cash dividend of USD 0.37 per share and fourth tranche

of share buy-back of up to USD 1.266 billion

• Total capital distribution for 2025 in line with announced level of

around USD 9 billion

![CROP_OJB-7954 2.jpg](eqnr-20250930_g4.jpg)

**Anders Opedal, President and CEO of Equinor ASA:**

"We deliver strong operations this quarter. High performing fields and new

fields coming on stream on the Norwegian continental shelf, drive

production growth."

"In October, we started production from our largest offshore field

internationally, Bacalhau. The field will contribute substantially to grow

earnings from our international portfolio towards 2030."

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 4 | Press release | <u>[PRESS](#i21f3614772984e09a16c4bc143db5255_4)</u><br><u>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)</u><br>| THIRD QUARTER<br>2025<u>[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)</u><br>| CONDENSED INTERIM FINANCIAL <br>STATEMENTS AND NOTES<br>| SUPPLEMENTARY <br>DISCLOSURES<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information**  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Net operating income/(loss)** | **5270** | 5721 | 6905 | (24)% | **19866** | 22192 | (10)% |
| **Net income/(loss)** | **(204)** | 1317 | 2285 | N/A | **3744** | 6830 | (45)% |
| **Basic earnings per share (USD)** | **(0.08)** | 0.50 | 0.83 | N/A | **1.42** | 2.39 | (40)% |
| Cash flows provided by operating activities<sup>1)</sup> | **6346** | 2477 | 6495 | (2)% | **17865** | 17443 | 2% |
| Cash flow from operations after taxes paid<sup>1)</sup>\* | **5334** | 1938 | 5685 | (6)% | **14666** | 13739 | 7% |
| Net cash flow before capital distribution<sup>1)</sup>\* | **2085** | (1289) | 2524 | (17)% | **5342** | 4294 | 24% |
| **Operational information** |  |  |  |  |  |  |  |
| Group average liquids price (USD/bbl) [1] | **64.9** | 63.0 | 74.0 | (12)% | **66.0** | 75.9 | (13)% |
| Total equity liquids and gas production (mboe per day) [3] | **2130** | 2096 | 1984 | 7% | **2116** | 2065 | 2% |
| **Total power generation (TWh) Equinor share** | **1.37** | 1.12 | 1.13 | 21% | **3.89** | 3.49 | 12% |
| Renewable power generation (TWh) Equinor share | **0.91** | 0.83 | 0.68 | 34% | **2.49** | 2.11 | 18% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net operating** <br>**income**<br>| **E&P equity** <br>**liquids and gas** <br>**production**<br>| **Total power** <br>**generation** <br>**Equinor share**<br>|
| **Key figures by segment** | **(USD million)** | **(mboe/day)** | **(TWh)** |
| E&P Norway | 5618 | 1422 | 0.04 |
| E&P International | (254) | 267 |  |
| E&P USA | (384) | 441 |  |
| MMP | 509 |  | 0.46 |
| REN | (59) |  | 0.88 |
| Other incl. eliminations | (160) |  |  |
| **Equinor Group Q3 2025** | **5270** | **2130** | **1.37** |
| Equinor Group Q3 2024 | 6905 | 1984 | 1.13 |
| **Equinor Group first nine months 2025** | **19866** | **2116** | **3.89** |
| Equinor Group first nine months 2024 | 22192 | 2065 | 3.49 |
| **Net debt to capital employed adjusted\*** | **30 September** <br>**2025**<br>| **31 December** <br>**2024**<br>| **%-point change** |
| Net debt to capital employed adjusted\* | **12.2%** | 11.9% | 0.3% |
| **Dividend (USD per share)** | **Q3 2025** | **Q2 2025** | **Q3 2024** |
| Ordinary cash dividend per share | **0.37** | 0.37 | 0.35 |
| Extraordinary cash dividend per share | **—** |  | 0.35 |
| In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. |
| In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. | In the first nine months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for <br>the state share of the second, third and fourth tranche of the 2024 programme and the first <br>tranche of the 2025 programme. |

---

1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <u>[note](#i21f3614772984e09a16c4bc143db5255_55)</u>

<u>[1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.

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

<u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u>

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

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 5 | Press release | <u>[PRESS](#i21f3614772984e09a16c4bc143db5255_4)</u><br><u>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)</u><br>| THIRD QUARTER<br>2025<u>[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)</u><br>| CONDENSED INTERIM FINANCIAL <br>STATEMENTS AND NOTES<br>| SUPPLEMENTARY <br>DISCLOSURES<br>|

---

**Strong cashflow and operational performance**

Equinor delivered a total equity production of 2,130

mboe per day in the third quarter, up 7% from 1,984

mboe per day in the same quarter last year.

Operational performance on the Norwegian

continental shelf (NCS) was strong with several

fields, in particular the Johan Sverdrup field,

delivering strong production and minimal unplanned

downtime. Combined with the new Johan Castberg

and Halten East fields, the production growth was

9% on the NCS compared to the same quarter last

year. New wells and lower impact from turnarounds

also contributed positively.

The acquisition of additional interests in US onshore

assets in 2024, and increased production from

offshore assets, contributed to a 29% increase in oil

and gas production from the US segment in the third

quarter, compared to the same period last year.

The production from the international upstream

segment, excluding the US, is down compared to the

same quarter last year due to exits from Nigeria and

Azerbaijan in 2024. There was a two-month

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Twelve months average per Q3** <br>**2025**<br>| **Full year 2024** |
| Serious incident frequency (SIF) | **0.23** | 0.3 |
|  | **First nine months 2025** | **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe) | **6.1** | 6.2 |
|  | **First nine months 2025** | **First nine months 2024** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e) | **8.0** | 8.2 |

---

production halt at the Peregrino field, which is held

for sale. The halt was due to audit requirements from

the Brazilian authorities, and production resumed in

October. Production from new wells internationally

contributed positively to the results.

The total power generation was 1.37 TWh. The

renewable portfolio contributed with 0.91 TWh, which

is a 34% increase compared to last year, primarily

driven by the ramp up of Dogger Bank A and new

production from onshore renewables.

In the quarter, Equinor completed 18 offshore

exploration wells on the NCS with 7 commercial

discoveries.

**Financial results** 

Equinor delivered net operating income of USD 5.27

billion, and a net loss ofUSD 0.20 billion in the third

quarter of 2025. The results are affected by lower

liquids prices, which were partially offset by higher

production and higher gas prices in the US.

The net operating income of USD 5.27 billion is

down from USD 6.91 billion in the same quarter last

year. This is impacted by net impairments of USD

754 million, primarily due to updated forward-looking

price assumptions. Assets held for sale in the

international portfolio, which hence have not been

depreciated, accounted for USD 650 million and

USD 385 million is related to non-operated assets

offshore in the US. This was partially offset by an

impairment reversal of USD 299 million related to an

onshore asset in Norway.

Equinor realised a European gas price of USD 11.4

per mmbtu and realised liquids prices were USD

64.9per bbl in the third quarter.

Operating and administrative expenses are higher

compared to the same quarter last year.This is due

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Twelve months average per Q3** <br>**2025**<br>| **Full year 2024** |
| Serious incident frequency (SIF) | **0.23** | 0.3 |
|  | **First nine months 2025** | **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe) | **6.1** | 6.2 |
|  | **First nine months 2025** | **First nine months 2024** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e) | **8.0** | 8.2 |

---

to the booking of future estimated operating

expenses related to a US offshore asset that ceased

production during the third quarter, as well as higher

transportation costs and currency effects. This was

partially offset by cost improvements in the

renewable segment.

Strong operational performance generated cash

flows provided by operating activities, before taxes

paid and working capital items, of USD 9.10 billion

for the third quarter. Equinor paid two NCS tax

instalments totalling USD 3.9 billion in the quarter.

For the fourth quarter, Equinor expects to pay three

instalments. This is due to the new phasing of ten

instalments annually.

Cash flow from operations after taxes paid\* ended at

USD 5.33 billion.

Total capital expenditures was USD 3.68 billion for

the quarter, and organic capital expenditure\* was

USD 3.41 billion.

The net debt to capital employed ratio was 17.4% at

the end of September 2025, compared to 17.3% at

the end of December of 2024.

**Strategic development**

Successful near-infrastructure exploration on the

NCS, led to seven discoveries in the quarter. One of

the commercial discoveries already started

production. Combined with production start-up from

the Askeladd Vest field in the Barents Sea, this will

reinforce Equinor's long-term role as a safe supplier

of energy to Europe.

In October, the Bacalhau field in Brazil came on

stream. It is the largest international offshore field

ever developed by Equinor.

In the third quarter, Equinor announced participation

in the rights issue of Ørsted. This is driven by a

positive long-term view for offshore wind and

confidence in the underlying business of Ørsted.

In the quarter, Northern Lights received and stored

the first CO₂ volumes. With this, the world's first third

party CO₂ transport and storage facility is now

operational.

In October, Equinor decided to stop the Snorre and

Halten electrification projects. The reason for

stopping the two projects was primarily due to high

abatement costs. The company will further mature

the Grane-Balder early-phase electrification project.

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Twelve months average per Q3** <br>**2025**<br>| **Full year 2024** |
| Serious incident frequency (SIF) | **0.23** | 0.3 |
|  | **First nine months 2025** | **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe) | **6.1** | 6.2 |
|  | **First nine months 2025** | **First nine months 2024** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e) | **8.0** | 8.2 |

---

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 6 | Press release | <u>[PRESS](#i21f3614772984e09a16c4bc143db5255_4)</u><br><u>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)</u><br>| THIRD QUARTER<br>2025<u>[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)</u><br>| CONDENSED INTERIM FINANCIAL <br>STATEMENTS AND NOTES<br>| SUPPLEMENTARY <br>DISCLOSURES<br>|

---

![CROP_OJB-1889.jpg](eqnr-20250930_g5.jpg)

**Competitive capital distribution**

Johan Castberg

The board of directors has decided a cash dividend

of USD 0.37 per share for the third quarter of 2025,

in line with communication at the Capital Markets

Update in February.

The board of directors has decided to initiate a fourth

and final tranche of the share buy-back programme

for 2025 of up to USD 1.266 billion. The tranche will

commence on 30 October and end no later than 2

February 2026.This fourth tranche will complete the

announced share buy-back programme of up to USD

5 billion for 2025. It will also conclude total capital

distribution for 2025 of around USD 9 billion.

The third tranche of the share buy-back programme

for 2025 was completed on 23 October 2025 with a

total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

![CROP1_4d8de3c28f0849dea72b344a0e61b020 (2).jpg](eqnr-20250930_g6.jpg)

Equinor third quarter2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| 7 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Third quarter2025review**

---

| | |
|:---|:---|
| [Group review](#i240edb881aae449b91148abcb83d90b7) | [8](#i240edb881aae449b91148abcb83d90b7) |
| [Outlook](#ia1e90ac2a9bb4d1b879ad70deb6bd78a) | [11](#ia1e90ac2a9bb4d1b879ad70deb6bd78a) |
| [Supplementary operational disclosures](#iefffec06da3a45a5868761e13624809b) | [12](#iefffec06da3a45a5868761e13624809b) |
| [Exploration & Production Norway](#i7eb571a3d7e341b6b2396e95cce40b99) | [14](#i7eb571a3d7e341b6b2396e95cce40b99) |
| [Exploration & Production International](#i78aff840ac8943e2a691b2e8c6f0339c) | [15](#i78aff840ac8943e2a691b2e8c6f0339c) |
| [Exploration & Production USA](#i12f27f81e3b9474683da9a9a06009c76) | [16](#i12f27f81e3b9474683da9a9a06009c76) |
| [Marketing, Midstream & Processing](#i6b013e3c5dd248759dd6c9d00d786f93) | [17](#i6b013e3c5dd248759dd6c9d00d786f93) |
| [Renewables](#i68cdfb9caa8948fda7a5b9ffa7cd0fae) | [18](#i68cdfb9caa8948fda7a5b9ffa7cd0fae) |

---

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8 | Group review | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Group review

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
|  | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Total equity liquid and gas production (mboe/day) | **2130** | 2096 | 1984 | 7% | **2116** | 2065 | 2% |
| Total entitlement liquid and gas production <br>(mboe/day)<br>| **2005** | 1979 | 1860 | 8% | **1995** | 1938 | 3% |
| **Total Power generation (TWh) Equinor share** | **1.37** | 1.12 | 1.13 | 21% | **3.89** | 3.49 | 12% |
| Renewable power generation (TWh) Equinor <br>share<br>| **0.91** | 0.83 | 0.68 | 34% | **2.49** | 2.11 | 18% |
| Average Brent oil price (USD/bbl) | **69.1** | 67.8 | 80.2 | (14)% | **70.9** | 82.8 | (14)% |
| Group average liquids price (USD/bbl) [1] | **64.9** | 63.0 | 74.0 | (12)% | **66.0** | 75.9 | (13)% |
| E&P Norway average internal gas price (USD/<br>mmbtu)<br>| **9.98** | 10.60 | 9.69 | 3% | **11.31** | 8.60 | 32% |
| E&P USA average internal gas price (USD/mmbtu) | **2.01** | 2.41 | 1.46 | 38% | **2.50** | 1.52 | 65% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **26049** | 25145 | 25446 | 2% | **81115** | 76120 | 7% |
| Purchases | **(13917)** | (12739) | (13104) | 6% | **(42100)** | (37171) | 13% |
| Operating and administrative expenses | **(3312)** | (3081) | (2822) | 17% | **(9560)** | (8903) | 7% |
| Depreciation, amortisation and net impairments | **(3297)** | (3422) | (2318) | 42% | **(9029)** | (7011) | 29% |
| Exploration expenses | **(252)** | (183) | (296) | (15)% | **(562)** | (841) | (33)% |
| **Total operating expenses** | **(20779)** | (19424) | (18541) | 12% | **(61250)** | (53927) | 14% |
| **Net operating income/(loss)** | **5270** | 5721 | 6905 | (24)% | **19866** | 22192 | (10)% |
| **Net financial items** | **(604)** | 37 | 365 | N/A | **(548)** | 606 | N/A |
| **Income tax** | **(4870)** | (4441) | (4986) | (2)% | **(15574)** | (15969) | (2)% |
| **Net income/(loss)** | **(204)** | 1317 | 2285 | N/A | **3744** | 6830 | (45)% |
| **Basic earnings per share (in USD)** | **(0.08)** | 0.50 | 0.83 | N/A | **1.42** | 2.39 | (40)% |
| **Capital expenditures and Investments** | **3420** | 3401 | 3098 | 10% | **9848** | 8531 | 15% |
| **Cash flows provided by operating activities**<sup>1)</sup> | **6346** | 2477 | 6495 | (2)% | **17865** | 17443 | 2% |
| 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |

---

**Operations and financial results** 

Equinor delivered a 7% increase in production,

driven by new fields on the NCS and contributions

from the US upstream portfolio, while lower liquids

prices tempered financial results.

