# EDGAR Filing Document

**Accession Number:** 0001140625
**File Stem:** 0001140625-25-000105
**Filing Date:** 2025-7
**Character Count:** 226240
**Document Hash:** a6d241ac96d614b100a203266cd6b3be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140625-25-000105.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001140625-25-000105

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**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:** 251141564

**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

Equinor second quarter2025

**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 July 2025

Commission File Number 1-15200

**Equinor ASA**

(Translation of registrant's name into English)

FORUSBEEN 50NO-4035, STAVANGER, Norway

(Address of principal executive offices)

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

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

This Report on Form 6-K contains a report of the second quarter2025 results of Equinor ASA.

![k_cropxojb-90712.jpg](k_cropxojb-90712.jpg)

2025

Second quarter

Financial statements and review

![equinor_primaryxlogoxrgbxr.jpg](equinor_primaryxlogoxrgbxr.jpg)

![crop_x569ac82b-6210x4bd0x8.jpg](crop_x569ac82b-6210x4bd0x8.jpg)

![crop_keyfiguresx9543ef00-5.jpg](crop_keyfiguresx9543ef00-5.jpg)

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Key figures

---

| | | | |
|:---|:---|:---|:---|
| Operational | Financial | Financial | Sustainability |
| 2096 | 5.72 | 6.53 | 0.27 |
| MBOE/D | USD BILLION | USD BILLION | SIF |
| Equity oil & gas production per <br>day<br>| Net operating<br>income<br>| Adjusted operating <br>income\*<br>| Serious incident <br>frequency (per million <br>hours worked)<br>|
| 1.12 | 1.94 | 0.64 | 6.2 |
| TWh | USD BILLION | USD | KG / BOE |
| Total power generation,<br>Equinor share<br>| Cash flow from operations <br>after taxes paid\*<br>| Adjusted earnings <br>per share\*<br>| CO₂ upstream intensity. Scope <br>1 CO₂ emissions, Equinor <br>operated, 100% basis for the <br>first half of 2025<br>|
| 0.83 | 0.37 | 5 | 5.4 |
| TWh | USD PER SHARE | USD BILLION | MILLION TONNES CO2e |
| Renewable power <br>generation, <br>Equinor share<br>| Announced cash <br>dividend per share<br>| Share buy-back <br>programme for 2025<br>| Absolute scope 1+2 GHG <br>emissions for the first half<br>of 2025<br>|

---

Always safe

High value

Low carbon

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Equinor second quarter 2025 results
Equinor delivered an adjusted operating income\* of USD 6.53 billion and USD1.74 billion after tax\* in the second quarter of 2025. Equinor reported a net operating

income of USD 5.72 billionand a net income of USD 1.32 billion. Adjusted net income\* was USD 1.67 billion, leading to adjusted earnings per share\* of USD 0.64.

![ojb-7877.jpg](ojb-7877.jpg)

**Solid financial results**

• Strong operational performance and production growth

• Higher US onshore gas production capturing higher prices

• Stable cost and capex in line with guidance

• Balance sheet remains robust through lower price environment

**Strategic progress**

• Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3

and Fram South/Troll

• Announced divestment of the Peregrino field in Brazil for USD 3.5 billion

• Financial close of Bałtyk 2 & 3 offshore wind projects in Poland

• Empire Wind 1 project development back in execution. Impairments

driven by regulatory changes for future offshore wind projects leading

to a loss of future synergies on South Brooklyn Marine Terminal, and

increased exposure to tariffs

**Capital distribution**

• Ordinary cash dividend of USD 0.37 per share, third tranche of share

buy-back of up to USD 1.265 billion

• Expected total capital distribution of USD 9 billion in 2025

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

![ojb-7877.jpg](ojb-7877.jpg)

"We are on track to deliver production growth in 2025 in line with our

guidance. Strong operational performance and Johan Castberg reaching

plateau are key contributors this quarter. In today's volatile markets we

stay committed to being a long-term energy provider to Europe."

"Last year, we strengthened our onshore gas portfolio in the US and this

has created substantial value this quarter, with a fifty percent increase in

gas production at prices almost eighty percent higher than the same time

last year."

"We continue to progress our portfolio in renewables, and the Empire

Wind 1 project development is back in execution. We have reached

financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at

favourable terms, contributing to strong returns."

Anders Opedal

![red_cropxdscf9224.jpg](red_cropxdscf9224.jpg)

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 4 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

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

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

1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see

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

[ ] For items marked with numbers within brackets, see <u>[End notes](#i21f3614772984e09a16c4bc143db5255_91)</u>in the Supplementary disclosures.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information**  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Net operating income/(loss)** | **5721** | 8874 | 7656 | (25)% | **14595** | 15287 | (5)% |
| **Net income/(loss)** | **1317** | 2630 | 1872 | (30)% | **3947** | 4545 | (13)% |
| **Basic earnings per share (USD)** | **0.50** | 0.97 | 0.65 | (23)% | **1.48** | 1.56 | (6)% |
| Adjusted operating income\* | **6535** | 8646 | 7482 | (13)% | **15181** | 15015 | 1% |
| Adjusted net income\* | **1670** | 1789 | 2417 | (31)% | **3460** | 5253 | (34)% |
| Adjusted earnings per share\* (USD) | **0.64** | 0.66 | 0.84 | (25)% | **1.29** | 1.81 | (29)% |
| **Cash flows provided by operating activities**<sup>1)</sup> | **2477** | 9041 | 1811 | 37% | **11518** | 10948 | 5% |
| Cash flow from operations after taxes paid<sup>1)</sup>\* | **1938** | 7394 | 2097 | (8)% | **9332** | 8054 | 16% |
| Net cash flow before capital distribution<sup>1)</sup>\* | **(1289)** | 4546 | (1553) | 17% | **3257** | 1770 | 84% |
| **Operational information** |  |  |  |  |  |  |  |
| Group average liquids price (USD/bbl) [1] | **63.0** | 70.6 | 77.6 | (19)% | **66.6** | 76.8 | (13)% |
| Total equity liquids and gas production (mboe per day) [3] | **2096** | 2123 | 2048 | 2% | **2109** | 2106 | —% |
| **Total power generation (TWh) Equinor share** | **1.12** | 1.40 | 1.08 | 4% | **2.52** | 2.36 | 7% |
| Renewable power generation (TWh) Equinor share | **0.83** | 0.76 | 0.65 | 26% | **1.58** | 1.43 | 11% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Adjusted** <br>**operating** <br>**income\***<br>| **E&P equity** <br>**liquids and gas** <br>**production**<br>| **Total power** <br>**generation** <br>**Equinor share**<br>|
| **Key figures by segment** | **(USD million)** | **(mboe/day)** | **(TWh)** |
| E&P Norway | 5706 | 1359 | 0.04 |
| E&P International | 429 | 306 |  |
| E&P USA | 183 | 431 |  |
| MMP | 333 |  | 0.30 |
| REN | (75) |  | 0.78 |
| Other incl. eliminations | (40) |  |  |
| **Equinor Group Q2 2025** | **6535** | **2096** | **1.12** |
| Equinor Group Q2 2024 | 7482 | 2048 | 1.08 |
| **Equinor Group first half 2025** | **15181** | **2109** | **2.52** |
| Equinor Group first half 2024 | 15015 | 2106 | 2.36 |
| **Net debt to capital employed adjusted\*** | **30 June 2025** | **31 December** <br>**2024**<br>| **%-point change** |
| Net debt to capital employed adjusted\* | **15.2%** | 11.9% | 3.3% |
| **Dividend (USD per share)** | **Q2 2025** | **Q1 2025** | **Q2 2024** |
| Ordinary cash dividend per share | **0.37** | 0.37 | 0.35 |
| Extraordinary cash dividend per share | **—** |  | 0.35 |
| In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. |
| In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. | In the first six months of 2025, Equinor settled shares in the market under the 2024 and <br>2025 share buy-back programmes of USD 815 million. |

---

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 5 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Solid production**

Equinor delivered a total equity production of 2,096

mboe per day in the second quarter, up 2% from

2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational

performance was strong. New production from the

Johan Castberg field reaching plateau and Halten

East contributed. Together, this offset natural decline,

impact from the turnaround at Hammerfest LNG and

maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore

assets in 2024, and higher production from these

assets, contributed to a 28% increase in oil and gas

production from US in the second quarter, compared

to the same period last year.

The production from the international upstream

segment, excluding US, is down compared to the

same quarter last year, due to exits from Nigeria and

Azerbaijan in 2024. Higher production in Brazil, and

new wells in Argentina and Angola, contributed

positively.

The total power generation from the renewable

portfolio was 0.83 TWh. The increase compared to

second quarter last year is due to ramp up of power

production from Dogger Bank A and new production

from the onshore wind farm Lyngsåsa in Sweden

which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore

exploration wells on the NCS with 2 commercial

discoveries.

**Strong financial results** 

Equinor delivered an adjusted operating income\* of

USD 6.53 billion and USD 1.74 billion after tax\* in the

second quarter of 2025. The results are affected by

lower liquids prices, which were partially offset by

higher gas prices and higher production.

The reported net operating income of USD 5.72 billion

is down from USD 7.66 billion in the same quarter last

year. This is impacted by an impairment of USD 955

million due to regulatory changes causing loss of

synergies from future offshore wind projects and

increased exposure to tariffs. Of this, USD 763 million

is related to Empire Wind 1/South Brooklyn Marine

Terminal project and the remainder is related to the

Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0

per mmbtu and realised liquids prices were USD 63.0

per bbl in the second quarter.

Adjusted operating and administrative expenses\* are

stable from the same quarter last year.

Strong operational performance generated cash

flows provided by operating activities, before taxes

paid and working capital items, of USD 9.17 billion for

the second quarter.

Equinor paid two NCS tax instalments totalling USD

6.85 billion in the quarter. From August, the payments

of tax on the NCS will be changed to ten installments

annually, and for third quarter Equinor expects to pay

two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid\* ended at

USD 1.94 billion.

Organic capital expenditure\* was USD 3.40 billion for

the quarter, and total capital expenditures were USD

3.58 billion.

The net debt to capital employed adjusted ratio\* was

15.2% at the end of the second quarter, compared to

6.9% at the end of the first quarter of 2025. The

calculation of net debt ratio includes the effect of the

Norwegian state's share of the share buy-back, at

USD 4.26 billion paid in July.

**Strategic progress**

Since the end of the last quarter, Equinor progressed

projects to facilitate long-term production and value

creation on the Norwegian continental shelf. The plan

for development and operation on Fram South was

submitted and final investment decision was made on

Johan Sverdrup phase 3 in the North Sea which are

expected to increase the recoverable volumes from

the field by 40-50 million boe.

After less than three months in production, the Johan

Castberg field in the Barents Sea reached plateau on

17 June. The same month, an oil discovery estimated

at approximately 9-15 million barrels was made in the

area and can contribute with additional reserves for

the field.

Equinor and Centrica signed a long-term gas sales

agreement of 55 TWh of natural gas per year for a

period of 10 years, demonstrating the importance of

long-term gas supplies from the NCS to support the

UK's energy security.

---

| | | |
|:---|:---|:---|
| **Health, safety and the environment** | **Twelve months average** <br>**per Q2 2025**<br>| **Full year 2024** |
| Serious incident frequency (SIF) | **0.27** | 0.3 |
|  | **First half 2025** | **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe) | **6.2** | 6.2 |
|  | **First half 2025** | **First half 2024** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e) | **5.4** | 5.6 |

---

Equinor continues to high-grade its international

portfolio. In the quarter, the sale of the Peregrino field

in Brazil for USD 3.5 billion was announced. Equinor

will focus on the start-up of the Bacalhau field

expected on stream later in 2025 and progressing

the Raia gas project. New exploration acreage in the

Santos basin was awarded.

Financial close was announced on the Bałtyk 2 and

Bałtyk 3 offshore wind projects with financing

packages totalling EUR 6 billion. The wind projects are

located offshore Poland with an expected total

capacity of 1.4 GW.

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 6 | Press release | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Competitive capital distribution**

![crop_b377e380-859bx4afex8c.jpg](crop_b377e380-859bx4afex8c.jpg)

The board of directors has decided a cash dividend

of USD 0.37 per share for the second quarter of

2025, in line with communication at the Capital

Markets Update in February.

Expected total capital distribution for 2025 is USD 9

billion, including a share buy-back programme of up

to USD 5 billion. The board has decided to initiate a

third tranche of the share buy-back programme of

up to USD 1.265 billion. The tranche will commence

on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back

programme for 2025 was completed on 17 July

2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Johan Sverdrup

![crop1_dscf0101.jpg](crop1_dscf0101.jpg)

Equinor second quarter2025

---

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

---

**Second quarter2025review**

---

| | |
|:---|:---|
| [Group review](#i2608fb35f4c94eb0b79f32dabf70c424) | [8](#i2608fb35f4c94eb0b79f32dabf70c424) |
| [Outlook](#iae39373c91024ecf9cf74be61db0c76a) | [10](#iae39373c91024ecf9cf74be61db0c76a) |
| [Supplementary operational disclosures](#i5afad095d1704be68741ad39a8a4845d) | [11](#i5afad095d1704be68741ad39a8a4845d) |
| [Exploration & Production Norway](#if7d61297470f4a6eb81f6cf59c1caa32) | [13](#if7d61297470f4a6eb81f6cf59c1caa32) |
| [Exploration & Production International](#ieffac6f899b847bbbf3b2c822c63ef88) | [14](#ieffac6f899b847bbbf3b2c822c63ef88) |
| [Exploration & Production USA](#ibb82650f04554758b260c6846b7dc38a) | [15](#ibb82650f04554758b260c6846b7dc38a) |
| [Marketing, Midstream & Processing](#ib233099f6e3647b1a819ce8f48c0f49d) | [16](#ib233099f6e3647b1a819ce8f48c0f49d) |
| [Renewables](#i48d7d34918e8461e8fb5c9aa997f712a) | [17](#i48d7d34918e8461e8fb5c9aa997f712a) |

---

Mongstad, Norway

Equinor second quarter2025

---

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

---

Group review

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **25145** | 29920 | 25538 | (2)% | **55066** | 50673 | 9% |
| **Total operating expenses** | **(19424)** | (21046) | (17883) | 9% | **(40471)** | (35386) | 14% |
| **Net operating income/(loss)** | **5721** | 8874 | 7656 | (25)% | **14595** | 15287 | (5)% |
| **Net financial items** | **37** | 19 | (126) | N/A | **56** | 240 | (77)% |
| **Income tax** | **(4441)** | (6263) | (5658) | (21)% | **(10704)** | (10983) | (3)% |
| **Net income/(loss)** | **1317** | 2630 | 1872 | (30)% | **3947** | 4545 | (13)% |
| Adjusted total revenues and other income\* | **25115** | 29597 | 25538 | (2)% | **54713** | 50326 | 9% |
| Adjusted purchases\* [4] | **(12838)** | (15517) | (12325) | 4% | **(28355)** | (24138) | 17% |
| Adjusted operating and administrative expenses\* | **(3094)** | (3143) | (3070) | 1% | **(6237)** | (5901) | 6% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(2466)** | (2164) | (2382) | 4% | **(4630)** | (4726) | (2)% |
| Adjusted exploration expenses\* | **(183)** | (127) | (279) | (35)% | **(310)** | (545) | (43)% |
| Adjusted operating income/(loss)\* | **6535** | 8646 | 7482 | (13)% | **15181** | 15015 | 1% |
| Adjusted net financial items\* | **(106)** | (230) | 98 | >(100%) | **(336)** | 472 | >(100%) |
| Income tax less tax effect on adjusting items  | **(4758)** | (6626) | (5164) | (8)% | **(11384)** | (10234) | 11% |
| **Adjusted net income\***  | **1670** | 1789 | 2417 | (31)% | **3460** | 5253 | (34)% |
| **Basic earnings per share (in USD)** | **0.50** | 0.97 | 0.65 | (23)% | **1.48** | 1.56 | (6)% |
| Adjusted earnings per share\* (in USD) | **0.64** | 0.66 | 0.84 | (25)% | **1.29** | 1.81 | (29)% |
| **Capital expenditures and Investments** | **3401** | 3027 | 2950 | 15% | **6428** | 5433 | 18% |
| **Cash flows provided by operating activities**<sup>1)</sup> | **2477** | 9041 | 1811 | 37% | **11518** | 10948 | 5% |
| Cash flows from operations after taxes paid<sup>1)</sup>\* | **1938** | 7394 | 2097 | (8)% | **9332** | 8054 | 16% |
| 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see <br><u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
|  | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Total equity liquid and gas production (mboe/day) | **2096** | 2123 | 2048 | 2% | **2109** | 2106 | —% |
| Total entitlement liquid and gas production <br>(mboe/day)<br>| **1979** | 2001 | 1916 | 3% | **1990** | 1977 | 1% |
| **Total Power generation (TWh) Equinor share** | **1.12** | 1.40 | 1.08 | 4% | **2.52** | 2.36 | 7% |
| Renewable power generation (TWh) Equinor <br>share<br>| **0.83** | 0.76 | 0.65 | 26% | **1.58** | 1.43 | 11% |
| Average Brent oil price (USD/bbl) | **67.8** | 75.7 | 84.9 | (20)% | **71.7** | 84.1 | (15)% |
| Group average liquids price (USD/bbl) [1] | **63.0** | 70.6 | 77.6 | (19)% | **66.6** | 76.8 | (13)% |
| E&P Norway average internal gas price (USD/<br>mmbtu)<br>| **10.60** | 13.21 | 8.47 | 25% | **11.96** | 8.10 | 48% |
| E&P USA average internal gas price (USD/mmbtu) | **2.41** | 3.30 | 1.32 | 83% | **2.82** | 1.54 | 83% |

---

**Operations and financial results**

Equinor delivered a 2% increase in production levels

during the second quarter, driven by a strong

operational performance on the NCS and

contributions from our US upstream portfolio.

