Equinor ASA (EQNR) 6-K Equinor Fourth Quarter 2024 Report

Equinor fourth quarter2024

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 February 2025

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50, N-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 fourth quarter2024 results of Equinor ASA.

Equinor fourth quarter2024

2024

Fourth quarter

Financial statements and review

Equinor fourth quarter2024

2 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Key figures

0.3

SIF

Serious incident

frequency (per million

hours worked)

2.3

TRIF

Total recordable

incident frequency (per

million hours worked)

7

8.74

OIL AND GAS

LEAKAGES

with rate above 0.1 kg/

second during the past

12 months

USD BILLION

Net operating

income

3.91

USD BILLION

Cash flow from

operations after

taxes paid*

0.37

USD PER SHARE

Announced cash

dividend per share

7.90

USD BILLION

Adjusted operating

income*

0.63

USD

Adjusted earnings per

share*

6

6.2

USD BILLION

Share buy-back

programme for 2024

KG / BOE

CO₂ upstream intensity.

Scope 1 CO₂ emissions,

Equinor operated,

100% basis for the full

year of 2024

11.0

MILLION

TONNES CO2e

Absolute scope 1+2

GHG emissions for

the full year

of 2024

829

GWh

Renewable power

generation Equinor

share

Always safe

High value

Low carbon

Press release

Always safe

High value

Low carbon

Equinor fourth quarter2024

3 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Equinorfourth quarter and full year 2024results

Press release

Equinor delivered adjusted operating income* of USD 7.90 billion and USD2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion

and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.

The fourth quarter and fullyear results were characterised by:

•Solid financial performance and 21% return on average capital

employed* in 2024

•Strong operational performance with stable oil and gas production 

•Continued industrial progress and value driven transactions

Capital distribution

•Proposed fourth quarter cash dividend of USD0.37per share

•Announced share buy-back of up to USD 5 billion for 2025

•Expected total capital distribution for 2025of up to USD 9 billion

•Stronger expected free cash flow*, supporting sustained competitive

capital distribution

Equinor is well positioned for stronger cash flow and growth:

•Strategy to deliver competitive shareholder returns. Consistent value

driven execution - expecting above 15% return on average capital

employed* towards 2030

•Strengtheningfree cash flow*, expecting USD 23 billion for 2025-2027

by reducing capex and addressing costs

•Increasing oil and gas production, expecting more than 10% growth

from 2024-2027

•Reducing investment outlook to renewables and low carbon solutions to

around USD 5 billion in total after project financing for 2025-2027

•Lowering expected capacity in renewables to 10-12 gigawatt by 2030

Anders Opedal, President and CEO of Equinor ASA:

“Equinor is well positioned for further growth and competitive shareholder

returns. We expect to deliver industry-leading return on average capital

employed, above 15% all the way to 2030. Our oil and gas production

outlook is increased to more than 10% growth from 2024 to 2027. We

strengthen our expected free cash flow significantly compared to last

year’s outlook. We do this by high-grading the portfolio, reducing the

investment outlook for renewables and low carbon solutions and improving

cost across our organisation.”

“Today we announce total capital distribution of up to USD 9 billion for

2025. Supported by stronger free cash flow, we expect to continue to

grow the quarterly cash dividend and use share buy backs to ensure a

competitive capital distribution also going forward.”

“We have a consistent growth strategy and our strategic direction remains

the same. We continue to reduce emissions from our production and build

profitable business in renewables and low carbon solutions towards our

net zero ambition in 2050. By adapting to market situation and

opportunities, we are set to create shareholder value for decades to

come.”

“In 2024 we delivered solid financial results and high production through

strong operational performance. We now expect the 2025 Johan

Sverdrup production to be close to the level of the last two years. This

shows how we work systematically to improve our producing assets to

remain a safe and reliable provider of energy.”

Anders Opedal

Equinor fourth quarter2024

4 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

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

1) Restated, For more information, see Amended principles for Adjusted operating income in the section ‘Use and reconciliation of non-

GAAP financial measures’ in the Supplementary disclosures.

Financial information	Quarters			Change	Full year				Adjusted operating income*	E&P equity liquids and gas production	Total power generation Equinor
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change	Key figures by segment	(USD million)	(mboe/day)	(GWh)
Net operating income/(loss)	8,735	6,905	8,748	0%	30,927	35,770	(14)%	E&P Norway	6,805	1,398	45
Net income/(loss)	1,999	2,285	2,608	(23)%	8,829	11,904	(26)%	E&P International	303	339
Basic earnings per share (USD)	0.73	0.83	0.88	(17)%	3.12	3.93	(21)%	E&P USA	184	335
Adjusted operating income*1)	7,896	6,887	8,558	(8)%	29,798	36,203	(18)%	MMP	659		601
Adjusted net income*	1,733	2,191	1,842	(6)%	9,177	11,318	(19)%	REN	(100)		784
Adjusted earnings per share* (USD)	0.63	0.79	0.62	1%	3.24	3.74	(13)%	Other incl. eliminations	45
								Equinor Group Q4 2024	7,896	2,072	1,430
Cash flows provided by operating activities	2,421	7,057	2,736	(12)%	20,110	24,701	(19)%	Equinor Group Q4 2023	8,558	2,197	1,241
Cash flow from operations after taxes paid*	3,907	6,247	2,787	40%	17,892	19,741	(9)%	Equinor Group full year 2024	29,798	2,067	4,917
Net cash flow before capital distribution*	(2,155)	3,086	(37)	>(100%)	2,385	8,154	(71)%	Equinor Group full year 2023	36,203	2,082	4,236
Operational information								Net debt to capital employed adjusted*	31 December 2024	31 December 2023	%-point change
								Net debt to capital employed adjusted*	11.9%	(21.6)%	33.5%
Group average liquids price (USD/bbl) [1]	68.5	74.0	75.7	(10)%	74.1	75.0	(1)%
Total equity liquids and gas production (mboe per day) [4]	2,072	1,984	2,197	(6)%	2,067	2,082	(1)%	Dividend (USD per share)	Q4 2024	Q3 2024	Q4 2023
Total power generation (GWh) Equinor share	1,430	1,128	1,241	15%	4,917	4,235	16%	Ordinary cash dividend per share	0.37	0.35	0.35
Renewable power generation (GWh) Equinor share	829	678	694	19%	2,935	1,937	51%	Extraordinary cash dividend per share	—	0.35	0.35
								For the full year of 2024, Equinor settled shares in the market under the 2023 and 2024 share buy-back programmes of USD 6,013 million which includes USD 4,023 for the state share of the second, third and fourth tranche of the 2023 programme and the first tranche of the 2024 programme.

Press release

Equinor fourth quarter2024

5 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Strong operational performance

Press release

Equinor had strong operational performance and

stable production levels in the fourth quarter. The

total equity production was 2,072 mboe per day,

down from 2,197mboe in the same quarter last year.

