# EDGAR Filing Document

**Accession Number:** 0001140625
**File Stem:** 0001140625-26-000023
**Filing Date:** 2026-5
**Character Count:** 203325
**Document Hash:** 56f256bf60df523604990a56aa029310
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140625-26-000023.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001140625-26-000023

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**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:** 26945651

**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

**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 May 2026

Commission File Number 1-15200

**Equinor ASA**

(Translation of registrant's name into English)

FORUSBEEN 50 NO-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 contains a report of the first quarter 2026 results of Equinor ASA.

![crop_16f2b360-0d4ex48d7xa6a.jpg](crop_16f2b360-0d4ex48d7xa6a.jpg)

![equinor_primaryxlogoxrgbxra.jpg](equinor_primaryxlogoxrgbxra.jpg)

![crop_redxa9dcf6eb-7c2dx437a.jpg](crop_redxa9dcf6eb-7c2dx437a.jpg)

2026

## First quarter
Financial statements and review

![keyfigures_crop2xredxojb-1a.jpg](keyfigures_crop2xredxojb-1a.jpg)

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Key figures

---

| |
|:---|
| Operational |
| 2313 |
| **MBOE/D** |
| Equity oil & gas production per <br>day<br>|
| 1.39 |
| **TWh** |
| Total power generation,<br>Equinor share<br>|
| 0.98 |
| **TWh** |
| Renewable power <br>generation, <br>Equinor share<br>|

---

---

| | |
|:---|:---|
| Financial | Financial |
| 8.78 | 9.77 |
| **USD BILLION** | **USD BILLION** |
| Net operating<br>income<br>| Adjusted operating <br>income\*<br>|
| 6.02 | 1.48 |
| **USD BILLION** | **USD** |
| Cash flow from operations <br>after taxes paid\*<br>| Adjusted earnings <br>per share\*<br>|
| 0.39 | 1.5 |
| **USD PER SHARE** | **USD BILLION** |
| Announced cash <br>dividend per share<br>| Share buy-back <br>programme for 2026<br>|

---

---

| |
|:---|
| Sustainability |
| 0.26 |
| **SIF** |
| Serious incident <br>frequency (per million <br>hours worked)<br>|
| 5.9 |
| **KG / BOE** |
| CO₂ upstream intensity. <br>Scope 1 CO₂ emissions, <br>Equinor operated, 100% basis <br>for the first quarter of 2026<br>|
| 2.5 |
| **MILLION TONNES CO2e** |
| Absolute scope 1+2 GHG <br>emissions for the first <br>quarter of 2026 <br>|

---

Always safe

High value

Low carbon

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Equinor first quarter 2026 results
Equinor delivered an adjusted operating income\* of USD 9.77 billion and USD 2.86 billion after tax\* in the first quarter of 2026. Equinor reported a net operating

income of USD 8.78 billion and a net income of USD 3.10 billion. Adjusted net income\* was USD 3.70 billion, leading to adjusted earnings per share\* of USD 1.48.

**Record production and high prices drive strong financial results**

• Production growth of 9% from strong operational performance

• Capturing value from volatility through trading

• Maintaining cost and capital discipline

**Key strategic milestones in the quarter**

• Seven commercial discoveries on the NCS

• Started drilling at the Raia gas field in Brazil

• First quarterly dividend from Adura of USD 150 million

**Delivering competitive capital distribution**

• First quarter cash dividend of USD 0.39 per share

• Second tranche of the share buy-back of up to USD 375 million

![crop_ojb-4516a.jpg](crop_ojb-4516a.jpg)

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

"This quarter, we deliver exceptional operational performance and

record-high production. Combined with higher prices, we present strong

financial results."

"Heightened geopolitical tension continues to disrupt energy flows and

commodity prices. In such volatile markets, continued high production

from the Norwegian continental shelf reinforces Equinor's role as a

trusted energy partner to Europe."

"Successful exploration results on the Norwegian continental shelf

underpin long-term supply and value creation. With our strong onshore

gas position in the US and the optimised international portfolio, we are

further strengthening competitiveness and future cash flow."

Anders Opedal

![crop_redxdscf9224xbakgrunna.jpg](crop_redxdscf9224xbakgrunna.jpg)

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 4 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial information**  | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Net operating income/(loss)** | **8784** | 5487 | 8874 | (1)% |
| **Net income/(loss)** | **3105** | 1314 | 2630 | 18% |
| **Basic earnings per share (USD)** | **1.24** | 0.52 | 0.97 | 29% |
| Adjusted operating income\* | **9770** | 6196 | 8646 | 13% |
| Adjusted net income\* | **3695** | 2042 | 1789 | >100% |
| Adjusted earnings per share\* (USD) | **1.48** | 0.81 | 0.66 | >100% |
| **Cash flows provided by operating activities** | **5213** | 2107 | 9041 | (42)% |
| Cash flow from operations after taxes paid\* | **6019** | 3314 | 7394 | (19)% |
| Net cash flow before capital distribution\* | **2947** | 245 | 4546 | (35)% |
| **Operational information** |  |  |  |  |
| Group average liquids price (USD/bbl) [1] | **78.6** | 58.6 | 70.6 | 11% |
| Total equity liquids and gas production (mboe per day) [3] | **2313** | 2198 | 2123 | 9% |
| **Total power generation (TWh) Equinor share** | **1.39** | 1.76 | 1.40 | (1)% |
| Renewable power generation (TWh) Equinor share | **0.98** | 1.18 | 0.76 | 29% |
| \* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in <br>the <u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u> <br>[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u> in the Supplementary disclosures.  | \* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in <br>the <u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u> <br>[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u> in the Supplementary disclosures.  | \* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in <br>the <u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u> <br>[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u> in the Supplementary disclosures.  | \* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in <br>the <u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u> <br>[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u> in the Supplementary disclosures.  | \* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in <br>the <u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_2128)</u> <br>[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u> in the Supplementary disclosures.  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Adjusted** <br>**operating** <br>**income\***<br>| **E&P equity liquids** <br>**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 | 7696 | 1525 | 0.04 |
| E&P International | 616 | 339 |  |
| E&P USA | 745 | 449 |  |
| MMP<sup>1)</sup> | 787 |  |  |
| Power<sup>1)</sup> | (1) |  | 1.35 |
| Other incl. eliminations | (72) |  |  |
| **Equinor Group Q1 2026** | **9770** | **2313** | **1.39** |
| Equinor Group Q1 2025 | 8646 | 2123 | 1.40 |
| **Net debt to capital employed adjusted\*** | **31 March 2026** | **31 December 2025** | **%-point change** |
| Net debt to capital employed adjusted\* | **15.3%** | 17.8% | (2.5)% |
| **Dividend (USD per share)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Cash dividend per share | **0.39** | 0.39 | 0.37 |
| 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information <br>and restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information <br>and restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information <br>and restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information <br>and restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>. |
| For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. |
| For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. | For the first quarter of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-<br>back programmes for USD 271 million. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 5 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Record high production** 

Equinor delivered record high production in the first

quarter, with a total equity production of 2,313 mboe

per day, up 9% from 2,123 mboe per day in the

same quarter last year.

Production from Johan Castberg, Halten East and

Verdande drove a 10% increase in production on the

Norwegian continental shelf (NCS) compared to the

first quarter of 2025. New wells also contributed,

while natural decline across several fields partially

offset the increase.

Production from Adura in the UK and the Bacalhau

field in Brazil contributed to an increase

internationally compared to the same period last

year. This was partly offset by portfolio changes,

operational issues at Roncador in Brazil and natural

decline.

The US portfolio delivered record high production in

the quarter. Increased gas production from the

Appalachia onshore assets and increased offshore

production from new wells contributed to the growth.

The total power generation was 1.39 TWh.

Renewable power generation increased by 29%,

driven by Dogger Bank and new onshore assets.

This was offset by lower gas-to-power generation,

resulting in stable total power generation compared

to the first quarter of 2025.

**Strong financial results** 

Equinor delivered an adjusted operating income\* of

USD 9.77 billion and USD 2.86 billion after tax\* in

the first quarter. The results are positively impacted

by higher production, higher liquids prices and higher

US gas prices, partly offset by lower European gas

prices.

The reported net operating income of USD 8.78

billion is down from USD 8.87 billion in the same

quarter last year. The result was impacted by

negative derivative effects, lower European gas

prices and reduced third-party volumes.

Equinor realised a European gas price of USD 12.9

per mmbtu and realised liquids prices were USD

78.6 per bbl in the first quarter.

The Marketing, Midstream and Processing results

were strong, primarily driven by products and US

gas trading.

Adjusted operating and administrative expenses\*

were higher compared to the same quarter last year.

This is mainly due to higher transportation costs from

increased freight rates and currency effects.

High production generated cash flows provided by

operating activities, before taxes paid and working

capital items, of USD 10.29 billion.

Equinor paid two NCS tax instalments totalling USD

4.2 billion.

Cash flow from operations after taxes paid\* ended at

USD 6.02 billion.

Organic capital expenditure\* was USD 3.04 billion

and total capital expenditures were USD 4.28 billion.

The net debt to capital employed adjusted ratio\* was

15.3% at the end of the first quarter, compared to

17.8% last quarter.

**Key strategic milestones**

On the NCS, seven new oil and gas discoveries

were made. The high success rate reflects the

disciplined exploration strategy toward the ambition

of maintaining the 2020 production level in 2035.

In the quarter, Equinor had exploration activity on 11

offshore wells of which nine were completed.

Internationally, Equinor captured value through the

sale of non-operated onshore assets in Argentina,

and drilling started at the gas field Raia in Brazil.

Equinor also expanded the integrated power portfolio

in Brazil by acquiring the onshore wind project

Esquina do Vento. The construction phase will start

in 2026.

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Twelve months average** <br>**per Q1 2026**<br>| **Full year 2025** |
| Serious incident frequency (SIF) | **0.26** | 0.21 |
|  | **First quarter 2026** | **Full year 2025** |
| Upstream CO₂ intensity (kg CO₂/boe) | **5.9** | 6.3 |
|  | **First quarter 2026** | **First quarter 2025¹⁾** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e) | **2.5** | 2.5 |
| 1)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information, please see the 2025 Annual report. | 1)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information, please see the 2025 Annual report. | 1)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information, please see the 2025 Annual report. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 6 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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_2026-01x23xeqnxraiaxka.jpg](crop_2026-01x23xeqnxraiaxka.jpg)

**Competitive capital distribution** 

The board of directors has decided a cash dividend of

USD 0.39 per share for the first quarter of 2026. This is in

line with the communication on 4 February 2026, when

results for the fourth quarter of 2025 were announced.

The expected share buy-back programme for 2026 is up to

USD 1.5 billion. The board has decided to initiate a second

tranche of the share buy-back programme for 2026 of up

to USD 375 million. The second tranche is subject to an

authorisation from the company's annual general meeting

on 12 May 2026 and will commence after this. The tranche

will end no later than 20 July 2026.

The first tranche of the share buy-back programme for

2026 was completed on 27 March 2026 with a total value

of USD 375 million.

All share buy-back amounts include shares to be

redeemed by the Norwegian State.

![crop_ojb-5355a.jpg](crop_ojb-5355a.jpg)

Equinor first quarter 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| 7 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 quarter 2026 review**

---

| | |
|:---|:---|
| [Group review](#ibe7633b4b53440948f3accff289d5454) | [8](#ibe7633b4b53440948f3accff289d5454) |
| [Outlook](#i7b97007cbef34e45af15423679d122ef) | [10](#i7b97007cbef34e45af15423679d122ef) |
| [Supplementary operational disclosures](#ifc8a5b80452c4e40bcfa94c86141238f) | [11](#ifc8a5b80452c4e40bcfa94c86141238f) |
| [Exploration & Production Norway](#ie28cf07a02ec43a8a6fce328f7e0b35e) | [13](#ie28cf07a02ec43a8a6fce328f7e0b35e) |
| [Exploration & Production International](#ibbcf88cba5a942028430d10586f12732) | [14](#ibbcf88cba5a942028430d10586f12732) |
| [Exploration & Production USA](#if5c982be3787479e9421a57a229ec6fc) | [15](#if5c982be3787479e9421a57a229ec6fc) |
| [Marketing, Midstream & Processing](#i9dfa1d895098459e81381f77019331ad) | [16](#i9dfa1d895098459e81381f77019331ad) |
| [Power](#i50fb32d0254140b79f88773e3540e2ba) | [17](#i50fb32d0254140b79f88773e3540e2ba) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 8 | Group review | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Total revenues and other income** | **27843** | 25346 | 29920 | (7)% |
| **Total operating expenses** | **(19059)** | (19859) | (21046) | (9)% |
| **Net operating income/(loss)** | **8784** | 5487 | 8874 | (1)% |
| **Net financial items** | **960** | 283 | 19 | >100% |
| **Income tax** | **(6639)** | (4456) | (6263) | 6% |
| **Net income/(loss)** | **3105** | 1314 | 2630 | 18% |
| Adjusted total revenues and other income\* | **28403** | 25260 | 29597 | (4)% |
| Adjusted purchases\* [4] | **(12528)** | (13145) | (15517) | (19)% |
| Adjusted operating and administrative expenses\* | **(3432)** | (2969) | (3143) | 9% |
| Adjusted depreciation, amortisation and net impairments\* | **(2520)** | (2663) | (2164) | 16% |
| Adjusted exploration expenses\* | **(152)** | (287) | (127) | 20% |
| Adjusted operating income/(loss)\* | **9770** | 6196 | 8646 | 13% |
| Adjusted net financial items\* | **950** | 166 | (230) | N/A |
| Income tax less tax effect on adjusting items  | **(7024)** | (4320) | (6626) | 6% |
| **Adjusted net income\***  | **3695** | 2042 | 1789 | >100% |
| **Basic earnings per share (in USD)** | **1.24** | 0.52 | 0.97 | 29% |
| Adjusted earnings per share\* (in USD) | **1.48** | 0.81 | 0.66 | >100% |
| **Capital expenditures and Investments** | **3116** | 4146 | 3027 | 3% |
| **Cash flows provided by operating activities** | **5213** | 2107 | 9041 | (42)% |
| Cash flows from operations after taxes paid\* | **6019** | 3314 | 7394 | (19)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
|  | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| Total equity liquid and gas production (mboe/day) | **2313** | 2198 | 2123 | 9% |
| Total entitlement liquid and gas production (mboe/day) | **2200** | 2093 | 2001 | 10% |
| **Total Power generation (TWh) Equinor share** | **1.39** | 1.76 | 1.40 | (1)% |
| Renewable power generation (TWh) Equinor share | **0.98** | 1.18 | 0.76 | 29% |
| Average Brent oil price (USD/bbl) | **80.6** | 63.7 | 75.7 | 7% |
| Group average liquids price (USD/bbl) [1] | **78.6** | 58.6 | 70.6 | 11% |
| E&P Norway average internal gas price (USD/mmbtu) | **11.19** | 9.02 | 13.21 | (15)% |
| E&P USA average internal gas price (USD/mmbtu) | **4.69** | 2.84 | 3.30 | 42% |

---

**Operations and financial results**

Strong production in the first quarter of 2026

reflected contributions across the portfolio, with

financial results further benefitting from a favourable

pricing environment.