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

and Halten East fields, along with new wells across the

NCS, supported stable production compared to the

second quarter of 2024, negatively impacted by

planned turnaround at Hammerfest LNG. Natural

decline across several fields and planned

maintenance activitiescontributed to reduced

production the first half of 2025 compared to the

same period last year.

Portfolio changesin the international upstream

business throughout 2024 continued to shape

production levels in 2025.The acquisition of

additional interests in US onshore assets in December

2024 increased E&P USA production in the second

quarter and first half of 2025 compared to the same

periods last year. In E&P International, the

divestments of interests in Nigeria and Azerbaijan in

the fourth quarter of 2024 contributed to a reduction

in production for the quarter and first half of 2025

compared to the same periods last year. New wells

across the E&P International portfolio and improved

production efficiency in Brazil partially offset this

decline.

Developments in the renewables portfolio contributed

to the total power generation increase in the first half

of 2025. The operation of Dogger Bank A and a new

onshore acquisition in Sweden in March 2025 drove

the 26% and 11% increase in renewable power

generation for the second quarter and first half of

2025, respectively, compared to the same periods

last year.Unfavourable wind conditions throughout

2025 and lower clean spark spreads in gas to power

generation in the second quarter partially offset the

increase in total power generation.

Equinor second quarter2025

---

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

---

Marketing, Midstream and Processing segment's

contribution to the group results in the second

quarter was primarily driven by optimisation of piped

gas trading in Europe, impacted by lower results from

LNG trading primarily due to turnaround activities at

Hammerfest LNG and reduced crude and product

trading results.

Higher production volumes and realised gas prices,

complemented by an increased share of gas in the

production mix, drove increased revenue for the first

half of 2025 compared to the same period last year.

However, lower liquids prices negatively impacted

these results for the quarter, leading to a marginal

decline in revenue compared to the second quarter

of 2024.

Adjusted operating and administrative expenses\*

remained stable in the quarter compared to the same

period last year. Higher maintenance activity and an

increased overlift effect contributed to the rise in

adjusted operating and administrative expenses\* in

the first half of 2025 compared to the same period

last year. This increase was partially offset by the

portfolio changes in E&P International and reduction

in business development and early phase projects

within the renewables and low carbon solutions

businesses.

New fields on stream on the NCS and an increase in

asset retirement obligations associated with a late-

life offshore asset in the US contributed to an

increase in adjusted depreciation, amortisation and

net impairments\* in the quarter. The decrease in

adjusted depreciation, amortisation and net

impairments\* in the first half of 2025 compared to the

same period last year was mainly attributable to the

cessation of depreciation for the UK assets Mariner

and Buzzard, classified as held for sale since

December 2024, and the cessation of depreciation

for Peregrino, classified as held for sale since May

2025 following the agreement with PRIO to sell

Equinor's 60% operated interest.

Lower drilling activity across our international

portfolio contributed to a decrease in exploration

expenses in the second quarter and first half of 2025

compared to the same periods last year. Higher field

development costs partially offset this decrease.

Net operating income was also impacted by a USD

955 million impairment of US assets related to the

Empire Wind projects, contributing to the decline in

both the second quarter and first half of 2025

compared to the same periods last year. USD 763

million relates to the combined Empire Wind 1/South

Brooklyn Marine Terminal project under construction

and USD 192 million to the undeveloped Empire Wind

2 lease. The Empire Wind 1 project development is on

track. The recognised impairments are driven by

reduced expected synergies from future offshore

wind projects resulting from regulatory changes and

increased exposure to tariffs.

Adjusted net financial items\* in the quarter and in the

first half of 2025 reduced from the same periods in

the prior year mainly due to increased currency

losses due to a weakening of the USD versus NOK for

the periods. In contrast, the first half of 2024 had

currency gains due to USD strengthening versus NOK.

**Taxes**

The effective reported tax rate of 77.1% for the

second quarter of 2025 increased compared to

75.1% in 2024. The increase was mainly due to higher

share of income from jurisdictions with high tax rates

offset by currency effects in entities that are taxable

in other currencies than the functional currency.

**Cash flow and net debt**

Solid operational performance in the second quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,167 million. The lower liquid prices drove the

decrease from USD 9,948 million in the same period in

the prior year.

Cash flow from operations after taxes paid\*

decreased to USD 1,938 million from USD 2,097 million

in the second quarter of 2024, also impacted by

lower liquids prices in the quarter. For the first half of

2025, cash flow from operations after taxes paid\*

was USD 9,332 million, up from USD 8,054 million in

the prior year due to lower tax payments.

Tax payments in the second quarter totalled USD

7,229 million, mainly reflecting the final two scheduled

Norwegian corporation tax instalments related to

2024 earnings. This is a decrease from USD 7,850

million in the same period last year, with the reduction

reflecting the relatively lower pricing environment of

2024. Due to the change in tax payment structure,

five NCS tax instalments related to 2025 earnings are

expected in the second half of 2025, with two

scheduled for the third quarter. The first instalment,

totalling NOK 19.7 billion, is expected to be paid in

August 2025.

A working capital decrease of USD 540 million

positively impacted the cash flow in the second

quarter of 2025 compared to anincrease of USD 286

million in the second quarter of 2024.

Net cash flow before capital distribution\* decreased

from positive USD 4,546 million in the prior quarter to

negative USD 1,289 million, primarily reflecting the

increase in the number of NCS tax instalments.

In addition, capital distribution impacted netcash

flow\*, resulting in an outflow of USD2,579 million for

the second quarter.

The net debt to capital employed adjusted ratio\* at

the end of June 2025 was15.2%, up from 6.9% at the

end of the previous quarter. During the quarter, net

debt increased mainly due to a USD 4,141 million

liability to the state, which is to be paid during July.

This relates to share buy-backs for the second, third

and fourth tranches of the 2024 programme, and the

first tranche of the 2025 programme and was

approved at the general meeting held on 14 May

2025. Equity was impacted by capital distribution of

USD 6.5 billion, including dividends from the previous

two quarters of USD 1.9 billion and share buy-back of

USD 4.6 billion, including the liability to the state.

**Capital distribution**

The board of directors has decided a cash dividend

of USD 0.37 per share for the second quarter of

2025, in line with communication at the Capital

Markets Update in February.

Expected total capital distribution for 2025 is USD 9

billion, including a share buy-back programme of up

to USD 5 billion. The board has decided to initiate a

third tranche of the share buy-back programme of up

to USD 1.265 billion. The tranche will commence on 24

July and end no later than 27 October 2025.

The second tranche of the share buy-back

programme for 2025 was completed on 17 July 2025

with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

**Health, safety and the environment**

The twelve-month average serious incident

frequency (SIF) for the period ended 30 June 2025

was 0.27, a decrease from 2024 which ended at 0.3.

Equinor's absolute Scope 1 and 2 GHG emissions from

operated production (100% basis) were 5.4 million

tonnes CO₂e in the first half of 2025, representing a

reduction of 0.2 million tonnes CO₂e compared to the

same period last year. The positive trend is primarily

attributed to a turnaround at Hammerfest LNG

during Q2 2025 and the emission-reducing effects of

electrification projects implemented on the NCS in

2024. <sup>1</sup> USD/NOK exchange rate assumption of 11

Equinor second quarter2025

---

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

---

## O utlook
![crop_1000007166.jpg](crop_1000007166.jpg)

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

USD 13 billion for 2025<sup>1</sup>.

**•Oil & gas production** for 2025 is estimated to

grow 4% compared to 2024 level [5].

• Equinor's ambition is to keep **the unit of** 

**production cost** in the top quartile of its peer

group.

**•Scheduled maintenance activity** is estimated to

reduce equity production by around 30 mboe per

day for the full year of 2025.

These forward-looking statements reflect current

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

create future value, gas off-take, timing of new

capacity coming on stream and operational

regularity and levels of industry product supply,

demand and pricing represent the most significant

risks related to the foregoing production guidance.

Our future financial performance, including cash flow

and liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the regulatory

and policy landscape, the development in realised

prices, including price differentials, tolls and tariffs

and other factors discussed elsewhere in the report.

**Risks and uncertainties**

The description of key risks in chapter 5.2 (Risk

Factors) of Equinor's Integrated Annual Report for

the year ended December 31, 2024, provides an

overview of the principal risks and uncertainties which

may affect Equinor in the remaining six months of the

financial year. The Strategic and commercial risks,

Security, health, safety and environmental risks, and

Compliance and control risks described therein and

summarised in the section "Forward Looking

Statements" in the Supplementary disclosures could,

separately or in combination, have an adverse effect

on our operational and financial performance

(including cash flows and liquidity), the

implementation of our strategy, our reputation and

the market price of our securities.

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

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

Bacalhau FPSO

Johan Castberg

Equinor second quarter2025

---

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

---

## Supplementary operational disclosures

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **Operational information** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** | **Operational information** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Prices** |  |  |  |  |  |  |  | **Equity production (mboe per day)** |  |  |  |  |  |  |  |
| Average Brent oil price (USD/bbl) | **67.8** | 75.7 | 84.9 | (20)% | **71.7** | 84.1 | (15)% | E&P Norway equity liquids production | **655** | 625 | 630 | 4% | **640** | 639 | —% |
| E&P Norway average liquids price (USD/bbl)  | **65.4** | 73.8 | 80.6 | (19)% | **69.2** | 80.0 | (13)% | E&P International equity liquids production | **267** | 274 | 302 | (11)% | **270** | 309 | (12)% |
| E&P International average liquids price (USD/bbl) | **60.1** | 68.3 | 75.4 | (20)% | **64.2** | 74.7 | (14)% | E&P USA equity liquids production | **147** | 147 | 148 | (1)% | **147** | 151 | (3)% |
| E&P USA average liquids price (USD/bbl) | **56.3** | 61.2 | 68.0 | (17)% | **58.8** | 67.1 | (12)% | Group equity liquids production | **1070** | 1045 | 1080 | (1)% | **1057** | 1099 | (4)% |
| Group average liquids price (USD/bbl) [1] | **63.0** | 70.6 | 77.6 | (19)% | **66.6** | 76.8 | (13)% | E&P Norway equity gas production | **704** | 765 | 744 | (5)% | **734** | 779 | (6)% |
| Group average liquids price (NOK/bbl) [1] | **649** | 782 | 833 | (22)% | **713** | 816 | (13)% | E&P International equity gas production | **39** | 36 | 34 | 14% | **37** | 35 | 7% |
| E&P Norway average internal gas price (USD/mmbtu) [7] | **10.60** | 13.21 | 8.47 | 25% | **11.96** | 8.10 | 48% | E&P USA equity gas production | **283** | 278 | 189 | 50% | **281** | 193 | 45% |
| E&P USA average internal gas price (USD/mmbtu) [7] | **2.41** | 3.30 | 1.32 | 83% | **2.82** | 1.54 | 83% | Group equity gas production | **1026** | 1078 | 968 | 6% | **1052** | 1007 | 4% |
| Realised piped gas price Europe (USD/mmbtu) [6] | **12.00** | 14.80 | 9.94 | 21% | **13.44** | 9.66 | 39% | Total equity liquids and gas production [3] | **2096** | 2123 | 2048 | 2% | **2109** | 2106 | —% |
| Realised piped gas price US (USD/mmbtu) [6] | **2.73** | 4.06 | 1.53 | 78% | **3.30** | 1.96 | 68% |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  | **Power generation** |  |  |  |  |  |  |  |
| **Entitlement production (mboe per day)** |  |  |  |  |  |  |  | Power generation (TWh) Equinor share | **1.12** | 1.40 | 1.08 | 4% | **2.52** | 2.36 | 7% |
| E&P Norway entitlement liquids production | **655** | 625 | 630 | 4% | **640** | 639 | —% | Renewable power generation (TWh) Equinor share<sup>1)</sup> | **0.83** | 0.76 | 0.65 | 26% | **1.58** | 1.43 | 11% |
| E&P International entitlement liquids production | **224** | 223 | 227 | (1)% | **224** | 239 | (6)% |  |  |  |  |  |  |  |  |
| E&P USA entitlement liquids production | **132** | 132 | 132 | —% | **132** | 135 | (2)% | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. | 1)Includes Hywind Tampen renewable power generation. |
| Group entitlement liquids production | **1011** | 980 | 989 | 2% | **996** | 1012 | (2)% |  |  |  |  |  |  |  |  |
| E&P Norway entitlement gas production | **704** | 765 | 744 | (5)% | **734** | 779 | (6)% |  |  |  |  |  |  |  |  |
| E&P International entitlement gas production | **22** | 20 | 23 | (1)% | **21** | 23 | (6)% |  |  |  |  |  |  |  |  |
| E&P USA entitlement gas production | **242** | 235 | 160 | 51% | **239** | 163 | 47% |  |  |  |  |  |  |  |  |
| Group entitlement gas production | **968** | 1021 | 927 | 4% | **994** | 965 | 3% |  |  |  |  |  |  |  |  |
| Total entitlement liquids and gas production [2] | **1979** | 2001 | 1916 | 3% | **1990** | 1977 | 1% |  |  |  |  |  |  |  |  |

---

Equinor second quarter2025

---

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

---

**Health, safety and the environment**

![crop_redxdscf0086.jpg](crop_redxdscf0086.jpg)

---

| | | |
|:---|:---|:---|
|  | **Twelve months** <br>**average per Q2** <br>**2025**<br>| **Full year 2024** |
| Total recordable injury frequency (TRIF) | **2.2** | 2.3 |
| Serious Incident Frequency (SIF) | **0.27** | 0.3 |
| Oil and gas leakages (number of)<sup>1)</sup> | **5** | 7 |
|  | **First half 2025** | **Full year 2024** |
| Upstream CO₂ intensity (kg CO₂/boe)<sup>2)</sup> | **6.2** | 6.2 |
|  | **First half 2025** | **First half 2024** |
| Absolute scope 1+2 GHG emissions (million tonnes CO₂e)<sup>3)</sup> | **5.4** | 5.6 |
| 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. | 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. | 1)Number of leakages with rate above 0.1kg/second during the past 12 months.<br>2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). <br>3)Operational control, total scope 1 and 2 emissions of CO2 and CH4. |

---

Mongstad, Norway

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 13 | Exploration & Production Norway | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Exploration & Production Norway

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **8236** | 10052 | 8426 | (2)% | **18288** | 16305 | 12% |
| **Total operating expenses** | **(2530)** | (2108) | (2297) | 10% | **(4639)** | (4420) | 5% |
| **Net operating income/(loss)** | **5706** | 7944 | 6129 | (7)% | **13650** | 11885 | 15% |
| Adjusted total revenues and other income\* | **8236** | 9561 | 8426 | (2)% | **17797** | 16305 | 9% |
| Adjusted operating and administrative <br>expenses\*<br>| **(1077)** | (891) | (982) | 10% | **(1968)** | (1848) | 7% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(1338)** | (1127) | (1206) | 11% | **(2465)** | (2379) | 4% |
| Adjusted exploration expenses\* | **(115)** | (90) | (109) | 5% | **(206)** | (193) | 6% |
| Adjusted operating income/(loss)\* | **5706** | 7453 | 6129 | (7)% | **13158** | 11885 | 11% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **1674** | 2409 | 1579 | 6% | **4083** | 2951 | 38% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **E&P Norway** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **1359** | 1390 | 1375 | (1)% | **1374** | 1419 | (3)% |
| Average liquids price (USD/bbl) | **65.4** | 73.8 | 80.6 | (19)% | **69.2** | 80.0 | (13)% |
| Average internal gas price (USD/mmbtu) | **10.60** | 13.21 | 8.47 | 25% | **11.96** | 8.10 | 48% |

---

**Production & Revenues**

In the second quarter of 2025, production remained

robust and stable from the same quarter last year.

Production from the new fields on stream (Johan

Castberg and Halten East), high production efficiency

from Johan Sverdrup and new wells almost offset

natural decline on several fields, reduced production

from Troll due to capacity restrictions on Kollsnes and

planned turnaround at Hammerfest LNG.Liquids

production increased in the quarter, while gas

production decreased, mainly due to the new fields

producing more liquids than gas and maintenance

activities affecting mostly gas fields.

As there was only a small contribution from new fields

in the first quarter of 2025, there was a more

noticeable decline in production when comparing the

first half of 2025 to the same period last year.

Revenue for the second quarter of 2025 was

impacted by production mix relative to pricing

movements. The benefit from substantially higher gas

prices was more than offset by the impact of lower

liquids prices. In the first half of 2025, revenues

increased from the first half of 2024, as the positive

impact from an increase in gas prices offset the

negative impact from the decrease in gas production

and liquids prices.

**Operating expenses and financial results**

Operating and administrative expenses increased in

the second quarter and first half of 2025 compared

to the same period last year, mainly due to increased

overlift effect, new fields coming on stream and

impact from the swap transaction with Petoro which

was completed on 1 January. The weakening of the

USD versus NOK also contributed to the increase for

the second quarter 2025 compared to the same

period in 2024.

Depreciation, amortisation and net impairments in the

second quarter of 2025 was negatively impacted by

ramp up of new fields and field-specific investments,

as well as the development in the NOK/USD exchange

rate. These effects were partially offset by increased

proved reserves. The same factors drove the

increase for the first half of 2025 compared to the

same period last year, except for the NOK/USD

exchange rate development, which had a minor

impact.