On the Norwegian continental shelf (NCS), production

levels were sustained by the ramp-up of Breidablikk

and the addition of new gas wells. However, the

production levels are lower compared to the same

period last year, due to natural decline, outage at

Sleipner B and planned maintenance. For the full year,

Equinor sustained high production level at the NCS,

with record high production from the Troll and Johan

Sverdrup fields.

The production at the Johan Sverdrup field is

expected to continue to be close to 2023 and 2024

levels in 2025. The recovery rate ambition has been

increased from 65% in the plan for development and

operations to 75% now, including Johan Sverdrup

phase 3. Effective turnarounds and lower unplanned

losses contributed to the slight increase in production

from the NCS in 2024 compared to 2023.

Internationally, the upstream business delivered lower

production for the fourth quarter compared to the

same period in 2023. The divestments in Azerbaijan

and Nigeria, natural decline, higher turnaround

activities and curtailments in the US contributed to

the decline also for the full year. The decline was

partially offset by the ramp up of new wells on stream

and volumes from the Buzzard field in the UK.

In the quarter, Equinor completed 10 offshore

exploration wells with 4 commercial discoveries. The

Himalia and Cappahayden wells were expensed

during the quarter.

The addition of onshore power plants in Brazil and

Poland during 2023, along with the start-up of the

Mendubim solar projects in 2024, contributed to a

19% increase in renewables power generation in the

quarter and a 51% increase for the full year

compared to the same periods in 2023.

Solid financial results in the fourth quarter

Equinor delivered adjusted operating income* of USD

7.90 billion. and USD 2.29 billion after tax* in the fourth

quarter of 2024.

In the quarter, Equinor recognised net impairments of

USD 280 million, primarily related to acquired early

phase project rights within onshore markets in

renewables.

Equinor realised a European gas price of USD 13.5

per mmbtu and realised liquids prices were USD 68.5

per bbl in the fourth quarter. 

The Marketing, Midstream and Processing segment

delivered solid results through equity and third-party

LNG trading. These results were further supported by

physical and financial trading of LPG.

A strong operational performance generated a cash

flow from operating activities, before taxes paid and

working capital items, of USD 9.81 billion for the fourth

quarter. Cash flow from operations after taxes paid*

ended at USD3.91billion for the fourth quarter,

bringing the cash flow from operations after taxes

paid* to USD 17.9 billion for the year.

Equinor paid two NCS tax instalments of a total of

USD5.78 billion in the quarter.

Organic capital expenditure* was USD 3.37 billion for

the quarter, and USD 12.1 billion for the full year. Total

capital expenditure was USD 5.41 billion for the fourth

quarter and USD 16.7 billion for 2024.

After taxes, capital distribution to shareholders and

investments, net cash flow* ended at negative USD

4.57 billion for the fourth quarter and at negative USD

12.2 billion for the full year. Equinor retains a strong

financial position with net debt to capital employed

adjusted ratio* at 11.9% by the end of the fourth

quarter, compared to negative 2.0% at the end of the

third quarter of 2024. The ratio is impacted by the

Ørsted acquisitions and working capital effects over

year-end to take advantage of commodity market

situations.

Strategic progress

Equinor continues to develop the portfolio and deliver

on its strategy in the quarter.

On the NCS, Equinor increased ownership to 69.5% in

the Halten East Unit in The Norwegian Sea. This is an

important project in a core area with strong

profitability and low emissions. A discovery was made

near the Fram field in the North Sea. The activity level

on the NCS is high with 19 ongoing projects towards

2027. 

The international portfolio will be strengthened by the

agreement to establish UK’s largest independent oil

and gas company with Shell. The new company is

expected to produce over 140,000 barrels of oil

equivalent per day in 2025 and play a crucial role in

securing UK’s energy supply. Equinor increased its

stake in the Northern Marcellus asset in the US and

exited the upstream businesses in Azerbaijan and

Nigeria.

A major milestone in the carbon capture and storage

Health, safety and the environment	Twelve months average per Q4 2024	Full year 2023
Serious incident frequency (SIF)	0.3	0.4
	Full year 2024	Full year 2023
Upstream CO2 intensity (kg CO2/boe)	6.2	6.7
	Full year 2024	Full year 2023
Absolute scope 1+2 GHG emissions (million tonnes CO2e)	11.0	11.6

portfolio was realised with the final investment

decision and financial close on two of UK’s first carbon

capture and storage infrastructure projects.

The acquisition of a 10% stake in Ørsted was

completed in the quarter giving Equinor exposure to

premium offshore wind assets in operation and a solid

project pipeline.

In 2024 Equinor added proved reserves mainly

through estimate revisions, transactions and

improved recovery projects. The reserve

replacement ratio (RRR) in 2024 was 151%.

Absolute scope 1+2 GHG emissions for Equinor’s

operated production, on a 100% basis, were 11.0

million tonnes CO₂e in 2024. This represents a

decrease of 0.60 million tonnes CO₂e compared to

last year.

The twelve-month average serious incident

frequency (SIF) for the period was 0.3, a decrease

from 2023. The 2024 result represents the lowest

frequency on record.

Equinor fourth quarter2024

6 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Competitive capital distribution

Press release

The board of directors proposes to the annual general meeting an ordinary cash

dividend of USD 0.37 per share for the fourth quarter 2024, an increase of USD 0.02

per share from the third quarter of 2024, in line with previously announced ambition.

The Equinor share will trade ex-dividend on Oslo Børs from and including 15 May and

New York Stock Exchange from and including 16 May 2025.

The interim cash dividends for the first, second and third quarter of 2025, are to be

decided by the board of directors on a quarterly basis and in line with the company's

dividend policy, subject to existing and renewed authorisation from the annual

general meeting, and are expected to be at the same level as for the fourth quarter

of 2024.

The fourth tranche of the share buy-back programme for 2024 was completed on 14

January 2025 with a total value of USD 1.6 billion. Following this, the total share buy-

backs under the share buy-back programme for 2024 amounts to USD 6 billion.

The board of directors has decided to announce share buy-back for 2025 of up to

USD 5 billion in total to conclude the two-year programme for 2024–2025. The 2025

share buy-back programme will be subject to market outlook and balance sheet

strength. The first tranche of up to USD 1.2 billion of the 2025 share buy-back

programme will commence on 6 February and end no later than 2 April 2025.

Commencement of new share buy-back tranches after the first tranche will be

decided by the board of directors on a quarterly basis in line with the company's

dividend policy and will be subject to existing and new board authorisations for share

buy-back from the company's annual general meeting and agreement with the

Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

Johan Sverdrup field.