In E&P Norway, the ramp-up of the Johan Castberg,

Halten East and Verdande fields drove a 10%

increase in production compared to the same quarter

last year. New wells also contributed to higher

production, while natural decline across several

fields partially offset the increase.

Production in the international upstream business

increased in the first quarter, reflecting operational

growth and portfolio changes. Higher activity in the

Appalachia region and new offshore wells more than

offset natural decline in E&P USA. In E&P

International, the establishment of Adura in

December 2025 and the start-up of production from

Bacalhau in October 2025 contributed to higher

production compared to the same period last year.

This was partially offset by the sale of the 40%

operated interest in Peregrino in November 2025

and natural decline.

Renewable power generation increased by 29% in

the first quarter, supported by the ramp-up of Dogger

Bank A and contributions from the Lyngsåsa onshore

wind farm. Lower gas-to-power generation due to

weaker clean spark spreads offset this increase,

resulting in broadly stable total power generation for

the quarter.

In the first quarter, Marketing, Midstream and

Processing segment results, amid late-period market

volatility, were primarily driven by Gas and LNG

through optimisation of piped gas trading in Europe

and gas trading in North America. Crude, Products

and Liquids also contributed through trading within

Products and LPG, while methanol had a negative

impact on overall results.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 9 | Group review | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Revenues were lower in the quarter, reflecting

reduced liquids sales due to lower third-party sales

and lower realised gas prices in Europe.

Operating and administrative expenses increased in

the quarter, primarily due to higher transportation

costs from increased freight rates and the weakening

of the USD against the NOK. These cost increases

were partially offset by portfolio changes in E&P

International, as well as the reduction in business

development and early-phase projects within the

power and low carbon solutions businesses. The first

quarter of 2025 also included drilling activities for

CCS project wells.

The ramp-up of new fields on the NCS and a weaker

USD against the NOK contributed to higher

depreciation in the quarter. The cessation of

depreciation for Peregrino, which has been classified

as held for sale since May 2025, and increased

proved reserves across the portfolio partially offset

the increase in depreciation, amortisation and net

impairments.

High exploration activity on the NCS, resulting in 7

discoveries, contributed to increased exploration

expenses compared to the first quarter last year,

partially offset by a higher capitalisation rate in E&P

Norway.

Net financial items benefited from positive fair value

development on financial investments in the first

quarter of 2026, contributing to strong net income for

the period.

**Taxes** 

The effective reported tax rate of 68.1% for the first

quarter of 2026 decreased compared to 70.4% in the

first quarter of 2025 due to lower share of income

from jurisdictions with high tax rates and a weakened

USD. The decrease was partially offset by the tax-

exempt gain from the swap with Petoro on the NCS

in 2025.

**Cash flow and net debt** 

Cash flow provided by operating activities before

taxes paid and working capital items was USD

10,291 million in the quarter, compared to USD

10,620 million in a strong first quarter of 2025.

Higher production volumes and stronger liquid prices

were offset by collateral outflows on commodity

derivatives, reflecting price volatility in the period.

Cash flow from operations after taxes paid\*

decreased to USD 6,019 million from USD 7,394

million in the same quarter last year, primarily due to

higher tax payments in the quarter.

Tax payments in the first quarter totalled USD 4,272

million, mainly representing two scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 3,226

million in the same period last year, reflecting the

change in the NCS instalment tax payment structure.

The final three NCS tax instalments related to 2025

earnings, totalling NOK 60 billion, are expected to be

paid in the second quarter of 2026.

A working capital increase of USD 806 million

negatively impacted cash flow in the first quarter of

2026, compared to a decrease of USD 1,647 million

in the first quarter of 2025.

Net cash flow before capital distribution\* increased

from USD 245 million in the prior quarter to USD

2,947 million in the first quarter, mainly due to lower

tax payments under the new NCS instalment tax

payment structure, with two instalments paid

compared to three in the prior quarter. The prior

quarter was also impacted by a cash outflow related

to strategic non-current financial investments.

In the first quarter, net cash flow\* amounted to an

inflow of USD 1,756 million, reflecting capital

distributions of USD 1,191 million. In the same

period last year, net cash flow\* was an inflow of USD

2,086 million, following extraordinary dividend

payments during the quarter.

An increase in liquid assets in the quarter, combined

with higher equity, reduced the net debt to capital

employed adjusted\* ratio at the end of March 2026

to 15.3%, from 17.8% at the end of December 2025.

**Capital distribution**

The board of directors has decided a cash dividend

of USD 0.39 per share for the first quarter of 2026.

This is in line with the communication on 4 February

2026, when results for the fourth quarter of 2025

were announced.

The expected share buy-back programme for 2026

is up to USD 1.5 billion. The board has decided to

initiate a second tranche of the share buy-back

programme for 2026 of up to USD 375 million. The

second tranche is subject to an authorisation from

the company's annual general meeting on 12 May

2026 and will commence after this. The tranche will

end no later than 20 July 2026.

The first tranche of the share buy-back programme

for 2026 was completed on 27 March 2026 with a

total value of USD 375 million.

All share buy-back amounts include shares to be

redeemed by the Norwegian State.

**Health, safety and the environment** 

The twelve-month average serious incident

frequency (SIF) for the period ended 31 March 2026

was 0.26, an increase from 2025 which ended at

0.21. Equinor's absolute Scope 1 and 2 greenhouse gas

emissions from operated production (100% basis)

were stable at 2.5 Mt CO₂e in the first quarter of

2026. Higher emissions from the start-up of the

Bacalhau and Johan Castberg fields were largely

offset by operatorship transfers within the

international portfolio, including Mariner and

Peregrino.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10 | Outlook | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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_johancastberga.jpg](crop_johancastberga.jpg)

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

around USD 13 billion for 2026<sup>1</sup>.

• **Oil & gas production** for 2026 is estimated to

grow around 3% compared to 2025 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 35 mboe per

day for the full year of 2026.

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.

1) USD/NOK exchange rate assumption of 10

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 11 | Supplementary operational disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |  | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **Operational information** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** | **Operational information** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Prices** |  |  |  |  | **Equity production (mboe per day)** |  |  |  |  |
| Average Brent oil price (USD/bbl) | **80.6** | 63.7 | 75.7 | 7% | E&P Norway equity liquids production | **730** | 687 | 625 | 17% |
| E&P Norway average liquids price (USD/bbl)  | **84.1** | 61.1 | 73.8 | 14% | E&P International equity liquids production | **272** | 241 | 274 | (1)% |
| E&P International average liquids price (USD/bbl) | **73.0** | 55.5 | 68.3 | 7% | E&P USA equity liquids production | **150** | 150 | 147 | 2% |
| E&P USA average liquids price (USD/bbl) | **60.9** | 50.2 | 61.2 | (1)% | Group equity liquids production | **1152** | 1078 | 1045 | 10% |
| Group average liquids price (USD/bbl) [1] | **78.6** | 58.6 | 70.6 | 11% | E&P Norway equity gas production | **795** | 781 | 765 | 4% |
| Group average liquids price (NOK/bbl) [1] | **765** | 592 | 782 | (2)% | E&P International equity gas production | **67** | 48 | 36 | 88% |
| E&P Norway average internal gas price (USD/mmbtu) [7] | **11.19** | 9.02 | 13.21 | (15)% | E&P USA equity gas production | **299** | 292 | 278 | 8% |
| E&P USA average internal gas price (USD/mmbtu) [7] | **4.69** | 2.84 | 3.30 | 42% | Group equity gas production | **1161** | 1120 | 1078 | 8% |
| Realised piped gas price Europe (USD/mmbtu) [6] | **12.95** | 10.56 | 14.80 | (13)% | Total equity liquids and gas production [2] [3] | **2313** | 2198 | 2123 | 9% |
| Realised piped gas price US (USD/mmbtu) [6] | **5.94** | 3.29 | 4.06 | 46% |  |  |  |  |  |
|  |  |  |  |  | **Power generation** |  |  |  |  |
| **Entitlement production (mboe per day)** |  |  |  |  | Total power generation (TWh) Equinor share | **1.39** | 1.76 | 1.40 | (1)% |
| E&P Norway entitlement liquids production | **730** | 687 | 625 | 17% | Renewable power generation (TWh) Equinor share<sup>1)</sup> | **0.98** | 1.18 | 0.76 | 29% |
| E&P International entitlement liquids production | **236** | 213 | 223 | 6% |  |  |  |  |  |
| E&P USA entitlement liquids production | **134** | 132 | 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. |
| Group entitlement liquids production | **1100** | 1032 | 980 | 12% |  |  |  |  |  |
| E&P Norway entitlement gas production | **795** | 781 | 765 | 4% |  |  |  |  |  |
| E&P International entitlement gas production | **51** | 32 | 20 | >100%  |  |  |  |  |  |
| E&P USA entitlement gas production | **254** | 248 | 235 | 8% |  |  |  |  |  |
| Group entitlement gas production | **1099** | 1060 | 1021 | 8% |  |  |  |  |  |
| Total entitlement liquids and gas production [2] [3] | **2200** | 2093 | 2001 | 10% |  |  |  |  |  |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 12 | Supplementary operational disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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_0e8ec039ec10432281294a.jpg](crop_0e8ec039ec10432281294a.jpg)

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Health, safety and the environment** | **Health, safety and the environment** |
|  | **Twelve months** <br>**average per Q1** <br>**2026**<br>| **Full year 2025** |
| Total recordable injury frequency (TRIF) | **2.7** | 2.3 |
| Serious Incident Frequency (SIF) | **0.26** | 0.21 |
| Oil and gas leakages (number of)<sup>1)</sup> | **9** | 6 |
|  | **First quarter 2026** | **Full year 2025** |
| Upstream CO₂ intensity (kg CO₂/boe)<sup>2)</sup> | **5.9** | 6.3 |
|  | **First quarter 2026** | **First quarter** <br>**2025⁴⁾**<br>|
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e)<sup>3)</sup> | **2.5** | 2.5 |
| 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 exploration and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 ,CH4 and N2O.<br>4)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information please see the 2025 Annual report. | 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 exploration and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 ,CH4 and N2O.<br>4)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information please see the 2025 Annual report. | 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 exploration and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 ,CH4 and N2O.<br>4)Due to a change in the assets included within operational control boundaries related to Technical Service Provider <br>arrangements, the 2025 results have been restated. For further information please see the 2025 Annual report. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 13 | Exploration & Production Norway | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Total revenues and other income** | **10475** | 7825 | 10052 | 4% |
| **Total operating expenses** | **(2779)** | (2972) | (2108) | 32% |
| **Net operating income/(loss)** | **7696** | 4853 | 7944 | (3)% |
| Adjusted total revenues and other income\* | **10475** | 7825 | 9561 | 10% |
| Adjusted operating and administrative expenses\* | **(1093)** | (940) | (891) | 23% |
| Adjusted depreciation, amortisation and net impairments\* | **(1575)** | (1630) | (1127) | 40% |
| Adjusted exploration expenses\* | **(111)** | (229) | (90) | 23% |
| Adjusted operating income/(loss)\* | **7696** | 5026 | 7453 | 3% |
| **Additions to PP&E, intangibles and equity accounted investments** | **1863** | 1726 | 2409 | (23)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **E&P Norway** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| E&P entitlement liquid and gas production (mboe/day) | **1525** | 1468 | 1390 | 10% |
| Average liquids price (USD/bbl) | **84.1** | 61.1 | 73.8 | 14% |
| Average internal gas price (USD/mmbtu) | **11.19** | 9.02 | 13.21 | (15)% |

---

**Production & Revenues**

In the first quarter of 2026, production increased

significantly compared to the same quarter last year.

The increase was driven by ramp-up of the new

fields Johan Castberg, Halten East and Verdande, as

well as contributions from new wells. Production in

the quarter was supported by high production

efficiency and stable operations across the portfolio,

contributing to a high level of production, partially

offset by natural decline in mature fields.

Liquids production increased more than gas in the

quarter, reflecting the higher share of liquids in

production from the new fields.

Strong production and increased liquids prices more

than offset lower gas prices, resulting in higher total

revenues and other income in the first quarter of

2026 compared to the same quarter last year.

**Operating expenses and financial results**

The weakening of the USD against the NOK was the

primary driver for higher total operating expenses in

the first quarter of 2026 compared to the same

quarter last year, further compounded by higher

environmental costs, increased electricity prices and

increased transportation tariffs.

Ramp-up of new fields, field-specific investments

and a weaker USD against the NOK led to higher

depreciation and amortisation costs in the first

quarter of 2026 compared to the same period last

year, partially offset by increased proved reserves.

The exploration activity in the first quarter of 2026

was higher than in the same quarter last year, with

activity related to ten wells compared to six wells.

The more successful outcome resulted in higher

capitalisation, that was offset by increased drilling

expenditures. As field development costs increased,

the exploration expenses ended at a higher level in

the first quarter of 2026.

Higher production volumes contributed to an

increase in adjusted operating income\* compared

with the same quarter last year. In the first quarter of

2025, the net operating income included a gain

related to the swap transaction with Petoro of USD

491 million, which drove the relative decrease this

quarter.

Additions to PP&E, intangibles and equity accounted

investments in the first quarter of 2026 were driven

by a settlement related to the Hugin unit and the

impact of USD/NOK exchange rate movements. The

assets acquired in the swap transaction with Petoro

in the first quarter of 2025, amounting to USD 1,086

million, are the main driver of the decrease this

quarter.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 14 | Exploration & Production International | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Total revenues and other income** | **1504** | 868 | 1571 | (4)% |
| **Total operating expenses** | **(888)** | (1140) | (992) | (10)% |
| **Net operating income/(loss)** | **616** | (271) | 579 | 6% |
| Adjusted total revenues and other income\* | **1504** | 877 | 1523 | (1)% |
| Adjusted purchases\* | **(60)** | 77 | 3 | N/A |
| Adjusted operating and administrative expenses\* | **(507)** | (339) | (567) | (11)% |
| Adjusted depreciation, amortisation and net impairments\* | **(285)** | (344) | (396) | (28)% |
| Adjusted exploration expenses\* | **(37)** | (58) | (32) | 13% |
| Adjusted operating income/(loss)\* | **616** | 214 | 531 | 16% |
| **Additions to PP&E, intangibles and equity accounted investments** | **743** | 6146 | 761 | (2)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **E&P International** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| E&P equity liquid and gas production (mboe/day) | **339** | 289 | 309 | 10% |
| E&P entitlement liquid and gas production (mboe/day) | **287** | 245 | 244 | 18% |
| Production sharing agreements (PSA) effects | **52** | 44 | 66 | (21)% |
| Average liquids price (USD/bbl) | **73.0** | 55.5 | 68.3 | 7% |

---

**Production & Revenues**

The establishment of Adura in December 2025,

along with the start-up of production from Bacalhau

in October 2025, led to an increase in production in

the first quarter of 2026 compared to the same

period last year. The increase was partially offset by

the sale of the 40% operated interest in Peregrino in

November 2025, operational issues on Roncador

and natural decline.