The exploration activity in the second quarter of 2025

(9 wells) was at the same level as in the second

quarter last year. Reactivation of previously

expensed well cost in 2024, partially offset by higher

capitalisation rate led to a minor increase in

exploration expenses. The same factors drove the

increase for the first half of 2025 relative to the first

half of 2024.

In the first half of 2025, net operating income was

positively impacted by a gain of USD 491 million from

the swap transaction with Petoro.

Additions to PP&E, intangibles and equity accounted

investments in the first half of 2025 was influenced by

the assets acquired in the swap transaction

amounting to USD 1,086 million.

Equinor second quarter2025

---

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

---

Exploration & Production International

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **1348** | 1571 | 1909 | (29)% | **2919** | 3563 | (18)% |
| **Total operating expenses** | **(932)** | (992) | (1209) | (23)% | **(1924)** | (2248) | (14)% |
| **Net operating income/(loss)** | **415** | 579 | 699 | (41)% | **995** | 1316 | (24)% |
| Adjusted total revenues and other income\* | **1348** | 1523 | 1909 | (29)% | **2870** | 3563 | (19)% |
| Adjusted purchases\* | **(67)** | 3 | (23) | >100% | **(65)** | 10 | N/A |
| Adjusted operating and administrative <br>expenses\*<br>| **(490)** | (567) | (582) | (16)% | **(1057)** | (977) | 8% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(310)** | (396) | (453) | (32)% | **(705)** | (983) | (28)% |
| Adjusted exploration expenses\* | **(51)** | (32) | (151) | (66)% | **(84)** | (299) | (72)% |
| Adjusted operating income/(loss)\* | **429** | 531 | 699 | (39)% | **960** | 1316 | (27)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **622** | 761 | 779 | (20)% | **1383** | 1535 | (10)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **E&P International** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| E&P equity liquid and gas production (mboe/<br>day)<br>| **306** | 309 | 336 | (9)% | **308** | 344 | (10)% |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **246** | 244 | 249 | (1)% | **245** | 261 | (6)% |
| Production sharing agreements (PSA) effects | **60** | 66 | 86 | (31)% | **63** | 82 | (24)% |
| Average liquids price (USD/bbl) | **60.1** | 68.3 | 75.4 | (20)% | **64.2** | 74.7 | (14)% |

---

**Production & Revenues**

The divestment of assets in Azerbaijan and Nigeria

led to a decrease in production in the second quarter

and the first half of 2025 compared to the same

periods last year. Natural decline in several fields

further contributed to the overall drop in the

production levels, partially offset by contributions

from new wells and improved production efficiency

from Brazil.

Production Sharing Agreements (PSA) effects were

reduced in the second quarter and first half of 2025

compared to the same periods last year, reflecting

the impact of the divestments and lower oil prices.

Total revenues and other income decreased in the

second quarter and first half of 2025 compared to

the same periods last year, primarily due to lower

volumes and liquids prices.

**Operating expenses and financial results** 

The sale of assets in Azerbaijan and Nigeria at the

end of 2024, along with the impact of a large overlift

position in the second quarter last year, drove the

decrease in operating and administrative expenses in

the second quarter of 2025 compared to the same

period last year.The increase for the first half of 2025

was mainly due to higher operation and maintenance

activities in Brazil and Angola.

The cessation of depreciation for the UK assets

Mariner and Buzzard, classified as held for sale since

December 2024, and Peregrino, classified as held for

sale since May 2025, drove the decline in

depreciation in both the second quarter and first half

of 2025 compared to the same periods in 2024.

Exploration expenses in the second quarter and first

half of 2025 were lower compared to the same

periods last year. This was primarily due to the

expensing of well cost related to the Bacalhau

appraisal well in Brazil during the first quarter of

2024, as well as the expensing of a well in Argentina

in the second quarter of 2024.

Net operating income for the first half of 2025 was

positively impacted by a contingent receivable

recorded as other income.

Additions to PP&E, intangibles and equity accounted

investments decreased in the the second quarter and

first half of 2025 compared to the same periods last

year. This decline was largely due to the UK assets

Rosebank, Mariner and Buzzard being classified as

held for sale.The classification of Peregrino as held

for sale effective May 2025 further contributed to the

decrease. The overall decrease was partially offset

by higher activity on development projects in Brazil.

Equinor second quarter2025

---

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

---

Exploration & Production USA

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **1040** | 1197 | 1001 | 4% | **2237** | 2056 | 9% |
| **Total operating expenses** | **(858)** | (685) | (737) | 16% | **(1543)** | (1415) | 9% |
| **Net operating income/(loss)** | **183** | 511 | 264 | (31)% | **694** | 641 | 8% |
| Adjusted total revenues and other income\* | **1040** | 1197 | 1001 | 4% | **2237** | 2056 | 9% |
| Adjusted operating and administrative <br>expenses\*<br>| **(306)** | (311) | (291) | 5% | **(617)** | (571) | 8% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(536)** | (370) | (427) | 25% | **(906)** | (791) | 14% |
| Adjusted exploration expenses\* | **(16)** | (5) | (19) | (16)% | **(21)** | (53) | (61)% |
| Adjusted operating income/(loss)\* | **183** | 511 | 264 | (31)% | **694** | 641 | 8% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **294** | 308 | 1522 | (81)% | **601** | 1881 | (68)% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **E&P USA** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| E&P equity liquid and gas production (mboe/<br>day)<br>| **431** | 424 | 337 | 28% | **427** | 344 | 24% |
| E&P entitlement liquid and gas production <br>(mboe/day)<br>| **374** | 367 | 292 | 28% | **371** | 297 | 25% |
| Royalties | **57** | 57 | 46 | 24% | **57** | 46 | 22% |
| Average liquids price (USD/bbl) | **56.3** | 61.2 | 68.0 | (17)% | **58.8** | 67.1 | (12)% |
| Average internal gas price (USD/mmbtu) | **2.41** | 3.30 | 1.32 | 83% | **2.82** | 1.54 | 83% |

---

**Production & Revenues**

E&P USA reported higher production in the second

quarter and first half of 2025 compared to the same

periods in 2024, primarily driven by increased gas

output from the Appalachia onshore assets following

the acquisition of additional interests in late 2024. The

production increase was further supported by

elevated operational activity in the Appalachia

onshore asset. Production from U.S. offshore assets

remained flat year-on-year.

Revenue for the second quarter and first half of 2025

benefited from higher gas prices and increased gas

volumes. These gains were partially offset by lower

liquids prices and reduced liquids production relative

to the same periods in the prior year.

**Operating expenses and financial results**

Operating and administrative expenses increased

during the second quarter and first half of 2025,

primarily due to higher transportation costs resulting

from elevated production levels in the Appalachia

onshore assets.

Depreciation, amortisation and net impairments

increased compared to the second quarter and first

half of 2024. This was largely driven by an increase in

asset retirement obligations associated with a late-

life offshore asset, as well as the acquisition of

additional interests in Appalachia onshore properties.

The increase was partially offset by upward revisions

to proved reserves recorded at year end 2024.

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 16 | Marketing, Midstream & Processing | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Marketing, Midstream & Processing

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| **Total revenues and other income** | **24798** | 29072 | 25190 | (2)% | **53870** | 50014 | 8% |
| **Total operating expenses** | **(24469)** | (28987) | (24693) | (1)% | **(53456)** | (48215) | 11% |
| **Net operating income/(loss)** | **329** | 84 | 497 | (34)% | **413** | 1799 | (77)% |
| Adjusted total revenues and other income\* | **24787** | 29241 | 25189 | (2)% | **54029** | 49667 | 9% |
| Adjusted purchases\* [4] | **(23023)** | (27413) | (23187) | (1)% | **(50437)** | (45214) | 12% |
| Adjusted operating and administrative <br>expenses\*<br>| **(1198)** | (1348) | (1238) | (3)% | **(2547)** | (2576) | (1)% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(232)** | (227) | (242) | (4)% | **(460)** | (469) | (2)% |
| Adjusted operating income/(loss)\* | **333** | 253 | 521 | (36)% | **586** | 1408 | (58)% |
| — Gas and Power | **224** | 265 | 508 | (56)% | **489** | 1038 | (53)% |
| — Crude, Products and Liquids | **178** | 179 | 195 | (9)% | **357** | 654 | (45)% |
| — Other | **(69)** | (191) | (183) | (62)% | **(260)** | (283) | (8)% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **254** | 207 | 189 | 35% | **461** | 399 | 16% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **Marketing, Midstream and Processing** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Liquids sales volumes (mmbl) | **262.3** | 288.6 | 253.8 | 3% | **550.8** | 501.4 | 10% |
| Natural gas sales Equinor (bcm) | **16.3** | 16.4 | 15.4 | 6% | **32.7** | 32.2 | 2% |
| Natural gas entitlement sales Equinor (bcm) | **13.4** | 13.7 | 12.9 | 3% | **27.1** | 27.3 | (1)% |
| Power generation (TWh) Equinor share | **0.30** | 0.64 | 0.43 | (30)% | **0.94** | 0.93 | 1% |
| Realised piped gas price Europe (USD/mmbtu) | **12.00** | 14.80 | 9.94 | 21% | **13.44** | 9.66 | 39% |
| Realised piped gas price US (USD/mmbtu) | **2.73** | 4.06 | 1.53 | 78% | **3.30** | 1.96 | 68% |

---

**Volumes, Pricing & Revenues**

Liquids sales volumes decreased compared to the

previous quarter due to lower third party volumes.

Against the same quarter of the previous year, liquids

sales volumes increased due to higher third party

volumes.

Gas sales remained at similar level compared to the

previous quarter. The increase in gas sales relative to

thesecond quarter of 2024 was driven by higher

Equinor international gas production and third party

volumes.

Power generation has decreased compared to the

previous quarter and same quarter previous year

due to lower clean spark spread.

The realised European piped gas price decreased

compared to the previous quarter due to lower

European market prices. This was driven by risk of

reduced global demand caused by uncertainty

related to US tariffs, combined with potential easing

of US sanctions on Russian gas assets and the EU's

willingness to soften the region's gas storage targets

before November. Compared to the same quarter

last year, the realised European piped gas price

increased as European market prices rose to attract

LNG to replace lost Russian gas flows via Ukraine, and

offset lower renewable power generation and lower

gas storage positions.

The realised piped gas price in the US decreased

versus the previous quarter as market prices fell due

to warmer weather conditions. Compared to the

same quarter last year, realised US gas price

increased in line with market prices, which were

strong due to low storage levels.

**Financial Results**

In the second quarter of 2025, the Gas and Power

contribution to adjusted operating income\* was

primarily driven by optimisation of piped gas trading

in Europe, offset by a limited result from LNG, which

was adversely affected by turnaround activity. The

result from Crude, Products and Liquids was

positively impacted by solid results from physical

trading in a strong products market and a modest

contribution from crude in an oversupplied market.

Additionally, adjusted operating income\* was

impacted by costs related to the development of low-

carbon projects.

Adjusted operating income\* increased compared to

the previous quarter. This is mostly due to lower costs,

as drilling activities for future carbon storage took

place mainly in the first quarter of 2025.

Adjusted operating income\* for the first half of 2025

was lower than the same period last year driven by

decreased results in Gas and Power mainly due to

lower result from LNG trading and lower crude

trading results.

Net operating income includes the net effect of fair

value changes in derivatives and storages, changes in

onerous provisions and operational storage value.

Equinor second quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 17 | Renewables | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

Renewables

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Revenues third party, other revenue and other <br>income<br>| **36** | (21) | 12 | >100% | **15** | 41 | (62)% |
| Net income/(loss) from equity accounted <br>investments<br>| **31** | 22 | 37 | (19)% | **53** | 68 | (22)% |
| **Total revenues and other income** | **67** | 1 | 49 | 35% | **68** | 109 | (37)% |
| **Total operating expenses** | **(1069)** | (260) | (140) | >100% | **(1329)** | (420) | >100% |
| **Net operating income/(loss)** | **(1002)** | (259) | (90) | >(100%) | **(1260)** | (311) | >(100%) |
| Adjusted total revenues and other income\* | **48** | 48 | 49 | (4)% | **96** | 109 | (12)% |
| Adjusted operating and administrative <br>expenses\*<br>| **(111)** | (89) | (122) | (9)% | **(199)** | (243) | (18)% |
| Adjusted depreciation, amortisation and net <br>impairments\*<br>| **(12)** | (7) | (18) | (31)% | **(20)** | (26) | (24)% |
| Adjusted operating income/(loss)\* | **(75)** | (48) | (90) | 17% | **(124)** | (160) | 23% |
| **Additions to PP&E, intangibles and equity** <br>**accounted investments**<br>| **718** | 780 | 608 | 18% | **1499** | 1232 | 22% |
| **Operational information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **Renewables** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Renewables power generation (TWh) Equinor <br>share<br>| **0.78** | 0.71 | 0.63 | 24% | **1.49** | 1.37 | 9% |

---

**Power generation**

In the second quarter of 2025, total power

generation from offshore wind farms was 0.37 TWh,

primarily driven by production from Dudgeon,

Sheringham Shoal and Dogger Bank A. Onshore

renewables contributed 0.41 TWh, mainly from plants

in Brazil.

The total volume of power generated experienced an

increase compared to the same quarter in 2024. This

growth is primarily attributed to the ramp-up of

production from Dogger Bank A and a new onshore

acquisition in Sweden, offset by a decline in power

generation from certain offshore wind assets due to

unfavourable wind conditions.

**Total revenues and other income**

In the second quarter and the first half of 2025,

adjusted total revenues and other income\* slightly

decreased compared to the same periods last year

due to the effects of lower offshore wind production

from assets in commercial operation, partially offset

by increased revenues from portfolio additions to

onshore renewables.

**Operating expenses and financial results**

In the second quarter of 2025, adjusted operating

and administrative expenses\* decreased compared

to the same quarter last year. Project development

costs and business development costs were

significantly down, partially offset by favourable

adjustmentsin the second quarter last year.

The adjusted operating loss\* for the second quarter

and first half of 2025 was also lower than the same

periods of 2024, attributable to the decrease in

project development costs and business development

costs.

Net operating loss for the second quarter of 2025

included the impact of impairments of US offshore

assets.

The offshore wind industry is facing major financial

and regulatory challenges in the US. Reduced

expected synergies from future offshore wind

projects resulting from regulatory changes and

increased exposure to tariffs impacted the project

economics negatively in the second quarter 2025. An

impairment loss of USD 955 million has been

recognised, where USD 763 million is related to the

combined Empire Wind 1/South Brooklyn Marine

Terminal project under construction and USD 192

million is related to the undeveloped Empire Wind 2

lease.

The construction activities for both onshore SBMT

and offshore EW1 are progressing according to plan

and the project aims to execute planned activities in

the offshore installation window in 2025 and reach its

planned commercial operation date in 2027.

In the second quarter of 2025, USD 39 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

679 million related to offshore wind projects. These

offshoreadditionsprimarily related to projects in the

US and investments related to projects in Europe.