1 All forward looking financial numbers are based on Brent blend 70 USD/bbl, Henry Hub 3.5 USD/MMBtu and European gas price 2025: 13 USD/MMBtu, 2026: 11 USD/MMBtu and thereafter: 9 USD/MMBtu

2 USD/NOK exchange rate assumption of 11

Equinor fourth quarter2024

7 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Capital markets update: Firm strategic direction

Press release

- stronger free cash flow* and growth

Equinor maintains a firm strategic direction and has

taken action to strengthen free cash flow* and

returns1. With a profitable project portfolio and strict

capital discipline, Equinor expects to deliver high-

value production growth in selected markets creating

value for shareholders.

Key messages:

•Firm strategy – high returns Remaining value

driven in the execution. Expecting return on

average capital employed* above 15% to 2030 

•Strengthening free cash flow*

Expectingstrengthened free cash flow* to USD 23

billion for 2025 - 2027 by reducing capex and

addressing costs

•Increasing production growth

Expecting above 10% oil and gas production

growth driven by developing an attractive project

portfolio and value adding transactions,

increasing expected 2030 production from 2 to

2.2 million boe per day

•Building resilient business for the future

Lowering investment outlook for renewables and

low-carbon solutions to adapt to market

conditions and further strengthen value creation

for shareholders. Lowering 2030 renewable

capacity ambition to 10-12 gigawatt including

financial investments, and introducing range for

ambition for net carbon intensity reduction.

Maintaining strategic direction towards net zero

Growth in free cash flow*

Equinor has significantly increased the free cash flow*

outlook by reducing investments and addressing

costs. Expected organic capital expenditure* of USD

13 billion for 2025 and on average for the period

2025–2027. After project financing of Empire Wind I,

organic capital expenditure* is expected at USD 11

billion for 2025 and on average USD 12.5 billion for

2026–2027.

Stronger free cash flow provides capacity for Equinor

to continue to deliver competitive capital distribution.

Equinor also strengthens its resilience and can be

cash flow neutral after all investments at an oil price

around 50 dollars per barrel.

Oil and gas - delivering long term value

Equinor expects an oil and gas production growth of

above 10% from 2024 to 2027. In 2030 expected

production is around 2.2 million boe per day, up from

previous expectation of around 2 million. For the NCS,

production is expected to maintain at a high level of

around 1.2 million boe per day all the way to 2035.

Equinor will continue to develop existing fields and an

attractive project portfolio both on the NCS and

internationally. Driving increased recovery and

exploration near infrastructure is expected to bring

high value volumes with short lead time, low cost and

low emissions.

From the international upstream portfolio, Equinor

expects the annual free cash flow* to grow to more

than USD 5 billion in 2030.

A CO2 intensity* around 6 kg per boe is expected by

2030 and the company is on track to deliver on the

2030 ambition of net 50 percent reduction in

operated scope 1 and 2 CO2 emissions.

Renewables and low carbon - adjusting ambitions

to realities

Equinor has high-graded the project portfolios in

renewables and low carbon solutions, and reduced

cost and early phase spend to improve the value

creation for shareholders.The portfolio is expected to

deliver more than 10% life-cycle equity returns. For

renewables, the ambition for installed capacity is

reduced to 10-12 gigawatt by 2030, including the 

Ørsted and Scatec ownership positions.

Equinor demonstrates a leading position in carbon

capture and storage and has projects with a storage

capacity of 2.3 million tonnes CO2 installed or under

development. The ambition to store 30-50 million

tonnes of CO2 per annum by 2035 is maintained, and

Equinor has secured licenses with capacity to store

more than 60 million tonnes annually.

To underline that value creation is at the core of

decision making, the ambition to allocate 50% of

gross capital expenditures to renewables and low

carbon solutions by 2030 is retired.

Updated Energy transition plan

The Energy transition plan describes how Equinor

creates value, cuts emissions and develops new

energy solutions to reach net zero by 2050. The

ambition for cutting scope 1 and 2 emissions by 50%

within 2030 is upheld.

The pace of transition depends on frame conditions

and market opportunities to create value. Adjusting

to the market situation and opportunity set, the range

for the net carbon intensity (NCI) ambition will be

15-20% in 2030 and 30-40% in 2035.

Updated outlook for 2025:

•Organic capex expenditures* are estimated at 

USD 13 billion for 20252.

•Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level.

This press release contains Forward Looking

Technology and innovation

Statements. Please see the Forward Looking

Statement disclaimer published on Equinor.com/

investors/cmu- 2025-forward-looking-statements.

Equinor fourth quarter2024

8 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Fourth quarter2024review

Group review	9
Outlook	12
Supplementary operational disclosures	13
Exploration & Production Norway	15
Exploration & Production International	16
Exploration & Production USA	17
Marketing, Midstream & Processing	18
Renewables	19

Hywind Scotland MCE - Tow to Norway May 2024

Equinor fourth quarter2024

9 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Group review

Group review

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total revenues and other income	27,654	25,446	29,054	(5)%	103,774	107,174	(3)%
Total operating expenses	(18,919)	(18,541)	(20,306)	(7)%	(72,846)	(71,404)	2%
Net operating income/(loss)	8,735	6,905	8,748	—%	30,927	35,770	(14)%
Net financial items	(548)	365	589	>(100%)	58	2,114	(97)%
Income tax	(6,188)	(4,986)	(6,729)	(8)%	(22,157)	(25,980)	(15)%
Net income/(loss)	1,999	2,285	2,608	(23)%	8,829	11,904	(26)%
Adjusted total revenues and other income*1)	26,418	25,518	28,381	(7)%	102,262	105,861	(3)%
Adjusted purchases* [5]	(12,782)	(13,103)	(13,672)	(7)%	(50,024)	(48,003)	4%
Adjusted operating and administrative expenses*1)	(2,784)	(2,805)	(3,256)	(14)%	(11,491)	(11,547)	—%
Adjusted depreciation, amortisation and net impairments*	(2,612)	(2,426)	(2,518)	4%	(9,765)	(9,374)	4%
Adjusted exploration expenses*	(343)	(296)	(377)	(9)%	(1,185)	(734)	61%
Adjusted operating income/(loss)*1)	7,896	6,887	8,558	(8)%	29,798	36,203	(18)%
Adjusted net financial items*	(442)	162	65	>(100%)	192	1,149	(83)%
Income tax less tax effect on adjusting items	(5,721)	(4,857)	(6,782)	(16)%	(20,813)	(26,034)	(20)%
Adjusted net income*	1,733	2,191	1,842	(6)%	9,177	11,318	(19)%
Basic earnings per share (in USD)	0.73	0.83	0.88	(17)%	3.12	3.93	(21)%
Adjusted earnings per share* (in USD)	0.63	0.79	0.62	1%	3.24	3.74	(13)%
Capital expenditures and Investments	3,646	3,098	3,031	20%	12,177	10,575	15%
Cash flows provided by operating activities	2,421	7,057	2,736	(12)%	20,110	24,701	(19)%
Cash flows from operations after taxes paid*	3,907	6,247	2,787	40%	17,892	19,741	(9)%
1)Restated  for Q4 2023 and full year 2023 due to amended principles for 'over-/underlift'. For further information see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-GAAP financial measures' in the Supplementary disclosures.