In E&P Norway, the new Johan Castberg and Halten

East fields drove increased production in both the

third quarter and the first nine months of 2025

compared to the same periods last year. High

production efficiency from Johan Sverdrup, new

wells and a lower impact from turnarounds more

than offset natural decline on several fields in the

third quarter, while production during the first nine

months was partially impacted by increased

maintenance activities and natural decline across

several fields.

Portfolio changes in the international upstream

business throughout 2024 continued to influence

production levels in 2025. The acquisition of

additional interests in US onshore assets in

December 2024 increased E&P USA production in

the third quarter and first nine months of 2025

compared to the same periods last year. This

increase was supported by new offshore wells

brought into production in 2025. In E&P

International, the divestments of interests in Nigeria

and Azerbaijan in the fourth quarter of 2024 led to

lower production volumes for the quarter and first

nine months of 2025. The production stop in

Peregrino from mid-August 2025 further contributed

to the decrease, which was partially offset by new

wells across the E&P International portfolio in the

quarter

Growth in the renewables portfolio drove the

increase in total power generation in the third quarter

and first nine months of 2025. The ongoing ramp-up

of Dogger Bank A and the onshore acquisition in

Sweden in March 2025 led to a 34% and 18%

increase in renewable power generation for the third

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 9 | Group review | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

quarter and first nine months of 2025 respectively,

compared to the same periods last year.

Marketing, Midstream and Processing segment

results in the third quarter were primarily driven by

the optimisation of piped gas trading in Europe and

trading of US Gas and LNG, despite operational

issues at Hammerfest LNG. The result from Crude,

Products and Liquids was weak during the third

quarter, negatively affected by losses on hedging of

shipping contracts and weak speculative trading.

Reduced margins in gas, LNG and liquids trading led

to lower results in the first nine months compared to

the same period last year.

Higher production volumes and realised gas prices

drove increased revenue for the quarter and first

nine months of 2025 relative to the same periods last

year. For the quarter, lower liquids prices partially

offset the benefit from higher production, leading to

only a marginal increase in revenue.

Operating and administrative expenses increased in

the quarter and first nine months compared to the

same periods last year, primarily impacted by

transportation costs and changes in estimates of

asset retirement obligations associated with a late-

life offshore asset in the US that ceased production

during the third quarter.This increase was partially

offset by the divestments in E&P International and

reduction in business development and early phase

projects within the renewables and low carbon

solutions businesses.

Depreciation, amortisation and net impairments

increased in the third quarter and first nine months

compared to the same periods last year, primarily

due to new fields on the NCS and net impairments.

During the quarter, impairments of USD 650 million

related to assets held for sale in our international

portfolio and USD 385 million related to producing

assets in the Gulf of America were recognised. This

increase was partially offset by an impairment

reversal of USD 299 million related to an onshore

asset in Norway. In the first nine months, the

increase was also driven by a USD 955 million

impairment of US assets related to the Empire Wind

project in the second quarter, partially offset by the

cessation of depreciation for UK assets, classified as

held for sale since December 2024, and the

cessation of depreciation for Peregrino, classified as

held for sale since May 2025.

Lower drilling activity across our international

portfolio contributed to a decrease in exploration

expenses in the third quarter and first nine months of

2025, partially offset by increased exploration activity

on the NCS during the third quarter.

Net financial items in the quarter and in the first nine

months of 2025 reduced from the same periods in

the prior year, mainly due to losses on financial

investments during 2025.

**Taxes** 

The effective reported tax rate was high for the

quarter and increased from 68.6%in 2024 to 104.4%

for the third quarter of 2025.The increase was mainly

due to higher share of income from jurisdictions with

high tax rates. The tax rate is also influenced by the

de-recognition of deferred tax assets and an

impairment related to the joint venture agreement

with Shell in the UK, see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u>. The increase was

partially offset by currency effects in entities that are

taxable in other currencies than the functional

currency.

**Cash flow and net debt** 

Strong operational performance in the third quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,098 million. Higher gas prices contributed to the

increase from USD 8,670 million in the same quarter

last year, partially offset by lower liquids prices. For

the first nine months, cash flow provided by

operating activities before taxes paid and working

capital items increased slightly from USD 28,424

million in the same period last year to USD 28,885

million.

Tax payments in the third quarter totalled USD 3,764

million, mainly representing the first two scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 2,986

million in the same period last year, with the increase

reflecting the change in the NCS instalment tax

payment structure.

A working capital decrease of USD 1,012 million

positively impacted the cash flow in the third quarter

of 2025 compared to a decrease of USD 810 million

in the third quarter of 2024.

In the third quarter, cash flow provided by operating

activities slightly decreased to USD 6,346 million

from USD 6,495 million in the same quarter of 2024,

mainly due to higher tax payments in the quarter and

lower income before tax . Cash flow provided by

operating activities increased to USD 17,865 million

in the first nine months, up from USD 17,443 million

in the prior year.

The net decrease in cash and cash equivalents in

the third quarter was USD 1,375 million, reflecting

substantial cash distributions of USD 4,712 million

related to the share buy-back programme, including

USD 4,260 million payment to the Norwegian state.

There was a net increase in cash and cash

equivalents of USD 1,898 million for the first nine

months compared to a decrease of USD 1,832

million in the same period last year, primarily due to

higher dividend payments in 2024.

Net cash flow\* amounted to a USD 3,565 million

outflow in the third quarter of 2025, relative to a USD

3,984 million outflow in the same quarter last year.

For the first nine months, net cash flow\* was an

outflow of USD 4,058 million compared with an

outflow of USD 7,882 million in the same period last

year.

The net debt to capital employed ratio was 17.4% at

the end of September 2025, compared to 17.3% at

the end of December 2024. A decrease in equity,

due to capital distributions exceeding net income,

combined with higher liquid assets in the quarter

drove the marginal increase in the net debt to capital

employed adjusted\* ratio from 11.9% at the end of

December 2024 to 12.2% at the end of September

2025. The subscription of additional shares in Ørsted A/S

for USD 0.9 billion was settled in early October and

will be reflected in cash flows for the fourth quarter.

**Capital distribution**

The board of directors has decided a cash dividend

of USD 0.37 per share for the third quarter of 2025,

in line with communication at the Capital Markets

Update in February.

The board of directors has decided to initiate a fourth

and final tranche of the share buy-back programme

for 2025 of up to USD 1.266 billion. The tranche will

commence on 30 October and end no later than 2

February 2026.This fourth tranche will complete the

announced share buy-back programme of up to USD

5 billion for 2025. It will also conclude total capital

distribution for 2025 of around USD 9 billion.

The third tranche of the share buy-back programme

for 2025 was completed on 23 October 2025 with a

total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10 | Group review | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

![CROP1_e5aeac9420ec47ee8d44ad35225c6b66.jpg](eqnr-20250930_g7.jpg)

**Health, safety and the environment** 

In September, Equinor had a fatal accident where a

sub-contractor lost his life during a lifting operation at

the Mongstad refinery. The accident is being

investigated by Havtil, the police and internally by

Equinor.

Equinor's internal investigation of the accidental oil

spill from Njord A in December 2024 has been

completed and confirms that the incident could not

have developed into a major incident. There is no

documented oil-damaged wildlife or other

environmental damage following the spill. The

mapping and collection of oil clumps has been

completed for 2025 and Equinor plans to undertake

inspection and verification activities in 2026.

The twelve-month average serious incident

frequency (SIF) for the period ended 30 September

2025 was 0.23, a decrease from 2024 which ended

at 0.3.

Equinor's absolute Scope 1 and 2 GHG emissions

from operated production (100% basis) were 8.0

million tonnes CO₂e in the first nine months of 2025,

representing a reduction of 0.2 million tonnes CO₂e

compared to the same period last year. The

reduction is primarily attributed to a turnaround at

Hammerfest LNG and the positive emission-reducing

effects of electrification projects implemented on the

NCS in 2024.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 11 | Outlook | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

![CROP_8ff5a096-6976-48f1-9dac-38822772ed93 (1).jpg](eqnr-20250930_g8.jpg)

## O utlook
Gullfaks, Norway

• **Organic capital expenditures\*** are estimated at

USD 13 billion for 2025<sup>2</sup>.

• **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.

For further information, see section <u>[Forward-looking](#i21f3614772984e09a16c4bc143db5255_88)</u>

<u>[statements](#i21f3614772984e09a16c4bc143db5255_88)</u> in the report.

2) USD/NOK exchange rate assumption of 11

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 12 | Supplementary operational disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Supplementary operational disclosures

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **Operational information** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** | **Operational information** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Prices** |  |  |  |  |  |  |  | **Equity production (mboe per day)** |  |  |  |  |  |  |  |
| Average Brent oil price (USD/bbl) | **69.1** | 67.8 | 80.2 | (14)% | **70.9** | 82.8 | (14)% | E&P Norway equity liquids production | **714** | 655 | 608 | 18% | **665** | 629 | 6% |
| E&P Norway average liquids price (USD/bbl)  | **67.9** | 65.4 | 77.1 | (12)% | **68.8** | 79.0 | (13)% | E&P International equity liquids production | **239** | 267 | 300 | (21)% | **260** | 306 | (15)% |
| E&P International average liquids price (USD/bbl) | **62.1** | 60.1 | 71.4 | (13)% | **63.6** | 73.6 | (14)% | E&P USA equity liquids production | **155** | 147 | 142 | 10% | **150** | 148 | 1% |
| E&P USA average liquids price (USD/bbl) | **55.2** | 56.3 | 65.1 | (15)% | **57.5** | 66.4 | (13)% | Group equity liquids production | **1109** | 1070 | 1050 | 6% | **1075** | 1082 | (1)% |
| Group average liquids price (USD/bbl) [1] | **64.9** | 63.0 | 74.0 | (12)% | **66.0** | 75.9 | (13)% | E&P Norway equity gas production | **707** | 704 | 701 | 1% | **725** | 753 | (4)% |
| Group average liquids price (NOK/bbl) [1] | **655** | 649 | 793 | (17)% | **692** | 809 | (14)% | E&P International equity gas production | **29** | 39 | 34 | (15)% | **34** | 34 | —% |
| E&P Norway average internal gas price (USD/mmbtu) [7] | **9.98** | 10.60 | 9.69 | 3% | **11.31** | 8.60 | 32% | E&P USA equity gas production | **286** | 283 | 200 | 43% | **282** | 195 | 45% |
| E&P USA average internal gas price (USD/mmbtu) [7] | **2.01** | 2.41 | 1.46 | 38% | **2.50** | 1.52 | 65% | Group equity gas production | **1022** | 1026 | 934 | 9% | **1042** | 983 | 6% |
| Realised piped gas price Europe (USD/mmbtu) [6] | **11.43** | 12.00 | 11.24 | 2% | **12.79** | 10.15 | 26% | Total equity liquids and gas production [3] | **2130** | 2096 | 1984 | 7% | **2116** | 2065 | 2% |
| Realised piped gas price US (USD/mmbtu) [6] | **2.42** | 2.73 | 1.66 | 46% | **2.98** | 1.86 | 60% |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | **Power generation** |  |  |  |  |  |  |  |
| **Entitlement production (mboe per day)** |  |  |  |  |  |  |  | Power generation (TWh) Equinor share | **1.37** | 1.12 | 1.13 | 21% | **3.89** | 3.49 | 12% |
| E&P Norway entitlement liquids production | **714** | 655 | 608 | 18% | **665** | 629 | 6% | Renewable power generation (TWh) Equinor share<sup>1)</sup> | **0.91** | 0.83 | 0.68 | 34% | **2.49** | 2.11 | 18% |
| E&P International entitlement liquids production | **184** | 224 | 233 | (21)% | **210** | 237 | (11)% |  |  |  |  |  |  |  |  |
| E&P USA entitlement liquids production | **138** | 132 | 127 | 9% | **134** | 132 | 1% | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. |
| Group entitlement liquids production | **1036** | 1011 | 968 | 7% | **1009** | 998 | 1% |  |  |  |  |  |  |  |  |
| E&P Norway entitlement gas production | **707** | 704 | 701 | 1% | **725** | 753 | (4)% |  |  |  |  |  |  |  |  |
| E&P International entitlement gas production | **19** | 22 | 23 | (18)% | **20** | 23 | (10)% |  |  |  |  |  |  |  |  |
| E&P USA entitlement gas production | **242** | 242 | 169 | 44% | **240** | 165 | 46% |  |  |  |  |  |  |  |  |
| Group entitlement gas production | **968** | 968 | 892 | 9% | **985** | 940 | 5% |  |  |  |  |  |  |  |  |
| Total entitlement liquids and gas production [2] | **2005** | 1979 | 1860 | 8% | **1995** | 1938 | 3% |  |  |  |  |  |  |  |  |

---

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 13 | Supplementary operational disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