Production Sharing Agreements (PSA) effects were

reduced in the first quarter compared to the same

period last year due to lower production and higher

cost recovery from Angola PSA fields.

Higher volumes and prices, together with overlift

timing effect, contributed positively to total revenues

and other income in the first quarter of 2026

compared with the same period last year. The

increase was more than offset by a reported loss

from the equity accounted joint venture Adura

resulting in an overall decrease in total revenues and

other income.

**Operating expenses and financial results**

The sale of 40% operated interest in the Peregrino

field led to lower operating and administrative

expenses in the first quarter of 2026 compared to the

same quarter last year. As of late 2025, UK assets

transferred to Adura are being reported as an equity

accounted investment. This further contributed to the

decrease, which was partially offset by variations in

the over/underlift position and Bacalhau starting

production in the fourth quarter of 2025.

The Argentina onshore assets, Bandurria Sur and

Bajo del Toro, were classified as held for sale from

February 2026. Together with the remaining 20% of

Peregrino, held for sale since May 2025, these

classifications resulted in lower depreciation,

amortisation and net impairments in the first quarter

of 2026 compared to the same period in 2025.

Exploration expenses were stable in the first quarter

of 2026 compared to the same period last year.

Bacalhau moving from development to production in

the fourth quarter of 2025, together with the

classification of Peregrino as held for sale from May

2025 and the Argentina onshore assets from

February 2026, resulted in reduced additions to

PP&E, intangibles and equity accounted investments

during the first quarter of 2026. Continued high

development and drilling activity in other areas in

Brazil largely offset this impact.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 15 | Exploration & Production USA | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Total revenues and other income** | **1383** | 1045 | 1197 | 16% |
| **Total operating expenses** | **(638)** | (686) | (685) | (7)% |
| **Net operating income/(loss)** | **745** | 359 | 511 | 46% |
| Adjusted total revenues and other income\* | **1383** | 1045 | 1197 | 16% |
| Adjusted operating and administrative expenses\* | **(281)** | (292) | (311) | (10)% |
| Adjusted depreciation, amortisation and net impairments\* | **(352)** | (394) | (370) | (5)% |
| Adjusted exploration expenses\* | **(5)** |  | (5) | 10% |
| Adjusted operating income/(loss)\* | **745** | 359 | 511 | 46% |
| **Additions to PP&E, intangibles and equity accounted investments** | **243** | 284 | 308 | (21)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **E&P USA** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| E&P equity liquid and gas production (mboe/day) | **449** | 441 | 424 | 6% |
| E&P entitlement liquid and gas production (mboe/day) | **387** | 380 | 367 | 5% |
| Royalties | **62** | 61 | 57 | 8% |
| Average liquids price (USD/bbl) | **60.9** | 50.2 | 61.2 | (1)% |
| Average internal gas price (USD/mmbtu) | **4.69** | 2.84 | 3.30 | 42% |

---

E&P USA reported higher production volumes in the

first quarter of 2026 compared to the same period in

2025. The increase was primarily attributable to

higher natural gas production from the Appalachia

onshore assets, driven by increased operational

activity in the region throughout 2025 and early

2026. US offshore production also increased in the

quarter, as new wells brought on stream more than

offset natural production declines.

Significantly higher natural gas prices and increased

natural gas and liquids production volumes resulted

in higher total revenues and other income in the first

quarter of 2026 compared to the same period last

year.

**Operating expenses and financial results**

Operating and administrative expenses decreased in

the first quarter of 2026 compared with the same

period in 2025. The decrease was primarily driven by

a favourable legal outcome related to a previously

divested legacy asset, with cost levels otherwise

broadly stable between the periods.

The reduction in depreciation, amortisation, and net

impairments compared to the first quarter of 2025

primarily reflects the impact of increased proved

reserves at year-end 2025, as well as impairments

recognised in 2025 on assets with higher

depreciation rates.

Exploration expenses were consistent in the first

quarter of 2026 compared with the first quarter of

2025, and no new wells were drilled in either period.

Lower US offshore drilling activity contributed to a

decrease in additions to PP&E, intangibles, and

equity-accounted investments compared to 2025.

This was partially offset by continued development of

the Sparta field.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 16 | Marketing, Midstream & Processing | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| **Total revenues and other income**<sup>1)</sup> | **26684** | 23937 | 28388 | (6)% |
| **Total operating expenses**<sup>1)</sup> | **(26154)** | (23159) | (28297) | (8)% |
| **Net operating income/(loss)**<sup>1)</sup> | **530** | 778 | 91 | >100% |
| Adjusted total revenues and other income\*<sup>1)</sup> | **27243** | 23828 | 28549 | (5)% |
| Adjusted purchases\* [4]<sup>1)</sup> | **(24673)** | (21601) | (26756) | (8)% |
| Adjusted operating and administrative expenses\*<sup>1)</sup> | **(1530)** | (1315) | (1317) | 16% |
| Adjusted depreciation, amortisation and net impairments\*<sup>1)</sup> | **(254)** | (241) | (226) | 12% |
| Adjusted operating income/(loss)\*<sup>1)</sup> | **787** | 670 | 251 | >100% |
| — Gas and LNG¹⁾²⁾ | **485** | 561 | 263 | 85% |
| — Crude, Products and Liquids | **352** | 111 | 179 | 97% |
| — Other¹⁾ | **(50)** | (2) | (190) | (74)% |
| **Additions to PP&E, intangibles and equity accounted investments** | **707** | 374 | 207 | >100% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **Marketing, Midstream and Processing** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| Liquids sales volumes (mmbl) | **260.8** | 276.4 | 288.6 | (10)% |
| Natural gas sales Equinor (bcm) | **17.7** | 18.0 | 16.4 | 8% |
| Natural gas entitlement sales Equinor (bcm) | **15.4** | 15.5 | 13.7 | 12% |
| Realised piped gas price Europe (USD/mmbtu) | **12.95** | 10.56 | 14.80 | (13)% |
| Realised piped gas price US (USD/mmbtu) | **5.94** | 3.29 | 4.06 | 46% |
| 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Previously named Gas and Power. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Previously named Gas and Power. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Previously named Gas and Power. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Previously named Gas and Power. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Previously named Gas and Power. |

---

**Volumes, Pricing & Revenues**

Liquids sales volumes decreased compared to both

the previous quarter and same quarter last year due

to lower sales of third-party volumes.

Gas sales volumes remained at similar levels

compared to the previous quarter, while higher

Equinor international gas sales drove the increase

compared to the same quarter last year.

The realised European piped gas price increased

compared to the previous quarter, in line with higher

market prices caused by LNG supply disruption due

to closure of the Strait of Hormuz and low

temperatures early in the winter. Compared to the

same quarter last year, the realised European piped

gas prices decreased due to growing LNG supplies.

The realised piped gas price in the US increased

compared to the previous quarter, driven by higher

demand related to low temperatures during the

winter. Compared to the same quarter last year,

realised US gas price increased due to higher

demand from power generation, new LNG export

capacity and lower winter temperatures.

**Financial Results**

In the first quarter of 2026, Gas and LNG was the

main contributor to adjusted operating income\*. This

result was driven by optimisation of piped gas sales

in Europe and gas trading in North America. Crude,

Products and Liquids also contributed positively,

driven by strong results from trading within Products

and LPG. Current quarter was impacted by high

shipping rates. Additionally, the results were

impacted by a negative result in methanol.

The increase in adjusted operating income\*

compared to the prior quarter was mainly driven by

stronger margins for products and LPG trading,

followed by higher results from gas optimisation in

both Europe and North America, while the prior

quarter included a favourable price review result.

Adjusted operating income\* for the first quarter of

2026 was higher compared to the same quarter last

year across all subsegments, primarily reflecting

higher products and LPG trading results, stronger

optimisation gains in European and North American

gas trading and lower costs related to the

development of low carbon projects.

Net operating income includes the net effect of fair

value changes in storages, fair value changes in

derivatives and changes in onerous provisions.

Additions to PP&E, intangibles and equity accounted

investments in the first quarter of 2026 included new

leases for two LNG vessels.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 17 | Power | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Power

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025¹⁾** | **Q1 2025¹⁾** | **Q1 on Q1** |
| Revenues third party, other revenue and other income | **825** | 1256 | 677 | 22% |
| Net income/(loss) from equity accounted investments | **34** | 43 | 7 | >100% |
| **Total revenues and other income** | **859** | 1299 | 685 | 25% |
| **Total operating expenses** | **(866)** | (1594) | (950) | (9)% |
| **Net operating income/(loss)** | **(7)** | (295) | (265) | (97)% |
| Adjusted total revenues and other income\* | **860** | 1313 | 740 | 16% |
| Adjusted purchases\*  | **(721)** | (1156) | (658) | 10% |
| Adjusted operating and administrative expenses\* | **(127)** | (161) | (120) | 6% |
| Adjusted depreciation, amortisation and net impairments\* | **(13)** | (16) | (8) | 51% |
| Adjusted operating income/(loss)\* | **(1)** | (19) | (46) | (98)% |
| **Additions to PP&E, intangibles and equity accounted investments** | **679** | 565 | 780 | (13)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **Power** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| Renewable power generation (TWh) Equinor share<sup>2)</sup> | **0.98** | 1.18 | 0.76 | 29% |
| Total power generation (TWh) Equinor share | **1.39** | 1.76 | 1.40 | (1)% |
| 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in <br>Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and <br>restatement tables, see <u>[Note 2 Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and <u>[Supplementary disclosures](#i21f3614772984e09a16c4bc143db5255_813)</u>.<br>2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR. |

---

With effect from the first quarter of 2026, the new

Power business area (PWR) is presented as a

reportable segment in Equinor's financial

statements. The PWR business area is responsible

for all power activities, including the activities

formerly included in Renewables (REN) and flexible

power assets transferred from the business area

Marketing, Midstream and Processing (MMP), as

well as Danske Commodities' power trading

business.

**Power generation**

In the first quarter of 2026, total power generation

reached 1.39 TWh, with 0.59 TWh from offshore

wind, 0.39 TWh from onshore renewables and 0.41

TWh from gas-to-power assets.

An increase in renewable power generation, driven

mainly by ramp up of Dogger Bank A, contributions

from Lyngsåsa onshore wind farm and a new asset,

Serra Da Babilônia Solar which started producing in

late 2025, combined with a reduction in the gas-to-

power generation, led to total power generation

remaining stable compared to the same period in

2025. **Total revenues and other income**

The increase in total revenues and other income in

the first quarter of 2026 compared to the same

period last year is mainly driven by strong power

trading results and favourable weather conditions for

offshore wind assets.

**Operating expenses and financial results**

Reduced business development and early phase

project costs were offset by higher power trading

costs, resulting in an increase in adjusted operating

and administrative expenses\* in the first quarter of

2026 compared to the same period in 2025.

The adjusted operating loss\* decreased compared to

same quarter last year driven by increased power

generation, higher prices and strong power trading

results.

In the first quarter of 2026, USD 50 million of

additions to PP&E, intangibles, and equity accounted

investments were related to onshore renewables and

USD 629 million was related to offshore wind

projects. The offshore additions primarily reflect

continued investments in the Empire Wind project in

the US.

![crop_ojb-1836a.jpg](crop_ojb-1836a.jpg)

Equinor first quarter 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| 18 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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](#ib1dc28015c1c467d8838601e030954e3)** | **[19](#ib1dc28015c1c467d8838601e030954e3)** |
| **[CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](#icd89ce603f9f47ee9ae82e6934aa3e3c)** | **[20](#icd89ce603f9f47ee9ae82e6934aa3e3c)** |
| **[CONSOLIDATED BALANCE SHEET](#ifb82644bd4ad47d09f078e7a45796ac3)** | **[21](#ifb82644bd4ad47d09f078e7a45796ac3)** |
| **[CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](#i6e0ededc2447416093d026c848bd712a)** | **[22](#i6e0ededc2447416093d026c848bd712a)** |
| **[CONSOLIDATED STATEMENT OF CASH FLOWS](#ia4eb8de5f02445119e19ce254c2b2dcd)** | **[23](#ia4eb8de5f02445119e19ce254c2b2dcd)** |

---

---

| | |
|:---|:---|
| **[NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS](#ia577352154e84c87a53445e53f3cf394)** | **[24](#ia577352154e84c87a53445e53f3cf394)** |
| [Note 1. Organisation and basis of preparation](#i46da5f77c22245e2a281f93de5240e0c) | [24](#i46da5f77c22245e2a281f93de5240e0c) |
| [Note 2. Segments](#i3b059dccefb74be7a070c39261f381ca) | [25](#i3b059dccefb74be7a070c39261f381ca) |
| [Note 3. Acquisitions and disposals](#icc8a04045ee14262984ca2c10214fcd2) | [31](#icc8a04045ee14262984ca2c10214fcd2) |
| [Note 4. Revenues](#i2d648a20720846a887dff6b677301cf5) | [32](#i2d648a20720846a887dff6b677301cf5) |
| [Note 5. Financial items](#i4cd20e85097c4bc691b74393072c2e31) | [32](#i4cd20e85097c4bc691b74393072c2e31) |
| [Note 6. Income taxes](#ieb2c0d9d69d7408a93f43436573134da) | [33](#ieb2c0d9d69d7408a93f43436573134da) |
| [Note 7. Capital distribution](#iba888e3154a345b5b03a39bd7d9d10f6) | [33](#iba888e3154a345b5b03a39bd7d9d10f6) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 19 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |  |  | **Quarters** | **Quarters** | **Quarters** |
| **(unaudited, in USD million)** | **Note** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **(unaudited, in USD million)** | **Note** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Revenues | <u>[4](#i21f3614772984e09a16c4bc143db5255_1500)</u> | **27816** | 25296 | 29384 | Interest income and other financial income |  | **370** | 271 | 336 |
| Net income/(loss) from equity accounted investments |  | **(21)** | 12 | 13 | Interest expenses and other financial expenses |  | **(433)** | (394) | (325) |
| Other income |  | **48** | 38 | 523 | Other financial items |  | **1023** | 406 | 8 |
| Total revenues and other income | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **27843** | 25346 | 29920 | Net financial items | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **960** | 283 | 19 |
| Purchases [net of inventory variation] |  | **(12964)** | (13064) | (15443) | Income/(loss) before tax |  | **9744** | 5770 | 8893 |
| Operating expenses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(3115)** | (2921) | (2843) |  |  |  |  |  |
| Selling, general and administrative expenses |  | **(309)** | (298) | (323) | Income tax | <u>[6](#i21f3614772984e09a16c4bc143db5255_70)</u> | **(6639)** | (4456) | (6263) |
| Depreciation, amortisation and net impairments | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(2520)** | (3290) | (2310) |  |  |  |  |  |
| Exploration expenses |  | **(152)** | (287) | (127) | Net income/(loss) |  | **3105** | 1314 | 2630 |
| Total operating expenses | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(19059)** | (19859) | (21046) | Attributable to equity holders of the company |  | **3106** | 1314 | 2627 |
|  |  |  |  |  | Attributable to non-controlling interests |  | **(2)** | 1 | 3 |
| Net operating income/(loss) | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **8784** | 5487 | 8874 |  |  |  |  |  |
|  |  |  |  |  | Basic earnings per share (in USD) |  | **1.24** | 0.52 | 0.97 |
|  |  |  |  |  | Diluted earnings per share (in USD) |  | **1.24** | 0.52 | 0.96 |
|  |  |  |  |  | Weighted average number of ordinary shares outstanding (in millions) |  | **2496** | 2509 | 2719 |
|  |  |  |  |  | Weighted average number of ordinary shares outstanding diluted (in millions) |  | **2503** | 2518 | 2724 |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 20 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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-3389a.jpg](crop_ojb-3389a.jpg)