Operational information	Quarters			Change	Full year
	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total equity liquid and gas production (mboe/day)	2,072	1,984	2,197	(6)%	2,067	2,082	(1)%
Total entitlement liquid and gas production (mboe/ day)	1,953	1,860	2,065	(5)%	1,942	1,954	(1)%
Total Power generation (GWh) Equinor share	1,430	1,128	1,241	15%	4,917	4,235	16%
Renewable power generation (GWh) Equinor share	829	678	694	19%	2,935	1,937	51%
Average Brent oil price (USD/bbl)	74.7	80.2	84.1	(11)%	80.8	82.6	(2)%
Group average liquids price (USD/bbl) [1]	68.5	74.0	75.7	(10)%	74.1	75.0	(1)%
E&P Norway average internal gas price (USD/ mmbtu)	12.05	9.69	11.45	5%	9.47	12.20	(22)%
E&P USA average internal gas price (USD/mmbtu)	2.22	1.46	1.76	26%	1.70	1.77	(4)%

Operations and financial results

Equinor delivered solid financial results in the fourth

quarter, supported by strong operational

performance, despite lower production and overall

commodity prices compared to a strong 2023.

E&P Norway sustained high production levels

throughout the year, driven by strong contributions

from the Johan Sverdrup and Troll fields.Effective

turnaround activities and lower level of unplanned

losses contributed to an increase in NCS production

for the full year of 2024 compared to 2023.In the

fourth quarter, natural decline across several fields

and the fire at Sleipner B more than offset positive

contributions from the ongoing ramp-up of

Breidablikk and the addition of new gas wells.

Portfolio developments in the international upstream

business impacted production levels in the fourth

quarter of 2024. The divestments of interests in

Nigeria and Azerbaijan, which resulted in a net gain

on sale of assets,contributed to a decline in

production for E&P International in the fourth quarter.

Natural decline and temporary shutdowns

contributed to the full year decline, partially offset by

the ramp up of new wells on stream and volumes from

the Buzzard field in the UK. In E&P USA, production

decreased in both the quarter and full year due to

curtailments in the Appalachian Basin and hurricane-

related disruptions, which primarily impacted liquid-

producing assets. The swap transaction of onshore

assets in the US during the second quarter partially

offset the decline in the fourth quarter.

The growth of our renewable energy portfolio

contributed to the total power generation increase in

the fourth quarter and full year of 2024. The addition

of onshore power plants in Brazil and Poland during

2023, along with the start-up of the Mendubim solar

projects in 2024, drove the 19% and 51% increase in

renewable power generation for the fourth quarter

and full year of 2024 compared to the same periods

in 2023, The increase in total power generation was

partially offset by a decrease in gas to power

Equinor fourth quarter2024

10 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

generation compared to 2023 due to low clean spark

spreads.

Group review

Gas and Power delivered strong results through

equity and third-party LNG trading in the Marketing,

Midstream and Processing segment. These results

were further supported by physical and financial

trading of LPG.

Higher realised gas prices, combined with increased

sales of natural gas and liquids, drove strong revenue

and results for the fourth quarter of 2024. Lower

liquids prices impacted this growth, leading to a

decline in revenue compared to the same quarter last

year. For the full year, both gas and liquids prices

were lower than in 2023, affecting revenues despite

stable production levels and increased sales of

natural gas and liquids.

Reduced operating activityfor the fourth quarter of

2024, combined with divestments and a reduction in

development projects within the renewables and low

carbon solutions businesses, has resulted in lower

adjusted operating and administrative expenses*

compared to the same period last year. Adjusted

operating and administrative expenses* was

consistent with the full year of 2023.

The ramp up of new fields, such as Breidablikk, and

the inclusion of Buzzard contributed to the overall

increase in adjusted depreciation, amortisation and

net impairments* in the fourth quarter and full year of

2024 compared to the same periods in 2023. This

increase was partially offset by lower production in

the fourth quarter.

Exploration expenses decreased in the fourth quarter

as fewer wells were expensed in the Gulf of Mexico

compared to the same period last year. This

decrease was partially offset by higher drilling activity

on the NCS. For the full year 2024, higher exploration

activity in Canada, Argentina, and Brazil increased

exploration expenses compared to the prior year. in

which previously expensed wells were capitalised.

Lower interest income due to reduced liquid assets as

well as losses on financial investments resulted in

decreased financial items for the fourth quarter and

full year of 2024, impacting net income and earnings

per share. The decrease was partially offset by

currency gains due to USD strengthening against the

NOK.

Taxes

The effective reported tax rate of 71.5% for the full

year of 2024 increased compared to 68.6% in 2023

due to a higher share of income from jurisdictions with

high tax rates, and currency effects. The effective

reported tax rate of 75.6% for the fourth quarter of

2024 increased compared to 72.1% in 2023. The

increase was mainly due to a higher share of income

from jurisdictions with high tax rates.

Cash flow and net debt

Solid financial results during the fourth quarter of

2024, driven by a strong operational performance,

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,813 million. The downward movement in commodity

prices drove this decrease from USD 10,890 million in

the prior year.

Cash flow from operations after taxes paid*

increased compared to the fourth quarter of 2023,

from USD 2,787 million to USD 3,907 million due to

lower tax payments in the quarter. For the full year of

2024, cash flow from operations after taxes paid*

was USD 17,892, down from USD 19,741 million in the

prior year.

Tax payments of USD 5,906 million in the fourth

quarter have reduced from the prior year amount of

USD 8,103 million. The payments primarily consist of

two Norwegian corporation tax instalments.The

reduction in payment compared to the same period in

the prior year reflects the relatively lower pricing

environment of 2024. NCS tax instalments totalling

NOK 105.6 billion are expected to be paid in the first

half of 2025.

A working capital increase of USD 1,486 million

negatively impacted the cash flow in the fourth

quarter of 2024, compared to an increase of USD 51

million in the fourth quarter of 2023.

Net cash flow before capital distribution*decreased

from USD 3,086 million in the prior quarter to

negative USD 2,155 million, primarily reflecting the

increased NCS tax instalments and USD 2,468 million

related to strategic non-current financial investments.

The acquisition of onshore assets in the US and the

divestments in Nigeria and Azerbaijan also impacted

the net cash flow before capital distribution* during

the quarter.

Full year cash flow from operations after taxes paid*

concluded at USD 17,892 million inflow, with an outflow

of USD12,206 million in net cash flow*, demonstrating

significant shareholder distribution.