![CROP_OJB-1879.jpg](eqnr-20250930_g9.jpg)

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Health, safety and the environment** | **Health, safety and the environment** |
|  | **Twelve months** <br>**average per Q3** <br>**2025**<br>| **Full year 2024** |
| Total recordable injury frequency (TRIF) | **2.1** | 2.3 |
| Serious Incident Frequency (SIF) | **0.23** | 0.3 |
| Oil and gas leakages (number of)<sup>1)</sup> | **4** | 7 |
|  | **First nine months** <br>**2025**<br>| **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe)<sup>2)</sup> | **6.1** | 6.2 |
|  | **First nine months** <br>**2025**<br>| **First nine** <br>**months 2024**<br>|
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e)<sup>3)</sup> | **8.0** | 8.2 |
| 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. | 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. | 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. |

---

Johan Castberg, Norway

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 14 | Exploration & Production Norway | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Exploration & Production Norway

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **8278** | 8236 | 8081 | 2% | **26567** | 24386 | 9% |
| Operating and administrative expenses | **(926)** | (1077) | (871) | 6% | **(2894)** | (2718) | 6% |
| Depreciation, amortisation and net impairments | **(1602)** | (1338) | (1193) | 34% | **(4067)** | (3572) | 14% |
| Exploration expenses | **(132)** | (115) | (143) | (7)% | **(338)** | (336) | 0% |
| **Total operating expenses** | **(2660)** | (2530) | (2207) | 21% | **(7299)** | (6626) | 10% |
| **Net operating income/(loss)** | **5618** | 5706 | 5875 | (4)% | **19268** | 17760 | 8% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **1557** | 1674 | 1462 | 6% | **5640** | 4413 | 28% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **E&P Norway** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **1422** | 1359 | 1308 | 9% | **1390** | 1382 | 1% |
| Average liquids price (USD/bbl) | **67.9** | 65.4 | 77.1 | (12)% | **68.8** | 79.0 | (13)% |
| Average internal gas price (USD/mmbtu) | **9.98** | 10.60 | 9.69 | 3% | **11.31** | 8.60 | 32% |

---

**Production & Revenues**

In the third quarter of 2025, new fields coming on

stream (Johan Castberg and Halten East) drove an

increase in production compared to the same quarter

last year, High production efficiency from Johan

Sverdrup, new wells and a lower impact from

turnarounds and maintenance more than offset

natural decline on several fields. Liquids production

had a greater increase than gas in the quarter,

driven by new fields coming on stream with higher

liquids share in the production mix.

Production increased slightly for the first nine months

of 2025 compared to the same period last year,

reflecting a stable underlying performance and

modest ramp-up from new fields during the first half

of the year.

Revenues in the third quarter of 2025 were slightly

higher than in the same quarter last year, as strong

production performance more than offset the effect

of lower liquids prices. For the first nine months of

2025, revenues increased compared to the same

period of 2024, driven by higher gas prices which

more than offset the decline in liquids prices.

**Operating expenses and financial results**

Operating and administrative expenses were stable

when compared to the third quarter of 2024, with the

reported increase reflecting the weakening of the

USD versus NOK. There was a one-off

transportation cost effect in the quarter in addition to

increases related to the Petoro swap and new fields

coming on stream, partially offset by an underlift

effect. The same factors drove the increase for the

first nine months of 2025 relative to 2024, except

that there was an overlift effect instead of underlift.

Depreciation, amortisation and net impairments in

the third quarter and the first nine months of 2025

was negatively impacted by ramp up of new fields

and field-specific investments, as well as the

development in the USD/NOK exchange rate. These

effects were partially offset by increased proved

reserves compared to the same periods last year.

The exploration activity in the third quarter of 2025

(18 wells) was higher than in the third quarter last

year (8 wells). The higher drilling cost was more than

offset by higher capitalisation rate and lower seismic

cost, leading to a decrease in exploration expenses.

When comparing the first nine months this year to

last year, the same explanatory factors are relevant,

but offsetting each other.

In the first nine months 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 nine months of 2025 was

influenced by the assets acquired in the swap

transaction amounting to USD 1,086 million.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 15 | Exploration & Production International | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Exploration & Production International

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **1315** | 1348 | 1597 | (18)% | **4234** | 5160 | (18)% |
| Purchases | **(38)** | (67) | 11 | N/A | **(102)** | 21 | N/A |
| Operating and administrative expenses | **(532)** | (504) | (519) | 3% | **(1603)** | (1496) | 7% |
| Depreciation, amortisation and net <br>impairments<br>| **(919)** | (310) | (544) | 69% | **(1624)** | (1526) | 6% |
| Exploration expenses | **(80)** | (51) | (138) | (42)% | **(164)** | (437) | (62)% |
| **Total operating expenses** | **(1569)** | (932) | (1190) | 32% | **(3493)** | (3438) | 2% |
| **Net operating income/(loss)** | **(254)** | 415 | 407 | N/A | **741** | 1722 | (57)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **695** | 622 | 760 | (9)% | **2078** | 2295 | (9)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **E&P International** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| E&P equity liquid and gas production (mboe/<br>day)<br>| **267** | 306 | 334 | (20)% | **294** | 340 | (14)% |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **203** | 246 | 256 | (21)% | **231** | 259 | (11)% |
| Production sharing agreements (PSA) effects | **65** | 60 | 79 | (17)% | **64** | 81 | (22)% |
| Average liquids price (USD/bbl) | **62.1** | 60.1 | 71.4 | (13)% | **63.6** | 73.6 | (14)% |

---

**Production & Revenues**

The divestment of assets in Azerbaijan and Nigeria

along with the production stop in Peregrino from mid-

August 2025 due to audit requirements from

Brazilian authorities, led to a decrease in production

in the third quarter and the first nine months of 2025

compared to the same periods last year. Natural

decline in several fields further contributed to the

overall drop in production levels. The decrease was

partially offset by contributions from new wells,

mainly in Argentina and Angola.

Production Sharing Agreements (PSA) effects were

reduced in the third quarter and the first nine months

of 2025 compared to the same periods last year,

reflecting the impact of the divestments and lower

liquids prices.

Total revenues and other income decreased in the

third quarter and the first nine months of 2025

compared to the same periods last year primarily

due to lower volumes and liquids prices. Total

revenues and other income was positively impacted

by net overlift in the third quarter of 2025.

**Operating expenses and financial results** 

Operating and administrative expenses were at a

similar level in the third quarter of 2025 compared to

the same quarter last year. The increase in the first

nine months of 2025 was mainly due to higher

operation and maintenance costs in Brazil and UK.

This was partially offset by the divestments.

Depreciation, amortisation and net impairments

increased in the third quarter and first nine months of

2025 compared to the same period last year, mainly

due to an impairment of USD 650 million related to

UK assets classified as held for sale.This increase

waspartially offset by the cessation of depreciation

for the UK assets classified as held for sale since

December 2024 and for Peregrino, classified as held

for sale since May 2025.

Exploration expenses decreased in the third quarter

and the first nine months of 2025 compared to the

same periods in 2024, primarily due to expensed

wells in Canada in the third quarter of last year.

Expensed wells in Brazil and Argentina in the first

half of 2024 further contributed to the decrease in

the first nine months of 2025.

Additions to PP&E, intangibles and equity accounted

investments decreased in the the third quarter and

first nine months of 2025 compared to the same

periods last year. This decline was mainly due to the

UK assets and Peregrino being classified as held for

sale. The decrease was partially offset by higher

activity in Brazil.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 16 | Exploration & Production USA | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Exploration & Production USA

**Production & Revenues**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **1014** | 1040 | 943 | 7% | **3251** | 2999 | 8% |
| Operating and administrative expenses | **(569)** | (306) | (314) | 81% | **(1186)** | (885) | 34% |
| Depreciation, amortisation and net impairments | **(790)** | (536) | (408) | 94% | **(1696)** | (1199) | 41% |
| Exploration expenses | **(39)** | (16) | (15) | >100% | **(60)** | (68) | (12)% |
| **Total operating expenses** | **(1398)** | (858) | (737) | 90% | **(2941)** | (2152) | 37% |
| **Net operating income/(loss)** | **(384)** | 183 | 207 | N/A | **310** | 847 | (63)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **314** | 294 | 330 | (5)% | **915** | 2211 | (59)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **E&P USA** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| E&P equity liquid and gas production (mboe/<br>day)<br>| **441** | 431 | 342 | 29% | **432** | 343 | 26% |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **380** | 374 | 296 | 29% | **374** | 297 | 26% |
| Royalties | **61** | 57 | 46 | 32% | **58** | 46 | 26% |
| Average liquids price (USD/bbl) | **55.2** | 56.3 | 65.1 | (15)% | **57.5** | 66.4 | (13)% |
| Average internal gas price (USD/mmbtu) | **2.01** | 2.41 | 1.46 | 38% | **2.50** | 1.52 | 65% |

---

E&P USA reported higher production volumes in the

third quarter and the first nine months of 2025

compared to the same periods in 2024. This

increase was primarily driven by greater gas output

from the Appalachia onshore assets following the

acquisition of additional interests in late 2024.

Elevated operational activity in the Appalachia region

during the first nine months of 2025 further

supported the production gains. US Offshore

production increased in the third quarter of 2025 due

to additional wells brought into production in the first

nine months of 2025. However, offshore production

remained flat over the first nine months when

compared to the first nine months of 2024.

Revenue for the third quarter and the first nine

months of 2025 benefitted from higher gas prices

and increased gas volumes. The third quarter of

2025 also benefitted from higher liquids production,

partially offset by lower liquids prices, which limited

the overall increase in revenue.

**Operating expenses and financial results** 

Operating and administrative expenses increased

during both the third quarter and the first nine

months of 2025. This increase was primarily driven

by an increase in asset retirement obligations

associated with changes in estimates of a late-life

offshore asset that ceased production during the

third quarter, as well as elevated transportation costs

resulting from increased production volumes in the

Appalachia onshore assets.

Depreciation, amortisation and net impairments

increased in the third quarter of 2025 compared to

the same period last year, primarily due to

impairments totalling USD 385 million related to two

US offshore producing assets. Excluding these

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **1014** | 1040 | 943 | 7% | **3251** | 2999 | 8% |
| Operating and administrative expenses | **(569)** | (306) | (314) | 81% | **(1186)** | (885) | 34% |
| Depreciation, amortisation and net impairments | **(790)** | (536) | (408) | 94% | **(1696)** | (1199) | 41% |
| Exploration expenses | **(39)** | (16) | (15) | >100% | **(60)** | (68) | (12)% |
| **Total operating expenses** | **(1398)** | (858) | (737) | 90% | **(2941)** | (2152) | 37% |
| **Net operating income/(loss)** | **(384)** | 183 | 207 | N/A | **310** | 847 | (63)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **314** | 294 | 330 | (5)% | **915** | 2211 | (59)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **E&P USA** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| E&P equity liquid and gas production (mboe/<br>day)<br>| **441** | 431 | 342 | 29% | **432** | 343 | 26% |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **380** | 374 | 296 | 29% | **374** | 297 | 26% |
| Royalties | **61** | 57 | 46 | 32% | **58** | 46 | 26% |
| Average liquids price (USD/bbl) | **55.2** | 56.3 | 65.1 | (15)% | **57.5** | 66.4 | (13)% |
| Average internal gas price (USD/mmbtu) | **2.01** | 2.41 | 1.46 | 38% | **2.50** | 1.52 | 65% |

---

impairments,depreciation and amortisation

remained stable, as effects of higher depreciation

from lower proved reserve additions was largely

offset by higher capital additions and the acquisition

of additional onshore interests. In the first nine

months of 2025, these expenses increased relative

to the same period in 2024. The increase was largely

attributable to the same impairment effect, additional

asset retirement obligations recognised in the

second quarter of 2025 related to an offshore asset

and acquisition of further interests in Appalachia

onshore properties in late 2024 partially offset by

upward revisions to proved reserves recorded at

year-end 2024.

Exploration expenses increased in the third quarter

of 2025 compared to the same period last year,

mainly due to exploration write-downs recognised in

the quarter. For the first nine months of 2025,

exploration expenses were slightly lower compared

to the same period in 2024, reflecting reduced non-

commercial drilling activity, partially offset by

exploration write-downs recorded in 2025.

The decrease in additions to PP&E, intangibles and

equity accounted investments in 2025, compared to

2024, is primarily attributed to the swap with EQT

closed in the second quarter of 2024. This resulted

in an increase in the Northern Marcellus formation

offset by a decrease from the Appalachia-operated

assets.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 17 | Marketing, Midstream & Processing | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Marketing, Midstream & Processing

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **25753** | 24798 | 25204 | 2% | **79623** | 75218 | 6% |
| Purchases [net of inventory variation] | **(23988)** | (23055) | (23440) | 2% | **(74450)** | (68614) | 9% |
| Operating and administrative expenses | **(1323)** | (1182) | (1136) | 16% | **(3858)** | (3741) | 3% |
| Depreciation, amortisation and net <br>impairments<br>| **67** | (232) | (85) | N/A | **(393)** | (521) | (25)% |
| **Total operating expenses** | **(25244)** | (24469) | (24660) | 2% | **(78701)** | (72875) | 8% |
| **Net operating income/(loss)** | **509** | 329 | 544 | (6)% | **922** | 2343 | (61)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **307** | 254 | 185 | 65% | **768** | 585 | 31% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **Marketing, Midstream and Processing** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Liquids sales volumes (mmbl) | **279.1** | 262.3 | 258.5 | 8% | **829.9** | 759.9 | 9% |
| Natural gas sales Equinor (bcm) | **16.8** | 16.3 | 14.7 | 15% | **49.5** | 46.8 | 6% |
| Natural gas entitlement sales Equinor (bcm) | **14.1** | 13.3 | 12.3 | 15% | **41.1** | 39.4 | 4% |
| Power generation (TWh) Equinor share | **0.46** | 0.30 | 0.45 | 2% | **1.40** | 1.38 | 1% |
| Realised piped gas price Europe (USD/mmbtu) | **11.43** | 12.00 | 11.24 | 2% | **12.79** | 10.15 | 26% |
| Realised piped gas price US (USD/mmbtu) | **2.42** | 2.73 | 1.66 | 46% | **2.98** | 1.86 | 60% |

---

**Volumes, Pricing & Revenues**

Liquids sales volumes increased compared to the

previous quarter and against the first nine months of

previous year due to higher third party volumes.