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** |
| **(unaudited, in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Net income/(loss) | **3105** | 1314 | 2630 |
| Actuarial gains/(losses) on defined benefit pension plans | **(13)** | 157 | (114) |
| Income tax effect on income and expenses recognised in OCI<sup>1)</sup> | **5** | (36) | 30 |
| Items that will not be reclassified to the Consolidated statement of income | **(7)** | 121 | (84) |
| Foreign currency translation effects | **166** | (230) | 1302 |
| Share of OCI from equity accounted investments | **17** | 44 | 33 |
| Items that may be subsequently reclassified to the Consolidated <br>statement of income<br>| **183** | (186) | 1335 |
| Other comprehensive income/(loss) | **175** | (64) | 1251 |
| Total comprehensive income/(loss) | **3280** | 1250 | 3881 |
| Attributable to the equity holders of the company | **3282** | 1250 | 3878 |
| Attributable to non-controlling interests | **(2)** | 1 | 3 |
| 1)Other comprehensive income (OCI). |  |  |  |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 21 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 March** | **At 31 December** |
| **(in USD million)** | **Note** | **2026 (unaudited)** | **2025 (audited)** |
| ASSETS |  |  |  |
| Property, plant and equipment | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u>, <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **62938** | 61241 |
| Intangible assets |  | **5969** | 5950 |
| Equity accounted investments |  | **8256** | 8504 |
| Deferred tax assets |  | **5683** | 5053 |
| Pension assets |  | **2143** | 2107 |
| Derivative financial instruments |  | **819** | 1020 |
| Financial investments |  | **7552** | 6839 |
| Prepayments and financial receivables |  | **1886** | 2073 |
| Total non-current assets |  | **95247** | 92787 |
| Inventories |  | **4239** | 3330 |
| Trade and other receivables |  | **12882** | 10819 |
| Prepayments and financial receivables<sup>1)</sup> |  | **5025** | 3885 |
| Derivative financial instruments |  | **1504** | 667 |
| Financial investments | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **14212** | 14297 |
| Cash and cash equivalents |  | **5884** | 5036 |
| Total current assets |  | **43746** | 38034 |
| Assets classified as held for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **2160** | 906 |
| Total assets |  | **141154** | 131727 |
| 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. |
| 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. | 1) Includes collateral deposits of USD 2.1 billion for 31 March 2026 related to certain requirements set out by exchanges <br>where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **At 31 March** | **At 31 December** |
| **(in USD million)** | **Note** | **2026 (unaudited)** | **2025 (audited)** |
| EQUITY AND LIABILITIES |  |  |  |
| Shareholders' equity |  | **43571** | 40424 |
| Non-controlling interests |  | **71** | 74 |
| Total equity |  | **43642** | 40497 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **22162** | 23763 |
| Lease liabilities |  | **2774** | 2221 |
| Deferred tax liabilities |  | **15041** | 14524 |
| Pension liabilities |  | **4182** | 4076 |
| Provision and other liabilities |  | **15023** | 14715 |
| Derivative financial instruments |  | **1282** | 1150 |
| Total non-current liabilities |  | **60464** | 60450 |
| Trade and other payables |  | **11374** | 9700 |
| Provisions and other liabilities |  | **3060** | 3299 |
| Current tax payable |  | **13991** | 10994 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **5542** | 4047 |
| Lease liabilities |  | **1379** | 1190 |
| Dividends payable |  | **—** | 923 |
| Derivative financial instruments |  | **1252** | 448 |
| Total current liabilities |  | **36598** | 30601 |
| Liabilities directly associated with the assets classified for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **450** | 179 |
| Total liabilities |  | **97512** | 91230 |
| Total equity and liabilities |  | **141154** | 131727 |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 22 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 2025 | 1052 |  | 52407 | (11385) | 268 | **42342** | 38 | **42380** |
| Net income/(loss) |  |  | 2627 |  |  | **2627** | 3 | **2630** |
| Other comprehensive income/(loss) |  |  | (84) | 1302 | 33 | **1251** |  | **1251** |
| Total comprehensive income/(loss) |  |  | 2543 | 1302 | 33 | **3878** | 3 | **3881** |
| Dividends |  |  |  |  |  | **—** |  | **—** |
| Share buy-back |  |  | (397) |  |  | **(397)** |  | **(397)** |
| Other equity transactions |  |  | (4) |  |  | **(4)** | 3 | **(1)** |
| At 31 March 2025 | 1052 |  | 54549 | (10083) | 301 | **45819** | 44 | **45863** |
| At 1 January 2026 | 995 |  | 48028 | (8919) | 319 | **40424** | 74 | **40498** |
| Net income/(loss) |  |  | 3106 |  |  | **3106** | (2) | **3105** |
| Other comprehensive income/(loss) |  |  | (7) | 166 | 17 | **175** |  | **175** |
| Total comprehensive income/(loss) |  |  | 3099 | 166 | 17 | **3282** | (2) | **3280** |
| Dividends |  |  |  |  |  | **—** |  | **—** |
| Share buy-back<sup>1)</sup> |  |  | (124) |  |  | **(124)** |  | **(124)** |
| Other equity transactions |  |  | (10) |  |  | **(10)** | (1) | **(11)** |
| **At 31 March 2026** | **995** | **—** | **50993** | **(8753)** | **335** | **43571** | **71** | **43642** |
| 1)For more information see <u>[note 7](#i21f3614772984e09a16c4bc143db5255_76)</u> Capital distribution |  |  |  |  |  |  |  |  |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 23 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(unaudited, in USD million)** | **Note** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Income/(loss) before tax |  | **9744** | 5770 | 8893 |
| Depreciation, amortisation and net impairments, including exploration write-offs |  | **2530** | 3367 | 2310 |
| (Gains)/losses on foreign currency transactions and balances | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **(189)** | 6 | 24 |
| (Gains)/losses on sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **—** | 237 | (499) |
| (Increase)/decrease in other items related to operating activities |  | **(1285)** | (60) | (399) |
| (Increase)/decrease in net derivative financial instruments |  | **341** | (188) | (16) |
| Cash collaterals for commodity derivative transactions |  | **(861)** | 453 | 118 |
| Interest received |  | **183** | 234 | 265 |
| Interest paid |  | **(173)** | (265) | (76) |
| Cash flow provided by operating activities before taxes paid and working capital <br>items<br>|  | **10291** | 9554 | 10620 |
| Taxes paid |  | **(4272)** | (6240) | (3226) |
| (Increase)/decrease in working capital |  | **(806)** | (1207) | 1647 |
| Cash flows provided by operating activities |  | **5213** | 2107 | 9041 |
| Cash (used)/received in business combinations | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **—** |  | (26) |
| Capital expenditures and investments | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(3116)** | (4146) | (3027) |
| (Increase)/decrease in financial investments<sup>1)</sup> |  | **432** | (1583) | (1379) |
| (Increase)/decrease in derivative financial instruments |  | **114** | (13) | 211 |
| (Increase)/decrease in other interest-bearing items |  | **(43)** | (11) | 122 |
| Proceeds from sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **88** | 2032 | 83 |
| Cash flows provided by/(used in) investing activities |  | **(2526)** | (3722) | (4016) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** |
| **(unaudited, in USD million)** | **Note** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| New finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **—** | 1716 | 1507 |
| Repayment of finance debt |  | **(778)** | (379) |  |
| Repayment of lease liabilities |  | **(399)** | (323) | (364) |
| Dividends paid |  | **(920)** | (917) | (1911) |
| Share buy-back |  | **(271)** | (389) | (549) |
| Net current finance debt and other financing activities |  | **553** | (1141) | (2312) |
| Cash flows provided by/(used in) financing activities |  | **(1816)** | (1434) | (3629) |
| Net increase/(decrease) in cash and cash equivalents |  | **871** | (3049) | 1396 |
| Effect of exchange rate changes in cash and cash equivalents |  | **13** | (23) | 69 |
| Cash and cash equivalents at the beginning of the period |  | **5036** | 8107 | 5903 |
| Cash and cash equivalents at the end of the period |  | **5920** | 5036 | 7368 |
| 1) This line item includes USD 0.9 billion invested in shares in Ørsted A/S in the fourth quarter 2025. | 1) This line item includes USD 0.9 billion invested in shares in Ørsted A/S in the fourth quarter 2025. | 1) This line item includes USD 0.9 billion invested in shares in Ørsted A/S in the fourth quarter 2025. | 1) This line item includes USD 0.9 billion invested in shares in Ørsted A/S in the fourth quarter 2025. | 1) This line item includes USD 0.9 billion invested in shares in Ørsted A/S in the fourth quarter 2025. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 24 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 first quarter of 2026 were authorised for issue by

the board of directors on 5 May 2026.

**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

2025. 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**

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 2025.

A description of the material accounting policies is

included in Equinor's consolidated annual financial

statements for 2025. 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

2025. For information about IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC® Interpretations effective from 1 January

2026, that could affect the consolidated financial

statements, please refer to note 2 in Equinor's

consolidated annual financial statements for 2025.

None of the amendments to IFRS Accounting

Standards effective from 1 January 2026 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.

**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 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 2025 for more information about

accounting judgement and key sources of estimation

uncertainty.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 25 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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-dsc00392x2a.jpg](crop_tle-dsc00392x2a.jpg)

Note 2. Segments

Equinor's operations are organised into business areas

and followed up through operating segments in order to

effectively manage and execute our strategy, including

the ability to measure the progress of the business

against its strategic goals. The operating segments are

defined based on the components of Equinor that are

regularly reviewed by the chief operating decision maker,

Equinor's Chief Executive Officer (CEO).

With effect from the first quarter 2026, the Power

business area (PWR) is presented as a reportable

segment in Equinor's financial statements. PWR is

responsible for all power activities, including the activities

formerly included in Renewables (REN), flexible power

assets transferred from the business area Marketing,

Midstream and Processing (MMP), as well as Danske

Commodities' power trading business, formerly included

in MMP. Restated historical figures are shown in the

tables following the comparative quarterly segment

tables.

The following reportable segments correspond to the

operating segments: Exploration & Production Norway

(E&P Norway), Exploration & Production International

(E&P International), Exploration & Production USA (E&P

USA), Marketing, Midstream & Processing (MMP) and

Power (PWR). Based on materiality considerations, the

remaining business areas Projects, Drilling &

Procurement (PDP) and Technology, Digital & Innovation

(TDI), as well as Corporate staff and functions, are

aggregated into the reportable segment Other. The

majority of the costs in PDP and TDI is allocated to the

three Exploration & Production segments, MMP and

PWR.

The accounting policies of the reporting segments are

consistent with those described in these Consolidated

financial statements, except for the following:

movements related to changes in asset retirement

obligations are excluded from the line item Additions to

PP&E, intangibles and Equity accounted investments,

and 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.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 26 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 quarter 2026** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **Power** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 88 | 183 | 69 | 26644 | 795 | 36 |  | **27816** |
| Revenues and other income inter-segment | 10353 | 1411 | 1314 | 2 | 29 | 10 | (13119) | **—** |
| Net income/(loss) from equity accounted investments |  | (91) |  | 38 | 34 | (2) |  | **(21)** |
| Other income | 34 | 1 |  |  |  | 13 |  | **48** |
| Total revenues and other income | 10475 | 1504 | 1383 | 26684 | 859 | 57 | (13119) | **27843** |
| Purchases [net of inventory variation] | (1) | (60) |  | (24385) | (721) |  | 12203 | **(12964)** |
| Operating, selling, general and administrative expenses | (1092) | (507) | (281) | (1515) | (133) | (88) | 193 | **(3423)** |
| Depreciation and amortisation | (1575) | (285) | (352) | (254) | (13) | (42) |  | **(2520)** |
| Net impairment (losses)/reversals |  |  |  |  |  |  |  | **—** |
| Exploration expenses | (111) | (37) | (5) |  |  |  |  | **(152)** |
| Total operating expenses | (2779) | (888) | (638) | (26154) | (866) | (130) | 12396 | **(19059)** |
| Net operating income/(loss) | 7696 | 616 | 745 | 530 | (7) | (72) | (723) | **8784** |
| Additions to PP&E, intangibles and equity accounted investments | 1863 | 743 | 243 | 707 | 679 | 41 |  | **4275** |
| **Balance sheet information** |  |  |  |  |  |  |  |  |
| Equity accounted investments | 5 | 5333 |  | 302 | 2396 | 220 |  | **8256** |
| Non-current segment assets | 33410 | 13098 | 11710 | 4396 | 5438 | 856 |  | **68907** |
| Non-current assets not allocated to segments |  |  |  |  |  |  |  | **18084** |
| Total non-current assets |  |  |  |  |  |  |  | **95247** |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 27 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fourth quarter 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 97 | 146 | 54 | 24041 | 936 | 22 |  | **25296** |
| Revenues and other income inter-segment | 7700 | 732 | 983 | (80) | 311 | 8 | (9655) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (18) | 43 | (12) |  | **12** |
| Other income | 28 | (10) | 8 | (7) | 9 | 9 |  | **38** |
| Total revenues and other income | 7825 | 868 | 1045 | 23937 | 1299 | 27 | (9655) | **25346** |
| Purchases [net of inventory variation] |  | 77 |  | (21638) | (1156) |  | 9652 | **(13064)** |
| Operating, selling, general and administrative expenses | (940) | (614) | (292) | (1280) | (170) | (43) | 120 | **(3219)** |
| Depreciation and amortisation | (1630) | (344) | (394) | (241) | (16) | (38) |  | **(2663)** |
| Net impairment (losses)/reversals | (173) | (201) |  |  | (252) |  |  | **(626)** |
| Exploration expenses | (229) | (58) |  |  |  |  |  | **(287)** |
| Total operating expenses | (2972) | (1140) | (686) | (23159) | (1594) | (81) | 9773 | **(19859)** |
| Net operating income/(loss) | 4853 | (271) | 359 | 778 | (295) | (54) | 117 | **5487** |
| Additions to PP&E, intangibles and equity accounted investments | 1726 | 6146 | 284 | 374 | 565 | 44 |  | **9140** |
| **Balance sheet information** |  |  |  |  |  |  |  |  |
| Equity accounted investments | 4 | 5574 |  | 302 | 2430 | 193 |  | **8504** |
| Non-current segment assets | 32170 | 13644 | 11825 | 3899 | 4772 | 881 |  | **67192** |
| Non-current assets not allocated to segments |  |  |  |  |  |  |  | **17092** |
| Total non-current assets |  |  |  |  |  |  |  | **92787** |
| 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables <br>below. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 28 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 quarter 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 58 | 153 | 63 | 28372 | 712 | 25 |  | **29384** |
| Revenues and other income inter-segment | 9484 | 1364 | 1133 | 8 | 10 | 8 | (12007) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | 6 | 7 | (1) |  | **13** |
| Other income | 511 | 54 |  | 1 | (44) | 2 |  | **523** |
| Total revenues and other income | 10052 | 1571 | 1197 | 28388 | 685 | 34 | (12007) | **29920** |
| Purchases [net of inventory variation] | (1) | 3 |  | (26749) | (658) |  | 11962 | **(15443)** |
| Operating, selling, general and administrative expenses | (891) | (567) | (311) | (1322) | (138) | (50) | 113 | **(3166)** |
| Depreciation and amortisation | (1127) | (396) | (370) | (226) | (9) | (37) |  | **(2165)** |
| Net impairment (losses)/reversals |  |  |  |  | (145) |  |  | **(145)** |
| Exploration expenses | (90) | (32) | (5) |  |  |  |  | **(127)** |
| Total operating expenses | (2108) | (992) | (685) | (28297) | (950) | (88) | 12075 | **(21046)** |
| Net operating income/(loss) | 7944 | 579 | 511 | 91 | (265) | (54) | 68 | **8874** |
| Additions to PP&E, intangibles and equity accounted investments | 2409 | 761 | 308 | 207 | 780 | 30 |  | **4496** |
| 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. | 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment <br>information tables below. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 29 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Restatement of previously reported segment information**