A decrease in liquid assets, mainly due to tax

payments, non-current financial investments and

increased working capital, combined with a decrease

inequity during the quarter caused an increase in the

net debt to capital employed adjusted ratio* at the

end of 2024 from negative 2.0% at the end of

September 2024 to positive 11.9%.

Capital distribution

The board of directors proposes to the annual

general meeting an ordinary cash dividend of USD

0.37 per share for the fourth quarter 2024, an

increase of USD 0.02 per share from the third

quarter of 2024, in line with previously announced

ambition. The Equinor share will trade ex-dividend on

Oslo Børs from and including 15 May and New York

Stock Exchange from and including 16 May 2025.

The interim cash dividends for the first, second and

third quarter of 2025, are to be decided by the board

of directors on a quarterly basis and in line with the

company's dividend policy, subject to existing and

renewed authorisation from the annual general

meeting, and are expected to be at the same level as

for the fourth quarter of 2024.

The fourth tranche of the share buy-back

programme for 2024 was completed on 14 January

2025 with a total value of USD 1.6 billion. Following

this, the total share buy-backs under the share buy-

back programme for 2024 amounts to USD 6 billion.

The board of directors has decided to announce

share buy-back for 2025 of up to USD 5 billion in total

to conclude the two-year programme for 2024–

2025. The 2025 share buy-back programme will be

subject to market outlook and balance sheet strength.

The first tranche of up to USD 1.2 billion of the 2025

share buy-back programme will commence on 6

February and end no later than 2 April 2025.

Commencement of new share buy-back tranches

after the first tranche will be decided by the board of

directors on a quarterly basis in line with the

company's dividend policy and will be subject to

existing and new board authorisations for share buy-

back from the company's annual general meeting and

agreement with the Norwegian State regarding

share buy-back.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

3 Restated due to amended principles for ‘over-/underlift’. For more information, see Amended principles for Adjusted operating income in the section ‘Use and reconciliation of non-GAAP financial measures’ in the Supplementary disclosures.

Equinor fourth quarter2024

11 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

ROACE, organic capital expenditure, and

Group review

reserves

Based on adjusted operating income after tax* and

average capital employed, calculatedreturn on

average capital employed (ROACE)* was 20.6% for

the 12-month period ended 31 December 2024 and

24.8%3 for the 12-month period ended 31 December

2023.

Organic capital expenditures*amounted to USD 12.1

billion for the full year 2024. Total capital

expenditures were USD 16.7 billion for the full year

2024.

Estimated Proved reserves at the end of 2024 were

5,571 million barrels of oil equivalents (boe), a net

increase of 358 million boe compared to 5,214 million

boe at the end of 2023.

The net increase was mainly due to more volumes

added through revisions and improved recovery

projects, increasing the proved reserves by 650

million boe in 2024 compared to 232 million boe in

2023. The net increase in this category was mainly

related to larger fields in Norway where positive

production performance and implementation of

additional recovery projects has increased our

certainty in the expected ultimate recovery. The net

effect of purchases and sales of reserves added to

the increase, with a net increase of 284 million boe in

2024 compared to a net decrease of 4 million boe in

2023. This net increase was mainly due to purchases

of new proved reserves in the Appalachian basin in

the USA and transactions in the Haltenbanken area in

Norway, partially offset by the exit from joint

arrangements in Azerbaijan and Nigeria. The effect of

extensions and discoveries further added to the

increase of the proved reserves, with a net increase

of 123 million boe in 2024 compared to 507 million

boe in 2023. The increase was mainly related to

several new wells drilled in previously undrilled areas

in the Appalachian basin in the USA. The entitlement

production available for sale in 2024 was 699 million

boe compared to 711 million boe in 2023.

This results in a reserve replacement ratio (RRR) of

151% and an organic RRR excluding purchase and

sale of 111% in 2024 compared to 103% and 104% in

2023. The corresponding three-year average

replacement ratio was 110%, and the organic three-

year average was 101% at the end of 2024

compared to 98% and 107% at the end of 2023.

The RRR measures the estimated proved reserves

added to the reserve base, including the effects of

sales and purchases, relative to the amount of oil and

gas produced.

All reserves numbers are preliminary.

Health, safety and the environment

The twelve-month average serious incident

frequency (SIF) for the period ending 31 December

2024 was 0.3, a decrease from 2023 which ended at

0.4. The 2024 result represents the lowest frequency

on record.

Absolute scope 1+2 GHG emissions for Equinor’s

Equinor Poland

operated production, on a 100% basis, were 11.0

million tonnes CO₂e in 2024.  This represents a

decrease of 0.60 million tonnes CO₂e compared to

last year. The positive development is largely

attributed to the implementation of electrification

projects on the NCS and permanent shutdown of the

amine plant at Åsgard B. Furthermore,

decommissioning of Heimdal in 2023, along with

turnaround, maintenance and energy efficiency

activities at several fields and plants in 2024,

contributes to a decrease in GHG emissions.

4 USD/NOK exchange rate assumption of 11

Equinor fourth quarter2024

12 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Outlook

Outlook

•Organic capital expenditures* are estimated at

USD 13 billion for 20254.

•Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level [6].

•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 the extent and

duration of the current market conditions, the

development in realised prices, including price

differentials and other factors discussed elsewhere in

the report. For further information, see section

Forward-looking statements in the report.

Mongstad

Bacalhau FPSO

Equinor fourth quarter2024

13 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary operational disclosures