Gas sales volumes increased compared both to the

previous quarter and against the first nine months of

previous year mostly explained by higher Equinor

international gas production.

Power generation has increased compared to the

previous quarter due to seasonality and at similar

levels when compared to the first nine months of

previous year.

The realised European piped gas price decreased

compared to the previous quarter due to weak gas

demand across Asia and Europe, combined with

growing LNG supplies. Compared to the same

quarter last year, the realised European piped gas

prices remained at similar levels.

The realised piped gas price in the US decreased

versus the previous quarter due to higher storage

levels and lower demand. Compared to the same

quarter last year, realised US gas price increased

due to lower storage levels and incremental LNG

export capacity.

**Financial Results**

In the third quarter of 2025, onshore plants were the

main contributor to net operating income, which was

positively impacted by a net effect of USD 283

million from impairment reversals. Optimisation of

piped gas trading in Europe and trading of US Gas

and LNG also contributed positively to net operating

income for the quarter, despite operational issues at

Hammerfest. The result from Crude, Products and

Liquids was weak during the third quarter, negatively

affected by losses on hedging of shipping contracts

and weak speculative trading.

Net operating income increased compared to

previous quarter, driven mainly by impairment

reversal of refining assets and higher refining

margin. This was partially offset by losses on

hedging of shipping contracts and weaker

speculative trading results.

During the first nine months of 2025, net operating

income was lower than the same period last year

mostly explained by reduced margins in gas, LNG

and liquids trading.

Equinor third quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 18 | Renewables | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Renewables

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Revenues third party, other revenue and other <br>income<br>| **42** | 36 | 26 | 61% | **58** | 67 | (14)% |
| Net income/(loss) from equity accounted <br>investments<br>| **(9)** | 31 | 7 | N/A | **44** | 75 | (41)% |
| **Total revenues and other income** | **34** | 67 | 33 | 1% | **102** | 142 | (28)% |
| Purchases | **(7)** |  |  | N/A | **(7)** |  | N/A |
| Operating and administrative expenses | **(70)** | (101) | (144) | (51)% | **(278)** | (538) | (48)% |
| Depreciation, amortisation and net <br>impairments<br>| **(15)** | (968) | (55) | (72)% | **(1136)** | (81) | >100% |
| **Total operating expenses** | **(92)** | (1069) | (199) | (54)% | **(1421)** | (618) | >100% |
| **Net operating income/(loss)** | **(59)** | (1002) | (166) | (65)% | **(1319)** | (476) | >100% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **773** | 718 | 361 | >100% | **2271** | 1593 | 43% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **Renewables** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Renewables power generation (TWh) Equinor <br>share<br>| **0.88** | 0.78 | 0.65 | 36% | **2.37** | 2.02 | 17% |

---

**Power generation**

Total power generation increased in both the third

quarter and the first nine months of 2025 compared

to the same periods in 2024, mainly reflecting higher

production from Dogger Bank A and the addition of

new onshore capacity. In the third quarter of 2025,

total power generation amounted to 0.88 TWh,

comprising 0.47 TWh from offshore wind farms and

0.41 TWh from onshore renewables.

For the first nine months of 2025, total power

generation reached 2.37 TWh, including 1.20 TWh

from offshore wind and 1.17 TWh from onshore

assets. Offshore wind power generation was

primarily driven by production from Dudgeon,

Sheringham Shoal, and Dogger Bank A, while

onshore volumes mainly came from plants in Brazil

and a new onshore acquisition in Sweden.

**Total revenues and other income**

Total revenues and other income remained stable in

the third quarter compared to the same period last

year. For the first nine months, total revenues and

other income decreased compared to the same

periods last year. The decline primarily reflects lower

contributions from equity accounted investments,

driven by increased early-phase project development

costs, while revenues from operated activities

remained broadly stable.

**Operating expenses and financial results**

Operating and administrative expenses decreased

compared to both the same quarter last year and the

first nine months of 2024. The reduction mainly

reflects lower activity in development projects and

lower business development costs following the

completion of early-phase project work. The first nine

months of 2024 also included a USD 147 million net

loss resulting from an asset swap transaction with

bp.

Depreciation, amortisation and net impairments

increased for the first nine months of 2025, driven by

a USD 955 million impairment loss for Empire Wind

1/South Brooklyn Marine Terminal project under

construction and for the undeveloped Empire Wind 2

lease.This impairment primarily reflected reduced

expected synergies from future offshore wind

projects resulting from regulatory changes and

increased exposure to tariffs, which impacted the

project economics negatively in the second quarter.

The decrease in the third quarter primarily reflects

the absence of a USD 50 million impairment charge

related to an offshore wind asset recorded in the

prior year quarter.

In the third quarter of 2025, USD 29 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

744 million related to offshore wind projects. The

offshore additions primarily reflect continued

investments in projects in the US and Europe.

![CROP1_9cbb13a5c3674e35a1db85074d4670f9.jpg](eqnr-20250930_g10.jpg)

Equinor third quarter2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| 19 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Condensed interim financial statements and notes**

---

| | |
|:---|:---|
| **[CONSOLIDATED STATEMENT OF INCOME](#i7218f866f7c2424d8b0b59a3892cf835)** | **[20](#i7218f866f7c2424d8b0b59a3892cf835)** |
| **[CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](#i499cd1f802c34579a9f1cbdbd52e6a95)** | **[21](#i499cd1f802c34579a9f1cbdbd52e6a95)** |
| **[CONSOLIDATED BALANCE SHEET](#i227fa3677ffb44c4be8ceb159fe249cd)** | **[22](#i227fa3677ffb44c4be8ceb159fe249cd)** |
| **[CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](#i1d1b66315ffb4c529a0d2832908a6c46)** | **[23](#i1d1b66315ffb4c529a0d2832908a6c46)** |
| **[CONSOLIDATED STATEMENT OF CASH FLOWS](#ia1759afe699d4062ab96c5228c267856)** | **[24](#ia1759afe699d4062ab96c5228c267856)** |

---

---

| | |
|:---|:---|
| **[NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS](#i3569bbf61c794c3d81a3fa85c20a74fc)** | **[25](#i3569bbf61c794c3d81a3fa85c20a74fc)** |
| [Note 1. Organisation and basis of preparation](#id5a12c33ab27470390305d87ff63d5f7) | [25](#id5a12c33ab27470390305d87ff63d5f7) |
| [Note 2. Segments](#i5fddffb470f94611993dc280374ca6db) | [27](#i5fddffb470f94611993dc280374ca6db) |
| [Note 3. Acquisitions and disposals](#ib4c26cce2f074b74bc0e8eace9834837) | [33](#ib4c26cce2f074b74bc0e8eace9834837) |
| [Note 4. Revenues](#i5b9248d65bc047a2b79639f89e67deb9) | [34](#i5b9248d65bc047a2b79639f89e67deb9) |
| [Note 5. Financial items](#ib90c6f305e49407d97801a1481e6803c) | [34](#ib90c6f305e49407d97801a1481e6803c) |
| [Note 6. Income taxes](#i35b1393c909245a0b5e3bbbff7f667af) | [35](#i35b1393c909245a0b5e3bbbff7f667af) |
| [Note 7. Provisions](#i49fc440cc46f486b860ebda4de955dba) | [35](#i49fc440cc46f486b860ebda4de955dba) |
| [Note 8. Capital distribution](#iee0882582f3b41b3a2dff471e6178223) | [36](#iee0882582f3b41b3a2dff471e6178223) |
| [Note 9. Geopolitical and market uncertainty](#i839198e21f094c7f8436c8905ce0a365) | [36](#i839198e21f094c7f8436c8905ce0a365) |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 20 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**CONSOLIDATED STATEMENT OF INCOME**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |  |  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(unaudited, in USD million)** | **Note** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** | **(unaudited, in USD million)** | **Note** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Revenues | <u>[4](#i21f3614772984e09a16c4bc143db5255_1500)</u> | **26017** | 25130 | 25416 | **80531** | 75967 | Interest income and other financial income |  | **265** | 303 | 460 | **903** | 1515 |
| Net income/(loss) from equity accounted investments |  | **(16)** | 9 | (1) | **6** | 43 | Interest expenses and other financial expenses |  | **(366)** | (351) | (370) | **(1042)** | (1181) |
| Other income |  | **48** | 6 | 31 | **578** | 110 | Other financial items |  | **(503)** | 86 | 275 | **(409)** | 272 |
| Total revenues and other income | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **26049** | 25145 | 25446 | **81115** | 76120 | Net financial items | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **(604)** | 37 | 365 | **(548)** | 606 |
| Purchases [net of inventory variation] |  | **(13917)** | (12739) | (13104) | **(42100)** | (37171) | Income/(loss) before tax |  | **4666** | 5759 | 7271 | **19318** | 22798 |
| Operating expenses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(3055)** | (2752) | (2518) | **(8650)** | (7909) |  |  |  |  |  |  |  |
| Selling, general and administrative expenses |  | **(258)** | (329) | (304) | **(910)** | (994) | Income tax | <u>[6](#i21f3614772984e09a16c4bc143db5255_70)</u> | **(4870)** | (4441) | (4986) | **(15574)** | (15969) |
| Depreciation, amortisation and net impairments | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(3297)** | (3422) | (2318) | **(9029)** | (7011) |  |  |  |  |  |  |  |
| Exploration expenses |  | **(252)** | (183) | (296) | **(562)** | (841) | Net income/(loss) |  | **(204)** | 1317 | 2285 | **3744** | 6830 |
| Total operating expenses | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(20779)** | (19424) | (18541) | **(61250)** | (53927) | Attributable to equity holders of the company |  | **(210)** | 1313 | 2282 | **3729** | 6810 |
|  |  |  |  |  |  |  | Attributable to non-controlling interests |  | **7** | 5 | 3 | **15** | 19 |
| Net operating income/(loss) | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **5270** | 5721 | 6905 | **19866** | 22192 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Basic earnings per share (in USD) |  | **(0.08)** | 0.50 | 0.83 | **1.42** | 2.39 |
|  |  |  |  |  |  |  | Diluted earnings per share (in USD) |  | **(0.08)** | 0.50 | 0.82 | **1.42** | 2.39 |
|  |  |  |  |  |  |  | Weighted average number of ordinary shares outstanding <br>(in millions)<br>|  | **2527** | 2622 | 2760 | **2622** | 2849 |
|  |  |  |  |  |  |  | Weighted average number of ordinary shares outstanding <br>diluted (in millions)<br>|  | **2535** | 2629 | 2767 | **2629** | 2855 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 21 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

![CROP_Aasgard B-1 (1).jpg](eqnr-20250930_g11.jpg)