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income statement and balance sheet** <br>**information by segment (in USD million)** | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** |
| **Income statement and balance sheet** <br>**information by segment (in USD million)** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** |
| **(in USD million)** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** |
| Revenues third party | 29066 | 18 | 28372 | 712 | 24795 | 22 | 24423 | 394 | 53861 | 40 | 52796 | 1106 | 25719 | 16 | 25171 | 563 | 79579 | 56 | 77967 | 1669 |
| Revenues and other income inter-segment | 13 | 5 | 8 | 10 | 25 | 5 | 17 | 13 | 38 | 10 | 25 | 23 | 28 | 11 | 24 | 16 | 66 | 22 | 49 | 38 |
| Net income/(loss) from equity accounted <br>investments<br>| (9) | 22 | 6 | 7 | (21) | 31 | 2 | 8 | (30) | 53 | 8 | 15 | (1) | (9) | 12 | (22) | (31) | 44 | 20 | (7) |
| Other income | 1 | (44) | 1 | (44) |  | 9 |  | 9 | 1 | (35) | 1 | (35) | 8 | 15 | 8 | 15 | 9 | (20) | 9 | (20) |
| Total revenues and other income | 29072 | 1 | 28388 | 685 | 24798 | 67 | 24441 | 424 | 53870 | 68 | 52830 | 1108 | 25753 | 34 | 25215 | 572 | 79623 | 102 | 78045 | 1680 |
| Purchases [net of inventory variation] | (27407) |  | (26749) | (658) | (23055) |  | (22716) | (338) | (50462) |  | (49466) | (996) | (23988) | (7) | (23476) | (519) | (74450) | (7) | (72941) | (1515) |
| Operating, selling, general and <br>administrative expenses<br>| (1353) | (107) | (1322) | (138) | (1182) | (101) | (1149) | (134) | (2535) | (208) | (2471) | (272) | (1323) | (70) | (1291) | (102) | (3858) | (278) | (3762) | (374) |
| Depreciation and amortisation | (227) | (8) | (226) | (9) | (232) | (12) | (231) | (14) | (460) | (21) | (457) | (23) | (217) | (13) | (215) | (14) | (676) | (33) | (673) | (37) |
| Net impairment (losses)/reversals |  | (145) |  | (145) |  | (955) |  | (955) |  | (1100) |  | (1100) | 283 | (3) | 283 | (3) | 283 | (1103) | 283 | (1103) |
| Exploration expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total operating expenses | (28987) | (260) | (28297) | (950) | (24469) | (1069) | (24096) | (1441) | (53456) | (1329) | (52394) | (2392) | (25244) | (92) | (24698) | (638) | (78701) | (1421) | (77092) | (3030) |
| Net operating income/(loss) | 84 | (259) | 91 | (265) | 329 | (1002) | 345 | (1018) | 413 | (1260) | 436 | (1283) | 509 | (59) | 517 | (66) | 922 | (1319) | 953 | (1349) |
| Additions to PP&E, intangibles and equity <br>accounted investments<br>| 207 | 780 | 207 | 780 | 254 | 718 | 254 | 718 | 461 | 1499 | 461 | 1499 | 307 | 773 | 307 | 773 | 768 | 2271 | 768 | 2271 |
| **Balance sheet information** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity accounted investments | 732 | 1781 | 294 | 2219 | 721 | 1958 | 289 | 2390 | 721 | 1958 | 289 | 2390 | 714 | 1933 | 303 | 2345 | 714 | 1933 | 303 | 2344 |
| Non-current segment assets | 3364 | 3627 | 3364 | 3627 | 3530 | 3639 | 3530 | 3639 | 3530 | 3639 | 3530 | 3639 | 3825 | 4487 | 3825 | 4487 | 3825 | 4487 | 3825 | 4487 |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 30 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income statement and balance sheet** <br>**information by segment (in USD million)** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** | **Full year 2024** | **Full year 2024** | **Full year 2024** | **Full year 2024** |
| **Income statement and balance sheet** <br>**information by segment (in USD million)** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** |
| **(in USD million)** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** | **MMP** | **REN** | **MMP** | **PWR** |
| Revenues third party | 24961 | 17 | 24041 | 936 | 104540 | 73 | 102008 | 2605 | 101208 | 72 | 98851 | 2429 |
| Revenues and other income inter-segment | 222 | 9 | (80) | 311 | 288 | 31 | (31) | 349 | 507 | 20 | 284 | 244 |
| Net income/(loss) from equity accounted <br>investments<br>| (30) | 55 | (18) | 43 | (61) | 99 | 2 | 36 | (59) | 100 | (15) | 56 |
| Other income | (7) | 9 | (7) | 9 | 2 | (10) | 2 | (10) | 136 | 124 | 136 | 124 |
| Total revenues and other income | 25146 | 90 | 23937 | 1299 | 104769 | 192 | 101981 | 2980 | 101792 | 317 | 99255 | 2853 |
| Purchases [net of inventory variation] | (22793) | (1) | (21638) | (1156) | (97243) | (8) | (94579) | (2671) | (92789) |  | (90515) | (2274) |
| Operating, selling, general and <br>administrative expenses<br>| (1332) | (118) | (1280) | (170) | (5190) | (396) | (5042) | (544) | (4919) | (687) | (4815) | (791) |
| Depreciation and amortisation | (243) | (14) | (241) | (16) | (919) | (47) | (913) | (53) | (949) | (34) | (945) | (38) |
| Net impairment (losses)/reversals |  | (252) |  | (252) | 283 | (1355) | 283 | (1355) | 191 | (271) | 191 | (271) |
| Exploration expenses |  |  |  |  |  |  |  |  |  |  |  |  |
| Total operating expenses | (24368) | (385) | (23159) | (1594) | (103069) | (1806) | (100251) | (4624) | (98466) | (993) | (96084) | (3375) |
| Net operating income/(loss) | 778 | (295) | 778 | (295) | 1700 | (1614) | 1730 | (1644) | 3326 | (676) | 3172 | (522) |
| Additions to PP&E, intangibles and equity <br>accounted investments<br>| 374 | 565 | 374 | 565 | 1142 | 2837 | 1142 | 2837 | 953 | 2153 | 940 | 2166 |
| **Balance sheet information** |  |  |  |  |  |  |  |  |  |  |  |  |
| Equity accounted investments | 693 | 2039 | 302 | 2430 | 693 | 2039 | 302 | 2430 | 768 | 1530 | 322 | 1975 |
| Non-current segment assets | 3899 | 4772 | 3899 | 4772 | 3899 | 4772 | 3899 | 4772 | 3259 | 3138 | 3259 | 3138 |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 31 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 31 March** | **At 31 December** |
| **(in USD million)** | **2026** | **2025** |
| Norway¹⁾ | **37675** | 35932 |
| USA | **16958** | 16472 |
| Brazil | **10811** | 10234 |
| UK | **7116** | 7349 |
| Angola | **1229** | 1248 |
| Poland | **1061** | 1088 |
| Canada | **973** | 1015 |
| Denmark | **754** | 768 |
| Germany | **298** | 301 |
| Sweden | **207** | 214 |
| Other | **80** | 1074 |
| Total non-current assets<sup>2)</sup> | **77163** | 75695 |
| 1)Increase is mainly due to weakening of USD versus NOK and acquisitions.<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.<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.<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

**Held for sale**

**Agreement to sell Equinor's onshore assets in Argentina**

On 1 February 2026, Equinor entered into an agreement with Vista Energy to divest its full onshore position in

Argentina's Vaca Muerta basin. The transaction includes Equinor's 30% non-operated interest in Bandurria Sur and

its 50% non-operated interest in Bajo del Toro within the E&P International segment. The transaction has an

effective date of 1 July 2025 and is expected to close in the first half of May 2026. The expected consideration at

closing is estimated at around USD 1,400 million, consisting of around USD 700 million in cash, including interim

period adjustments, and the remainder in a fixed number of Vista Energy NYSE-listed shares and contingent

payments linked to production and oil prices over a five-year period. The expected accounting gain before tax is

estimated at around USD 400 million. The consideration and the corresponding gain may change as a result of

movements in the Vista Energy share price up to the closing date. As of 31 March 2026, assets held for sale

amounted to USD 1,254 million and liabilities directly associated with the assets held for sale amounted to USD

273 million.

**Sale of remaining interests in the Peregrino field in Brazil**

Equinor has agreed to sell its remaining 20% interest in the Peregrino field. The sale is expected to be completed

within 2026, subject to regulatory and legal approvals. As of 31 March 2026, assets held for sale amounted to USD

906 million, and liabilities directly associated with the assets held for sale amounted to USD 178 million. Peregrino

is part of the E&P International segment.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 32 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 first quarter 2026 to the country of

the legal entity executing the sale, Norway and the USA accounted for 82% and 14%, respectively (79% and 17%,

respectively, for the fourth quarter of 2025).

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

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** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Crude oil | **14852** | 13337 | 16082 |
| Natural gas | **7237** | 6057 | 7591 |
| - European gas | **5561** | 5131 | 6366 |
| - North American gas | **1074** | 593 | 552 |
| - Other incl. Liquefied natural gas | **602** | 333 | 672 |
| Refined products | **3369** | 2807 | 2582 |
| Natural gas liquids | **1844** | 1592 | 2024 |
| Power | **723** | 624 | 673 |
| Transportation | **305** | 309 | 302 |
| Other sales | **178** | 391 | 105 |
| Revenues from contracts with customers | **28509** | 25117 | 29358 |
| Total other revenues<sup>1)</sup> | **(694)** | 180 | 26 |
| Revenues | **27816** | 25296 | 29384 |
| 1)This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind <br>with commodities.  | 1)This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind <br>with commodities.  | 1)This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind <br>with commodities.  | 1)This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind <br>with commodities.  |

---

Note 5. Financial items

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Interest income and other financial income | **370** | 271 | 336 |
| Interest expenses and other financial expenses | **(433)** | (394) | (325) |
| Net foreign currency exchange gains/(losses)  | **189** | (6) | (24) |
| Gains/(losses) on financial investments | **933** | 353 | (25) |
| Gains/(losses) other derivative financial instruments | **(99)** | 59 | 58 |
| Net financial items | **960** | 283 | 19 |

---

The gain on financial investments in Q1 2026 was mainly driven by fair value adjustments of Ørsted investment.

Equinor has a US Commercial paper programme available with a limit of USD 5 billion. As of 31 March 2026, USD

0.7 billion were utilised compared to USD 0.2 billion utilised as of 31 December 2025.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 33 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Income/(loss) before tax | **9744** | 5770 | 8893 |
| Income tax | **(6639)** | (4456) | (6263) |
| Effective tax rate | **68.1%** | 77.2% | 70.4% |

---

The effective reported tax rate of 68.1% for the first quarter of 2026, decreased compared to 70.4% in the first

quarter of 2025 due to lower share of income from jurisdictions with high tax rates and the lower effects of the

Energy Profits Levy in the UK following the Adura joint venture agreement with Shell. The decrease was partially

offset by the tax exempted gain from the swap with Petoro on the NCS in 2025.

Note 7. Capital distribution

**Dividend for the first quarter 2026** 

On 5 May 2026, the board of directors resolved to declare a cash dividend for the first quarter of 2026 of USD 0.39

per share. The Equinor shares will trade ex-dividend 13 August 2026 on the Oslo Børs and 14 August for ADR

holders on the New York Stock Exchange. Payment date will be 27 August 2026.

**Share buy-back programme 2026**

On 4 February 2026, Equinor announced a share buy-back programme of up to USD 1.5 billion, including shares to

be redeemed from the Norwegian state. In the first quarter of 2026, Equinor launched the first tranche of USD 375

million including shares to be redeemed from the Norwegian state. The market execution of the tranche of USD

124 million was completed in March 2026. The purpose of the share buy-back programme is to reduce the issued

share capital of the company, and all shares repurchased will be cancelled. A proportionate number of the

Norwegian state's shares will be redeemed and cancelled at the annual general meeting in May 2026, ensuring

that the state's ownership interest in Equinor remains unchanged at 67%.

On 5 May 2026, the board of directors decided to initiate a second share buy-back tranche of up to USD 375

million for 2026, including shares to be redeemed from the Norwegian state. This second tranche is subject to

approval at the general meeting and will end no later than 20 July 2026.