![crop_8a76df5b3030434bba9a6.jpg](crop_8a76df5b3030434bba9a6.jpg)

Equinor second quarter2025

---

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

---

**Condensed interim financial statements and notes**

---

| | |
|:---|:---|
| **[CONSOLIDATED STATEMENT OF INCOME](#ifaff5207265e405b9c1aee7773f8670b)** | **[19](#ifaff5207265e405b9c1aee7773f8670b)** |
| **[CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](#i2631bbb9e8d544d481b0ca0de70f5673)** | **[20](#i2631bbb9e8d544d481b0ca0de70f5673)** |
| **[CONSOLIDATED BALANCE SHEET](#i314af0b95a584a63a6061584ada0e6e8)** | **[21](#i314af0b95a584a63a6061584ada0e6e8)** |
| **[CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](#i86d3b801e51d4f31a3d512dab4b0611d)** | **[22](#i86d3b801e51d4f31a3d512dab4b0611d)** |
| **[CONSOLIDATED STATEMENT OF CASH FLOWS](#i9f6ae340b58845738a4ca9360aee5bf0)** | **[23](#i9f6ae340b58845738a4ca9360aee5bf0)** |

---

---

| | |
|:---|:---|
| **[NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS](#i276e563e5ad34e3682a83ec7d37e4946)** | **[24](#i276e563e5ad34e3682a83ec7d37e4946)** |
| [Note 1. Organisation and basis of preparation](#i7918939c7bc348fda6de11c2a5739d80) | [24](#i7918939c7bc348fda6de11c2a5739d80) |
| [Note 2. Segments](#ia7798f004277452582ccda64530b7a91) | [26](#ia7798f004277452582ccda64530b7a91) |
| [Note 3. Acquisitions and disposals](#ibb359505e6814122aa5a45eab58f5e89) | [31](#ibb359505e6814122aa5a45eab58f5e89) |
| [Note 4. Revenues](#iba231461aa62409fa02a8ec9fef0bef5) | [32](#iba231461aa62409fa02a8ec9fef0bef5) |
| [Note 5. Financial items](#i70e57bfe67e942faa9f307e83a7b4082) | [32](#i70e57bfe67e942faa9f307e83a7b4082) |
| [Note 6. Income taxes](#idcc5709c92764c88a71f20812cc86138) | [33](#idcc5709c92764c88a71f20812cc86138) |
| [Note 7. Provisions, commitments and contingent items](#ie6b9288f037e439da937b4bc9e4672a0) | [33](#ie6b9288f037e439da937b4bc9e4672a0) |
| [Note 8. Capital distribution](#id13489fa259e486a9e2ddbbcebfbafb8) | [34](#id13489fa259e486a9e2ddbbcebfbafb8) |
| [Note 9. Geopolitical and market uncertainty](#idf9edad3f29f4c359bca0b409ad00fb2) | [34](#idf9edad3f29f4c359bca0b409ad00fb2) |
| [Responsibility statement](#i4ce90c5004734f3b88257adc9f45aaa9) | [35](#i4ce90c5004734f3b88257adc9f45aaa9) |

---

<u>Melkøya, Norway</u>

Equinorsecond quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 19 | Condensed Interim financial statements and notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**CONSOLIDATED STATEMENT OF INCOME**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(unaudited, in USD million)** | **Note** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** | **(unaudited, in USD million)** | **Note** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Revenues | <u>[4](#i21f3614772984e09a16c4bc143db5255_1500)</u> | **25130** | 29384 | 25462 | **54514** | 50551 | Interest income and other financial income |  | **303** | 336 | 495 | **639** | 1055 |
| Net income/(loss) from equity accounted investments |  | **9** | 13 | 12 | **22** | 44 | Interest expenses and other financial expenses |  | **(351)** | (325) | (394) | **(676)** | (811) |
| Other income |  | **6** | 523 | 65 | **530** | 78 | Other financial items |  | **86** | 8 | (226) | **94** | (4) |
| Total revenues and other income | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **25145** | 29920 | 25538 | **55066** | 50673 | Net financial items | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **37** | 19 | (126) | **56** | 240 |
| Purchases [net of inventory variation] |  | **(12739)** | (15443) | (12145) | **(28182)** | (24068) | Income/(loss) before tax |  | **5759** | 8893 | 7530 | **14651** | 15527 |
| Operating expenses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(2752)** | (2843) | (2761) | **(5595)** | (5391) |  |  |  |  |  |  |  |
| Selling, general and administrative expenses |  | **(329)** | (323) | (348) | **(652)** | (690) | Income tax | <u>[6](#i21f3614772984e09a16c4bc143db5255_70)</u> | **(4441)** | (6263) | (5658) | **(10704)** | (10983) |
| Depreciation, amortisation and net impairments | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(3422)** | (2310) | (2348) | **(5731)** | (4693) |  |  |  |  |  |  |  |
| Exploration expenses |  | **(183)** | (127) | (279) | **(310)** | (545) | Net income/(loss) |  | **1317** | 2630 | 1872 | **3947** | 4545 |
| Total operating expenses | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **(19424)** | (21046) | (17883) | **(40471)** | (35386) | Attributable to equity holders of the company |  | **1313** | 2627 | 1861 | **3939** | 4528 |
|  |  |  |  |  |  |  | Attributable to non-controlling interests |  | **5** | 3 | 12 | **8** | 16 |
| Net operating income/(loss) | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **5721** | 8874 | 7656 | **14595** | 15287 |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Basic earnings per share (in USD) |  | **0.50** | 0.97 | 0.65 | **1.48** | 1.56 |
|  |  |  |  |  |  |  | Diluted earnings per share (in USD) |  | **0.50** | 0.96 | 0.65 | **1.47** | 1.56 |
|  |  |  |  |  |  |  | Weighted average number of ordinary shares outstanding <br>(in millions)<br>|  | **2622** | 2719 | 2850 | **2670** | 2894 |
|  |  |  |  |  |  |  | Weighted average number of ordinary shares outstanding <br>diluted (in millions)<br>|  | **2629** | 2724 | 2856 | **2676** | 2899 |

---

Equinorsecond quarter2025

---

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

---

**CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

![crop_f232d7ff8cc44d4092d59.jpg](crop_f232d7ff8cc44d4092d59.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(unaudited, in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Net income/(loss) | **1317** | 2630 | 1872 | **3947** | 4545 |
| Actuarial gains/(losses) on defined benefit pension plans | **(187)** | (114) | 74 | **(301)** | 587 |
| Income tax effect on income and expenses recognised in OCI<sup>1)</sup> | **44** | 30 | (14) | 73 | (131) |
| Items that will not be reclassified to the Consolidated statement of <br>income<br>| **(144)** | (84) | 60 | **(228)** | 456 |
| Foreign currency translation effects | **1472** | 1302 | 158 | **2774** | (937) |
| Share of OCI from equity accounted investments | **(37)** | 33 | (3) | **(3)** | 5 |
| Items that may be subsequently reclassified to the Consolidated <br>statement of income<br>| **1436** | 1335 | 155 | **2771** | (932) |
| Other comprehensive income/(loss) | **1292** | 1251 | 215 | **2543** | (476) |
| Total comprehensive income/(loss) | **2609** | 3881 | 2088 | **6490** | 4069 |
| Attributable to the equity holders of the company | **2604** | 3878 | 2076 | **6482** | 4053 |
| Attributable to non-controlling interests | **5** | 3 | 12 | **8** | 16 |
| 1)Other comprehensive income (OCI). |  |  |  |  |  |

---

Peregrino B. Platform.

Troll A, Norway

Equinorsecond quarter2025

---

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

---

**CONSOLIDATED BALANCE SHEET**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **At 30 June** | **At 31 December** |  |
| **(in USD million)** | **Note** | **2025 (unaudited)** | **2024 (audited)** |  |
| ASSETS |  |  |  |  |
| Property, plant and equipment | <u>[2](#i21f3614772984e09a16c4bc143db5255_58)</u> | **58528** | 55560 |  |
| Intangible assets | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **6371** | 5654 |  |
| Equity accounted investments |  | **2860** | 2471 |  |
| Deferred tax assets |  | **5296** | 4900 |  |
| Pension assets |  | **1917** | 1717 |  |
| Derivative financial instruments |  | **712** | 648 |  |
| Financial investments |  | **5933** | 5616 |  |
| Prepayments and financial receivables |  | **1376** | 1379 |  |
| Total non-current assets |  | **82994** | 77946 |  |
| Inventories |  | **3829** | 4031 |  |
| Trade and other receivables |  | **11567** | 13590 |  |
| Prepayments and financial receivables<sup>1) 2)</sup> |  | **5098** | 6084 |  |
| Derivative financial instruments |  | **854** | 1024 |  |
| Financial investments |  | **14327** | 15335 |  |
| Cash and cash equivalents<sup>1)</sup> |  | **9472** | 5903 |  |
| Total current assets |  | **45149** | 45967 |  |
| Assets classified as held for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **10949** | 7227 |  |
| Total assets |  | **139091** | 131141 |  |
|  |  |  |  | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. |
| 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. |  |
| 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. | 1)Restated for 2024. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation.<br>2)Includes collateral deposits of USD 1.6 billion for 30 June 2025 related to certain requirements set out by <br>exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion. |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **At 30 June** | **At 31 December** |
| **(in USD million)** | **Note** | **2025 (unaudited)** | **2024 (audited)** |
| EQUITY AND LIABILITIES |  |  |  |
| Shareholders' equity |  | **41921** | 42342 |
| Non-controlling interests |  | **51** | 38 |
| Total equity |  | **41972** | 42380 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **22356** | 19361 |
| Lease liabilities |  | **2148** | 2261 |
| Deferred tax liabilities |  | **14913** | 12726 |
| Pension liabilities |  | **4257** | 3482 |
| Provision and other liabilities | <u>[7](#i21f3614772984e09a16c4bc143db5255_73)</u> | **14053** | 12927 |
| Derivative financial instruments |  | **1122** | 1958 |
| Total non-current liabilities |  | **58850** | 52715 |
| Trade and other payables |  | **10418** | 11110 |
| Provisions and other liabilities |  | **2941** | 2384 |
| Current tax payable |  | **11863** | 10319 |
| Finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> , <u>[8](#i21f3614772984e09a16c4bc143db5255_76)</u> | **8644** | 7223 |
| Lease liabilities |  | **1197** | 1249 |
| Dividends payable |  | **937** | 1906 |
| Derivative financial instruments |  | **821** | 833 |
| Total current liabilities |  | **36820** | 35023 |
| Liabilities directly associated with the assets classified for sale | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **1449** | 1023 |
| Total liabilities |  | **97119** | 88761 |
| Total equity and liabilities |  | **139091** | 131141 |

---

Equinorsecond quarter2025

---

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

---

**CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(unaudited, in USD million)** | **Share capital** | **Additional paid-in** <br>**capital**<br>| **Retained earnings** | **Foreign currency** <br>**translation reserve**<br>| **OCI from equity** <br>**accounted** <br>**investments**<br>| **Shareholders'** <br>**equity**<br>| **Non-controlling** <br>**interests**<br>| **Total equity** |
| At 1 January 2024 | 1101 |  | 56521 | (9442) | 310 | **48490** | 10 | **48500** |
| Net income/(loss) |  |  | 4528 |  |  | **4528** | 16 | **4545** |
| Other comprehensive income/(loss) |  |  | 456 | (937) | 5 | **(476)** |  | **(476)** |
| Total comprehensive income/(loss) |  |  |  |  |  | **4053** | 16 | **4069** |
| Dividends |  |  | (3983) |  |  | **(3983)** |  | **(3983)** |
| Share buy-back |  |  | (4880) |  |  | **(4880)** |  | **(4880)** |
| Other equity transactions |  |  | (9) |  |  | **(9)** | 3 | **(6)** |
| At 30 June 2024 | 1101 |  | 52634 | (10379) | 315 | **43671** | 29 | **43700** |
| At 1 January 2025 | 1052 |  | 52407 | (11385) | 268 | **42342** | 38 | **42380** |
| Net income/(loss) |  |  | 3939 |  |  | **3939** | 8 | **3947** |
| Other comprehensive income/(loss) |  |  | (228) | 2774 | (3) | **2543** |  | **2543** |
| Total comprehensive income/(loss) |  |  |  |  |  | **6482** | 8 | **6490** |
| Dividends |  |  | (1937) |  |  | **(1937)** |  | **(1937)** |
| Share buy-back<sup>1)</sup> |  |  | (4955) |  |  | **(4955)** |  | **(4955)** |
| Other equity transactions |  |  | (11) |  |  | **(11)** | 5 | **(6)** |
| **At 30 June 2025** | **1052** | **—** | **49216** | **(8611)** | **265** | **41921** | **51** | **41972** |
| 1)For more information see <u>[note 8](#i21f3614772984e09a16c4bc143db5255_76)</u> Capital distribution |  |  |  |  |  |  |  |  |

---

Equinorsecond quarter2025

---

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

---

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(unaudited, in USD million)** | **Note** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Income/(loss) before tax |  | **5759** | 8893 | 7530 | **14651** | 15527 |
| Depreciation, amortisation and net impairments, including <br>exploration write-offs<br>|  | **3427** | 2310 | 2346 | **5738** | 4772 |
| (Gains)/losses on foreign currency transactions and balances | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **177** | 24 | 193 | **201** | (110) |
| (Gains)/losses on sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(12)** | (499) | (11) | **(511)** | 118 |
| (Increase)/decrease in other items related to operating activities |  | **(537)** | (399) | (737) | **(936)** | (1619) |
| (Increase)/decrease in net derivative financial instruments |  | **(157)** | (16) | 138 | **(173)** | 264 |
| Cash collaterals for commodity derivative transactions<sup>1)</sup> |  | **347** | 118 | 200 | **465** | 317 |
| Interest received |  | **395** | 265 | 555 | **661** | 961 |
| Interest paid |  | **(231)** | (76) | (266) | **(307)** | (478) |
| Cash flow provided by operating activities before taxes paid and <br>working capital items<br>|  | **9167** | 10620 | 9948 | **19788** | 19754 |
| Taxes paid |  | **(7229)** | (3226) | (7850) | **(10456)** | (11700) |
| (Increase)/decrease in working capital |  | **540** | 1647 | (286) | **2187** | 2894 |
| Cash flows provided by operating activities |  | **2477** | 9041 | 1811 | **11518** | 10948 |
| Cash (used)/received in business combinations | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **—** | (26) | (467) | **(26)** | (467) |
| Capital expenditures and investments | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **(3401)** | (3027) | (2950) | **(6428)** | (5433) |
| (Increase)/decrease in financial investments |  | **3916** | (1379) | 4185 | **2537** | 4692 |
| (Increase)/decrease in derivative financial instruments |  | **191** | 211 | 99 | **402** | 53 |
| (Increase)/decrease in other interest-bearing items |  | **(166)** | 122 | (283) | **(45)** | (493) |
| Proceeds from sale of assets and businesses | <u>[3](#i21f3614772984e09a16c4bc143db5255_61)</u> | **340** | 83 | 50 | **424** | 110 |
| Cash flows provided by/(used in) investing activities |  | **880** | (4016) | 633 | **(3136)** | (1538) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(unaudited, in USD million)** | **Note** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| New finance debt | <u>[5](#i21f3614772984e09a16c4bc143db5255_67)</u> | **2135** | 1507 |  | **3642** |  |
| Repayment of finance debt |  | **(1255)** |  |  | **(1255)** | (1900) |
| Repayment of lease liabilities |  | **(379)** | (364) | (375) | **(743)** | (748) |
| Dividends paid |  | **(1024)** | (1911) | (2072) | **(2935)** | (4721) |
| Share buy-back |  | **(265)** | (549) | (398) | **(815)** | (947) |
| Net current finance debt and other financing activities |  | **(691)** | (2312) | (471) | **(3003)** | (1626) |
| Cash flows provided by/(used in) financing activities |  | **(1480)** | (3629) | (3315) | **(5109)** | (9942) |
| Net increase/(decrease) in cash and cash equivalents |  | **1878** | 1396 | (871) | **3274** | (532) |
| Effect of exchange rate changes in cash and cash equivalents |  | **191** | 69 | 29 | **261** | (152) |
| Cash and cash equivalents at the beginning of the period<sup>1)</sup> |  | **7368** | 5903 | 8227 | **5903** | 8070 |
| Cash and cash equivalents at the end of the period<sup>1)</sup> |  | **9437** | 7368 | 7386 | **9437** | 7386 |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |
| 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. | 1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on <br>a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these <br>were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the <br>restatement table in<u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of preparation. |

---

Equinorsecond quarter2025

---

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

---

**NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS**

Note 1.Organisation and basis of preparation

**Organisation and principal activities**

Equinor Group (Equinor) consists of Equinor ASA and

its subsidiaries. Equinor ASA is incorporated and

domiciled in Norway and listed on the Oslo Børs

(Norway) and the New York Stock Exchange (USA).

The registered office address is Forusbeen 50,

N-4035, Stavanger, Norway.

The objective of Equinor is to develop, produce and

market various forms of energy and derived products

and services, as well as other businesses. The

activities may also be carried out through

participation in or cooperation with other companies.

Equinor Energy AS, a 100% owned operating

subsidiary of Equinor ASA and owner of all of

Equinor's oil and gas activities and net assets on the

Norwegian continental shelf, is a co-obligor or

guarantor of certain debt obligations of Equinor ASA.

Equinor's condensed interim financial statements for

the second quarter of 2025 were authorised for issue

by the board of directors on 22 July 2025.

**Basis of preparation**

These condensed interim financial statements are

prepared in accordance with IAS 34 Interim Financial

Reporting as issued by the International Accounting

Standards Board (IASB) and as adopted by the

European Union (EU). The condensed interim financial

statements do not include all the information and

disclosures required by IFRS® Accounting Standards

for a complete set of financial statements and should

be read in conjunction with the Consolidated annual

financial statements for 2024. IFRS Accounting

Standards as adopted by the EU differs in certain

respects from IFRS Accounting Standards as issued

by the IASB, however the differences do not impact

Equinor's financial statements for the periods

presented.

Certain amounts in the comparable years have been

reclassified to conform to current year presentation.

As a result of rounding differences, numbers or

percentages may not add up to the total.

The condensed interim financial statements are

unaudited.

**Accounting policies**

Except as described in section 'Change in accounting

policy' below, the accounting policies applied in the

preparation of the condensed interim financial

statements are consistent with those applied in the

preparation of Equinor's consolidated annual

financial statements as at, and for the year ended,

31 December 2024.

A description of the material accounting policies is

included in Equinor's consolidated annual financial

statements for 2024. When determining fair value,

there have been no changes to the valuation

techniques or models and Equinor applies the same

sources of input and the same criteria for

categorisation in the fair value hierarchy as disclosed

in the Consolidated annual financial statements for

2024. For information about IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC® Interpretations effective from 1 January 2025,

that could affect the consolidated financial

statements, please refer to note 2 in Equinor's

consolidated annual financial statements for 2024.

None of the amendments to IFRS Accounting

Standards effective from 1 January 2025 has had a

significant impact on the condensed interim financial

statements. Equinor has not early adopted any IFRS

Accounting Standards, amendments to IFRS

Accounting Standards or IFRIC Interpretations issued

but not yet effective.

**Change in accounting policy**

With effect from Q1 2025, Equinor has changed the

classification of cash collaterals for commodity

derivative transactions in the Consolidated balance

sheet from Cash and cash equivalents to

Prepayments and financial receivables (current), with

no impact on Total current assets. These collateral

deposits are related to certain requirements set out

by exchanges where Equinor is participating and

have previously been referred to as restricted cash

and cash equivalents. The reclassification is intended

to better reflect the nature and purpose of the

collateral deposits and to provide more relevant

information to stakeholders.

The change also affects the presentation in the

Consolidated statement of cash flows. With effect

from Q1 2025, the cash flows related to these

collateral deposits are included within Cash flows

provided by operating activities on a new line-item

named Cash collaterals for commodity derivative

transactions.