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

Åsgard B, Norway

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(unaudited, in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Net income/(loss) | **(204)** | 1317 | 2285 | **3744** | 6830 |
| Actuarial gains/(losses) on defined benefit pension plans | **306** | (187) | (98) | **5** | 489 |
| Income tax effect on income and expenses recognised in OCI<sup>1)</sup> | **(67)** | 44 | 24 | 7 | (107) |
| Items that will not be reclassified to the Consolidated statement of <br>income<br>| **240** | (144) | (74) | **12** | 382 |
| Foreign currency translation effects | **(78)** | 1472 | 972 | **2696** | 36 |
| Share of OCI from equity accounted investments | **10** | (37) | (48) | **7** | (43) |
| Items that may be subsequently reclassified to the Consolidated <br>statement of income<br>| **(68)** | 1436 | 925 | **2702** | (7) |
| Other comprehensive income/(loss) | **171** | 1292 | 850 | **2714** | 375 |
| Total comprehensive income/(loss) | **(32)** | 2609 | 3135 | **6458** | 7204 |
| Attributable to the equity holders of the company | **(39)** | 2604 | 3132 | **6443** | 7185 |
| Attributable to non-controlling interests | **7** | 5 | 3 | **15** | 19 |
| 1)Other comprehensive income (OCI). |  |  |  |  |  |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 22 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**CONSOLIDATED BALANCE SHEET**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **At 30 September** | **At 31 December** |  |
| **(in USD million)** | **Note** | **2025 (unaudited)** | **2024 (audited)** |  |
| ASSETS |  |  |  |  |
| Property, plant and equipment | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **59961** | 55560 |  |
| Intangible assets | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **6420** | 5654 |  |
| Equity accounted investments |  | **2848** | 2471 |  |
| Deferred tax assets |  | **5039** | 4900 |  |
| Pension assets |  | **2165** | 1717 |  |
| Derivative financial instruments |  | **812** | 648 |  |
| Financial investments |  | **4939** | 5616 |  |
| Prepayments and financial receivables |  | **1509** | 1379 |  |
| Total non-current assets |  | **83694** | 77946 |  |
| Inventories |  | **3736** | 4031 |  |
| Trade and other receivables |  | **10366** | 13590 |  |
| Prepayments and financial receivables<sup>1) 2)</sup> |  | **4284** | 6084 |  |
| Derivative financial instruments |  | **672** | 1024 |  |
| Financial investments | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **14276** | 15335 |  |
| Cash and cash equivalents<sup>1)</sup> |  | **8114** | 5903 |  |
| Total current assets |  | **41448** | 45967 |  |
| Assets classified as held for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **10704** | 7227 |  |
| Total assets |  | **135846** | 131141 |  |
|  |  |  |  | 1) Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. |  |
| 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **At 30 September** | **At 31 December** |
| **(in USD million)** | **Note** | **2025 (unaudited)** | **2024 (audited)** |
| EQUITY AND LIABILITIES |  |  |  |
| Shareholders' equity |  | **40526** | 42342 |
| Non-controlling interests |  | **67** | 38 |
| Total equity |  | **40592** | 42380 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **22903** | 19361 |
| Lease liabilities |  | **2168** | 2261 |
| Deferred tax liabilities |  | **14997** | 12726 |
| Pension liabilities |  | **4257** | 3482 |
| Provision and other liabilities | <u>[7](#i21f3614772984e09a16c4bc143db5255_73)</u> | **14600** | 12927 |
| Derivative financial instruments |  | **1122** | 1958 |
| Total non-current liabilities |  | **60047** | 52715 |
| Trade and other payables |  | **10429** | 11110 |
| Provisions and other liabilities |  | **3376** | 2384 |
| Current tax payable |  | **12661** | 10319 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **4762** | 7223 |
| Lease liabilities |  | **1121** | 1249 |
| Dividends payable |  | **930** | 1906 |
| Derivative financial instruments |  | **444** | 833 |
| Total current liabilities |  | **33722** | 35023 |
| Liabilities directly associated with the assets classified for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **1484** | 1023 |
| Total liabilities |  | **95253** | 88761 |
| Total equity and liabilities |  | **135846** | 131141 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 23 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(unaudited, in USD million)** | **Share capital** | **Additional paid-in** <br>**capital**<br>| **Retained earnings** | **Foreign currency** <br>**translation reserve**<br>| **OCI from equity** <br>**accounted** <br>**investments**<br>| **Shareholders'** <br>**equity**<br>| **Non-controlling** <br>**interests**<br>| **Total equity** |
| At 1 January 2024 | 1101 |  | 56521 | (9442) | 310 | **48490** | 10 | **48500** |
| Net income/(loss) |  |  | 6810 |  |  | **6810** | 19 | **6830** |
| Other comprehensive income/(loss) |  |  | 382 | 36 | (43) | **375** |  | **375** |
| Total comprehensive income/(loss) |  |  |  |  |  | **7185** | 19 | **7204** |
| Dividends |  |  | (5900) |  |  | **(5900)** |  | **(5900)** |
| Share buy-back | (49) | 11 | (5370) |  |  | **(5408)** |  | **(5408)** |
| Other equity transactions |  | (11) | (4) |  |  | **(15)** | 3 | **(12)** |
| At 30 September 2024 | 1052 |  | 52439 | (9406) | 267 | **44352** | 33 | **44385** |
| At 1 January 2025 | 1052 |  | 52407 | (11385) | 268 | **42342** | 38 | **42380** |
| Net income/(loss) |  |  | 3729 |  |  | **3729** | 15 | **3744** |
| Other comprehensive income/(loss) |  |  | 12 | 2696 | 7 | **2714** |  | **2714** |
| Total comprehensive income/(loss) |  |  |  |  |  | **6443** | 15 | **6458** |
| Dividends |  |  | (2865) |  |  | **(2865)** |  | **(2865)** |
| Share buy-back<sup>1)</sup> | (56) |  | (5317) |  |  | **(5373)** |  | **(5373)** |
| Other equity transactions |  |  | (21) |  |  | **(21)** | 15 | **(7)** |
| **At 30 September 2025** | **995** | **—** | **47945** | **(8689)** | **275** | **40526** | **67** | **40592** |
| 1)For more information see <u>[note 8](#i21f3614772984e09a16c4bc143db5255_76)</u> Capital distribution |  |  |  |  |  |  |  |  |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 24 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(unaudited, in USD million)** | **Note** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Income/(loss) before tax |  | **4666** | 5759 | 7271 | **19318** | 22798 |
| Depreciation, amortisation and net impairments, including <br>exploration write-offs<br>|  | **3369** | 3427 | 2327 | **9107** | 7099 |
| (Gains)/losses on foreign currency transactions and balances | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **(72)** | 177 | 243 | **129** | 133 |
| (Gains)/losses on sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(12)** | (12) |  | **(524)** | 118 |
| (Increase)/decrease in other items related to operating activities |  | **938** | (537) | (615) | **1** | (2234) |
| (Increase)/decrease in net derivative financial instruments |  | **(69)** | (157) | (272) | **(241)** | (8) |
| Cash collaterals for commodity derivative transactions<sup>1)</sup> |  | **44** | 347 | (563) | **509** | (246) |
| Interest received |  | **327** | 395 | 419 | **987** | 1380 |
| Interest paid |  | **(93)** | (231) | (139) | **(401)** | (617) |
| Cash flow provided by operating activities before taxes paid and <br>working capital items<br>|  | **9098** | 9167 | 8670 | **28885** | 28424 |
| Taxes paid |  | **(3764)** | (7229) | (2986) | **(14219)** | (14685) |
| (Increase)/decrease in working capital |  | **1012** | 540 | 810 | **3199** | 3704 |
| Cash flows provided by operating activities |  | **6346** | 2477 | 6495 | **17865** | 17443 |
| Cash (used)/received in business combinations | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **—** |  |  | **(26)** | (467) |
| Capital expenditures and investments | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(3420)** | (3401) | (3098) | **(9848)** | (8531) |
| (Increase)/decrease in financial investments |  | **617** | 3916 | 1376 | **3154** | 6069 |
| (Increase)/decrease in derivative financial instruments |  | **(106)** | 191 | (13) | **296** | 40 |
| (Increase)/decrease in other interest-bearing items |  | **170** | (166) | (69) | **126** | (562) |
| Proceeds from sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **—** | 340 | 6 | **424** | 115 |
| Cash flows provided by/(used in) investing activities |  | **(2739)** | 880 | (1798) | **(5874)** | (3337) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(unaudited, in USD million)** | **Note** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| New finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **556** | 2135 |  | **4198** |  |
| Repayment of finance debt |  | **(766)** | (1255) | (190) | **(2021)** | (2090) |
| Repayment of lease liabilities |  | **(393)** | (379) | (367) | **(1136)** | (1115) |
| Dividends paid |  | **(938)** | (1024) | (1944) | **(3873)** | (6665) |
| Share buy-back |  | **(4712)** | (265) | (4564) | **(5527)** | (5511) |
| Net current finance debt and other financing activities |  | **1269** | (691) | 1069 | **(1734)** | (558) |
| Cash flows provided by/(used in) financing activities |  | **(4983)** | (1480) | (5996) | **(10092)** | (15938) |
| Net increase/(decrease) in cash and cash equivalents |  | **(1375)** | 1878 | (1300) | **1898** | (1832) |
| Effect of exchange rate changes in cash and cash equivalents |  | **45** | 191 | 98 | **306** | (54) |
| Cash and cash equivalents at the beginning of the period<sup>1)</sup> |  | **9437** | 7368 | 7386 | **5903** | 8070 |
| Cash and cash equivalents at the end of the period<sup>1)</sup> |  | **8107** | 9437 | 6184 | **8107** | 6184 |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 25 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**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 third quarter of 2025 were authorised for issue by

the board of directors on 28 October 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. Management's future commodity price

assumptions applied in impairment and impairment

reversal assessments based on value in use were

updated with effect from the third quarter 2025. For

information on related impairments and reversals,

please refer to <u>[note 2](#i21f3614772984e09a16c4bc143db5255_58)</u> Segments. For impairments of

assets held for sale measured at fair value, please

see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u> Acquisitions and disposals in this report.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 26 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated balance sheet** | **At 31 December 2024** | **At 31 December 2024** | **At 31 December 2023/ 1 January 2024** | **At 31 December 2023/ 1 January 2024** |
| **(in USD million)** | **As reported** | **Restated** | **As reported** | **Restated** |
| Cash and cash equivalents | 8120 | 5903 | 9641 | 8070 |
| Prepayments and financial receivables | 3867 | 6084 | 3729 | 5300 |
| Sum | 11987 | 11987 | 13370 | 13370 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Cash Flows** | **Q1 2024** | **Q1 2024** | **Q2 2024** | **Q2 2024** | **First six months 2024** | **First six months 2024** | **Q3 2024** | **Q3 2024** | **First nine months 2024** | **First nine months 2024** | **Q4 2024** | **Q4 2024** | **Full year 2024** | **Full year 2024** |
| **(in USD million)** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** |
| Cash collaterals for commodity derivative <br>transactions<br>|  | 117 |  | 200 |  | 317 |  | (563) |  | (246) |  | (399) |  | (645) |
| Cash flow provided by operating activities <br>before taxes paid and working capital items<br>| 9689 | 9806 | 9748 | 9948 | 19437 | 19754 | 9233 | 8670 | 28670 | 28424 | 9813 | 9414 | 38483 | 37838 |
| Cash flows provided by operating activities | 9021 | 9138 | 1611 | 1811 | 10632 | 10948 | 7057 | 6495 | 17689 | 17443 | 2421 | 2022 | 20110 | 19465 |
| Cash and cash equivalents at the beginning of <br>the period (net of overdraft)<br>| 9641 | 8070 | 9682 | 8227 | 9641 | 8070 | 8641 | 7386 | 9641 | 8070 | 8002 | 6184 | 9641 | 8070 |
| Cash and cash equivalents at the end of the <br>period (net of overdraft)<br>| 9682 | 8227 | 8641 | 7386 | 8641 | 7386 | 8002 | 6184 | 8002 | 6184 | 8120 | 5903 | 8120 | 5903 |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Statement of Cash Flows** | **Q1 2023** | **Q1 2023** | **Q2 2023** | **Q2 2023** | **First six months 2023** | **First six months 2023** | **Q3 2023** | **Q3 2023** | **First nine months 2023** | **First nine months 2023** | **Q4 2023** | **Q4 2023** | **Full year 2023** | **Full year 2023** |
| **(in USD million)** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** | **As reported** | **Restated** |
| Cash collaterals for commodity derivative <br>transactions<br>|  | 3678 |  | 426 |  | 4103 |  | (245) |  | 3858 |  | 698 |  | 4556 |
| Cash flow provided by operating activities <br>before taxes paid and working capital items<br>| 15305 | 18982 | 10485 | 10910 | 25789 | 29893 | 11336 | 11091 | 37126 | 40984 | 10890 | 11588 | 48016 | 52572 |
| Cash flows provided by operating activities | 14871 | 18548 | 1857 | 2283 | 16728 | 20831 | 5236 | 4992 | 21965 | 25823 | 2736 | 3434 | 24701 | 29257 |
| Cash and cash equivalents at the beginning of <br>the period (net of overdraft)<br>| 15579 | 9451 | 17380 | 14930 | 15579 | 9451 | 19650 | 17626 | 15579 | 9451 | 14420 | 12151 | 15579 | 9451 |
| Cash and cash equivalents at the end of the <br>period (net of overdraft)<br>| 17380 | 14930 | 19650 | 17626 | 19650 | 17626 | 14420 | 12151 | 14420 | 12151 | 9641 | 8070 | 9641 | 8070 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 27 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

![CROP_TLE_northern-lights.jpg](eqnr-20250930_g12.jpg)

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. Further, provisions for onerous contracts

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**

Net impairments in E&P USA in the third quarter relates to Equinor's offshore producing

assets in the Gulf of America, following reduced production estimates, increased cost

estimates, and lower future Brent price assumptions (75 USD/bbl during 2030-2040).

The net impairment reversal in MMP mainly relates to increased refinery margin

assumptions combined with extended economic lifetime of the relevant asset. For

information about net impairments in E&P International, see<u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u> Acquisitions and

disposals.

In the second quarter of 2025, Equinor recognised net impairmentsin 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

projectsand increased exposure to tariffs 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 was USD 2.3