---

| | | |
|:---|:---|:---|
|  | **First quarter** | **First quarter** |
| **Equity impact of share buy-back programmes (in USD million)** | **2026** | **2025** |
| First tranche | **124** | 397 |
| Total | **124** | 397 |

---

![crop_ojbx9342a.jpg](crop_ojbx9342a.jpg)

Equinor first quarter 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| 34 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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](#i114cc2e4b03f40eeb091f5bd7f8fb751) | [35](#i114cc2e4b03f40eeb091f5bd7f8fb751) |
| [Use and reconciliation of Non-GAAP financial measures](#ibccec8786dcb48939d1158dff18c671f) | [35](#ibccec8786dcb48939d1158dff18c671f) |
| [Reconciliation of adjusted operating income](#i3d35d4dfe1294d0889561a78e0fb34c2) | [38](#i3d35d4dfe1294d0889561a78e0fb34c2) |
| [Adjusted operating income after tax by reporting segment](#i2572e2d5c22d49e3be195358c61b8f56) | [43](#i2572e2d5c22d49e3be195358c61b8f56) |
| [Reconciliation of adjusted operating income after tax to net income](#i6e230e478b2743209ce528ba552736c0) | [45](#i6e230e478b2743209ce528ba552736c0) |
| [Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share](#i193a2613122a4d87a1a9e5be833e1163) | [45](#i193a2613122a4d87a1a9e5be833e1163) |
| [Adjusted exploration expenses](#i6f1770f65f474f17a2313e19dc382b72) | [46](#i6f1770f65f474f17a2313e19dc382b72) |
| [Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow](#i820b536254974244bb1945fe36b955bc) | [47](#i820b536254974244bb1945fe36b955bc) |
| [Organic capital expenditures](#i05a6f2f6e38249b6a132a1b6e5edf392) | [48](#i05a6f2f6e38249b6a132a1b6e5edf392) |
| [Calculation of capital employed and net debt to capital employed ratio](#i1b71cc3f35474d46b43239bebc673883) | [49](#i1b71cc3f35474d46b43239bebc673883) |
| [Forward-looking statements](#i7c619b42483a4b669bb32cd7d4cfa130) | [50](#i7c619b42483a4b669bb32cd7d4cfa130) |
| [End notes](#id71a412798ce4c64a6da033138dd72e8) | [51](#id71a412798ce4c64a6da033138dd72e8) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 35 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** | **Full year** | **Change** |
| **Exchange rates** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** | **2025** | **Q1 on full** <br>**year**<br>|
| **USD/NOK** |  |  |  |  |  |  |
| Average daily rate | **9.7267** | 10.0978 | 11.0782 | (12)% | 10.3912 | (6)% |
| Period-end rate | **9.7517** | 10.0791 | 10.5529 | (8)% | 10.0791 | (3)% |
| **EUR/USD** |  |  |  |  |  |  |
| Average daily rate | **1.1702** | 1.1632 | 1.0517 | 11% | 1.1277 | 4% |
| Period-end rate | **1.1498** | 1.1750 | 1.0815 | 6% | 1.1750 | (2)% |

---

**Use and reconciliation of Non-GAAP financial** 

**measures**

Non-GAAP financial measures are defined as

numerical measures that either exclude or include

amounts that are not excluded or included in the

comparable measures calculated and presented in

accordance with GAAP (i.e., IFRS Accounting

Standards in the case of Equinor). The following

financial measures included in this report may be

considered non-GAAP financial measures:

**Adjusted operating income** is based on net

operating income/ (loss) and adjusts for certain items

affecting the income for the period to separate out

effects that management considers may not be well

correlated to Equinor's underlying operational

performance in the individual reporting period.

Management believes adjusted operating income

provides an indication of Equinor's underlying

operational performance and facilitates comparison

of operational trends between periods.

**Adjusted operating income after tax** equals

adjusted operating income less tax on adjusted

operating income. Tax on adjusted operating income

is computed by adjusting the income tax for tax

effects of adjustments made to net operating

income. The tax rate applied is the tax rate

applicable to each adjusting item and tax regime,

adjusted for certain foreign currency effects as well

as effects of specific changes to deferred tax assets.

Management believes adjusted operating income

after tax provides an indication of Equinor's

underlying operational performance after tax and

facilitates comparisons of operational trends after tax

between periods as it reflects the tax charge

associated with operational performance excluding

the impact of financing. Tax on adjusted operating

income should not be considered indicative of the

amount of current or total tax expense (or taxes

payable) for the period.

**Adjusted net income** is based on net income/(loss)

and provides additional transparency to Equinor's

underlying financial performance by also including

net financial items and the associated tax effects.

This measure includes adjustments made to arrive at

adjusted operating income after tax, in addition to

specific adjustments related to net financial items

and related tax effects, as well as certain

adjustments to income tax as described below.

Management believes this measure provides an

indication of Equinor's underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

**Adjusted Earnings Per Share (Adjusted EPS)** is

computed by dividing Adjusted net income by the

weighted average number of shares outstanding

during the period. Earnings per share is a metric that

is frequently used by investors, analysts and other

parties to assess a company's profitability per share.

Management believes this measure provides an

indication of Equinor's underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

The non-GAAP financial measures presented above

are supplementary measures and should not be

viewed in isolation or as substitutes for net operating

income/(loss), net income/(loss) and earnings per

share, which are the most directly comparable IFRS

Accounting Standards measures. The reconciliation

tables later in this report reconcile the above non-

GAAP measures to the most directly comparable

IFRS Accounting Standards measure or measures.

There are material limitations associated with the

above measures compared with the IFRS

Accounting Standards measures, as these non-

GAAP measures do not include all the items of

revenues/ gains or expenses/losses of Equinor that

are required to evaluate its profitability on an overall

basis. The non-GAAP measures are only intended to

be indicative of the underlying developments in

trends of our on-going operations.

**Adjusted operating income adjusts for the** 

**following items:**

• **Changes in fair value of derivatives:**

In the ordinary course of business, Equinor

enters into commodity derivative contracts to

manage the price risk exposure relating to future

sale and purchase contracts. These commodity

derivatives are measured at fair value at each

reporting date, with the movements in fair value

recognised in the income statement. By contrast,

the related sale and purchase contracts are not

recognised until the transaction occurs resulting

in timing differences. Therefore, the unrealised

movements in the fair value of these commodity

derivative contracts are excluded from adjusted

operating income and deferred until the time of

the physical delivery to minimise the effect of

these timing differences. Further, embedded

derivatives within certain gas contracts and

contingent consideration related to historical

divestments are carried at fair value. Any

accounting impacts resulting from such changes

in fair value are also excluded from adjusted

operating income, as these fluctuations are not

indicative of the underlying performance of the

business.

• **Periodisation of inventory hedging effect:**

Equinor enters into derivative contracts to

manage price risk exposure relating to its

commercial storage. These derivative contracts

are carried at fair value while the inventories are

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 36 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

accounted for at the lower of cost or market

price. An adjustment is made to align the

valuation principles of inventories with related

derivative contracts. The adjusted valuation of

inventories is based on the forward price at the

expected realisation date. This is so that the

valuation principles between commercial

storages and derivative contracts are better

aligned.

• **The operational storage** is not hedged and is

not part of the trading portfolio. Cost of goods

sold is measured based on the FIFO (first-in,

first-out) method, and includes realised gains or

losses that arise due to changes in market

prices. These gains or losses will fluctuate from

one period to another and are not considered

part of the underlying operations for the period.

• **Impairment and reversal of impairment** are

excluded from adjusted operating income since

they affect the economics of an asset for the

lifetime of that asset, not only the period in which

it is impaired, or the impairment is reversed.

Impairment and reversal of impairment can

impact both the exploration expenses and the

depreciation, amortisation and net impairment

line items.

• **Gain or loss from sales of assets** is eliminated

from the measure since the gain or loss does not

give an indication of future performance or

periodic performance; such a gain or loss is

related to the cumulative value creation from the

time the asset is acquired until it is sold.

• **Eliminations (Internal unrealised profit on** 

**inventories):** Volumes derived from equity oil

inventory vary depending on several factors and

inventory strategies, i.e., level of crude oil in

inventory, equity oil used in the refining process

and level of in-transit cargoes. Internal profit

related to volumes sold between entities within

the group, and still in inventory at period end, is

eliminated according to IFRS Accounting

Standards (write down to production cost). The

proportion of realised versus unrealised gain

fluctuates from one period to another due to

inventory strategies and consequently impact net

operating income/ (loss). Write-down to

production cost is not assessed to be a part of

the underlying operational performance, and

elimination of internal profit related to equity

volumes is excluded in adjusted operating

income.

• **Other items of income and expense** are

adjusted when the impacts on income in the

period are not reflective of Equinor's underlying

operational performance in the reporting period.

Such items may be unusual or infrequent

transactions, but they may also include

transactions that are significant which would not

necessarily qualify as either unusual or

infrequent. However, other items adjusted do not

constitute normal, recurring income and

operating expenses for the company. Other items

are carefully assessed and can include

transactions such as provisions related to

reorganisation, early retirement, etc.

**•Change in accounting policy** is adjusted when

the impacts on income in the period are unusual

or infrequent, and not reflective of Equinor's

underlying operational performance in the

reporting period.

**Adjusted net income incorporates the** 

**adjustments above, as well as the following items** 

**impacting net financial items:**

• **Changes in fair value of financial derivatives** 

**used to hedge interest bearing instruments.** 

Equinor enters into financial derivative contracts

to manage interest rate risk on long term interest-

bearing liabilities including bonds and financial

loans. The financial derivative contracts (hedging

instruments) are measured at fair value at each

reporting date, with movements in fair value

recognised in the income statement. The long

term interest-bearing liabilities are measured at

amortised cost and not remeasured at fair value

at each reporting date. This creates

measurement differences and therefore the

movements in the fair value of these financial

derivative contracts and associated tax effects

are excluded from the calculation of adjusted net

income and deferred until the time the underlying

instrument is matured, exercised, or settled.

Management believes that this appropriately

reflects the economic effect of these risk

management activities in each period and

provides an indication of Equinor's underlying

financial performance.

**•Foreign currency gains/losses on positions** 

**used to manage currency risk exposure** 

**related to future payments in NOK and** 

**foreign currency gains/losses on** 

**intercompany bank balances**. Foreign currency

gains/losses on positions used to manage

currency risk exposure (cash equivalents/

financial investments and related currency

derivatives where applicable), as well as

currency gains/losses on intercompany bank

balances are eliminated from adjusted net

income. The currency effects on intercompany

bank balances are mainly due to a large part of

Equinor's operations having a functional currency

different from USD, and these effects are offset

within equity as other comprehensive income

arising on translation from functional currency to

presentation currency USD. These currency

effects increase volatility in financial

performance, which does not reflect Equinor's

underlying financial performance. Management

believes that these adjustments remove periodic

fluctuations in Equinor's adjusted net income.

Adjustments made to arrive at adjusted operating

income and adjusted net income listed above are

similarly applied to net income/(loss) from equity

accounted investments when relevant.

**Adjustments to income tax and tax rate:**

• **Derecognition of deferred tax assets or** 

**recognition of previously unrecognised** 

**deferred tax assets.** These changes are related

to taxable income in future reporting periods and

are not reflective of performance in the current

reporting period.

**•Income tax effects arising only when** 

**calculating income tax in the functional** 

**currency USD.** Certain group companies have

USD as functional currency, which is different

from the currency in which the taxable income is

measured (tax currency). Income tax effects

arising only when calculating income tax in the

functional currency USD, that are not part of the

tax calculation in the tax currency, are adjusted

for. Management believes this better aligns the

effective tax rate in functional currency with the

statutory tax rate in the period.

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

view, net debt ratios provide a more informative

picture of Equinor's financial strength than gross

interest-bearing financial debt. Three different net

debt to capital ratios are presented below: 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 based on 1) Equinor's gross

interest-bearing financial liabilities as recorded in the

Consolidated balance sheet 2) Net interest-bearing

debt before adjustments, which excludes cash, cash

equivalents and current financial investments from

gross interest-bearing debt, and 3) net interest

bearing debt adjusted, including lease liabilities which

adjusts the above measure for other interest-bearing

elements.

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

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 37 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

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 2025 Annual Report.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 38 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Reconciliation of adjusted operating income**

The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter of 2026 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **Power** | **Other** |
| Net operating income/(loss) | **8784** | 7696 | 616 | 745 | 530 | (7) | (795) |
| Total revenues and other income | **27843** | 10475 | 1504 | 1383 | 26684 | 859 | (13061) |
| Adjusting items | **560** |  |  |  | 559 | 1 |  |
| Changes in fair value of derivatives | **(185)** |  |  |  | (189) | 4 |  |
| Gain/loss on sale of assets | **(3)** |  |  |  |  | (3) |  |
| Other adjustments | **(36)** |  |  |  | (36) |  |  |
| Periodisation of inventory hedging effect | **784** |  |  |  | 784 |  |  |
| Adjusted total revenues and other income | **28403** | 10475 | 1504 | 1383 | 27243 | 860 | (13061) |
| Purchases [net of inventory variation] | **(12964)** | (1) | (60) |  | (24385) | (721) | 12203 |
| Adjusting items | **435** |  |  |  | (288) |  | 723 |
| Eliminations | **723** |  |  |  |  |  | 723 |
| Operational storage effects | **(288)** |  |  |  | (288) |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(12528)** | (1) | (60) |  | (24673) | (721) | 12926 |
| Operating and administrative expenses | **(3423)** | (1092) | (507) | (281) | (1515) | (133) | 105 |
| Adjusting items | **(9)** |  |  |  | (14) | 5 |  |
| Other adjustments | **5** |  |  |  |  | 5 |  |
| Provisions | **(14)** |  |  |  | (14) |  |  |
| Adjusted operating and administrative <br>expenses<br>| **(3432)** | (1092) | (507) | (281) | (1530) | (127) | 105 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter of 2026 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **Power** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(2520)** | (1575) | (285) | (352) | (254) | (13) | (42) |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2520)** | (1575) | (285) | (352) | (254) | (13) | (42) |
| Exploration expenses | **(152)** | (111) | (37) | (5) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(152)** | (111) | (37) | (5) |  |  |  |
| Sum of adjusting items | **986** |  |  |  | 257 | 6 | 723 |
| Adjusted operating income/(loss) | **9770** | 7696 | 616 | 745 | 787 | (1) | (72) |
| Tax on adjusted operating income | **(6908)** | (6002) | (316) | (179) | (437) | 2 | 26 |
| Adjusted operating income/(loss) after tax | **2862** | 1693 | 299 | 566 | 349 | 1 | (47) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 39 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** |
| Net operating income/(loss) | **8874** | 7944 | 579 | 511 | 91 | (265) | 14 |
| Total revenues and other income | **29920** | 10052 | 1571 | 1197 | 28388 | 685 | (11973) |
| Adjusting items | **(323)** | (491) | (49) |  | 161 | 55 | (0) |
| Changes in fair value of derivatives | **113** |  |  |  | 104 | 9 |  |
| Gain/loss on sale of assets | **(450)** | (491) |  |  | (1) | 43 | (0) |
| Other adjustments | **(45)** |  | (49) |  |  | 4 |  |
| Periodisation of inventory hedging effect | **58** |  |  |  | 58 |  |  |
| Adjusted total revenues and other income | **29597** | 9561 | 1523 | 1197 | 28549 | 740 | (11973) |
| Purchases [net of inventory variation] | **(15443)** | (1) | 3 |  | (26749) | (658) | 11962 |
| Adjusting items | **(74)** |  |  |  | (6) |  | (68) |
| Eliminations | **(68)** |  |  |  |  |  | (68) |
| Operational storage effects | **(6)** |  |  |  | (6) |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(15517)** | (1) | 3 |  | (26756) | (658) | 11894 |
| Operating and administrative expenses | **(3166)** | (891) | (567) | (311) | (1322) | (138) | 62 |
| Adjusting items | **23** |  | 0 |  | 5 | 18 |  |
| Other adjustments | **6** |  |  |  |  | 6 |  |
| Provisions | **17** |  |  |  | 5 | 12 |  |
| Adjusted operating and administrative <br>expenses<br>| **(3143)** | (891) | (567) | (311) | (1317) | (120) | 62 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(2310)** | (1127) | (396) | (370) | (226) | (154) | (37) |
| Adjusting items | **146** |  |  |  |  | 146 |  |
| Impairment | **146** |  |  |  |  | 146 |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2164)** | (1127) | (396) | (370) | (226) | (8) | (37) |
| Exploration expenses | **(127)** | (90) | (32) | (5) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(127)** | (90) | (32) | (5) |  |  |  |
| Sum of adjusting items | **(228)** | (491) | (49) |  | 160 | 219 | (68) |
| Adjusted operating income/(loss) | **8646** | 7453 | 531 | 511 | 251 | (46) | (54) |
| Tax on adjusted operating income | **(6401)** | (5789) | (417) | (118) | (153) | 63 | 13 |
| Adjusted operating income/(loss) after tax | **2245** | 1664 | 114 | 394 | 99 | 16 | (41) |