Supplementary operational disclosures

	Quarters			Change	Full year				Quarters			Change	Full year
Operational information	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change	Operational information	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Prices								Equity production (mboe per day)
Average Brent oil price (USD/bbl)	74.7	80.2	84.1	(11)%	80.8	82.6	(2)%	E&P Norway equity liquids production	627	608	658	(5)%	628	645	(3)%
E&P Norway average liquids price (USD/bbl)	71.4	77.1	79.3	(10)%	77.1	78.6	(2)%	E&P International equity liquids production	304	300	323	(6)%	306	304	—%
E&P International average liquids price (USD/bbl)	66.6	71.4	73.1	(9)%	72.1	72.6	(1)%	E&P USA equity liquids production	150	142	174	(14)%	148	162	(9)%
E&P USA average liquids price (USD/bbl)	58.8	65.1	66.0	(11)%	64.5	64.4	—%	Group equity liquids production	1,081	1,050	1,155	(6)%	1,082	1,112	(3)%
Group average liquids price (USD/bbl) [1]	68.5	74.0	75.7	(10)%	74.1	75.0	(1)%	E&P Norway equity gas production	772	701	806	(4)%	758	729	4%
Group average liquids price (NOK/bbl) [1]	754	793	821	(8)%	796	792	—%	E&P International equity gas production	34	34	39	(11)%	34	41	(16)%
E&P Norway average internal gas price (USD/mmbtu) [8]	12.05	9.69	11.45	5%	9.47	12.20	(22)%	E&P USA equity gas production	185	200	197	(6)%	193	200	(4)%
E&P USA average internal gas price (USD/mmbtu) [8]	2.22	1.46	1.76	26%	1.70	1.77	(4)%	Group equity gas production	991	934	1,042	(5)%	985	970	2%
Realised piped gas price Europe (USD/mmbtu) [7]	13.54	11.24	13.07	4%	11.03	13.86	(20)%	Total equity liquids and gas production [4]	2,072	1,984	2,197	(6)%	2,067	2,082	(1)%
Realised piped gas price US (USD/mmbtu) [7]	2.36	1.66	2.07	14%	2.00	2.09	(4)%
Refining reference margin (USD/bbl) [2]	2.7	2.8	6.1	(56)%	5.2	10.2	(49)%	Power generation
								Power generation (GWh) Equinor share	1,430	1,128	1,241	15%	4,917	4,235	16%
Entitlement production (mboe per day)								Renewable power generation (GWh) Equinor share1)	829	678	694	19%	2,935	1,937	51%
E&P Norway entitlement liquids production	627	608	658	(5)%	628	645	(3)%
E&P International entitlement liquids production	245	233	254	(4)%	239	240	(1)%	1)Includes Hywind Tampen renewable power generation.
E&P USA entitlement liquids production	134	127	156	(14)%	133	145	(9)%
Group entitlement liquids production	1,006	968	1,068	(6)%	1,000	1,030	(3)%
E&P Norway entitlement gas production	772	701	806	(4)%	758	729	4%
E&P International entitlement gas production	19	23	24	(20)%	22	26	(17)%
E&P USA entitlement gas production	157	169	167	(6)%	163	168	(3)%
Group entitlement gas production	948	892	997	(5)%	942	924	2%
Total entitlement liquids and gas production [3]	1,953	1,860	2,065	(5)%	1,942	1,954	(1)%

Equinor fourth quarter2024

14 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Health, safety and the environment

Supplementary operational disclosures

	Twelve months average per Q4 2024	Full year 2023
Total recordable injury frequency (TRIF)	2.3	2.4
Serious Incident Frequency (SIF)	0.3	0.4
Oil and gas leakages (number of)1)	7	10
	Full year 2024	Full year 2023
Upstream CO2 intensity (kg CO2/boe)2)	6.2	6.7
	Full year 2024	Full year 2023
Absolute scope 1+2 GHG emissions (million tonnes CO2e)3)	11.0	11.6
1)Number of leakages with rate above 0.1kg/second during the past 12 months. 2)Operational control, total scope 1 emissions of CO2 from expectations and production, divided by total production (boe). 3)Operational control, total scope 1 and 2 emissions of CO2 and CH4.

Equinor fourth quarter2024

15 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production Norway

Exploration & Production Norway

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total revenues and other income	9,257	8,081	10,076	(8)%	33,643	38,340	(12)%
Total operating expenses	(2,452)	(2,207)	(2,339)	5%	(9,078)	(9,253)	(2)%
Net operating income/(loss)	6,805	5,875	7,737	(12)%	24,564	29,087	(16)%
Adjusted total revenues and other income*1)	9,257	8,081	9,855	(6)%	33,643	38,248	(12)%
Adjusted operating and administrative expenses*1)	(894)	(871)	(1,057)	(15)%	(3,612)	(3,759)	(4)%
Adjusted depreciation, amortisation and net impairments*	(1,382)	(1,193)	(1,144)	21%	(4,954)	(4,429)	12%
Adjusted exploration expenses*	(176)	(143)	(138)	27%	(513)	(476)	8%
Adjusted operating income/(loss)*1)	6,805	5,875	7,515	(9)%	24,564	29,583	(17)%
Additions to PP&E, intangibles and equity accounted investments	1,872	1,462	1,577	19%	6,285	5,939	6%
Operational information	Quarters			Change	Full year
E&P Norway	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
E&P entitlement liquid and gas production (mboe/ day)	1,398	1,308	1,464	(4)%	1,386	1,375	1%
Average liquids price (USD/bbl)	71.4	77.1	79.3	(10)%	77.1	78.6	(2)%
Average internal gas price (USD/mmbtu)	12.05	9.69	11.45	5%	9.47	12.20	(22)%
1)Restated  for Q4 2023 and full year 2023 due to amended principles for 'over-/underlift'. For further information see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-GAAP financial measures' in theSupplementary disclosures.

Production & Revenues

In the fourth quarter of 2024 production from E&P

Norway remained robust, but was lower than the

strong deliveries in the same quarter last year. This

was mainly due to natural decline on several fields,

the fire incident at Sleipner B, partly offset by

production from new wells and ramp-up of

Breidablikk. The production decrease was similar for

both gas and liquids.

The production for 2024 ended slightly higher than

for 2023, which is explained by ramp-up of new fields

and lower level of unplanned losses, partly offset by

higher turnaround activity and natural decline.

The liquids price decreased more than the gas price

increased, when comparing the fourth quarter of

2024 compared to the same quarter last year. The

price picture combined with a lower production level

resulted in reduced revenues.

The gas price was high at the start of 2023 but

declined sharply during the year and into 2024. Since

the first quarter of 2024, the gas prices have been

rising slowly, but resulted in 2024 prices being lower

than in 2023, which is the main reason for the

reduced revenues.

Operating expenses and financial results

Operating and administrative expenses decreased in

the fourth quarter and full year 2024 compared to

the same periods last year, mainly due to several

one-off effects in the current quarter, the Statfjord

area divestment and reduction in CO₂ quota prices,

with a partial offset from higher operation and

maintenance activities across several fields.

Adjusted depreciation, amortisation and net

impairments* in the fourth quarter of 2024 was

negatively impacted by impairment of an asset. In the

fourth quarter and full year of 2024, adjusted

depreciation, amortisation and net impairments*

increased compared to the same periods last year

due to the ramp up of new fields and field-specific

investments. This increase was partially offset by the

impact of prior period impairments.

The exploration activity in the fourth quarter of 2024

(13 wells) was higher compared to the same quarter

last year (8 wells). Together with a lower

capitalisation rate this led to an increase in

exploration expenses. The same elements impacted

the full year of 2024 compared to 2023, in addition to

higher average well cost, partly offset by decreased

seismic cost

In 2024, there were no adjusting items impacting net

operating income, whereas 2023 included a USD 222

million gain from the sale of Statfjord ownership

shares in the fourth quarter in addition to a USD 588

million impairment on a North Sea asset.