The change has been retrospectively applied to

comparative periods for consistency and

comparability. The comparative numbers are

restated in tables below.

**Use of judgements and estimates**

The preparation of financial statements in conformity

with IFRS Accounting Standards requires

management to make judgments, estimates and

assumptions that affect the application of accounting

policies and the reported amounts of assets, liabilities,

income and expenses. The estimates and associated

assumptions are reviewed on an on-going basis and

are based on historical experience and various other

factors that are believed to be reasonable under the

circumstances. These estimates and assumptions

form the basis for making the judgments about

carrying values of assets and liabilities that are not

readily apparent from other sources. Actual results

may differ from these estimates. Please refer to

note 2 in Equinor's consolidated annual financial

statements for 2024 for more information about

accounting judgement and key sources of estimation

uncertainty.

Equinorsecond quarter2025

---

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

---

---

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

---

---

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

---

---

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

---

Equinorsecond quarter2025

---

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

---

Note 2.Segments

Equinor's operations are managed through operating segments identified

on the basis of those components of Equinor that are regularly reviewed

by the chief operating decision maker, Equinor's Corporate Executive

Officer (CEO). The reportable segments Exploration & Production Norway

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

Exploration & Production USA (E&P USA), Marketing, Midstream &

Processing (MMP) and Renewables (REN) correspond to the operating

segments. The operating segments Projects, Drilling & Procurement (PDP),

Technology, Digital & Innovation (TDI) and Corporate staff and functions

are aggregated into the reportable segment Other based on materiality.

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

Exploration & Production segments, MMP and REN.

The accounting policies of the reporting segments equal those applied in

these condensed interim financial statements, except for the line-item

Additions to PP&E, intangibles and equity accounted investments in which

movements related to changes in asset retirement obligations are

excluded as well as provisions for onerous contracts which reflect only

obligations towards group external parties. The measurement basis of

segment profit is net operating income/(loss). Deferred tax assets, pension

assets, non-current financial assets, total current assets and total liabilities

are not allocated to the segments. Transactions between the segments,

mainly from the sale of crude oil, gas, and related products, are performed

at defined internal prices which have been derived from market prices. The

transactions are eliminated upon consolidation.

**Net impairments**

In the second quarter of 2025, Equinor recognised net impairments of USD

955 million in the REN segment related to Equinor's offshore wind projects

on the US North East Coast. Regulatory changes leading to reduced

expected synergies from future offshore wind projectsand increased

exposure to tariffs have impacted the project economics for the combined

cash generating unit encompassing Empire Wind 1 (EW1) and South

Brooklyn Marine Terminal (SBMT) negatively, as well as the undeveloped

Empire Wind 2 project. The impairment test employed a value in use

methodology with a 3% real post-tax discount rate, and the total carrying

amount after impairment is USD 2.3 billion.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Second quarter 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 75 | 155 | 61 | 24795 | 22 | 23 |  | **25130** |
| Revenues and other income inter-segment | 8165 | 1191 | 980 | 25 | 5 | 8 | (10374) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (21) | 31 | (1) |  | **9** |
| Other income | (4) | 2 |  |  | 9 |  |  | **6** |
| Total revenues and other income | 8236 | 1348 | 1040 | 24798 | 67 | 31 | (10374) | **25145** |
| Purchases [net of inventory variation] | 1 | (67) |  | (23055) |  |  | 10383 | **(12739)** |
| Operating, selling, general and administrative expenses | (1077) | (504) | (306) | (1182) | (101) | (33) | 121 | **(3081)** |
| Depreciation and amortisation | (1338) | (310) | (536) | (232) | (12) | (38) |  | **(2466)** |
| Net impairment (losses)/reversals |  |  |  |  | (955) |  |  | **(955)** |
| Exploration expenses | (115) | (51) | (16) |  |  |  |  | **(183)** |
| Total operating expenses | (2530) | (932) | (858) | (24469) | (1069) | (70) | 10504 | **(19424)** |
| Net operating income/(loss) | 5706 | 415 | 183 | 329 | (1002) | (40) | 130 | **5721** |
| Additions to PP&E, intangibles and equity accounted <br>investments<br>| 1674 | 622 | 294 | 254 | 718 | 15 |  | **3577** |
| **Balance sheet information** |  |  |  |  |  |  |  |  |
| Equity accounted investments | 4 |  |  | 721 | 1958 | 177 |  | **2860** |
| Non-current segment assets | 31985 | 12451 | 12369 | 3530 | 3639 | 924 |  | **64899** |
| Non-current assets not allocated to segments |  |  |  |  |  |  |  | **15234** |
| Total non-current assets (excl. assets classified as held for <br>sale)<br>|  |  |  |  |  |  |  | **82994** |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First quarter 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 58 | 153 | 63 | 29066 | 18 | 25 |  | **29384** |
| Revenues and other income inter-segment | 9484 | 1364 | 1133 | 13 | 5 | 8 | (12007) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (9) | 22 | (1) |  | **13** |
| Other income | 511 | 54 |  | 1 | (44) | 2 |  | **523** |
| Total revenues and other income | 10052 | 1571 | 1197 | 29072 | 1 | 34 | (12007) | **29920** |
| Purchases [net of inventory variation] | (1) | 3 |  | (27407) |  |  | 11962 | **(15443)** |
| Operating, selling, general and administrative expenses | (891) | (567) | (311) | (1353) | (107) | (50) | 113 | **(3166)** |
| Depreciation and amortisation | (1127) | (396) | (370) | (227) | (8) | (37) |  | **(2165)** |
| Net impairment (losses)/reversals |  |  |  |  | (145) |  |  | **(145)** |
| Exploration expenses | (90) | (32) | (5) |  |  |  |  | **(127)** |
| Total operating expenses | (2108) | (992) | (685) | (28987) | (260) | (88) | 12075 | **(21046)** |
| Net operating income/(loss) | 7944 | 579 | 511 | 84 | (259) | (54) | 68 | **8874** |
| Additions to PP&E, intangibles and equity accounted investments | 2409 | 761 | 308 | 207 | 780 | 30 |  | **4496** |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Second quarter 2024** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 60 | 162 | 72 | 25135 | 6 | 27 |  | **25462** |
| Revenues and other income inter-segment | 8304 | 1742 | 919 | 86 | 6 | 8 | (11065) | **—** |
| Net income/(loss) from equity accounted investments |  | 5 |  | (30) | 37 |  |  | **12** |
| Other income | 62 |  | 9 |  |  | (6) |  | **65** |
| Total revenues and other income | 8426 | 1909 | 1001 | 25190 | 49 | 28 | (11065) | **25538** |
| Purchases [net of inventory variation] |  | (23) |  | (23206) |  |  | 11084 | **(12145)** |
| Operating, selling, general and administrative expenses | (982) | (582) | (291) | (1279) | (122) | (33) | 179 | **(3110)** |
| Depreciation and amortisation | (1206) | (453) | (427) | (242) | (15) | (35) |  | **(2379)** |
| Net impairment (losses)/reversals |  |  |  | 33 | (3) |  |  | **31** |
| Exploration expenses | (109) | (151) | (19) |  |  |  |  | **(279)** |
| Total operating expenses | (2297) | (1209) | (737) | (24693) | (140) | (69) | 11263 | **(17883)** |
| Net operating income/(loss) | 6129 | 699 | 264 | 497 | (90) | (40) | 198 | **7656** |
| Additions to PP&E, intangibles and equity accounted investments | 1579 | 779 | 1522 | 189 | 608 | 101 |  | **4779** |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First half 2025** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 133 | 308 | 124 | 53861 | 40 | 48 |  | **54514** |
| Revenues and other income inter-segment | 17649 | 2555 | 2113 | 38 | 10 | 16 | (22381) | **—** |
| Net income/(loss) from equity accounted investments |  |  |  | (30) | 53 | (1) |  | **22** |
| Other income | 506 | 56 |  | 1 | (35) | 2 |  | **530** |
| Total revenues and other income | 18288 | 2919 | 2237 | 53870 | 68 | 64 | (22381) | **55066** |
| Purchases [net of inventory variation] |  | (65) |  | (50462) |  |  | 22345 | **(28182)** |
| Operating, selling, general and administrative expenses | (1968) | (1071) | (617) | (2535) | (208) | (83) | 234 | **(6247)** |
| Depreciation and amortisation | (2465) | (705) | (906) | (460) | (21) | (75) |  | **(4631)** |
| Net impairment (losses)/reversals |  |  |  |  | (1100) |  |  | **(1100)** |
| Exploration expenses | (206) | (84) | (21) |  |  |  |  | **(310)** |
| Total operating expenses | (4639) | (1924) | (1543) | (53456) | (1329) | (158) | 22579 | **(40471)** |
| Net operating income/(loss) | 13650 | 995 | 694 | 413 | (1260) | (94) | 198 | **14595** |
| Additions to PP&E, intangibles and equity accounted investments | 4083 | 1383 | 601 | 461 | 1499 | 45 |  | **8073** |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **First half 2024** |  |  |  |  |  |  |  |  |
| **(in USD million)** | **E&P Norway** | **E&P International** | **E&P USA** | **MMP** | **REN** | **Other** | **Eliminations** | **Total Group** |
| Revenues third party | 116 | 345 | 139 | 49868 | 32 | 51 |  | **50551** |
| Revenues and other income inter-segment | 16156 | 3212 | 1887 | 178 | 9 | 16 | (21457) | **—** |
| Net income/(loss) from equity accounted investments |  | 8 |  | (31) | 68 |  |  | **44** |
| Other income | 33 | (1) | 30 |  |  | 16 |  | **78** |
| Total revenues and other income | 16305 | 3563 | 2056 | 50014 | 109 | 84 | (21457) | **50673** |
| Purchases [net of inventory variation] |  | 10 |  | (45174) |  |  | 21096 | **(24068)** |
| Operating, selling, general and administrative expenses | (1848) | (977) | (571) | (2605) | (394) | (79) | 392 | **(6081)** |
| Depreciation and amortisation | (2379) | (983) | (791) | (469) | (23) | (71) |  | **(4716)** |
| Net impairment (losses)/reversals |  |  |  | 33 | (3) | (7) |  | **23** |
| Exploration expenses | (193) | (299) | (53) |  |  |  |  | **(545)** |
| Total operating expenses | (4420) | (2248) | (1415) | (48215) | (420) | (157) | 21488 | **(35386)** |
| Net operating income/(loss) | 11885 | 1316 | 641 | 1799 | (311) | (74) | 31 | **15287** |
| Additions to PP&E, intangibles and equity accounted investments | 2951 | 1535 | 1881 | 399 | 1232 | 142 |  | **8140** |

---

Equinorsecond quarter2025

---

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

---

---

| | | |
|:---|:---|:---|
| **Non-current assets by country** |  |  |
|  | **At 30 June** | **At 31 December** |
| **(in USD million)** | **2025** | **2024** |
| Norway<sup>1)</sup> | **35446** | 30017 |
| USA | **15693** | 15638 |
| Brazil | **9221** | 11487 |
| UK | **1785** | 1641 |
| Angola | **1186** | 1159 |
| Canada | **1067** | 1019 |
| Poland | **969** | 644 |
| Argentina | **903** | 822 |
| Denmark | **826** | 770 |
| Germany | **306** | 287 |
| Other | **357** | 202 |
| Total non-current assets<sup>2)</sup> | **67759** | 63686 |
| 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see note 3.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. | 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see note 3.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. | 1)Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please <br>see note 3.<br>2)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to <br>country of operations. |

---

Note 3.Acquisitions and disposals

**Acquisitions and disposals**

**Swap with Petoro in the Haltenbanken area** 

On 1 January 2025, Equinor closed a transaction with

Petoro to swap ownership interests in the

Haltenbanken area. Equinor increased its ownership

interests primarily in the Heidrun field (from 13.0% to

34.4%) and reduced its interests primarily in the

Tyrihans field (from 58.8% to 36.3%) and the Johan

Castberg field (from 50.0% to 46.3%). No cash

consideration is involved. The purpose of the

transaction is to align ownership interests in the

licenses to maximise resource utilisation. The assets

acquired and liabilities assumed were recognised in

accordance with the principles in IFRS 3 Business

Combinations within the E&P Norway segment, mainly

as property, plant, and equipment (USD 610 million),

goodwill (USD 476 million) and deferred tax liability

(USD 381 million). The swap resulted in a gain of USD

491 million, reported as Other Income in the

Consolidated statement of income.

**Held for sale**

**Joint venture agreement with Shell in the UK**

On 5 December 2024, Equinor and Shell agreed to

merge their UK upstream businesses and establish a

joint venture. The parties will hold a 50% equity

interest each. Selected UK North Sea upstream fields,

associated licenses and infrastructure will be

transferred by both parties to the joint venture,

including Equinor's interests in Rosebank, Mariner and

Buzzard. The joint venture will be accounted for under

the equity method upon completion of the

transaction. Completion of the transaction is subject

to license partners' and regulatory approvals and is

expected by the end of 2025. As of 30 June 2025,

assets held for sale amounted to USD 7,871 million

and liabilities directly associated with the assets held

for sale amounted to USD 903 million. Equinor's UK

upstream business is part of the E&P International

segment.

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

**field in Brazil**

On 1 May 2025, Equinor entered into agreements

with Prio Tigris Ltda., a subsidiary of PRIO SA, to sell its

60% operating interest in the Peregrino field in Brazil

as part of the ongoing optimisation of Equinor's

international upstream portfolio. The agreements,

one for the sale of a 40% interest and transfer of

operatorship of Peregrino, and the second for the

sale of the remaining 20% interest, are subject to

regulatory and legal approvals. Completion of the

transactions is expected within the first half of 2026.

As of 30 June 2025, assets held for sale amounted to

USD 3,078 million, and liabilities directly associated

with the assets held for sale amounted to USD 547

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

segment.

Equinorsecond quarter2025

---

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

---

Note 4.Revenues

**Revenues from contracts with customers by** 

**geographical areas**

When attributing the line item Revenues from

contracts with customers for the second quarter

2025 to the country of the legal entity executing the

sale, Norway and the USA accounted for 75% and

22%, respectively, of such revenues (77% and 20%,

respectively, for the first quarter of 2025 and 80%

and 18%, respectively, for the second quarter of

2024).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenues from contracts with customers and other revenues** | **Revenues from contracts with customers and other revenues** | **Revenues from contracts with customers and other revenues** |  |  |  |
|  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Crude oil | **13863** | 16082 | 15633 | **29945** | 29899 |
| Natural gas | **5918** | 7591 | 4888 | **13509** | 9948 |
| - European gas | **4874** | 6366 | 3967 | **11240** | 8143 |
| - North American gas | **477** | 552 | 199 | **1029** | 504 |
| - Other incl. Liquefied natural gas | **568** | 672 | 723 | **1240** | 1301 |
| Refined products | **2374** | 2582 | 2045 | **4956** | 4269 |
| Natural gas liquids | **1825** | 2024 | 1806 | **3849** | 3903 |
| Power | **357** | 673 | 405 | **1031** | 968 |
| Transportation | **323** | 302 | 387 | **625** | 756 |
| Other sales | **108** | 105 | 92 | **213** | 176 |
| Revenues from contracts with customers | **24769** | 29358 | 25255 | **54128** | 49918 |
| Total other revenues<sup>1)</sup> | **361** | 26 | 207 | **387** | 632 |
| Revenues | **25130** | 29384 | 25462 | **54514** | 50551 |
| 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. | 1)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories <br>held for trading purposes. |

---

For the first half of 2025, Norway and the USA

accounted for 76% and 21% of such revenues,

respectively (79% and 18% respectively for the first

half of 2024). Revenues from contracts with

customers are mainly reflecting such revenues from

the reporting segment MMP.

Note 5.Financial items

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Interest income and other financial income | **303** | 336 | 495 | **639** | 1055 |
| Interest expenses and other financial expenses | **(351)** | (325) | (394) | **(676)** | (811) |
| Net foreign currency exchange gains/(losses)  | **(177)** | (24) | (193) | **(201)** | 110 |
| Gains/(losses) on financial investments | **113** | (25) | 21 | **87** | 15 |
| Gains/(losses) other derivative financial instruments | **150** | 58 | (54) | **208** | (128) |
| Net financial items | **37** | 19 | (126) | **56** | 240 |

---

In the second quarter of 2025, Equinor ASA issued

bonds with maturities from 3 to 10 years for a total of

USD 1.75 billion. The bonds were issued in USD and

are fully and unconditionally guaranteed by Equinor

Energy AS.

In the first half of 2025, Equinor has drawn on project

financing for a total amount of USD 1.9 billion, of which

USD 0.4 billion was drawn in the second quarter of

2025. The amounts are included in Finance debt.

Equinor has a US Commercial paper programme

available with a limit of USD 5 billion. As of

30 June 2025, USD 0.2 billion were utilised compared

to USD 4.1 billion utilised as of 31 December 2024.

Equinorsecond quarter2025

---

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

---

Note 6.Income taxes

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Income/(loss) before tax | **5759** | 8893 | 7530 | **14651** | 15527 |
| Income tax | **(4441)** | (6263) | (5658) | **(10704)** | (10983) |
| Effective tax rate | **77.1%** | 70.4% | 75.1% | **73.1%** | 70.7% |

---

The effective reported tax rate of 73.1% for the first

half of 2025 increased compared to 70.7% in 2024

due to higher share of income from jurisdictions with

high tax rates and the extension of the Energy Profits

Levy in the UK. The increase was partly offset by

currency effects in entities that are taxable in other

currencies than the functional currency and the tax

exempted gain from the Swap with Petoro on the

NCS.