---

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor's

financial statements and previously reported numbers for 2025 have been restated. For further information and

restatement tables, see <u>[Note 2](#i21f3614772984e09a16c4bc143db5255_58)</u><u>[Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and the tables below.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 40 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the fourth quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** |
| Net operating income/(loss) | **5487** | 4853 | (271) | 359 | 778 | (295) | 64 |
| Total revenues and other income | **25346** | 7825 | 868 | 1045 | 23937 | 1299 | (9628) |
| Adjusting items | **(86)** |  | 9 |  | (109) | 14 |  |
| Changes in fair value of derivatives | **(111)** |  |  |  | (111) |  |  |
| Gain/loss on sale of assets | **9** |  | 9 |  |  |  |  |
| Other adjustments | **50** |  |  |  | 28 | 22 |  |
| Periodisation of inventory hedging effect | **(27)** |  |  |  | (27) |  |  |
| Provisions | **(8)** |  |  |  |  | (8) |  |
| Adjusted total revenues and other income | **25260** | 7825 | 877 | 1045 | 23828 | 1313 | (9628) |
| Purchases [net of inventory variation] | **(13064)** | (—) | 77 |  | (21638) | (1156) | 9652 |
| Adjusting items | **(81)** |  |  |  | 37 |  | (117) |
| Eliminations | **(117)** |  |  |  |  |  | (117) |
| Operational storage effects | **37** |  |  |  | 37 |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(13145)** | (—) | 77 |  | (21601) | (1156) | 9535 |
| Operating and administrative expenses | **(3219)** | (940) | (614) | (292) | (1280) | (170) | 78 |
| Adjusting items | **250** |  | 275 |  | (35) | 10 |  |
| Gain/loss on sale of assets | **282** |  | 275 |  |  | 7 |  |
| Other adjustments | **3** |  |  |  |  | 3 |  |
| Provisions | **(35)** |  |  |  | (35) |  |  |
| Adjusted operating and administrative <br>expenses<br>| **(2969)** | (940) | (339) | (292) | (1315) | (161) | 78 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the fourth quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP¹⁾** | **Power¹⁾** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(3290)** | (1803) | (545) | (394) | (241) | (268) | (38) |
| Adjusting items | **626** | 173 | 201 |  |  | 252 |  |
| Impairment | **626** | 173 | 201 |  |  | 252 |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2663)** | (1630) | (344) | (394) | (241) | (16) | (38) |
| Exploration expenses | **(287)** | (229) | (58) |  |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(287)** | (229) | (58) |  |  |  |  |
| Sum of adjusting items | **709** | 173 | 485 |  | (107) | 276 | (117) |
| Adjusted operating income/(loss) | **6196** | 5026 | 214 | 359 | 670 | (19) | (54) |
| Tax on adjusted operating income | **(4645)** | (3915) | (93) | (122) | (486) | (24) | (6) |
| Adjusted operating income/(loss) after tax | **1551** | 1112 | 121 | 237 | 184 | (43) | (60) |

---

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor's

financial statements and previously reported numbers for 2025 have been restated. For further information and

restatement tables, see <u>[Note 2](#i21f3614772984e09a16c4bc143db5255_58)</u><u>[Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and the tables below.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 41 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Restatement of previously reported segment information**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** |
|  | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** |
| **Items impacting net** <br>**operating income/**<br>**(loss) (in USD million)**<br>| **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** |
| **Net operating** <br>**income/(loss)**<br>| 84 | (259) | 91 | (265) | 329 | (1002) | 345 | (1018) | 413 | (1260) | 436 | (1283) | 509 | (59) | 517 | (66) | 922 | (1319) | 953 | (1349) | 778 | (295) | 778 | (295) | 1700 | (1614) | 1730 | (1644) |
| Total revenues and <br>other income<br>| 29072 | 1 | 28388 | 685 | 24798 | 67 | 24441 | 424 | 53870 | 68 | 52830 | 1108 | 25753 | 34 | 25215 | 572 | 79623 | 102 | 78045 | 1680 | 25146 | 90 | 23937 | 1299 | 104769 | 192 | 101981 | 2980 |
| Adjusting items | 170 | 47 | 161 | 55 | (11) | (19) | (22) | (8) | 159 | 27 | 139 | 48 | 18 | (5) | 18 | (5) | 178 | 22 | 157 | 43 | (102) | 7 | (109) | 14 | 76 | 29 | 48 | 57 |
| Changes in fair <br>value of <br>derivatives<br>| 113 |  | 104 | 9 | (4) |  | 5 | (9) | 109 |  | 109 | (1) | 51 |  | 51 |  | 159 |  | 160 | (1) | (111) |  | (111) |  | 49 |  | 49 | (1) |
| Gain/loss on sale <br>of assets<br>| (1) | 43 | (1) | 43 |  | (19) |  | (19) | (1) | 23 | (1) | 23 |  | (5) |  | (5) | (1) | 18 | (1) | 18 |  |  |  |  | (1) | 18 | (1) | 18 |
| Other adjustments |  | 4 |  | 4 | 6 |  | (15) | 21 | 6 | 4 | (15) | 25 | (19) |  | (19) |  | (13) | 4 | (34) | 25 | 36 | 15 | 28 | 22 | 22 | 19 | (6) | 47 |
| Periodisation of <br>inventory hedging <br>effect<br>| 58 |  | 58 |  | (12) |  | (12) |  | 46 |  | 46 |  | (13) |  | (13) |  | 32 |  | 32 |  | (27) |  | (27) |  | 6 |  | 6 |  |
| Provisions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8) |  | (8) |  | (8) |  | (8) |
| Adjusted total <br>revenues and other <br>income<br>| 29241 | 48 | 28549 | 740 | 24787 | 48 | 24419 | 416 | 54029 | 96 | 52968 | 1156 | 25772 | 29 | 25233 | 567 | 79800 | 124 | 78202 | 1723 | 25044 | 97 | 23828 | 1313 | 104845 | 221 | 102029 | 3037 |
| Purchases [net of <br>inventory variation]<br>| (27407) |  | (26749) | (658) | (23055) |  | (22716) | (338) | (50462) |  | (49466) | (996) | (23988) | (7) | (23476) | (519) | (74450) | (7) | (72941) | (1515) | (22793) | (1) | (21638) | (1156) | (97243) | (8) | (94579) | (2671) |
| Adjusting items | (6) |  | (6) |  | 31 |  | 31 |  | 25 |  | 25 |  | 3 |  | 3 |  | 28 |  | 28 |  | 37 |  | 37 |  | 65 |  | 65 |  |
| Operational <br>storage effects<br>| (6) |  | (6) |  | 31 |  | 31 |  | 25 |  | 25 |  | 3 |  | 3 |  | 28 |  | 28 |  | 37 |  | 37 |  | 65 |  | 65 |  |
| Adjusted purchases <br>[net of inventory <br>variation]<br>| (27413) |  | (26756) | (658) | (23023) |  | (22685) | (338) | (50437) |  | (49441) | (996) | (23985) | (7) | (23473) | (519) | (74422) | (7) | (72913) | (1515) | (22756) | (1) | (21601) | (1156) | (97178) | (8) | (94515) | (2671) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 42 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **First half 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** |
|  | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** | **As reported** | **As reported** | **Restated** | **Restated** |
| **Items impacting net** <br>**operating income/**<br>**(loss) (in USD million)**<br>| **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** | **MMP** | **REN** | **MMP** | **Power** |
| Operating and <br>administrative <br>expenses<br>| (1353) | (107) | (1322) | (138) | (1182) | (101) | (1149) | (134) | (2535) | (208) | (2471) | (272) | (1323) | (70) | (1291) | (102) | (3858) | (278) | (3762) | (374) | (1332) | (118) | (1280) | (170) | (5190) | (396) | (5042) | (545) |
| Adjusting items | 5 | 18 | 5 | 18 | (17) | (10) | (17) | (10) | (12) | 8 | (12) | 8 | 53 | (3) | 53 | (3) | 41 | 5 | 41 | 5 | (35) | 10 | (35) | 10 | 6 | 14 | 6 | 14 |
| Gain/loss on sale <br>of assets<br>|  |  |  |  |  | 1 |  | 1 |  | 1 |  | 1 |  |  |  |  |  | 1 |  | 2 |  | 7 |  | 7 |  | 9 |  | 9 |
| Other adjustments |  | 6 |  | 6 |  |  |  |  |  | 7 |  | 7 |  | (4) |  | (4) |  | 3 |  | 3 |  | 3 |  | 3 |  | 6 |  | 6 |
| Provisions | 5 | 12 | 5 | 12 | (17) | (12) | (17) | (12) | (12) |  | (12) |  | 53 |  | 53 |  | 41 |  | 41 |  | (35) |  | (35) |  | 6 |  | 6 |  |
| Adjusted operating <br>and administrative <br>expenses<br>| (1348) | (89) | (1317) | (120) | (1198) | (111) | (1166) | (144) | (2547) | (199) | (2482) | (264) | (1270) | (74) | (1238) | (105) | (3817) | (273) | (3721) | (369) | (1367) | (109) | (1315) | (161) | (5184) | (382) | (5036) | (530) |
| Depreciation, <br>amortisation and <br>net impairments<br>| (227) | (153) | (226) | (154) | (232) | (968) | (231) | (969) | (460) | (1121) | (457) | (1123) | 67 | (15) | 68 | (17) | (393) | (1136) | (389) | (1140) | (243) | (266) | (241) | (268) | (636) | (1403) | (630) | (1408) |
| Adjusting items |  | 146 |  | 146 |  | 955 |  | 955 |  | 1101 |  | 1101 | (283) | 3 | (283) | 3 | (283) | 1104 | (283) | 1104 |  | 252 |  | 252 | (283) | 1356 | (283) | 1356 |
| Impairment |  | 146 |  | 146 |  | 955 |  | 955 |  | 1101 |  | 1101 | 15 |  | 15 |  | 15 | 1101 | 15 | 1101 |  | 252 |  | 252 | 15 | 1354 | 15 | 1354 |
| Other adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  | 3 |  | 3 |  | 3 |  |  |  |  |  | 3 |  | 3 |
| Reversal of <br>impairment<br>|  |  |  |  |  |  |  |  |  |  |  |  | (299) |  | (299) |  | (299) |  | (299) |  |  |  |  |  | (299) |  | (299) |  |
| Adjusted <br>depreciation, <br>amortisation and <br>net impairments<br>| (227) | (7) | (226) | (8) | (232) | (12) | (231) | (14) | (460) | (20) | (457) | (22) | (217) | (13) | (215) | (14) | (676) | (32) | (673) | (36) | (243) | (14) | (241) | (16) | (919) | (46) | (913) | (52) |
| Sum of adjusting <br>items<br>| 169 | 210 | 160 | 219 | 4 | 926 | (8) | 938 | 173 | 1137 | 152 | 1157 | (209) | (6) | (210) | (6) | (37) | 1131 | (57) | 1152 | (100) | 269 | (107) | 276 | (137) | 1400 | (165) | 1428 |
| Adjusted operating <br>income/(loss)<br>| 253 | (48) | 251 | (46) | 333 | (75) | 337 | (80) | 586 | (124) | 588 | (126) | 299 | (64) | 307 | (72) | 885 | (188) | 895 | (198) | 678 | (26) | 670 | (19) | 1563 | (214) | 1565 | (216) |
| Tax on adjusted <br>operating income<br>| (153) | 63 | (153) | 63 | (189) | 3 | (248) | 63 | (341) | 66 | (401) | 125 | (172) | 6 | (112) | (55) | (513) | 72 | (512) | 71 | (489) | (21) | (486) | (24) | (1003) | 51 | (998) | 47 |
| Adjusted operating <br>income/(loss) after <br>tax<br>| 101 | 15 | 99 | 16 | 144 | (72) | 89 | (17) | 245 | (58) | 188 | (1) | 127 | (58) | 195 | (126) | 372 | (116) | 383 | (127) | 189 | (47) | 184 | (43) | 561 | (163) | 567 | (170) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 43 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Adjusted operating income after tax by reporting segment**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Quarters**  |  |  |  |  |
|  |  | **Q1 2026** |  |  | **Q4 2025** |  |  | **Q1 2025** |  |
| **(in USD million)** | **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>|
| E&P Norway | **7696** | **(6002)** | **1693** | 5026 | (3915) | 1112 | 7453 | (5789) | 1664 |
| E&P International | **616** | **(316)** | **299** | 214 | (93) | 121 | 531 | (417) | 114 |
| E&P USA | **745** | **(179)** | **566** | 359 | (122) | 237 | 511 | (118) | 394 |
| MMP<sup>1)</sup> | **787** | **(437)** | **349** | 670 | (486) | 184 | 251 | (153) | 99 |
| Power<sup>1)</sup> | **(1)** | **2** | **1** | (19) | (24) | (43) | (46) | 63 | 16 |
| Other | **(72)** | **26** | **(47)** | (54) | (6) | (60) | (54) | 13 | (41) |
| Equinor group | **9770** | **(6908)** | **2862** | 6196 | (4645) | 1551 | 8646 | (6401) | 2245 |
| Effective tax rates on adjusted operating income |  |  | **70.7%** |  |  | 75.0% |  |  | 74.0% |

---

1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor's financial statements and previously reported numbers for 2025 have been restated. For further information and

restatement tables, see <u>[Note 2](#i21f3614772984e09a16c4bc143db5255_58)</u><u>[Segments](#i21f3614772984e09a16c4bc143db5255_58)</u> and the tables below.