Northern lights, Norway

billion.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 28 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Third quarter 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 77 | 125 | 57 | 25719 | 16 | 24 |  | **26017** |
| Revenues and other income inter-segment | 8212 | 1169 | 957 | 28 | 11 | 8 | (10386) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (1) | (9) | (6) |  | **(16)** |
| Other income | (11) | 22 |  | 8 | 15 | 14 |  | **48** |
| Total revenues and other income | 8278 | 1315 | 1014 | 25753 | 34 | 40 | (10386) | **26049** |
| Purchases [net of inventory variation] |  | (38) |  | (23988) | (7) |  | 10115 | **(13917)** |
| Operating, selling, general and administrative expenses | (926) | (532) | (569) | (1323) | (70) | (74) | 182 | **(3312)** |
| Depreciation and amortisation | (1602) | (269) | (405) | (217) | (13) | (38) |  | **(2543)** |
| Net impairment (losses)/reversals |  | (650) | (385) | 283 | (3) |  |  | **(754)** |
| Exploration expenses | (132) | (80) | (39) |  |  |  |  | **(252)** |
| Total operating expenses | (2660) | (1569) | (1398) | (25244) | (92) | (112) | 10297 | **(20779)** |
| Net operating income/(loss) | 5618 | (254) | (384) | 509 | (59) | (71) | (89) | **5270** |
| Additions to PP&E, intangibles and equity accounted investments | 1557 | 695 | 314 | 307 | 773 | 34 |  | **3679** |
| **Balance sheet information** |  |  |  |  |  |  |  |  |
| Equity accounted investments | 4 |  |  | 714 | 1933 | 196 |  | **2848** |
| Non-current segment assets | 32490 | 12772 | 11925 | 3825 | 4487 | 883 |  | **66381** |
| Non-current assets not allocated to segments |  |  |  |  |  |  |  | **14464** |
| Total non-current assets (excl. assets classified as held for sale) |  |  |  |  |  |  |  | **83694** |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 29 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 24795 | 22 | 23 |  | **25130** |
| Revenues and other income inter-segment | 8165 | 1191 | 980 | 25 | 5 | 8 | (10374) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (21) | 31 | (1) |  | **9** |
| Other income | (4) | 2 |  |  | 9 |  |  | **6** |
| Total revenues and other income | 8236 | 1348 | 1040 | 24798 | 67 | 31 | (10374) | **25145** |
| Purchases [net of inventory variation] | 1 | (67) |  | (23055) |  |  | 10383 | **(12739)** |
| Operating, selling, general and administrative expenses | (1077) | (504) | (306) | (1182) | (101) | (33) | 121 | **(3081)** |
| Depreciation and amortisation | (1338) | (310) | (536) | (232) | (12) | (38) |  | **(2466)** |
| Net impairment (losses)/reversals |  |  |  |  | (955) |  |  | **(955)** |
| Exploration expenses | (115) | (51) | (16) |  |  |  |  | **(183)** |
| Total operating expenses | (2530) | (932) | (858) | (24469) | (1069) | (70) | 10504 | **(19424)** |
| Net operating income/(loss) | 5706 | 415 | 183 | 329 | (1002) | (40) | 130 | **5721** |
| Additions to PP&E, intangibles and equity accounted investments | 1674 | 622 | 294 | 254 | 718 | 15 |  | **3577** |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 30 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Third quarter 2024** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 63 | 126 | 62 | 25133 | 21 | 13 |  | **25416** |
| Revenues and other income inter-segment | 7988 | 1467 | 881 | 83 | 6 | 8 | (10433) | **—** |
| Net income/(loss) from equity accounted investments |  | 3 |  | (11) | 7 |  |  | **(1)** |
| Other income | 31 |  |  |  |  |  |  | **31** |
| Total revenues and other income | 8081 | 1597 | 943 | 25204 | 33 | 20 | (10433) | **25446** |
| Purchases [net of inventory variation] |  | 11 |  | (23440) |  |  | 10325 | **(13104)** |
| Operating, selling, general and administrative expenses | (871) | (519) | (314) | (1136) | (144) | (17) | 179 | **(2822)** |
| Depreciation and amortisation | (1193) | (544) | (408) | (243) | (2) | (34) |  | **(2424)** |
| Net impairment (losses)/reversals |  |  |  | 158 | (53) |  |  | **106** |
| Exploration expenses | (143) | (138) | (15) |  |  |  |  | **(296)** |
| Total operating expenses | (2207) | (1190) | (737) | (24660) | (199) | (52) | 10504 | **(18541)** |
| Net operating income/(loss) | 5875 | 407 | 207 | 544 | (166) | (31) | 71 | **6905** |
| Additions to PP&E, intangibles and equity accounted investments | 1462 | 760 | 330 | 185 | 361 | 41 |  | **3141** |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 31 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First nine months 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 210 | 433 | 181 | 79579 | 56 | 72 |  | **80531** |
| Revenues and other income inter-segment | 25861 | 3724 | 3070 | 66 | 22 | 24 | (32766) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (31) | 44 | (7) |  | **6** |
| Other income | 496 | 77 |  | 9 | (20) | 16 |  | **578** |
| Total revenues and other income | 26567 | 4234 | 3251 | 79623 | 102 | 105 | (32766) | **81115** |
| Purchases [net of inventory variation] |  | (102) |  | (74450) | (7) | (1) | 32460 | **(42100)** |
| Operating, selling, general and administrative expenses | (2894) | (1603) | (1186) | (3858) | (278) | (156) | 416 | **(9560)** |
| Depreciation and amortisation | (4067) | (974) | (1311) | (676) | (33) | (113) |  | **(7174)** |
| Net impairment (losses)/reversals |  | (650) | (385) | 283 | (1103) |  |  | **(1854)** |
| Exploration expenses | (338) | (164) | (60) |  |  |  |  | **(562)** |
| Total operating expenses | (7299) | (3493) | (2941) | (78701) | (1421) | (270) | 32876 | **(61250)** |
| Net operating income/(loss) | 19268 | 741 | 310 | 922 | (1319) | (165) | 109 | **19866** |
| Additions to PP&E, intangibles and equity accounted investments | 5640 | 2078 | 915 | 768 | 2271 | 79 |  | **11752** |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 32 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First nine months 2024** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 178 | 471 | 202 | 75000 | 53 | 64 |  | **75967** |
| Revenues and other income inter-segment | 24143 | 4680 | 2768 | 261 | 15 | 24 | (31890) | **—** |
| Net income/(loss) from equity accounted investments |  | 11 |  | (42) | 75 |  |  | **43** |
| Other income | 65 | (1) | 30 |  |  | 16 |  | **110** |
| Total revenues and other income | 24386 | 5160 | 2999 | 75218 | 142 | 104 | (31890) | **76120** |
| Purchases [net of inventory variation] |  | 21 |  | (68614) |  |  | 31421 | **(37171)** |
| Operating, selling, general and administrative expenses | (2718) | (1496) | (885) | (3741) | (538) | (96) | 571 | **(8903)** |
| Depreciation and amortisation | (3572) | (1526) | (1199) | (712) | (26) | (105) |  | **(7140)** |
| Net impairment (losses)/reversals |  |  |  | 191 | (55) | (7) |  | **129** |
| Exploration expenses | (336) | (437) | (68) |  |  |  |  | **(841)** |
| Total operating expenses | (6626) | (3438) | (2152) | (72875) | (618) | (209) | 31992 | **(53927)** |
| Net operating income/(loss) | 17760 | 1722 | 847 | 2343 | (476) | (105) | 102 | **22192** |
| Additions to PP&E, intangibles and equity accounted investments | 4413 | 2295 | 2211 | 585 | 1593 | 183 |  | **11281** |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 33 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | |
|:---|:---|:---|
| **Non-current assets by country** |  |  |
|  | **At 30 September** | **At 31 December** |
| **(in USD million)** | **2025** | **2024** |
| Norway<sup>1)</sup> | **36193** | 30017 |
| USA | **16058** | 15638 |
| Brazil | **9605** | 11487 |
| UK | **1720** | 1641 |
| Angola | **1205** | 1159 |
| Canada | **1002** | 1019 |
| Poland | **987** | 644 |
| Argentina | **933** | 822 |
| Denmark | **885** | 770 |
| Germany | **303** | 287 |
| Other | **339** | 202 |
| Total non-current assets<sup>2)</sup> | **69230** | 63686 |
| 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u>.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. | 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u>.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. | 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u>.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. |

---

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 was involved. The purpose of the transaction was 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, later named Adura. 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 Adura, 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. The majority of the required approvals are obtained, and completion is expected by

the end of 2025. The net assets classified as held for sale have been measured at fair value at the end of the third

quarter, leading to an impairment of USD 650 million mainly due to an update of expected future commodity price

assumptions. As of 30 September 2025, assets held for sale amounted to USD 7,291 million and liabilities directly

associated with the assets held for sale amounted to USD 768 million. Equinor's UK upstream business is part of

the E&P International segment.

**Agreement to sell all interests in the Peregrino field in Brazil**

On 1 May 2025, Equinor entered into agreements with Prio Tigris Ltda., a subsidiary of PRIO SA, to sell its 60%

operating interest in the Peregrino field in Brazil as part of the ongoing optimisation of Equinor's international

upstream portfolio. The agreements, one for the sale of a 40% interest and transfer of operatorship of Peregrino,

and the second for the sale of the remaining 20% interest, are subject to regulatory and legal approvals.

Completion of the transactions is expected within the first half of 2026. As of 30 September 2025, assets held for

sale amounted to USD 3,413 million, and liabilities directly associated with the assets held for sale amounted to

USD 717 million. The interests are part of the E&P International segment.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 34 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Note 4.Revenues

**Revenues from contracts with customers by geographical areas**

When attributing the line item Revenues from contracts with customers for the third quarter2025 to the country of

the legal entity executing the sale, Norway and the USA accounted for 78% and 19%, respectively, of such

revenues (75% and 22%, respectively, for the second quarter of 2025 and 77% and 20%, respectively, for the third

quarter of 2024).

For the first nine months of 2025, Norway and the USA accounted for 77% and 20% of such revenues, respectively

(79% and 19% respectively for the first nine months 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** | **Revenues from contracts with customers and other revenues** | **Revenues from contracts with customers and other revenues** |  |  |  |
|  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Crude oil | **15114** | 13863 | 15017 | **45060** | 44916 |
| Natural gas | **5722** | 5918 | 5134 | **19231** | 15082 |
| - European gas | **4848** | 4874 | 4247 | **16088** | 12390 |
| - North American gas | **445** | 477 | 225 | **1474** | 729 |
| - Other incl. Liquefied natural gas | **429** | 568 | 662 | **1669** | 1962 |
| Refined products | **2617** | 2374 | 2418 | **7573** | 6686 |
| Natural gas liquids | **1593** | 1825 | 1804 | **5442** | 5707 |
| Power | **448** | 357 | 378 | **1479** | 1346 |
| Transportation | **328** | 323 | 300 | **953** | 1056 |
| Other sales | **174** | 108 | 128 | **387** | 304 |
| Revenues from contracts with customers | **25998** | 24769 | 25178 | **80125** | 75096 |
| Total other revenues<sup>1)</sup> | **19** | 361 | 238 | **406** | 871 |
| Revenues | **26017** | 25130 | 25416 | **80531** | 75967 |
| 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. |

---

Note 5.Financial items

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Interest income and other financial income | **265** | 303 | 460 | **903** | 1515 |
| Interest expenses and other financial expenses | **(366)** | (351) | (370) | **(1042)** | (1181) |
| Net foreign currency exchange gains/(losses)  | **72** | (177) | (243) | **(129)** | (133) |
| Gains/(losses) on financial investments | **(552)** | 113 | 348 | **(465)** | 363 |
| Gains/(losses) other derivative financial instruments | **(22)** | 150 | 170 | **185** | 42 |
| Net financial items | **(604)** | 37 | 365 | **(548)** | 606 |

---

In the third quarter of 2025, Equinor confirmed its intention to participate in Ørsted's DKK 60 billion rights issue,

announced on 11 August 2025, to maintain its 10% ownership stake in Ørsted. The net impact of the change in fair

value of Equinor's shares in Ørsted during the third quarter, and the fair value of subscription rights held at the end

of the third quarter, represents a loss of around USD 0.4 billion. The subscription of additional shares for USD 0.9

billion has been settled in October.

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 nine months of 2025, Equinor has drawn on project financing for a total amount of USD 2.4 billion, of

which USD 0.6 billion was drawn in the third 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 September 2025,

USD 1.7 billion were utilised compared to USD4.1 billion utilised as of 31 December 2024.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 35 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Note 6.Income taxes

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Income/(loss) before tax | **4666** | 5759 | 7271 | **19318** | 22798 |
| Income tax | **(4870)** | (4441) | (4986) | **(15574)** | (15969) |
| Effective tax rate | **104.4%** | 77.1% | 68.6% | **80.6%** | 70.0% |

---

The effective reported tax rate of 80.6% for the first nine months of 2025 increased compared to 70.0% 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 tax rate is also influenced by the derecognition of deferred tax assets and an impairment related to the

joint venture agreement with Shell in the UK, see <u>[note 3](#i21f3614772984e09a16c4bc143db5255_61)</u>. 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 104.4% for the third quarter of 2025 increased compared to 68.6% in 2024. The increase

was mainly due to higher share of income from jurisdictions with high tax rates. The tax rate is also influenced by

the derecognition of deferred tax assets and an impairment related to the joint venture agreement with Shell in the

UK, see note 3. The increase was partly offset by currency effects in entities that are taxable in other currencies

than the functional currency.

Note 7.Provisions

**Asset retirement obligation**

Equinor's estimated asset retirement obligations (ARO) have increased by approximately USD 2.1 billion to USD

13.1 billion at 30 September 2025 compared to year-end 2024, mainly due to currency effects (USD weakening

versus NOK) and increase in estimates.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 36 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Note 8.Capital distribution

**Dividend for the third quarter 2025**

On 28 October 2025, the board of directors resolved to declare a cash dividend for the third quarter of 2025 of USD

0.37 per share. The Equinor shares will trade ex-dividend 16 February 2026 on the Oslo Børs and 17 February for

ADR holders on the New York Stock Exchange. Record date will be 17 February and payment date will be 27

February 2026.

**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 share buy-back programme is up to USD 5 billion,

including shares to be redeemed from the Norwegian state.

During the first six months, Equinor launched the first two tranches ofUSD2.465 billion in total of which USD 662

million was acquired in the market in the first six months and USD 152 million was acquired in third quarter. In July

2025, Equinor launched the third 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 third tranche, shares for USD 299 million have been purchased in the market and settled as of 30

September 2025, whereas USD 418 million have been recognised as reduction in equity. The market execution of the

third tranche was completed in October 2025.

On 28 October 2025, the Board of Directors decided to initiate a fourth and final share buy-back tranche of up to USD

1,266 million for 2025, including shares to be redeemed from the Norwegian state. The fourth tranche will start

30 October 2025 and end no later than 2 February 2026.

In order to maintain the Norwegian state's ownership share in Equinor at 67%, 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 Norwegian state's

share of USD 4,141 million (NOK 42.7 billion) following the capital reduction was settled in July 2025. A proportionate

share of the second, third and fourth tranche of the 2025 programme will be redeemed and cancelled at the annual

general meeting in May 2026.

---

| | | |
|:---|:---|:---|
|  | **First nine months** | **First nine months** |
| **Equity impact of share buy-back programmes (in USD million)** | **2025** | **2024** |
| First tranche | **397** | 396 |
| Second tranche | **418** | 528 |
| Third tranche | **418** | 528 |
| Norwegian state share<sup>1)</sup> | **4141** | 3956 |
| Total | **5373** | 5408 |
| 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme | 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme | 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme |

---

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 throughout 2025. As the policy changes, both substance and

duration, are developing, so are the implications for economic growth, demand for energy, supply costs, inflation,

interest rates and foreign exchange rates. Equinor is affected by the global macroeconomic conditions, which in

turn affect our financial performance. Given the current uncertainty, potential developments could unfold in

various 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.