The effective tax rate of 77.1% for the second quarter

of 2025 increased compared to 75.1% in 2024. The

increase was mainly due to higher share of income

from jurisdictions with high tax rates offset by

currency effects in entities that are taxable in other

currencies than the functional currency.

Note 7.Provisions, commitments and

contingent items

**Asset retirement obligation**

Equinor's estimated asset retirement obligations

(ARO) have increased by approximately USD 1.4

billion to USD 12.3 billion at 30 June 2025 compared

to year-end 2024, mainly due to currency effects

(USD weakening versus NOK). Changes in ARO are

reflected within Property, plant and equipment and

Provisions and other liabilities in the Consolidated

balance sheet.

**Litigation and claims**

During the normal course of its business, Equinor is

involved in legal and other proceedings, and several

unresolved claims are currently outstanding. The

ultimate liability or asset in respect of such litigation

and claims cannot be determined at this time. Equinor

has provided in its Condensed interim financial

statements for probable liabilities related to litigation

and claims based on the company's best judgement.

Equinor does not expect that its financial position,

results of operations or cash flows will be materially

affected by the resolution of these legal proceedings.

Equinorsecond quarter2025

---

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

---

Note 8.Capital distribution

**Dividend for the second quarter 2025**

On 22 July 2025, the board of directors resolved to

declare a cash dividend for the second quarter of

2025 of USD 0.37 per share. The Equinor shares will

trade ex-dividend 13 November 2025 on the Oslo

Børs and 14 November for ADR holders on the New

York Stock Exchange. Record date will be 14

November and payment date will be 26 November

2025. **Share buy-back programme 2025**

Based on the authorisation from the annual general

meeting on 14 May 2025, the board of directors will,

on a quarterly basis, decide on share buy-back

tranches. The 2025 programme is up to USD 5 billion,

including shares to be redeemed from the Norwegian

state.

In February 2025, Equinor launched the first tranche

of USD1.2 billion of which USD 397 million was

acquired in the market in the first quarter. In May

2025, Equinor launched the second tranche of USD

1,265 million including shares to be redeemed from

the Norwegian state, and entered into an irrevocable

agreement with a third party to purchase shares for

USD 418 million in the market. Of this second tranche,

shares for USD 265 million have been purchased in

the market and settled as of 30 June 2025,

---

| | | |
|:---|:---|:---|
|  | **First half** | **First half** |
| **Equity impact of share buy-back programmes (in USD million)** | **2025** | **2024** |
| First tranche | **397** | 396 |
| Second tranche | **418** | 528 |
| Norwegian state share<sup>1)</sup> | **4141** | 3956 |
| Total | **4955** | 4880 |
| 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme | 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme | 1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme |

---

whereas USD 418 million have been recognised as

reduction in equity. The market execution of the

second tranche was completed in July 2025.

On 22 July 2025, the Board of Directors decided to

initiate a third share buy-back tranche of up to

USD 1,265 million for 2025, including shares to be

redeemed from the Norwegian state. The third

tranche will start 24 July 2025 and end no later than

27 October 2025.

In order to maintain the Norwegian state's ownership

share in Equinor, a proportionate share of the

second, third and fourth tranche of the 2024

programme as well as the first tranche of the 2025

programme was redeemed and cancelled through a

capital reduction by the annual general meeting on 14

May 2025. The liability to the Norwegian state of USD

4,141 million (NOK 42.7 billion) following the capital

reduction has been recognised as reduction in equity

and was settled in July 2025. A proportionate share

of the second and third tranche of the 2025

programme will be redeemed and cancelled at the

annual general meeting in May 2026.

Note 9.Geopolitical and market

uncertainty

**Geopolitical and market uncertainty**

The geopolitical and macroeconomic uncertainty

relating to announcements and policy updates in the

US regarding international trade continue to prevail

in the second quarter of 2025. As the actual policy

changes, both substance and duration, are still

unknown, so are the implications for economic growth,

demand for energy, supply costs, inflation, interest

rates and foreign exchange rates. The current

situation is unclear and could drive development in

different directions. Equinor is actively assessing the

impact of these uncertainties; however, the resulting

operational and economic effects on the company

cannot fully be determined at this time. In the second

quarter, Equinor recognised net impairments of USD

955 million related to offshore wind projects on the

US North East Coast due to regulatory changes

leading to reduced expected synergies from future

offshore wind projects and increased exposure to

tariffs. We refer to Note 2 Segments for further

information. We further refer to sensitivities disclosed

in Note 14 Impairment to the 2024 annual report

regarding illustrative impairment losses to be

recognised following downward adjustments in

Equinor's commodity price assumptions or a change

in the discount rate used for impairment testing.

Equinorsecond quarter2025

---

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

---

**Responsibilitystatement**

Today, the board of directors and the chief executive

officer have reviewed and approved the Equinor ASA

Condensed interim financial statements as of 30 June

2025. Pursuant to the Norwegian Securities Trading Act

section 5-6 with pertaining regulation we confirm to

the best of our knowledge that:

• the Equinor ASA Condensed interim financial

statements for the first half of 2025 have been

prepared in accordance with IFRSs as adopted by

the European Union (EU), IFRSs as issued by the

International Accounting Standards Board (IASB)

and additional Norwegian disclosure

requirements in the Norwegian Accounting Act,

and that

• the Condensed interim financial statements give a

true and fair view of the assets, liabilities, financial

position and results of the company and the

group taken as a whole, and that

• the Condensed interim financial statements give a

fair view of important events that have occurred

during the first six months of the financial year and

their impact on the Condensed interim financial

statements, major related party transactions and

the principal risks and uncertainties for the

remaining six months of the financial year.

Oslo, 22 July 2025

---

| | | |
|:---|:---|:---|
|  | /s/ JON ERIK REINHARDSEN |  |
|  | CHAIR |  |
| /s/ ANNE DRINKWATER | /s/ FERNANDA LOPES LARSEN | /s/ FINN BJØRN RUYTER |
| DEPUTY CHAIR |  |  |
| /s/ HAAKON BRUUN-HANSSEN | /s/ TONE HEGLAND BACHKE | /s/ MIKAEL KARLSSON |
| /s/ FRANK INDRELAND GUNDERSEN | /s/ GEIR LEON VADHEIM | /s/ HILDE MØLLERSTAD |
|  |  | /s/ ANDERS OPEDAL |
|  |  | PRESIDENT AND CEO |

---

![k_cropx150dpixojb-1863.jpg](k_cropx150dpixojb-1863.jpg)

Equinorsecond quarter2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| 36 | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Supplementarydisclosures**

---

| | |
|:---|:---|
| [Exchange rates](#i4fb27d3d60254e85a9a55d7296bda37b) | [37](#i4fb27d3d60254e85a9a55d7296bda37b) |
| [Use and reconciliation of Non-GAAP financial measures](#icad95edab3ac43f0a086f378a4176784) | [37](#icad95edab3ac43f0a086f378a4176784) |
| [Reconciliation of adjusted operating income](#i0cc257e6c5be43579847a399569a2591) | [40](#i0cc257e6c5be43579847a399569a2591) |
| [Adjusted operating income after tax by reporting segment](#i92c5e1c280894afc8885df574adeb967) | [45](#i92c5e1c280894afc8885df574adeb967) |
| [Reconciliation of adjusted operating income after tax to net income](#i293841f31fce4ac293f1b374960e394b) | [46](#i293841f31fce4ac293f1b374960e394b) |
| [Reconciliation of adjusted net income to net income](#i31eacdc80cc64e209de65666322d5e6c) | [46](#i31eacdc80cc64e209de65666322d5e6c) |
| [Adjusted exploration expenses](#ide74766d7adb4a40b4dda37af2e64c98) | [47](#ide74766d7adb4a40b4dda37af2e64c98) |
| [Calculation of CFFO after taxes paid, net cash flow before capital](#if83c85c6175647deb9ed0f2bbdd6a428)<br>[distribution and net cash flow](#if83c85c6175647deb9ed0f2bbdd6a428)<br>| [48](#if83c85c6175647deb9ed0f2bbdd6a428) |
| [Organic capital expenditures](#i16c0d3becaba41faa5ac8b6ed312aaca) | [49](#i16c0d3becaba41faa5ac8b6ed312aaca) |
| [Calculation of capital employed and net debt to capital employed ratio](#i8b183a939630468ebaaed9806cbc7883) | [50](#i8b183a939630468ebaaed9806cbc7883) |
| [Forward-looking statements](#i816ec339eff448548a077da3a2faf087) | [51](#i816ec339eff448548a077da3a2faf087) |
| [End notes](#if606f19ec5f74d81b1efb22c57d0422b) | [52](#if606f19ec5f74d81b1efb22c57d0422b) |

---

Wilko Wind farm, Poland

Equinorsecond quarter2025

---

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

---

## Supplementary disclosures
**Exchange rates**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **Exchange rates** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| USD/NOK average daily exchange rate | **10.2974** | 11.0782 | 10.7440 | (4)% | **10.7006** | 10.6248 | 1% |
| USD/NOK period-end exchange rate | **10.0977** | 10.5529 | 10.6460 | (5)% | **10.0977** | 10.6460 | (5)% |
| EUR/USD average daily exchange rate | **1.1334** | 1.0517 | 1.0764 | 5% | **1.0897** | 1.0811 | 1% |
| EUR/USD period-end exchange rate | **1.1720** | 1.0815 | 1.0705 | 9% | **1.1720** | 1.0705 | 9% |

---

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

**measures**

Non-GAAP financial measures are defined as

numerical measures that either exclude or include

amounts that are not excluded or included in the

comparable measures calculated and presented in

accordance with GAAP (i.e., IFRS Accounting

Standards in the case of Equinor). The following

financial measures included in this report may be

considered non-GAAP financial measures:

**Adjusted operating income**is based on net

operating income/ (loss) and adjusts for certain items

affecting the income for the period to separate out

effects that management considers may not be well

correlated to Equinor's underlying operational

performance in the individual reporting period.

Management believes adjusted operating income

provides an indication of Equinor's underlying

operational performance and facilitates comparison

of operational trends between periods.

**Adjusted operating income after tax** equals

adjusted operating income less tax on adjusted

operating income. Tax on adjusted operating income

is computed by adjusting the income tax for tax

effects of adjustments made to net operating income.

The tax rate applied is the tax rate applicable to each

adjusting item and tax regime, adjusted for certain

foreign currency effects as well as effects of specific

changes to deferred tax assets. Management

believes adjusted operating income after tax

provides an indication of Equinor's underlying

operational performance after tax and facilitates

comparisons of operational trends after tax between

periods as it reflects the tax charge associated with

operational performance excluding the impact of

financing. Tax on adjusted operating income should

not be considered indicative of the amount of current

or total tax expense (or taxes payable) for the period.

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

and provides additional transparency to Equinor's

underlying financial performance by also including net

financial items and the associated tax effects. This

measure includes adjustments made to arrive at

adjusted operating income after tax, in addition to

specific adjustments related to net financial items and

related tax effects, as well as certain adjustments to

income tax as described below. Management believes

this measure provides an indication of Equinor's

underlying financial performance including the impact

from financing and facilitates comparison of trends

between periods.

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

computed by dividing Adjusted net income by the

weighted average number of shares outstanding

during the period. Earnings per share is a metric that

is frequently used by investors, analysts and other

parties to assess a company's profitability per share.

Management believes this measure provides an

indication of Equinor's underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

The non-GAAP financial measures presented above

are supplementary measures and should not be

viewed in isolation or as substitutes for net operating

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

share, which are the most directly comparable IFRS

Accounting Standards measures. The reconciliation

tables later in this report reconcile the above non-

GAAP measures to the most directly comparable

IFRS Accounting Standards measure or measures.

There are material limitations associated with the

above measures compared with the IFRS Accounting

Standards measures, as these non-GAAP measures

do not include all the items of revenues/ gains or

expenses/losses of Equinor that are required to

evaluate its profitability on an overall basis. The non-

GAAP measures are only intended to be indicative of

the underlying developments in trends of our 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.

Equinorsecond quarter2025

---

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

---

**•Periodisation of inventory hedging effect:**

Equinor enters into derivative contracts to

manage price risk exposure relating to its

commercial storage. These derivative contracts

are carried at fair value while the inventories are

accounted for at the lower of cost or market

price. An adjustment is made to align the valuation

principles of inventories with related derivative

contracts. The adjusted valuation of inventories is

based on the forward price at the expected

realisation date. This is so that the valuation

principles between commercial storages and

derivative contracts are better aligned.

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

part of the trading portfolio. Cost of goods sold is

measured based on the FIFO (first-in, first-out)

method, and includes realised gains or losses that

arise due to changes in market prices. These

gains or losses will fluctuate from one period to

another and are not considered part of the

underlying operations for the period.

**•Impairment and reversal of impairment** are

excluded from adjusted operating income since

they affect the economics of an asset for the

lifetime of that asset, not only the period in which it

is impaired, or the impairment is reversed.

Impairment and reversal of impairment can

impact both the exploration expenses and the

depreciation, amortisation and net impairment

line items.

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

from the measure since the gain or loss does not

give an indication of future performance or

periodic performance; such a gain or loss is

related to the cumulative value creation from the

time the asset is acquired until it is sold.

**•Eliminations (Internal unrealised profit on** 

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

inventory vary depending on several factors and

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

inventory, equity oil used in the refining process

and level of in-transit cargoes. Internal profit

related to volumes sold between entities within the

group, and still in inventory at period end, is

eliminated according to IFRS Accounting

Standards (write down to production cost). The

proportion of realised versus unrealised gain

fluctuates from one period to another due to

inventory strategies and consequently impact net

operating income/ (loss). Write-down to

production cost is not assessed to be a part of the

underlying operational performance, and

elimination of internal profit related to equity

volumes is excluded in adjusted operating income.

**•Other items of income and expens**e 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 below are

similarly applied to net income/(loss) from equity

accounted investments when relevant.

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

**•Derecognition of deferred tax assets or** 

**recognition of previously unrecognised** 

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

to taxable income in future reporting periods and

are not reflective of performance in the current

reporting period.

**•Income tax effects arising only when calculating** 

**income tax in the functional currency USD.**

Certain group companies have USD as functional

currency, which is different from the currency in

which the taxable income is measured (tax

currency). Income tax effects arising only when

calculating income tax in the functional currency

USD, that are not part of the tax calculation in the

tax currency, are adjusted for. Management

believes this better aligns the effective tax rate in

functional currency with the statutory tax rate in

the period.

Equinorsecond quarter2025

---

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

---

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

view, net debt ratios provide a more informative

picture of Equinor's financial strength than gross

interest-bearing financial debt. Three different net

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

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

employed adjusted, including lease liabilities, and 3)

net debt to capital employed adjusted. These

calculations are all based on Equinor's gross interest-

bearing financial liabilities as recorded in the

Consolidated balance sheet and exclude cash, cash

equivalents and current financial investments.

The following adjustments are made in calculating the

net debt to capital employed adjusted, including lease

liabilities ratio and the net debt to capital employed

adjusted ratio: financial investments held in Equinor

Insurance AS (classified as Current financial

investments in the Consolidated balance sheet) are

treated as non-cash and excluded from the

calculation of these non-GAAP measures, as these

investments are not readily available for the group to

meet short term commitments. These adjustments

result in a higher net debt figure and in Equinor's view

provides a more prudent measure of the net debt to

capital employed ratio than would be the case

without such exclusions. Additionally, lease liabilities

are further excluded in calculating the net debt to

capital employed adjusted ratio. The table

Calculation of capital employed and net debt to

capital employed ratio later in this report details the

calculations for these non-GAAP measures and

reconciles them with the most directly comparable

IFRS Accounting Standards financial measure or

measures.

**Organic capital expenditures** (organic investments/

capex) – Capital expenditures is defined as Additions

to PP&E, intangibles and equity accounted

investments, which excludes assets held for sale, as

presented in note 2 Segments to the Condensed

interim financial statements. Organic capital

expenditures are capital expenditures excluding

expenditures related to acquisitions, leased assets

and other investments with significantly different cash

flow patterns. Equinor believes this measure gives

stakeholders relevant information to understand the

company's investments in maintaining and developing

its assets. Forward-looking organic capital

expenditures included in this report are not

reconcilable to its most directly comparable IFRS

Accounting Standards measure without

unreasonable efforts, because the amounts excluded

from such IFRS Accounting Standards measure to

determine organic capital expenditures cannot be

predicted with reasonable certainty.

**Cash flows from operations after taxes paid (CFFO** 

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

management, to evaluate cash generated from

operating activities after taxes paid, which is available

for investing activities, debt servicing and distribution

to shareholders. Cash flows from operations after

taxes paid is not a measure of our liquidity under IFRS

Accounting Standards and should not be considered

in isolation or as a substitute for an analysis of our

results as reported in this report. Our definition of

Cash flows from operations after taxes paid is limited

and does not represent residual cash flows available

for discretionary expenditures. The table Calculation

of CFFO after taxes paid and net cash flow later in

this report provides a reconciliation of Cash flows

from operations after taxes paid to its most directly

comparable IFRS Accounting Standards measure,

Cash flows provided by operating activities before

taxes paid and working capital items, as of the

specified dates.

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

flow before capital distribution represents, and is

used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing and distribution to shareholders. Net

cash flow before capital distribution is not a measure

of our liquidity under IFRS Accounting Standards and

should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow before

capital distribution is limited and does not represent

residual cash flows available for discretionary

expenditures. The table Calculation of CFFO after

taxes paid and net cash flow later in this report

provides a reconciliation of Net cash flow before

capital distribution to its most directly comparable

IFRS Accounting Standards measure, Cash flows

provided by operating activities before taxes paid

and working capital items, as of the specified dates.