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 44 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Restatement of previously reported segment information**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Q1 2025** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Q2 2025** | **First half 2025** | **First half 2025** | **First half 2025** |
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>|
| As reported | MMP | 253 | (153) | 101 | 333 | (189) | 144 | 586 | (341) | 245 |
| As reported | REN | (48) | 63 | 15 | (75) | 3 | (72) | (124) | 66 | (58) |
| Restated | MMP | 251 | (153) | 99 | 337 | (248) | 89 | 588 | (401) | 188 |
| Restated | Power | (46) | 63 | 16 | (80) | 63 | (17) | (126) | 125 | (1) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Q3 2025** | **Q3 2025** | **Q3 2025** | **First nine months 2025** | **First nine months 2025** | **First nine months 2025** |
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>|
| As reported | MMP | 299 | (172) | 127 | 885 | (513) | 372 |
| As reported | REN | (64) | 6 | (58) | (188) | 72 | (116) |
| Restated | MMP | 307 | (112) | 195 | 895 | (512) | 383 |
| Restated | Power | (72) | (55) | (126) | (198) | 71 | (127) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Full year 2025** | **Full year 2025** | **Full year 2025** |
| **Adjusted operating income after tax by** <br>**reporting segment (in USD million)** | **Reporting segment** | **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>| **Adjusted** <br>**operating income**<br>| **Tax on adjusted** <br>**operating income**<br>| **Adjusted** <br>**operating income** <br>**after tax**<br>|
| As reported | MMP | 678 | (489) | 189 | 1563 | (1003) | 561 |
| As reported | REN | (26) | (21) | (47) | (214) | 51 | (163) |
| Restated | MMP | 670 | (486) | 184 | 1565 | (998) | 567 |
| Restated | Power | (19) | (24) | (43) | (216) | 47 | (170) |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 45 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** |
| **(in USD million)** |  | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Net operating income/(loss) | A | **8784** | 5487 | 8874 |
| Income tax | B1 | **6639** | 4456 | 6263 |
| Tax on net financial items | B2 | **95** | (312) | 238 |
| Income tax less tax on net financial items | B = B1 - B2 | **6544** | 4767 | 6024 |
| Net operating income after tax | C = A - B | **2239** | 720 | 2849 |
| Items impacting net operating income/(loss)<sup>1)</sup> | D | **986** | 709 | (228) |
| Tax on items impacting net operating income/(loss) | E | **(363)** | 122 | (376) |
| Adjusted operating income after tax | F = C+D+E | **2862** | 1551 | 2245 |
| Net financial items | G | **960** | 283 | 19 |
| Tax on net financial items | H | **(95)** | 312 | (238) |
| Net income/(loss) | I = C+G+H | **3105** | 1314 | 2630 |
| 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> |

---

**Reconciliation of adjusted operating income after tax to net income**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** |
| **(in USD million)** |  | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Net operating income/(loss) |  | **8784** | 5487 | 8874 |
| Items impacting net operating income/(loss)<sup>1)</sup> | A | **986** | 709 | (228) |
| Adjusted operating income<sup>1)</sup> | B | **9770** | 6196 | 8646 |
| Net financial items |  | **960** | 283 | 19 |
| Adjusting items | C | **(10)** | (116) | (249) |
| Changes in fair value of financial derivatives used to hedge interest <br>bearing instruments<br>|  | **99** | (59) | (58) |
| Foreign currency (gains)/losses on certain intercompany bank and cash <br>balances<br>|  | **(109)** | (57) | (191) |
| Adjusted net financial items | D | **950** | 166 | (230) |
| Income tax | E | **(6639)** | (4456) | (6263) |
| Tax effect on adjusting items | F | **(385)** | 135 | (363) |
| **Adjusted net income** | G = B + D + E + <br>F<br>| **3695** | 2042 | 1789 |
| Less: |  |  |  |  |
| Adjusting items | H = A + C | **976** | 593 | (477) |
| Tax effect on adjusting items |  | **(385)** | 135 | (363) |
| **Net income/(loss)** |  | **3105** | 1314 | 2630 |
| Attributable to shareholders of the company | I | **3106** | 1314 | 2627 |
| Attributable to non-controlling interests | J | **(2)** | 1 | 3 |
| Adjusted net income attributable to shareholders of the company | K = G - J | **3697** | 2041 | 1786 |
| Weighted average number of ordinary shares outstanding (in millions) | L | **2496** | 2509 | 2719 |
| Basic earnings per share (in USD) | M = I/L | **1.24** | 0.52 | 0.97 |
| Adjusted earnings per share (in USD) | N = K/L | **1.48** | 0.81 | 0.66 |
| 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u> <br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u> <br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u> <br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u> <br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u> <br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> |

---

**Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share**

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 46 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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_2l4a1032a.jpg](crop_2l4a1032a.jpg)

**Adjusted exploration expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| E&P Norway exploration expenditures | **214** | 254 | 167 | 28% |
| E&P International exploration expenditures | **37** | 54 | 32 | 17% |
| E&P USA exploration expenditures | **5** |  | 5 | (9)% |
| Group exploration expenditures | **256** | 308 | 204 | 26% |
| Expensed, previously capitalised exploration expenditures | **10** | 77 | 1 | >100% |
| Capitalised share of current period's exploration activity | **(114)** | (97) | (77) | 47% |
| Impairment (reversal of impairment) | **1** |  |  |  |
| Exploration expenses according to IFRS  | **152** | 287 | 127 | 20% |
| Items impacting net operating income/(loss)<sup>1)</sup> | **—** |  |  | N/A |
| Adjusted exploration expenses | **152** | 287 | 127 | 20% |
| 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> | 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u><br><u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u> |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 47 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| Cash flows provided by operating activities before taxes paid and working capital items | **10291** | 9554 | 10620 | (3)% |
| Taxes paid | **(4272)** | (6240) | (3226) | 32% |
| **Cash flow from operations after taxes paid (CFFO after taxes paid)**<sup>1)</sup> | **6019** | 3314 | 7394 | (19)% |
| **Net cash flow information** | **Quarters** | **Quarters** | **Quarters** | **Change** |
| **(in USD million)** | **Q1 2026** | **Q4 2025** | **Q1 2025** | **Q1 on Q1** |
| Cash flow from operations after taxes paid (CFFO after taxes paid) | **6019** | 3314 | 7394 | (19)% |
| (Cash used)/received in business combinations | **—** |  | (26) | (100)% |
| Capital expenditures and investments | **(3116)** | (4146) | (3027) | 3% |
| Net (increase)/decrease in strategic non-current financial investments<sup>1)</sup> | **—** | (944) |  | N/A |
| (Increase)/decrease in other interest-bearing items | **(43)** | (11) | 122 | N/A |
| Proceeds from sale of assets and businesses | **88** | 2032 | 83 | 5% |
| **Net cash flow before capital distribution** | **2947** | 245 | 4546 | (35)% |
| Dividend paid | **(920)** | (917) | (1911) | (52)% |
| Share buy-back | **(271)** | (389) | (549) | (51)% |
| **Net cash flow** | **1756** | (1062) | 2086 | (16)% |
| 1) This line item includes the rights subscription investment in Ørsted A/S in the fourth quarter of 2025. | 1) This line item includes the rights subscription investment in Ørsted A/S in the fourth quarter of 2025. | 1) This line item includes the rights subscription investment in Ørsted A/S in the fourth quarter of 2025. | 1) This line item includes the rights subscription investment in Ørsted A/S in the fourth quarter of 2025. | 1) This line item includes the rights subscription investment in Ørsted A/S in the fourth quarter of 2025. |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 48 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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** |
| **(in USD billion)** | **Q1 2026** | **Q4 2025** | **Q1 2025** |
| Additions to PP&E, intangibles and equity accounted investments | **4.3** | 9.1 | 4.5 |
| Less: |  |  |  |
| Acquisition-related additions<sup>1)</sup> | **—** | 5.6 | 1.3 |
| Right of use asset additions | **1.2** | 0.3 | 0.2 |
| **Organic capital expenditures** | **3.0** | 3.3 | 3.0 |
| 1) The fourth quarter of 2025 includes the addition of Adura as an equity accounted investment (USD 5.6 billion). | 1) The fourth quarter of 2025 includes the addition of Adura as an equity accounted investment (USD 5.6 billion). | 1) The fourth quarter of 2025 includes the addition of Adura as an equity accounted investment (USD 5.6 billion). | 1) The fourth quarter of 2025 includes the addition of Adura as an equity accounted investment (USD 5.6 billion). |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 49 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 31 March** | **At 31 December** |
| **(in USD million)** |  | **2026** | **2025** |
| **Calculation of capital employed\*** |  |  |  |
| Capital employed | A + B1 | **55403** | 52386 |
| Capital employed adjusted, including lease liabilities | A + B2 | **55665** | 52674 |
| Capital employed adjusted | A + B3 | **51511** | 49262 |
| **Calculated net debt to capital employed\*** |  |  |  |
| Net debt to capital employed | (B1) / (A+B1) | **21.2%** | 22.7% |
| Net debt to capital employed adjusted, including lease liabilities | (B2) / (A+B2) | **21.6%** | 23.1% |
| Net debt to capital employed adjusted | (B3) / (A+B3) | **15.3%** | 17.8% |
| 1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments. | 1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments. | 1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments. | 1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial <br>investments. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of capital employed and net debt to capital employed ratio** |  | **At 31 March** | **At 31 December** |
| **(in USD million)** |  | **2026** | **2025** |
| Shareholders' equity |  | **43571** | 40424 |
| Non-controlling interests |  | **71** | 74 |
| Total equity | A | **43642** | 40497 |
| Current finance debt and lease liabilities |  | **6921** | 5237 |
| Non-current finance debt and lease liabilities |  | **24936** | 25984 |
| Gross interest-bearing debt | B | **31857** | 31222 |
| Cash and cash equivalents |  | **5884** | 5036 |
| Current financial investments |  | **14212** | 14297 |
| Cash and cash equivalents and financial investment | C | **20096** | 19333 |
| Net interest-bearing debt [8] | B1 = B - C | **11761** | 11888 |
| Other interest-bearing elements<sup>1)</sup> |  | **262** | 288 |
| Net interest-bearing debt adjusted including lease liabilities\*  | B2 | **12023** | 12176 |
| Lease liabilities |  | **4153** | 3412 |
| Net interest-bearing debt adjusted\*  | B3 | **7870** | 8765 |

---

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 50 | Forward-looking statements | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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, upstream CO₂ intensity and net carbon

intensity; plans to develop fields and projects;

expectations and ambitions regarding exploration

activities and production levels; aims, expectations

and plans for renewables production capacity and

power generation, CO2 transport and storage,

allocation of expenditures across the NCS, our

international oil and gas projects and our integrated

power business and the balance between oil and gas

and renewables production; our intention to optimise

and high-grade 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;

expectations and ambitions regarding sales, trading

and market strategies; estimates of reserves and

expectations regarding discoveries; organic capital

expenditures\* for 2026; expectations and estimates

regarding capacity, production, development,

performance and execution of projects; expectations

and estimates regarding future operational

performance, including oil and gas and renewable

power production and growth; 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; expectations regarding completion and

results of acquisitions, disposals, joint ventures,

partnerships and other strategic and contractual

arrangements; expectations regarding distributions

from joint ventures; plans and expectations regarding

corporate structure; 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 price volatility for oil and natural gas;

geopolitical, social and/or political instability, including

worsening trade relations and tariffs; 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; changes in market demand and supply

and policy support from governments for renewables;

inability to meet strategic objectives; the effects of

climate change and changes in stakeholder sentiment

and regulatory requirements regarding climate

change; the development and use of new technology;

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, commercial and strategic

partners and other third-parties; reputational damage;

the actions of competitors; failure to effectively deploy

new technologies or deficiencies in their

implementation; 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,

conditions or requirements; inability to obtain relevant

approvals from governments and other parties for

activities and transactions; adverse changes in tax

regimes; the political and economic policies of Norway

and other oil/energy-producing countries; regulations

on low-carbon value chains; liquidity, interest rate,

equity and credit risks; risk of losses relating to trading

and commercial supply activities; an inability to attract

and retain personnel; ineffectiveness of crisis

management systems; inadequate insurance

coverage; health, safety and environmental risks;

physical security risks to personnel, assets,

infrastructure and operations from hostile or malicious

acts; failure to meet our ethical and social standards;

actual or perceived non-compliance with legal or

regulatory requirements; and other factors discussed

elsewhere in this report and in Equinor's Integrated

Annual Report for the year ended December 31, 2025

(including section 5.2 - Risk factors thereof). Equinor's

2025 Integrated Annual Report is available at

Equinor's website www.equinor.com.

Although we believe that the expectations reflected in

the forward-looking statements are reasonable, we

cannot assure you that our future results, level of

activity, performance or achievements will meet these

expectations. Moreover, neither we nor any other

person assumes responsibility for the accuracy and

completeness of the forward-looking statements. Any

forward-looking statement speaks only as of the date

on which such statement is made, and, except as

required by applicable law, we undertake no obligation

to update any of these statements after the date of

this report, either to make them conform to actual

results or changes in our expectations.

We use certain terms in this document, such as

"resource" and "resources", that the SEC's rules

prohibit us from including in our filings with the SEC.

U.S. investors are urged to closely consider the

disclosures in our Annual Report on Form 20-F for the

year ended December 31, 2025, SEC File No.

1-15200. This form is available on our website or by

calling 1-800-SEC-0330 or logging on to www.sec.gov

Equinor first quarter 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 51 | End notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| FIRST QUARTER <br>2026[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 Equinor's

proportionate share of gross production based on

working interest ownership in a lease or unit.

**Entitlement volumes** differ from equity volumes

where operations are performed under

production sharing agreements (PSA) that

regulate Equinor's entitlement to volumes, and in

the USA where entitlement production is

expressed net of royalty interests.

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.

**Photos:**

Page 1 Einar Aslaksen

Pages 1, 2, 3, 4, 7, 18, 20, 34 Ole Jørgen Bratland

Page 6 Jonny Engelsvoll

Page 10 Julie Sareussen

Page 12 Marit Hommedal

Page 25 Torstein Lund Eik

Page 46 Øyvind Gravås

**Equinor ASA**

Box 8500

NO-4035 Stavanger

Norway

Telephone:+47 51 99 00 00

www.equinor.com

**SIGNATURE - 6K FURNISHED**

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: 6 May 2026

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

Name: Torgrim Reitan

Title: Chief Financial Officer