Equinor fourth quarter2024

16 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production International

Exploration & Production International

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total revenues and other income	2,183	1,597	1,889	16%	7,343	7,032	4%
Total operating expenses	(1,159)	(1,190)	(1,553)	(25)%	(4,597)	(4,700)	(2)%
Net operating income/(loss)	1,024	407	336	>100%	2,746	2,332	18%
Adjusted total revenues and other income*1)	1,378	1,597	1,867	(26)%	6,538	6,910	(5)%
Adjusted purchases*	64	11	(45)	N/A	85	(70)	N/A
Adjusted operating and administrative expenses*1)	(542)	(519)	(540)	0%	(2,038)	(1,893)	8%
Adjusted depreciation, amortisation and net impairments*	(538)	(544)	(603)	(11)%	(2,064)	(2,123)	(3)%
Adjusted exploration expenses*	(58)	(138)	(55)	6%	(496)	16	N/A
Adjusted operating income/(loss)*1)	303	407	623	(51)%	2,025	2,840	(29)%
Additions to PP&E, intangibles and equity accounted investments	896	760	923	(3)%	3,191	4,376	(27)%
Operational information	Quarters			Change	Full year
E&P International	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
E&P equity liquid and gas production (mboe/day)	339	334	362	(6)%	340	345	(1)%
E&P entitlement liquid and gas production (mboe/ day)	264	256	278	(5)%	261	266	(2)%
Production sharing agreements (PSA) effects	74	79	83	(11)%	79	79	0%
Average liquids price (USD/bbl)	66.6	71.4	73.1	(9)%	72.1	72.6	(1)%
1)Restated for Q4 2023 and full year 2023 due to amended principles for 'over-/underlift'. For further information see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-GAAP financial measures' in theSupplementary disclosures.

Production & Revenues

The decrease in equity production in the fourth

quarter of 2024 compared to the same quarter last

year is mainly due to natural decline in certain fields

along with the divestments in Azerbaijan and Nigeria

concluded on 29th November and 6th December

2024 respectively. The decreased equity production

was partially offset by contribution from new wells.

The full year production in 2024 slightly decreased

compared to 2023. Natural decline and temporary

shutdowns, mainly in Brazil, together with the

divestments in Azerbaijan and Nigeria, were offset by

the contributions from new wells and additions from

Buzzard in the UK, together with decreased

turnaround activities in 2024.

The decrease in production sharing agreements

(PSA) effects in the fourth quarter of 2024 compared

to same period last year were driven by lower

production from several PSA fields and slightly higher

entitlement factor due to lower oil prices. PSA effects

in 2024 are at the same level compared to 2023.

The decrease in adjusted total revenues and other

income* in the fourth quarter of 2024 was impacted

by divestments, underlift and weaker prices 

compared to same quarter in 2023. The decline in full

year adjusted total revenues and other income* is

due to marginally lower lifted volumes and prices

compared to 2023.

Operating expenses and financial results

Operating and administrative expenses increased in

the full year of 2024 compared to the same period

last year. On a year-on-year basis, the increase is

driven by higher operating and maintenance activity

levels in Brazil and the UK, accompanied by increased

transportation costs and tariffs in Brazil. In the fourth

quarter, the cost was on the same level as same

quarter last year.

Depreciation in the fourth quarter and full year of

2024 decreased compared to same periods in 2023

as ACG was classified as ‘held for sale’ throughout

2024. Additionally, depreciation ceased for the UK

assets moved to ‘held for sale’ following the

announcement of the joint venture between Equinor

UK Ltd and Shell UK Limited in December 2024. The

decrease for the full year of 2024 was partially offset

by additional depreciation following inclusion of the

Buzzard field in second half of 2023.

The exploration expenses in the fourth quarter of

2024 were on the same level as the fourth quarter of

2023. For the full year, exploration expenses include

the effects of unsuccessful exploration campaigns in

Canada, Brazil and offshore Argentina in 2024. The

capitalisation of previously expensed exploration

wells in Brazil in 2023 which were deemed commercial

drove the increase year on year.

In the fourth quarter and the full year of 2024, net

operating income increased compared to same

periods last year mainly due to a gain on the sale of

Equinor’s Nigerian business partially offset by a loss

on the divestment of ACG earlier in 2024.

Additions to PP&E, intangibles and equity accounted

investments have decreased, primarily due to the

acquisition of Suncor Energy UK Limited in 2023. This

is partially offset by higher cost related to the

development projects Rosebank and Raia.

Equinor fourth quarter2024

17 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production USA

Exploration & Production USA

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total revenues and other income	957	943	1,165	(18)%	3,957	4,319	(8)%
Total operating expenses	(773)	(737)	(1,022)	(24)%	(2,925)	(2,966)	(1)%
Net operating income/(loss)	184	207	143	29%	1,031	1,353	(24)%
Adjusted total revenues and other income*	957	943	1,165	(18)%	3,957	4,286	(8)%
Adjusted operating and administrative expenses*	(257)	(314)	(308)	(16)%	(1,142)	(1,156)	(1)%
Adjusted depreciation, amortisation and net impairments*	(408)	(408)	(506)	(19)%	(1,607)	(1,779)	(10)%
Adjusted exploration expenses*	(109)	(15)	(184)	(41)%	(176)	(274)	(36)%
Adjusted operating income/(loss)*	184	207	168	10%	1,031	1,076	(4)%
Additions to PP&E, intangibles and equity accounted investments	1,651	330	332	>100%	3,862	1,206	>100%
Operational information	Quarters			Change	Full year
E&P USA	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
E&P equity liquid and gas production (mboe/day)	335	342	372	(10)%	341	363	(6)%
E&P entitlement liquid and gas production (mboe/ day)	291	296	323	(10)%	295	314	(6)%
Royalties	44	46	49	(10)%	46	49	(6)%
Average liquids price (USD/bbl)	58.8	65.1	66.0	(11)%	64.5	64.4	0%
Average internal gas price (USD/mmbtu)	2.22	1.46	1.76	26%	1.70	1.77	(4)%

Production & Revenues

In the fourth quarter and full year of 2024, E&P USA

reports lower production compared to the same

periods in 2023 mainly due to lower production

efficiency and hurricane impacts in the Gulf of Mexico.

Additionally production was impacted by curtailment

of production and lower activity affecting the

Appalachia onshore assets.

In the fourth quarter, lower liquids prices negatively

impacted revenue, but was partially offset by higher

gas prices. For the full year of 2024, the lower

production and lower gas prices impacted the results

of E&P USA when compared to the prior year.

Operating expenses and financial results

Operating and administrative expenses decreased in

the fourth quarter and full year of 2024, primarily due

to a legal settlement related to a previously owned

onshore asset in the fourth quarter of 2023. E&P USA

experienced a decrease in operating expenses due

to lower production in the Gulf of Mexico, which was

partially offset by additional workover costs for

certain Gulf of Mexico assets. Furthermore, the

decrease can also be attributed to lower cost asset

base resulting from the transaction with EQT in 2Q

2024.