![CROP1_OJB-0675 (2).jpg](eqnr-20250930_g13.jpg)

Equinorthird quarter2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| 37 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Supplementarydisclosures**

---

| | |
|:---|:---|
| [Exchange rates](#ie47e970e711e436da8d9ce8a1b3e4bda) | [38](#ie47e970e711e436da8d9ce8a1b3e4bda) |
| [Use and reconciliation of Non-GAAP financial measures](#ibd04d981d1b44e638bea1f69fb9415e2) | [39](#ibd04d981d1b44e638bea1f69fb9415e2) |
| [Exploration expenses](#i615aeb5801ce48e0a0c849116d35a48e) | [40](#i615aeb5801ce48e0a0c849116d35a48e) |
| [Calculation of CFFO after taxes paid, net cash flow before capital](#i761158d5d7a546df93492a53f4fb700f)<br>[distribution and net cash flow](#i761158d5d7a546df93492a53f4fb700f)<br>| [41](#i761158d5d7a546df93492a53f4fb700f) |
| [Organic capital expenditures](#i61c314ec99364c04a70f4fd859e99d74) | [42](#i61c314ec99364c04a70f4fd859e99d74) |
| [Calculation of capital employed and net debt to capital employed ratio](#i958ca407e4604e2c8bf14c5f3a976c9c) | [43](#i958ca407e4604e2c8bf14c5f3a976c9c) |
| [Summarised financial information related to guaranteed debt](#i2d25fe64ae9f42409b03eeffd97e6f4e)<br>[securities](#i2d25fe64ae9f42409b03eeffd97e6f4e)<br>| [44](#i2d25fe64ae9f42409b03eeffd97e6f4e) |
| [Forward-looking statements](#i1d39d319f60f430c8f60f274903c86a8) | [46](#i1d39d319f60f430c8f60f274903c86a8) |
| [End notes](#if85eb0afe12c4ffb9ec9e296b2e97990) | [47](#if85eb0afe12c4ffb9ec9e296b2e97990) |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 38 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Supplementary disclosures
Exchange rates

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **Exchange rates** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| USD/NOK average daily exchange rate | **10.0995** | 10.2974 | 10.7107 | (6)% | **10.4896** | 10.6549 | (2)% |
| EUR/USD average daily exchange rate | **1.1680** | 1.1334 | 1.0982 | 6% | **1.1162** | 1.0872 | 3% |
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine** <br>**months**<br>| **Full year** |  |
|  | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| USD/NOK period-end exchange rate | **9.9877** | 10.0977 | 10.5078 | (5)% | **9.9877** | 10.5078 | (5)% |
| EUR/USD period-end exchange rate | **1.1741** | 1.1720 | 1.1196 | 0% | **1.1741** | 1.1196 | 0% |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 39 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**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:

**Net debt to capital employed ratio –** In Equinor's

view, net debt ratios provide a more informative

picture of Equinor's financial strength than gross

interest-bearing financial debt. Three different net

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

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

employed adjusted, including lease liabilities, and 3)

net debt to capital employed adjusted. These

calculations are all based on Equinor's gross

interest-bearing financial liabilities as recorded in the

Consolidated balance sheet and exclude cash, cash

equivalents and current financial investments.

The following adjustments are made in calculating

the net debt to capital employed adjusted, including

lease liabilities ratio and the net debt to capital

employed adjusted ratio: financial investments held

in Equinor Insurance AS (classified as Current

financial investments in the Consolidated balance

sheet) are treated as non-cash and excluded from

the calculation of these non-GAAP measures, as

these investments are not readily available for the

group to meet short term commitments. These

adjustments result in a higher net debt figure and in

Equinor's view provides a more prudent measure of

the net debt to capital employed ratio than would be

the case without such exclusions. Additionally, lease

liabilities are further excluded in calculating the net

debt to capital employed adjusted ratio. The table

Calculation of capital employed and net debt to

capital employed ratio later in this report details the

calculations for these non-GAAP measures and

reconciles them with the most directly comparable

IFRS Accounting Standards financial measure or

measures.

**Organic capital expenditures** (organic

investments/capex) – Capital expenditures is defined

as Additions to PP&E, intangibles and equity

accounted investments, which excludes assets held

for sale, as presented in note 2 Segments to the

Condensed interim financial statements. Organic

capital expenditures are capital expenditures

excluding expenditures related to acquisitions,

leased assets and other investments with

significantly different cash flow patterns. Equinor

believes this measure gives stakeholders relevant

information to understand the company's

investments in maintaining and developing its

assets. Forward-looking organic capital expenditures

included in this report are not reconcilable to its most

directly comparable IFRS Accounting Standards

measure without unreasonable efforts, because the

amounts excluded from such IFRS Accounting

Standards measure to determine organic capital

expenditures cannot be predicted with reasonable

certainty.

**Cash flows from operations after taxes paid** 

**(CFFO after taxes paid)** represents, and is used by

management, to evaluate cash generated from

operating activities after taxes paid, which is

available for investing activities, debt servicing and

distribution to shareholders. Cash flows from

operations after taxes paid is not a measure of our

liquidity under IFRS Accounting Standards and

should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Cash flows from

operations after taxes paid is limited and does not

represent residual cash flows available for

discretionary expenditures. The table Calculation of

CFFO after taxes paid and net cash flow later in this

report provides a reconciliation of Cash flows from

operations after taxes paid to its most directly

comparable IFRS Accounting Standards measure,

Cash flows provided by operating activities before

taxes paid and working capital items, as of the

specified dates.

**Net cash flow before capital distribution** - Net

cash flow before capital distribution represents, and

is used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing and distribution to shareholders. Net

cash flow before capital distribution is not a measure

of our liquidity under IFRS Accounting Standards

and should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow before

capital distribution is limited and does not represent

residual cash flows available for discretionary

expenditures. The table Calculation of CFFO after

taxes paid and net cash flow later in this report

provides a reconciliation of Net cash flow before

capital distribution to its most directly comparable

IFRS Accounting Standards measure, Cash flows

provided by operating activities before taxes paid

and working capital items, as of the specified dates.

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

used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing. Net cash flow is not a measure of our

liquidity under IFRS Accounting Standards and

should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow is limited

and does not represent residual cash flows available

for discretionary expenditures. The table Calculation

of CFFO after taxes paid and net cash flow later in

this report provides a reconciliation of Net cash flow

to its most directly comparable IFRS Accounting

Standards measure, Cash flows provided by

operating activities before taxes paid and working

capital items, as of the specified dates.

For more information on our definitions and use of

non-GAAP financial measures, see section 5.5 Use

and reconciliation of non-GAAP financial measures

in Equinor's Annual Report on Form 20-F for the year

ended December 31, 2024..

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 40 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Exploration expenses**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| E&P Norway exploration expenditures | **256** | 184 | 188 | 36% | **607** | 464 | 31% |
| E&P International exploration expenditures | **83** | 74 | 153 | (46%) | **190** | 423 | (55%) |
| E&P USA exploration expenditures | **3** | 13 | 53 | (94%) | **21** | 115 | (81%) |
| Group exploration expenditures | **343** | 272 | 395 | (13%) | **818** | 1002 | (18%) |
| Expensed, previously capitalised exploration expenditures | **36** | 5 | 6 | >100% | **42** | 83 | (49%) |
| Capitalised share of current period's exploration activity | **(163)** | (95) | (107) | 52% | **(335)** | (248) | 35% |
| Impairment (reversal of impairment) | **36** |  | 3 | >100% | **36** | 5 | >100% |
| Exploration expenses according to IFRS  | **252** | 183 | 296 | (15%) | **562** | 841 | (33%) |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 41 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CFFO information**  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Cash flows provided by operating activities before taxes paid and working capital items<sup>1)</sup> | **9098** | 9167 | 8670 | 5% | **28885** | 28424 | 2% |
| Taxes Paid | **(3764)** | (7229) | (2986) | 26% | **(14219)** | (14685) | (3)% |
| **Cash flow from operations after taxes paid (CFFO after taxes paid)**<sup>1)</sup> | **5334** | 1938 | 5685 | (6)% | **14666** | 13739 | 7% |
| **Net cash flow information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First nine months** | **First nine months** |  |
| **(in USD million)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **Q3 on Q3** | **2025** | **2024** | **Change** |
| Cash flow from operations after taxes paid (CFFO after taxes paid)<sup>1)</sup> | **5334** | 1938 | 5685 | (6)% | **14666** | 13739 | 7% |
| (Cash used)/received in business combinations | **—** |  |  | N/A | **(26)** | (467) | (94)% |
| Capital expenditures and investments | **(3420)** | (3401) | (3098) | 10% | **(9848)** | (8531) | 15% |
| (Increase)/decrease in other interest-bearing items | **170** | (166) | (69) | N/A | **126** | (562) | N/A |
| Proceeds from sale of assets and businesses | **—** | 340 | 6 | (100)% | **424** | 115 | >100% |
| **Net cash flow before capital distribution**<sup>1)</sup> | **2085** | (1289) | 2524 | (17)% | **5342** | 4294 | 24% |
| Dividend paid | **(938)** | (1024) | (1944) | (52)% | **(3873)** | (6665) | (42)% |
| Share buy-back | **(4712)** | (265) | (4564) | 3% | **(5527)** | (5511) | —% |
| **Net cash flow**<sup>1)</sup> | **(3565)** | (2579) | (3984) | (11)% | **(4058)** | (7882) | (49)% |
| 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 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 <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Line items impacted by change in accounting policy** | **Q3 2024** | **Q3 2024** | **Q3 2024** | **First nine months** | **First nine months** | **First nine months** |
| **(in USD million)** | **As reported** | **Restated** | **Impact** | **As reported** | **Restated** | **Impact** |
| Cash flows provided by operating activities before taxes paid and working <br>capital items<br>| 9233 | 8670 | 563 | 28670 | 28424 | 246 |
| Cash flow from operations after taxes paid (CFFO after taxes paid) | 6247 | 5685 | 563 | 13985 | 13739 | 246 |
| Net cash flow before capital distribution | 3086 | 2524 | 563 | 4540 | 4294 | 246 |
| Net cash flow | (3422) | (3984) | 563 | (7636) | (7882) | 246 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 42 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Organic capital expenditures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First nine months** | **First nine months** |
| **(in USD billion)** | **Q3 2025** | **Q2 2025** | **Q3 2024** | **2025** | **2024** |
| Additions to PP&E, intangibles and equity accounted investments | **3.7** | 3.6 | 3.1 | **11.8** | 11.3 |
| Less: |  |  |  |  |  |
| Acquisition-related additions | **—** |  |  | **1.3** | 1.8 |
| Right of use asset additions | **0.3** | 0.2 | 0.1 | **0.6** | 0.8 |
| **Organic capital expenditures** | **3.4** | 3.4 | 3.1 | **9.8** | 8.7 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 43 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Calculation of capital employed and net debt to capital employed ratio**

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of capital employed and net debt to capital employed ratio** |  | **At 30 September** | **At 31 December** |
| **(in USD million)** |  | **2025** | **2024** |
| **Calculation of capital employed\*** |  |  |  |
| Capital employed<sup>1)</sup> | A + B1 | **49155** | 51235 |
| Capital employed adjusted, including lease liabilities | A + B2 | **49505** | 51601 |
| Capital employed adjusted | A + B3 | **46216** | 48091 |
| **Calculated net debt to capital employed\*** |  |  |  |
| Net debt to capital employed<sup>1)</sup> | (B1) / (A+B1) | **17.4%** | 17.3% |
| Net debt to capital employed adjusted, including lease liabilities | (B2) / (A+B2) | **18.0%** | 17.9% |
| Net debt to capital employed adjusted | (B3) / (A+B3) | **12.2%** | 11.9% |
| 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the <br>restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of <br>preparation.<br>2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments.<br>3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed <br>across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from <br>the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing <br>debt adjusted including lease liabilities\* and net interest-bearing debt adjusted\* included adjustments to exclude 50% of <br>the cash build-up ahead of tax payments on 1 April and 1 October. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the <br>restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of <br>preparation.<br>2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments.<br>3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed <br>across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from <br>the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing <br>debt adjusted including lease liabilities\* and net interest-bearing debt adjusted\* included adjustments to exclude 50% of <br>the cash build-up ahead of tax payments on 1 April and 1 October. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the <br>restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of <br>preparation.<br>2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments.<br>3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed <br>across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from <br>the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing <br>debt adjusted including lease liabilities\* and net interest-bearing debt adjusted\* included adjustments to exclude 50% of <br>the cash build-up ahead of tax payments on 1 April and 1 October. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the <br>restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of <br>preparation.<br>2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments.<br>3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed <br>across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from <br>the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing <br>debt adjusted including lease liabilities\* and net interest-bearing debt adjusted\* included adjustments to exclude 50% of <br>the cash build-up ahead of tax payments on 1 April and 1 October. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of capital employed and net debt to capital employed ratio** |  | **At 30 September** | **At 31 December** |
| **(in USD million)** |  | **2025** | **2024** |
| Shareholders' equity |  | **40526** | 42342 |
| Non-controlling interests |  | **67** | 38 |
| Total equity | A | **40592** | 42380 |
| Current finance debt and lease liabilities |  | **5883** | 8472 |
| Non-current finance debt and lease liabilities |  | **25070** | 21622 |
| Gross interest-bearing debt | B | **30953** | 30094 |
| Cash and cash equivalents<sup>1)</sup> |  | **8114** | 5903 |
| Current financial investments |  | **14276** | 15335 |
| Cash and cash equivalents and financial investment<sup>1)</sup> | C | **22390** | 21238 |
| Net interest-bearing debt [8]<sup>1)</sup> | B1 = B - C | **8563** | 8856 |
| Other interest-bearing elements<sup>1)2)</sup> |  | **349** | 366 |
| Net interest-bearing debt adjusted including lease liabilities\* <sup>3)</sup> | B2 | **8912** | 9221 |
| Lease liabilities |  | **3288** | 3510 |
| Net interest-bearing debt adjusted\* <sup>3)</sup> | B3 | **5624** | 5711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Line items impacted by change in accounting policy** | **Line items impacted by change in accounting policy** | **At 31 December 2024** | **At 31 December 2024** | **At 31 December 2024** |
| **(in USD million)** |  | **As reported** | **Restated** | **Impact** |
| Cash and cash equivalents |  | 8120 | 5903 | (2217) |
| Cash and cash equivalents and financial investment | C | 23455 | 21238 | (2217) |
| Net interest-bearing debt [8] | B1 = B - C | 6638 | 8856 | 2217 |
| Other interest-bearing elements |  | 2583 | 366 | (2217) |
| Capital employed | A + B1 | 49018 | 51235 | 2217 |
| Net debt to capital employed | (B1) / (A+B1) | 13.5% | 17.3% | 3.7% |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 44 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Summarised financial information related to guaranteed debt securities**

The following summarised financial information

provides financial information of Equinor Energy AS

as co-obligor and guarantor as required by SEC

Rule 3-10 and 13-01 of Regulation S-X.