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

by management to evaluate, cash generated from

operational and investing activities available for debt

servicing. Net cash flow is not a measure of our

liquidity under IFRS Accounting Standards and should

not be considered in isolation or as a substitute for an

analysis of our results as reported in this report. Our

definition of Net cash flow is limited and does not

represent residual cash flows available for

discretionary expenditures. The table Calculation of

CFFO after taxes paid and net cash flow later in this

report provides a reconciliation of Net cash flow to its

most directly comparable IFRS Accounting Standards

measure, Cash flows provided by operating activities

before taxes paid and working capital items, as of the

specified dates.

For more information on our definitions and use of

non-GAAP financial measures, see section 5.5 Use

and reconciliation of non-GAAP financial measures in

Equinor's 2024 Annual Report.

Equinorsecond quarter2025

---

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

---

**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 second quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Net operating income/(loss) | **5721** | 5706 | 415 | 183 | 329 | (1002) | 90 |
| Total revenues and other income | **25145** | 8236 | 1348 | 1040 | 24798 | 67 | (10343) |
| Adjusting items | **(30)** |  |  |  | (11) | (19) |  |
| Changes in fair value of derivatives | **(4)** |  |  |  | (4) |  |  |
| Gain/loss on sale of assets | **(19)** |  |  |  |  | (19) |  |
| Other adjustments | **6** |  |  |  | 6 |  |  |
| Periodisation of inventory hedging effect | **(12)** |  |  |  | (12) |  |  |
| Adjusted total revenues and other income | **25115** | 8236 | 1348 | 1040 | 24787 | 48 | (10343) |
| Purchases [net of inventory variation] | **(12739)** | 1 | (67) |  | (23055) |  | 10382 |
| Adjusting items | **(99)** |  |  |  | 31 |  | (130) |
| Eliminations | **(130)** |  |  |  |  |  | (130) |
| Operational storage effects | **31** |  |  |  | 31 |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(12838)** | 1 | (67) |  | (23023) |  | 10252 |
| Operating and administrative expenses | **(3081)** | (1077) | (504) | (306) | (1182) | (101) | 89 |
| Adjusting items | **(13)** |  | 14 |  | (17) | (10) |  |
| Gain/loss on sale of assets | **15** |  | 14 |  |  | 1 |  |
| Provisions | **(28)** |  |  |  | (17) | (12) |  |
| Adjusted operating and administrative <br>expenses<br>| **(3094)** | (1077) | (490) | (306) | (1198) | (111) | 89 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the second quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(3422)** | (1338) | (310) | (536) | (232) | (968) | (38) |
| Adjusting items | **955** |  |  |  |  | 955 |  |
| Impairment | **955** |  |  |  |  | 955 |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2466)** | (1338) | (310) | (536) | (232) | (12) | (38) |
| Exploration expenses | **(183)** | (115) | (51) | (16) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(183)** | (115) | (51) | (16) |  |  |  |
| Sum of adjusting items | **813** |  | 14 |  | 4 | 926 | (130) |
| Adjusted operating income/(loss) | **6535** | 5706 | 429 | 183 | 333 | (75) | (40) |
| Tax on adjusted operating income | **(4793)** | (4461) | (138) | (41) | (189) | 3 | 33 |
| Adjusted operating income/(loss) after tax | **1741** | 1244 | 291 | 141 | 144 | (72) | (7) |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the second quarter 2024 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Net operating income/(loss) | **7656** | 6129 | 699 | 264 | 497 | (90) | 158 |
| Total revenues and other income | **25538** | 8426 | 1909 | 1001 | 25190 | 49 | (11036) |
| Adjusting items | **(1)** |  |  |  | (1) |  | 0 |
| Changes in fair value of derivatives | **(10)** |  |  |  | (10) |  |  |
| Periodisation of inventory hedging effect | **9** |  |  |  | 9 |  |  |
| Adjusted total revenues and other income | **25538** | 8426 | 1909 | 1001 | 25189 | 49 | (11036) |
| Purchases [net of inventory variation] | **(12145)** | 0 | (23) |  | (23206) | 0 | 11084 |
| Adjusting items | **(179)** |  |  |  | 19 |  | (198) |
| Eliminations | **(198)** |  |  |  |  |  | (198) |
| Operational storage effects | **19** |  |  |  | 19 |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(12325)** | 0 | (23) |  | (23187) | 0 | 10886 |
| Operating and administrative expenses | **(3110)** | (982) | (582) | (291) | (1279) | (122) | 145 |
| Adjusting items | **40** |  | 0 | (0) | 40 |  |  |
| Provisions | **40** |  |  |  | 40 |  |  |
| Adjusted operating and administrative <br>expenses<br>| **(3070)** | (982) | (582) | (291) | (1238) | (122) | 145 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the second quarter 2024 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(2348)** | (1206) | (453) | (427) | (209) | (18) | (35) |
| Adjusting items | **(33)** |  |  |  | (33) |  |  |
| Reversal of impairment | **(33)** |  |  |  | (33) |  |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2382)** | (1206) | (453) | (427) | (242) | (18) | (35) |
| Exploration expenses | **(279)** | (109) | (151) | (19) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(279)** | (109) | (151) | (19) |  |  |  |
| Sum of adjusting items | **(173)** |  |  |  | 25 |  | (198) |
| Adjusted operating income/(loss) | **7482** | 6129 | 699 | 264 | 521 | (90) | (40) |
| Tax on adjusted operating income | **(5329)** | (4764) | (225) | (72) | (285) | 6 | 11 |
| Adjusted operating income/(loss) after tax | **2153** | 1364 | 474 | 192 | 237 | (85) | (29) |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Net operating income/(loss) | **8874** | 7944 | 579 | 511 | 84 | (259) | 14 |
| Total revenues and other income | **29920** | 10052 | 1571 | 1197 | 29072 | 1 | (11973) |
| Adjusting items | **(323)** | (491) | (49) |  | 170 | 47 |  |
| Changes in fair value of derivatives | **113** |  |  |  | 113 |  |  |
| Gain/loss on sale of assets | **(450)** | (491) |  |  | (1) | 43 |  |
| Other adjustments | **(45)** |  | (49) |  |  | 4 |  |
| Periodisation of inventory hedging effect | **58** |  |  |  | 58 |  |  |
| Adjusted total revenues and other income | **29597** | 9561 | 1523 | 1197 | 29241 | 48 | (11973) |
| Purchases [net of inventory variation] | **(15443)** | (1) | 3 |  | (27407) |  | 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 |  | (27413) |  | 11894 |
| Operating and administrative expenses | **(3166)** | (891) | (567) | (311) | (1353) | (107) | 62 |
| Adjusting items | **23** |  |  |  | 5 | 18 |  |
| Other adjustments | **6** |  |  |  |  | 6 |  |
| Provisions | **17** |  |  |  | 5 | 12 |  |
| Adjusted operating and administrative <br>expenses<br>| **(3143)** | (891) | (567) | (311) | (1348) | (89) | 62 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first quarter of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(2310)** | (1127) | (396) | (370) | (227) | (153) | (37) |
| Adjusting items | **146** |  |  |  |  | 146 |  |
| Impairment | **146** |  |  |  |  | 146 |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(2164)** | (1127) | (396) | (370) | (227) | (7) | (37) |
| Exploration expenses | **(127)** | (90) | (32) | (5) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(127)** | (90) | (32) | (5) |  |  |  |
| Sum of adjusting items | **(228)** | (491) | (49) |  | 169 | 210 | (68) |
| Adjusted operating income/(loss) | **8646** | 7453 | 531 | 511 | 253 | (48) | (54) |
| Tax on adjusted operating income | **(6401)** | (5789) | (417) | (118) | (153) | 63 | 13 |
| Adjusted operating income/(loss) after tax | **2245** | 1664 | 114 | 394 | 101 | 15 | (41) |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first half of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Net operating income/(loss) | **14595** | 13650 | 995 | 694 | 413 | (1260) | 104 |
| Total revenues and other income | **55066** | 18288 | 2919 | 2237 | 53870 | 68 | (22316) |
| Adjusting items | **(353)** | (491) | (49) |  | 159 | 27 |  |
| Changes in fair value of derivatives | **109** |  |  |  | 109 |  |  |
| Gain/loss on sale of assets | **(469)** | (491) |  |  | (1) | 23 |  |
| Other adjustments | **(39)** |  | (49) |  | 6 | 4 |  |
| Periodisation of inventory hedging effect | **46** |  |  |  | 46 |  |  |
| Adjusted total revenues and other income | **54713** | 17797 | 2870 | 2237 | 54029 | 96 | (22316) |
| Purchases [net of inventory variation] | **(28182)** |  | (65) |  | (50462) |  | 22344 |
| Adjusting items | **(173)** |  |  |  | 25 |  | (198) |
| Eliminations | **(198)** |  |  |  |  |  | (198) |
| Operational storage effects | **25** |  |  |  | 25 |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(28355)** |  | (65) |  | (50437) |  | 22146 |
| Operating and administrative expenses | **(6247)** | (1968) | (1071) | (617) | (2535) | (208) | 151 |
| Adjusting items | **10** |  | 14 |  | (12) | 8 |  |
| Gain/loss on sale of assets | **15** |  | 14 |  |  | 1 |  |
| Other adjustments | **7** |  |  |  |  | 7 |  |
| Provisions | **(12)** |  |  |  | (12) |  |  |
| Adjusted operating and administrative <br>expenses<br>| **(6237)** | (1968) | (1057) | (617) | (2547) | (199) | 151 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first half of 2025 (in USD million)**<br>| **Equinor** <br>**Group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(5731)** | (2465) | (705) | (906) | (460) | (1121) | (75) |
| Adjusting items | **1101** |  |  |  |  | 1101 |  |
| Impairment | **1101** |  |  |  |  | 1101 |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(4630)** | (2465) | (705) | (906) | (460) | (20) | (75) |
| Exploration expenses | **(310)** | (206) | (84) | (21) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(310)** | (206) | (84) | (21) |  |  |  |
| Sum of adjusting items | **585** | (491) | (35) |  | 173 | 1137 | (198) |
| Adjusted operating income/(loss) | **15181** | 13158 | 960 | 694 | 586 | (124) | (94) |
| Tax on adjusted operating income | **(11194)** | (10250) | (555) | (159) | (341) | 66 | 46 |
| Adjusted operating income/(loss) after tax | **3986** | 2908 | 404 | 535 | 245 | (58) | (48) |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first half of 2024 (in USD million)**<br>| **Equinor** <br>**group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Net operating income/(loss) | **15287** | 11885 | 1316 | 641 | 1799 | (311) | (43) |
| Total revenues and other income | **50673** | 16305 | 3563 | 2056 | 50014 | 109 | (21374) |
| Adjusting items | **(347)** |  |  |  | (347) |  |  |
| Changes in fair value of derivatives | **(454)** |  |  |  | (454) |  |  |
| Periodisation of inventory hedging effect | **107** |  |  |  | 107 |  |  |
| Adjusted total revenues and other income | **50326** | 16305 | 3563 | 2056 | 49667 | 109 | (21374) |
| Purchases [net of inventory variation] | **(24068)** | 0 | 10 |  | (45174) | 0 | 21096 |
| Adjusting items | **(71)** |  |  |  | (40) |  | (31) |
| Eliminations | **(31)** |  |  |  |  |  | (31) |
| Operational storage effects | **(40)** |  |  |  | (40) |  |  |
| Adjusted purchases [net of inventory <br>variation]<br>| **(24138)** | 0 | 10 |  | (45214) | 0 | 21065 |
| Operating and administrative expenses | **(6081)** | (1848) | (977) | (571) | (2605) | (394) | 313 |
| Adjusting items | **179** |  |  |  | 29 | 151 |  |
| Gain/loss on sale of assets | **147** |  |  |  |  | 147 |  |
| Other adjustments | **3** |  |  |  |  | 3 |  |
| Provisions | **29** |  |  |  | 29 |  |  |
| Adjusted operating and administrative <br>expenses<br>| **(5901)** | (1848) | (977) | (571) | (2576) | (243) | 313 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Items impacting net operating income/(loss) in** <br>**the first half of 2024 (in USD million)**<br>| **Equinor** <br>**group**<br>| **E&P** <br>**Norway**<br>| **E&P** <br>**International**<br>| **E&P USA** | **MMP** | **REN** | **Other** |
| Depreciation, amortisation and net <br>impairments<br>| **(4693)** | (2379) | (983) | (791) | (436) | (26) | (78) |
| Adjusting items | **(33)** |  |  |  | (33) |  |  |
| Reversal of impairment | **(33)** |  |  |  | (33) |  |  |
| Adjusted depreciation, amortisation and net <br>impairments<br>| **(4726)** | (2379) | (983) | (791) | (469) | (26) | (78) |
| Exploration expenses | **(545)** | (193) | (299) | (53) |  |  |  |
| Adjusting items | **—** |  |  |  |  |  |  |
| Adjusted exploration expenses | **(545)** | (193) | (299) | (53) |  |  |  |
| Sum of adjusting items | **(272)** |  |  |  | (391) | 151 | (31) |
| Adjusted operating income/(loss) | **15015** | 11885 | 1316 | 641 | 1408 | (160) | (74) |
| Tax on adjusted operating income | **(10288)** | (9199) | (317) | (166) | (672) | 20 | 46 |
| Adjusted operating income/(loss) after tax | **4727** | 2686 | 998 | 475 | 736 | (140) | (28) |

---

Equinorsecond quarter2025

---

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

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Quarters**  |  |  |  |  |
|  |  | **Q2 2025** |  |  | **Q1 2025** |  |  | **Q2 2024** |  |
| **(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 | **5706** | **(4461)** | **1244** | 7453 | (5789) | 1664 | 6129 | (4764) | 1364 |
| E&P International | **429** | **(138)** | **291** | 531 | (417) | 114 | 699 | (225) | 474 |
| E&P USA | **183** | **(41)** | **141** | 511 | (118) | 394 | 264 | (72) | 192 |
| MMP | **333** | **(189)** | **144** | 253 | (153) | 101 | 521 | (285) | 237 |
| REN | **(75)** | **3** | **(72)** | (48) | 63 | 15 | (90) | 6 | (85) |
| Other | **(40)** | **33** | **(7)** | (54) | 13 | (41) | (40) | 11 | (29) |
| Equinor group | **6535** | **(4793)** | **1741** | 8646 | (6401) | 2245 | 7482 | (5329) | 2153 |
| Effective tax rates on adjusted operating income |  |  | **73.4%** |  |  | 74.0% |  |  | 71.2% |
|  |  |  |  | **First half 2025** | **First half 2025** | **First half 2025** | **First half 2024** | **First half 2024** | **First half 2024** |
| **(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>|
| E&P Norway |  |  |  | **13158** | **(10250)** | **2908** | 11885 | (9199) | 2686 |
| E&P International |  |  |  | **960** | **(555)** | **404** | 1316 | (317) | 998 |
| E&P USA |  |  |  | **694** | **(159)** | **535** | 641 | (166) | 475 |
| MMP |  |  |  | **586** | **(341)** | **245** | 1408 | (672) | 736 |
| REN |  |  |  | **(124)** | **66** | **(58)** | (160) | 20 | (140) |
| Other |  |  |  | **(94)** | **46** | **(48)** | (74) | 46 | (28) |
| Equinor group |  |  |  | **15181** | **(11194)** | **3986** | 15015 | (10288) | 4727 |
| Effective tax rates on adjusted operating income |  |  |  |  |  | **73.7%** |  |  | 68.5% |

---

Equinorsecond quarter2025

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD million)** |  | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Net operating income/(loss) | A | **5721** | 8874 | 7656 | **14595** | 15287 |
| Income tax | B1 | **4441** | 6263 | 5658 | **10704** | 10983 |
| Tax on net financial items | B2 | **(2)** | 238 | (178) | **236** | (82) |
| Income tax less tax on net financial items | B = B1 - B2 | **4443** | 6024 | 5835 | **10468** | 11065 |
| Net operating income after tax | C = A - B | **1278** | 2849 | 1821 | **4127** | 4222 |
| Items impacting net operating income/(loss)<sup>1)</sup> | D | **813** | (228) | (173) | **585** | (272) |
| Tax on items impacting net operating income/(loss) | E | **(350)** | (376) | 506 | **(726)** | 777 |
| Adjusted operating income after tax | F = C+D+E | **1741** | 2245 | 2153 | **3986** | 4727 |
| Net financial items | G | **37** | 19 | (126) | **56** | 240 |
| Tax on net financial items | H | **2** | (238) | 178 | **(236)** | 82 |
| Net income/(loss) | I = C+G+H | **1317** | 2630 | 1872 | **3947** | 4545 |