Equinor Energy AS is a 100% owned subsidiary of

Equinor ASA. Equinor Energy AS is the co-obligor of

certain existing debt securities of Equinor ASA and

has guaranteed certain existing debt securities of

Equinor ASA, including in each case debt securities

that are registered under the US Securities Act of

1933 ("US registered debt securities").

As co-obligor, Equinor Energy AS fully,

unconditionally and irrevocably assumes and agrees

to perform, jointly and severally with Equinor ASA,

the payment and covenant obligations for certain

debt held by Equinor ASA. As a guarantor, Equinor

Energy AS fully and unconditionally guarantees the

payment obligations for certain debt held by Equinor

ASA. Total debt at 30 September 2025 is

USD 22,087 million, all of which is either guaranteed

by Equinor Energy AS (USD 20,278 million), or for

which Equinor Energy AS is co-obligor

(USD 1,809 million). In the future, Equinor ASA may

from time to time issue debt for which Equinor

Energy AS will be the co-obligor or guarantor.

The applicable US registered debt securities and

related guarantees of Equinor Energy AS are

unsecured and rank equally with all other unsecured

and unsubordinated indebtedness of Equinor ASA

and Equinor Energy AS. The guarantees of Equinor

Energy AS are subject to release in limited

circumstances upon the occurrence of certain

customary conditions. With respect to US registered

debt securities (and certain other debt securities)

issued on or after 18 November 2019, Equinor

Energy AS will automatically and unconditionally be

released from all obligations under its guarantee and

the guarantee shall thereupon terminate and be

discharged of no further force or effect, in the event

that at substantially the same time as its guarantee

of such debt securities is terminated, the aggregate

amount of indebtedness for borrowed money for

which Equinor Energy AS is an co-obligor (as a

guarantor, co-issuer or borrower) does not exceed

10% of the aggregate principal amount of

indebtedness for borrowed money of Equinor ASA

and its subsidiaries, on a consolidated basis, as of

such time.

In addition, Equinor US Capital LLC is a wholly

owned indirect subsidiary of Equinor ASA and a

finance subsidiary. Any US registered debt securities

issued by Equinor US Capital LLC will be fully and

unconditionally guaranteed by Equinor ASA and

Equinor Energy AS. Equinor Energy AS' guarantees

in respect of US registered debt securities issued by

Equinor US Capital LLC will be subject to release in

the same circumstances as its guarantees of US

registered debt securities issued by Equinor ASA.

Equinor US Capital LLC has not issued any debt

securities as of 30 September 2025.

Internal dividends, group contributions and

repayment of capital from Equinor Energy AS to

Equinor ASA are regulated in the Norwegian Public

Limited Liabilities Act §§ 3-1 - 3-5.

The following summarised financial information as at

and for the nine months ended 30 September 2025

and as at and for the year ended 31 December 2024

provides financial information about Equinor ASA, as

issuer, and Equinor Energy AS, as co-obligor and

guarantor on a combined basis after elimination of

transactions between Equinor ASA and Equinor

Energy AS. Investments in non-guarantor

subsidiaries are eliminated. Currency losses on

transactions between Equinor ASA and Equinor

Energy AS for the nine months ended 30 September

2025 of USD 1,768 million is included in financial

items in accordance with the IFRS Accounting

Standards group principles and are included in

external items in the Condensed profit and loss

statement.

Intercompany balances and transactions between

the co-obligor group and the non-guarantor

subsidiaries are presented on separate lines.

Transactions with related parties are also presented

on a separate line item and include transactions with

the Norwegian State's and the Norwegian State's

share of dividend declared but not paid.

The combined summarized financial information is

prepared in accordance with Equinor's IFRS

Accounting Standards policies as described in note 1

Organisation and basis of preparation to Equinor's

Condensed Interim Financial Statements for the third

quarter of 2025, and note 2Accounting policies to

Equinor's Consolidated Annual Financial Statements

2024. Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 45 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | |
|:---|:---|:---|
| **Combined profit and loss statement for Equinor ASA and Equinor Energy AS** | **First nine months** | **Full year** |
| **(unaudited, (in USD million))** | **2025** | **2024** |
| **Revenues and other income** | **62696** | **84765** |
| External | 60947 | 79092 |
| Non-guarantor subsidiaries | 1694 | 5380 |
| Related parties | 54 | 293 |
| **Operating expenses** | **(43412)** | **(54695)** |
| External (incl depreciation) | (25784) | (32020) |
| Non-guarantor subsidiaries | (9796) | (11552) |
| Related parties | (7832) | (11122) |
| **Net operating income** | **19284** | **30070** |
| **Net financial items** | **(330)** | **(983)** |
| External | (1136) | (1074) |
| Non-guarantor subsidiaries | 806 | 91 |
| Related parties | - | - |
| **Income before tax** | **18954** | **29087** |
| Income tax | (15225) | (20281) |
| **Net income** | **3729** | **8806** |

---

---

| | | |
|:---|:---|:---|
| **Combined balance sheet for Equinor ASA and Equinor Energy AS** | **At 30 September** | **At 31 December** |
| **(unaudited, (in USD million))** | **2025** | **2024** |
| **Non-current assets** | **49159** | **42376** |
| External | 39248 | 34526 |
| Non-guarantor subsidiaries | 9860 | 7796 |
| Related parties | 52 | 55 |
| **Current assets** | **34011** | **38301** |
| External | 31342 | 32700 |
| Non-guarantor subsidiaries | 2431 | 5387 |
| Related parties | 237 | 214 |
| **Non-current liabilities** | **51699** | **46976** |
| External | 51007 | 46403 |
| Non-guarantor subsidiaries | 128 | 123 |
| Related parties | 563 | 450 |
| **Current liabilities** | **38239** | **39128** |
| External | 25239 | 25774 |
| Non-guarantor subsidiaries | 11721 | 11868 |
| Related parties | 1280 | 1487 |

---

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 46 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Forward-looking statements

This report contains certain forward-looking

statements that involve risks and uncertainties. In

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

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

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

"will", "guidance", "targets", and similar expressions

to identify forward- looking statements. Forward-

looking statements include all statements other than

statements of historical fact, including, among

others, statements regarding Equinor's plans,

intentions, aims, ambitions and expectations; the

commitment to develop as a broad energy company

and diversify its energy mix; the ambition to be a

leading company in the energy transition and reduce

net group-wide greenhouse gas emissions; our

ambitions and expectations regarding

decarbonisation; future financial performance,

including earnings, cash flow and liquidity;

expectations and ambitions regarding value creation;

expectations and ambitions regarding progress on

the energy transition plan; expectations regarding

cash flow and returns from Equinor's oil and gas

portfolio, CCS projects and renewables and low

carbon solutions portfolio; our expectations and

ambitions regarding operated emissions, annual CO₂

storage and carbon intensity; plans to develop fields;

expectations and ambitions regarding exploration

activities; plans and ambitions for renewables

production capacity and CO₂ transport and storage

and investments in renewables and low carbon

solutions; expectations and plans regarding

development of renewables projects, CCUS and

hydrogen businesses and production of low carbon

energy and CCS; our intention to optimise our

portfolio; robustness of our portfolio; contributions to

energy security; break-even considerations, targets

and other metrics for investment decisions; future

worldwide economic trends, market outlook and

future economic projections and assumptions,

including commodity price, currency and refinery

assumptions; estimates of reserves and

expectations regarding discoveries; organic capital

expenditures for 2025; expectations regarding

investments and capex and estimates regarding

capacity, production, development and execution of

projects; expectations and estimates regarding

future operational performance, including oil and gas

and renewable power production; estimates

regarding tax payments; expectations and ambitions

regarding costs, including the ambition to keep unit

of production cost in the top quartile of our peer

group; scheduled maintenance activity and the

effects thereof on equity production; regarding

completion and results of acquisitions, disposals,

joint ventures, partnerships and other strategic and

contractual arrangements; ambitions regarding

capital distributions and expected amount and timing

of dividend payments and the implementation of our

share buy-back programme; projected impact of

legal claims against us; and provisions and

contingent liabilities. You should not place undue

reliance on these forward-looking statements. Our

actual results could differ materially from those

anticipated in the forward-looking statements for

many reasons.

These forward-looking statements reflect current

views about future events, are based on

management's current expectations and

assumptions and are, by their nature, subject to

significant risks and uncertainties because they

relate to events and depend on circumstances that

will occur in the future. There are a number of factors

that could cause actual results and developments to

differ materially from those expressed or implied by

these forward-looking statements, including levels of

industry product supply, demand and pricing, in

particular in light of significant oil price volatility;

unfavourable macroeconomic conditions and

inflationary pressures; exchange rate and interest

rate fluctuations; levels and calculations of reserves

and material differences from reserves estimates;

regulatory stability and access to resources,

including attractive low carbon opportunities; the

effects of climate change and changes in

stakeholder sentiment and regulatory requirements

regarding climate change; changes in market

demand and supply and policy support from

governments for renewables; inability to meet

strategic objectives; the development and use of

new technology; geopolitical, social and/or political

instability, including worsening trade relations and

tariffs; 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

Annual Report on Form 20-F for the year ended

December 31, 2024 filed with the SEC (including the

risks described in the risk factors incorporated in

Item 3. D thereof). Equinor's 2024 Annual Report on

Form 20-F 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.

Equinorthird quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 47 | End notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

End notes

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

weighted average of the segment prices of crude

oil, condensate and natural gas liquids (NGL).

**2. Liquids volumes** include oil, condensate and

NGL, exclusive of royalty oil.

3. Equity volumes represent produced volumes

under a **production sharing agreement (PSA)**

that correspond to Equinor's ownership share in

a field. **Entitlement volumes**, on the other hand,

represent Equinor's share of the volumes

distributed to the partners in the field, which are

subject to deductions for, among other things,

royalty and the host government's share of profit

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

profit oil deducted from equity volumes will

normally increase with the cumulative return on

investment to the partners and/or production from

the licence. Consequently, the gap between

entitlement and equity volumes will likely

increase in times of high liquids prices. The

distinction between equity and entitlement is

relevant to most PSA regimes, whereas it is not

applicable in most concessionary regimes such

as those in Norway, the UK, the US, Canada and

Brazil.

4. Transactions with the **Norwegian state**. The

Norwegian state, represented by the Ministry of

Trade, Industry and Fisheries, is the majority

shareholder of Equinor and it also holds major

investments in other entities. This ownership

structure means that Equinor participates in

transactions with many parties that are under a

common ownership structure and therefore meet

the definition of a related party. Equinor

purchases liquids and natural gas from the

Norwegian state, represented by SDFI (the

State's Direct Financial Interest). In addition,

Equinor sells the State's natural gas production

in its own name, but for the Norwegian state's

account and risk, and related expenditures are

refunded by the State.

5. The production guidance reflects our estimates of

**proved reserves** calculated in accordance with

US Securities and Exchange Commission (SEC)

guidelines and additional production from other

reserves not included in proved reserves

estimates.

6. The group's **average realised piped gas prices**

include all realised piped gas sales, including

both physical sales and related paper positions.

7. The internal **transfer price** paid from the MMP

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

and E&P USA segments.

8. Since different legal entities in the group lend to

projects and others borrow from banks, project

financing through external bank or similar

institutions is not netted in the balance sheet and

results in over-reporting of the debt stated in the

balance sheet compared to the underlying

exposure in the group. Similarly, certain net

interest-bearing debt incurred from activities

pursuant to the Marketing Instruction of the

Norwegian government are offset against

receivables on the SDFI. Some interest-bearing

elements are classified together with non-interest

bearing elements and are therefore included

when calculating the net interest-bearing debt.

Equinorthird quarter2025

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|:---|:---|:---|:---|:---|:---|
| 48 | End notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| THIRD QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

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**Photos:**

Page 1 Jan Arne Wold, Woldcam

Pages 2, 3, 6, 10, 12, 37 Ole Jørgen Bratland

Page 18 Øyvind Hagen

Page 20 Gudmund Nymoen

Page 26 Torstein Lund Eik

**Equinor ASA**

Box 8500

NO-4035 Stavanger

Norway

Telephone:+47 51 99 00 00

www.equinor.com

**SIGNATURE - 6K FILING**

Pursuant to the requirements of the

Securities Exchange Act of 1934, the

registrant has duly caused this report to be

signed on its behalf by the undersigned,

thereunto duly authorised.

EQUINOR ASA

*(Registrant)*

Dated: 29 October 2025

By: <u>/s/ Torgrim Reitan</u> 

Name: Torgrim Reitan

Title: Chief Financial Officer