---

1)For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the

<u>[Supplementary disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u>

**Reconciliation of adjusted net income to net income**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD million)** |  | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Net operating income/(loss) |  | **5721** | 8874 | 7656 | **14595** | 15287 |
| Items impacting net operating income/(loss)<sup>1)</sup> | A | **813** | (228) | (173) | **585** | (272) |
| Adjusted operating income<sup>1)</sup> | B | **6535** | 8646 | 7482 | **15181** | 15015 |
| Net financial items |  | **37** | 19 | (126) | **56** | 240 |
| Adjusting items | C | **(144)** | (249) | 224 | **(392)** | 231 |
| Changes in fair value of financial derivatives used <br>to hedge interest bearing instruments<br>|  | **(150)** | (58) | 54 | **(208)** | 128 |
| Foreign currency (gains)/losses on certain <br>intercompany bank and cash balances<br>|  | **7** | (191) | 170 | **(185)** | 103 |
| Adjusted net financial items | D | **(106)** | (230) | 98 | **(336)** | 472 |
| Income tax | E | **(4441)** | (6263) | (5658) | **(10704)** | (10983) |
| Tax effect on adjusting items | F | **(317)** | (363) | 494 | **(680)** | 749 |
| **Adjusted net income** | G = B + D + E + <br>F<br>| **1670** | 1789 | 2417 | **3460** | 5253 |
| Less: |  |  |  |  |  |  |
| Adjusting items | H = A + C | **670** | (477) | 51 | **193** | (40) |
| Tax effect on adjusting items |  | **(317)** | (363) | 494 | **(680)** | 749 |
| **Net income/(loss)** |  | **1317** | 2630 | 1872 | **3947** | 4545 |
| Attributable to shareholders of the company | I | **1313** | 2627 | 1861 | **3939** | 4528 |
| Attributable to non-controlling interests |  | **5** | 3 | 12 | **8** | 16 |
| Attributable to shareholders in % | J | **99.7%** | 99.9% | 99.4% | **99.8%** | 99.6% |
| Adjusted net income attributable to shareholders  | K = G x J | **1666** | 1786 | 2405 | **3452** | 5237 |
| Weighted average number of ordinary shares <br>outstanding (in millions)<br>| L | **2622** | 2719 | 2850 | **2670** | 2894 |
| Basic earnings per share (in USD) | M = I/L | **0.50** | 0.97 | 0.65 | **1.48** | 1.56 |
| Adjusted earnings per share (in USD) | N = K/L | **0.64** | 0.66 | 0.84 | **1.29** | 1.81 |
| 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <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> | 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> |

---

Equinorsecond quarter2025

---

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

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| E&P Norway exploration expenditures | **184** | 167 | 184 | —% | **351** | 276 | 27% |
| E&P International exploration expenditures | **74** | 32 | 170 | (56)% | **106** | 270 | (61)% |
| E&P USA exploration expenditures | **13** | 5 | 17 | (25)% | **18** | 61 | (71)% |
| Group exploration expenditures | **272** | 204 | 372 | (27)% | **476** | 607 | (22)% |
| Expensed, previously capitalised exploration expenditures | **5** | 1 | (4) | N/A | **6** | 77 | (92)% |
| Capitalised share of current period's exploration activity | **(95)** | (77) | (90) | 5% | **(172)** | (142) | 22% |
| Impairment (reversal of impairment) | **—** |  | 2 | (100)% | **—** | 2 | (100)% |
| Exploration expenses according to IFRS  | **183** | 127 | 279 | (35)% | **310** | 545 | (43)% |
| Items impacting net operating income/(loss)<sup>1)</sup> | **—** |  |  | N/A | **—** |  | N/A |
| Adjusted exploration expenses | **183** | 127 | 279 | (35)% | **310** | 545 | (43)% |

---

**Adjusted exploration expenses**

1)For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the <u>[Supplementary](#i21f3614772984e09a16c4bc143db5255_813)</u>

<u>[disclosures.](#i21f3614772984e09a16c4bc143db5255_813)</u>

Equinorsecond quarter2025

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CFFO information**  | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Cash flows provided by operating activities before taxes paid and working capital items<sup>1)</sup> | **9167** | 10620 | 9948 | (8)% | **19788** | 19754 | —% |
| Taxes Paid | **(7229)** | (3226) | (7850) | (8)% | **(10456)** | (11700) | (11)% |
| **Cash flow from operations after taxes paid (CFFO after taxes paid)**<sup>1)</sup> | **1938** | 7394 | 2097 | (8)% | **9332** | 8054 | 16% |
| **Net cash flow information** | **Quarters** | **Quarters** | **Quarters** | **Change** | **First half** | **First half** |  |
| **(in USD million)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **Q2 on Q2** | **2025** | **2024** | **Change** |
| Cash flow from operations after taxes paid (CFFO after taxes paid)<sup>1)</sup> | **1938** | 7394 | 2097 | (8)% | **9332** | 8054 | 16% |
| (Cash used)/received in business combinations | **—** | (26) | (467) | (100)% | **(26)** | (467) | (94)% |
| Capital expenditures and investments | **(3401)** | (3027) | (2950) | 15% | **(6428)** | (5433) | 18% |
| (Increase)/decrease in other interest-bearing items | **(166)** | 122 | (283) | >(100%) | **(45)** | (493) | (91)% |
| Proceeds from sale of assets and businesses | **340** | 83 | 50 | >100% | **424** | 110 | >100% |
| **Net cash flow before capital distribution**<sup>1)</sup> | **(1289)** | 4546 | (1553) | 17% | **3257** | 1770 | 84% |
| Dividend paid | **(1024)** | (1911) | (2072) | (51)% | **(2935)** | (4721) | (38)% |
| Share buy-back | **(265)** | (549) | (398) | (33)% | **(815)** | (947) | (14)% |
| **Net cash flow**<sup>1)</sup> | **(2579)** | 2086 | (4022) | 36% | **(493)** | (3897) | 87% |
| 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  | 1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u><br>Organisation and basis of preparation.  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Line items impacted by change in accounting policy** | **Q2 2024** | **Q2 2024** | **Q2 2024** | **First half 2024** | **First half 2024** | **First half 2024** |
| **(in USD million)** | **As reported** | **Restated** | **Impact** | **As reported** | **Restated** | **Impact** |
| Cash flows provided by operating activities before taxes paid and working <br>capital items<br>| 9748 | 9948 | (200) | 19437 | 19754 | (317) |
| Cash flow from operations after taxes paid (CFFO after taxes paid) | 1898 | 2097 | (200) | 7737 | 8054 | (317) |
| Net cash flow before capital distribution | (1752) | (1553) | (199) | 1454 | 1770 | (317) |
| Net cash flow | (4222) | (4022) | (199) | (4214) | (3897) | (317) |

---

Equinorsecond quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 49 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

**Organic capital expenditures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Organic capital expenditures** | **Quarters** | **Quarters** | **Quarters** | **First half** | **First half** |
| **(in USD billion)** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **2025** | **2024** |
| Additions to PP&E, intangibles and equity accounted investments | **3.6** | 4.5 | 4.8 | **8.1** | 8.1 |
| Less: |  |  |  |  |  |
| Acquisition-related additions | **0.0** | 1.3 | 1.5 | **1.3** | 1.8 |
| Right of use asset additions | **0.2** | 0.2 | 0.4 | **0.4** | 0.7 |
| **Organic capital expenditures** | **3.4** | 3.0 | 2.9 | **6.4** | 5.7 |

---

Equinorsecond quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 50 | Supplementary disclosures | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of capital employed and net debt to capital employed ratio** |  | **At 30 June** | **At 31 December** |
| **(in USD million)** |  | **2025** | **2024** |
| Shareholders' equity |  | **41921** | 42342 |
| Non-controlling interests |  | **51** | 38 |
| Total equity | A | **41972** | 42380 |
| Current finance debt and lease liabilities |  | **9840** | 8472 |
| Non-current finance debt and lease liabilities |  | **24505** | 21622 |
| Gross interest-bearing debt | B | **34345** | 30094 |
| Cash and cash equivalents<sup>1)</sup> |  | **9472** | 5903 |
| Current financial investments |  | **14327** | 15335 |
| Cash and cash equivalents and financial investment<sup>1)</sup> | C | **23800** | 21238 |
| Net interest-bearing debt [8]<sup>1)</sup> | B1 = B - C | **10546** | 8856 |
| Other interest-bearing elements<sup>1)2)</sup> |  | **306** | 366 |
| Net interest-bearing debt adjusted including lease liabilities\*  | B2 | **10852** | 9221 |
| Lease liabilities |  | **3345** | 3510 |
| Net interest-bearing debt adjusted\* | B3 | **7507** | 5711 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Calculation of capital employed and net debt to capital employed ratio** |  | **At 30 June** | **At 31 December** |
| **(in USD million)** |  | **2025** | **2024** |
| **Calculation of capital employed\*** |  |  |  |
| Capital employed<sup>1)</sup> | A + B1 | **52517** | 51235 |
| Capital employed adjusted, including lease liabilities | A + B2 | **52824** | 51601 |
| Capital employed adjusted | A + B3 | **49479** | 48091 |
| **Calculated net debt to capital employed\*** |  |  |  |
| Net debt to capital employed<sup>1)</sup> | (B1) / (A+B1) | **20.1%** | 17.3% |
| Net debt to capital employed adjusted, including lease liabilities | (B2) / (A+B2) | **20.5%** | 17.9% |
| Net debt to capital employed adjusted | (B3) / (A+B3) | **15.2%** | 11.9% |

---

1)Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the

restatement on relevant line items affected are shown below. For more information see <u>[note 1](#i21f3614772984e09a16c4bc143db5255_55)</u> Organisation and basis of

preparation.

2)Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial

investments.

---

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

---

Equinorsecond quarter2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 51 | Forward-looking statements | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

## Forward-looking statements
This report contains certain forward-looking

statements that involve risks and uncertainties. In

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

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

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

"guidance", "targets", and similar expressions to

identify forward- looking statements. Forward-

looking statements include all statements other than

statements of historical fact, including, among others,

statements regarding Equinor's plans, intentions, aims,

ambitions and expectations; the commitment to

develop as a broad energy company and diversify its

energy mix; the ambition to be a leading company in

the energy transition and reduce net group-wide

greenhouse gas emissions; our ambitions and

expectations regarding decarbonisation; future

financial performance, including earnings, cash flow

and liquidity; expectations and ambitions regarding

value creation; expectations and ambitions regarding

progress on the energy transition plan; expectations

regarding cash flow and returns from Equinor's oil

and gas portfolio, CCS projects and renewables and

low carbon solutions portfolio; our expectations and

ambitions regarding operated emissions, annual CO₂

storage and carbon intensity; plans to develop fields;

'expectations and ambitions regarding exploration

activities; plans and ambitions for renewables

production capacity and CO₂ transport and storage

and investments in renewables and low carbon

solutions; expectations and plans regarding

development of renewables projects, CCUS and

hydrogen businesses and production of low carbon

energy and CCS; our intention to optimise our

portfolio; robustness of our portfolio; contributions to

energy security; break-even considerations, targets

and other metrics for investment decisions; future

worldwide economic trends, market outlook and

future economic projections and assumptions,

including commodity price, currency and refinery

assumptions; estimates of reserves and expectations

regarding discoveries; organic capital expenditures

for 2025;expectations regarding investments and

capexand estimates regarding capacity, production,

development and execution of projects; expectations

and estimates regarding future operational

performance, including oil and gas and renewable

power production; estimates regarding tax payments;

expectations and ambitions regarding costs, including

the ambition to keep unit of production cost in the top

quartile of our peer group; scheduled maintenance

activity and the effects thereof on equity production;

regarding completion and results of acquisitions,

disposals, joint ventures and other contractual

arrangements; ambitions regarding capital

distributions and expected amount and timing of

dividend payments and the implementation of our

share buy-back programme; projected impact of

legal claims against us; and provisions and contingent

liabilities. You should not place undue reliance on

these forward-looking statements. Our actual results

could differ materially from those anticipated in the

forward-looking statements for many reasons.

These forward-looking statements reflect current

views about future events, are based on

management's current expectations and assumptions

and are, by their nature, subject to significant risks

and uncertainties because they relate to events and

depend on circumstances that will occur in the future.

There are a number of factors that could cause

actual results and developments to differ materially

from those expressed or implied by these forward-

looking statements, including levels of industry

product supply, demand and pricing, in particular in

light of significant oil price volatility; unfavourable

macroeconomic conditions and inflationary

pressures; exchange rate and interest rate

fluctuations; levels and calculations of reserves and

material differences from reserves estimates;

regulatory stability and access to resources, including

attractive low carbon opportunities; the effects of

climate change and changes in stakeholder sentiment

and regulatory requirements regarding climate

change; changes in market demand and supply and

policy support from governments for renewables;

inability to meet strategic objectives; the development

and use of new technology; social and/or political

instability, including worsening trade relations; failure

to prevent or manage digital and cyber disruptions to

our information and operational technology systems

and those of third parties on which we rely;

operational problems, including cost inflation in

capital and operational expenditures; unsuccessful

drilling; availability of adequate infrastructure at

commercially viable prices; the actions of field

partners and other third-parties; reputational

damage; the actions of competitors; the actions of the

Norwegian state as majority shareholder and

exercise of ownership by the Norwegian state;

changes or uncertainty in or non- compliance with

laws and governmental regulations; adverse changes

in tax regimes; the political and economic policies of

Norway and other oil-producing countries;

regulations on hydraulic fracturing and low-carbon

value chains; liquidity, interest rate, equity and credit

risks; risk of losses relating to trading and commercial

supply activities; an inability to attract and retain

personnel; ineffectiveness of crisis management

systems; inadequate insurance coverage; health,

safety and environmental risks; physical security risks

to personnel, assets, infrastructure and operations

from hostile or malicious acts; failure to meet our

ethical and social standards; actual or perceived

non-compliance with legal or regulatory

requirements; and other factors discussed elsewhere

in this report and in Equinor's Integrated Annual

Report for the year ended December 31, 2024

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

2024 Integrated Annual Report is available at

Equinor's website www.equinor.com.

Although we believe that the expectations reflected in

the forward-looking statements are reasonable, we

cannot assure you that our future results, level of

activity, performance or achievements will meet these

expectations. Moreover, neither we nor any other

person assumes responsibility for the accuracy and

completeness of the forward-looking statements. Any

forward-looking statement speaks only as of the date

on which such statement is made, and, except as

required by applicable law, we undertake no

obligation to update any of these statements after

the date of this report, either to make them conform

to actual results or changes in our expectations.

We use certain terms in this document, such as

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

prohibit us from including in our filings with the SEC.

U.S. investors are urged to closely consider the

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

year ended December 31, 2024, SEC File No.

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

calling 1-800-SEC-0330 or logging on to

www.sec.gov

Equinorsecond quarter2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 52 | End notes | [PRESS](#i21f3614772984e09a16c4bc143db5255_4)<br>[RELEASE](#i21f3614772984e09a16c4bc143db5255_4)<br>| SECOND QUARTER<br>2025[REVIEW](#i21f3614772984e09a16c4bc143db5255_1798)<br>| [CONDENSED INTERIM FINANCIAL](#i21f3614772984e09a16c4bc143db5255_1926)<br>[STATEMENTS AND NOTES](#i21f3614772984e09a16c4bc143db5255_1926)<br>| [SUPPLEMENTARY](#i21f3614772984e09a16c4bc143db5255_2128)<br>[DISCLOSURES](#i21f3614772984e09a16c4bc143db5255_2128)<br>|

---

End notes

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

weighted average of the segment prices of crude

oil, condensate and natural gas liquids (NGL).

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

exclusive of royalty oil.

3. Equity volumes represent produced volumes

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

that correspond to Equinor's ownership share in a

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

represent Equinor's share of the volumes

distributed to the partners in the field, which are

subject to deductions for, among other things,

royalty and the host government's share of profit

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

oil deducted from equity volumes will normally

increase with the cumulative return on investment

to the partners and/or production from the

licence. Consequently, the gap between

entitlement and equity volumes will likely increase

in times of high liquids prices. The distinction

between equity and entitlement is relevant to

most PSA regimes, whereas it is not applicable in

most concessionary regimes such as those in

Norway, the UK, the US, Canada and Brazil.

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

Norwegian state, represented by the Ministry of

Trade, Industry and Fisheries, is the majority

shareholder of Equinor and it also holds major

investments in other entities. This ownership

structure means that Equinor participates in

transactions with many parties that are under a

common ownership structure and therefore meet

the definition of a related party. Equinor

purchases liquids and natural gas from the

Norwegian state, represented by SDFI (the State's

Direct Financial Interest). In addition, Equinor sells

the State's natural gas production in its own name,

but for the Norwegian state's account and risk,

and related expenditures are refunded by the

State.

5. The production guidance reflects our estimates of

**proved reserves** calculated in accordance with

US Securities and Exchange Commission (SEC)

guidelines and additional production from other

reserves not included in proved reserves

estimates.

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

include all realised piped gas sales, including both

physical sales and related paper positions.

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

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

and E&P USA segments.

8. Since different legal entities in the group lend to

projects and others borrow from banks, project

financing through external bank or similar

institutions is not netted in the balance sheet and

results in over-reporting of the debt stated in the

balance sheet compared to the underlying

exposure in the group. Similarly, certain net

interest-bearing debt incurred from activities

pursuant to the Marketing Instruction of the

Norwegian government are offset against

receivables on the SDFI. Some interest-bearing

elements are classified together with non-interest

bearing elements and are therefore included

when calculating the net interest-bearing debt.

**Equinor ASA**

Box 8500

NO-4035 Stavanger

Norway

Telephone:+47 51 99 00 00

www.equinor.com

**Photos:**

Page 1 Jan Arne Wold, Woldcam

Pages 1, 3, 4, 6, 7, 12, 36 Ole Jørgen Bratland

Page 2 Einar Aslaksen

Page 10 Lars-Ivar Flage

Page 18 Øivind Haug

Page 20 Øyvind Gravås and Even Kleppa

**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: 23 July 2025

By: _/s/ Torgrim Reitan

Name: Torgrim Reitan

Title: Chief Financial Officer