Depreciation and amortisation decreased in the

fourth quarter and full year of 2024 when compared

to 2023, due to lower production in the Gulf of Mexico

assets and previous year reserve additions. This was

partially offset by an increase due to a change in the

abandonment estimate for a late life asset impacting

the full year of 2024. In the fourth quarter, E&P USA

concluded drilling activity for an exploration prospect

in the Gulf of Mexico. The prospect was non-

commercial and was expensed accordingly. The

fourth quarter and full year exploration expense were

lower than prior year due to the expensing of one

prospect in 2024 and three prospects in 2023.

Net operating income for the full year of 2024 did not

include any impairment or impairment reversals,

compared to USD 266 million in net impairment

reversals for the same period of 2023, which were

primarily related to the assets in the Gulf of Mexico.

Equinor fourth quarter2024

18 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Marketing, Midstream & Processing

Marketing, Midstream & Processing

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Total revenues and other income	26,573	25,204	28,668	(7)%	101,792	105,908	(4)%
Total operating expenses	(25,590)	(24,660)	(27,934)	(8)%	(98,466)	(101,925)	(3)%
Net operating income/(loss)	983	544	734	34%	3,326	3,984	(17)%
Adjusted total revenues and other income*	26,266	25,276	28,257	(7)%	101,209	104,860	(3)%
Adjusted purchases* [5]	(24,194)	(23,369)	(26,241)	(8)%	(92,777)	(95,733)	(3)%
Adjusted operating and administrative expenses*	(1,176)	(1,119)	(1,365)	(14)%	(4,871)	(4,988)	(2)%
Adjusted depreciation, amortisation and net impairments*	(236)	(243)	(227)	4%	(949)	(897)	6%
Adjusted operating income/(loss)*	659	545	424	55%	2,612	3,242	(19)%
–Gas and Power	571	454	472	21%	2,063	2,038	1%
–Crude, Products and Liquids	247	252	84	>100%	1,153	1,359	(15)%
–Other	(159)	(161)	(132)	20%	(604)	(155)	>100%
Additions to PP&E, intangibles and equity accounted investments	369	185	218	69%	953	844	13%
Operational information	Quarters			Change	Full year
Marketing, Midstream and Processing	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Liquids sales volumes (mmbl)	248.9	258.5	245.6	1%	1,008.8	956.3	5%
Natural gas sales Equinor (bcm)	16.7	14.7	16.1	4%	63.6	58.9	8%
Natural gas entitlement sales Equinor (bcm)	13.7	12.3	14.5	(6)%	53.2	53.2	0%
Power generation (GWh) Equinor share	601	450	547	10%	1,982	2,298	(14)%
Realised piped gas price Europe (USD/mmbtu)3)	13.54	11.24	13.07	4%	11.03	13.86	(20)%
Realised piped gas price US (USD/mmbtu)	2.36	1.66	2.07	14%	2.00	2.09	(4)%

Volumes, Pricing & Revenues

Liquids sales volumes decreased against previous

quarter due to lower third-party volumes partially

offset by higher NCS sales. Full year liquids sales in

2024 increased, compared to the same period in

2023, due to higher sales of third-party volumes.

Gas sales increased compared to previous quarter

primarily because of higher NCS sales. The increase

in gas sales for the full year of 2024 was driven by

higher NCS gas production as well as an increase in

third-party sales, partially offset by lower EPI

production.

Power generation has increased compared to the

previous quarter, primarily due to market seasonality.

For the full year 2024, power generation was lower

than last year, primarily driven by lower clean spark

spread.

The realised European piped gas price increased

compared to the previous quarter, driven by an

increase in market prices attributed to colder

weather and the expected halt of Russian gas flows to

Europe. Compared to the same quarter last year, the

realised European piped gas price increased due to

higher market prices also driven by the same factors.

Realised piped gas price in the US increased

compared to both the previous quarter and same

quarter last year due to higher market prices driven

by a combination of lower storage volumes and

increased demand caused by low temperatures.

Financial Results

During the fourth quarter of 2024, Gas and Power

contributed strongly to adjusted operating income*,

particularly through equity and third party LNG

trading, along with the optimisation of physical piped

gas sales, Adjusted operating income* in Crude,

Products, and Liquids was driven by products and

LPG trading and optimisation of the shipping

portfolio. Additionally, adjusted operating income* in

the Other subsegment was impacted by costs

associated with developing low-carbon projects and

a low refining margin.

Adjusted operating income* increased compared to

the previous quarter. This is mainly explained by

higher value from gas and LNG trading.

Adjusted operating income* for the full year of 2024

was lower than previous year mainly due to the Other

subsegment result which was negatively impacted by

a reduction in refining margins. Lower physical

margins for crude and products affected adversely

the Crude, Products and Liquids subsegment.

Net operating income includes the net effect of gain

on sale of assets, fair value change in commodity

derivatives and storages, impairment reversals,

changes in onerous provisions and operational

storage value.

Equinor fourth quarter2024

19 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Renewables

Renewables

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Revenues third party, other revenue and other income	149	26	25	>100%	216	50	>100%
Net income/(loss) from equity accounted investments	26	7	(6)	N/A	100	(33)	N/A
Total revenues and other income	174	33	20	>100%	317	17	>100%
Total operating expenses	(374)	(199)	(185)	>100%	(993)	(774)	28%
Net operating income/(loss)	(200)	(166)	(166)	(21)%	(676)	(757)	11%
Adjusted total revenues and other income*	50	33	2	>100%	193	—	N/A
Adjusted operating and administrative expenses*	(137)	(144)	(176)	(22)%	(524)	(442)	18%
Adjusted depreciation, amortisation and net impairments*	(13)	(5)	(6)	>100%	(44)	(12)	>100%
Adjusted operating income/(loss)*	(100)	(115)	(179)	44%	(375)	(454)	17%
Additions to PP&E, intangibles and equity accounted investments	559	361	696	(20)%	2,153	2,007	7%
Operational information	Quarters			Change	Full year
Renewables	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Renewables power generation (GWh) Equinor share	784	646	661	19%	2,802	1,859	51%

Power generation

The addition of onshore power plants in Brazil and

Poland, and the start of production at the partner

operated Mendubim solar plants in Brazil resulted in a

substantial increase in power generation in the fourth

quarter and full year of 2024 compared to the same

periods of 2023. Total onshore renewables

generated 376 GWh in fourth quarter of 2024.

Offshore wind farms generated 407 GWh, with the

majority coming from Dudgeon, Sheringham Shoal

and Arkona. Commercial production at the Dogger

Bank A wind farm is expected to start in the second

half of 2025.

Total revenues and other income

The increase in adjusted total revenues and other

income* for the fourth quarter and full year 2024 was

driven by contributions from the addition of onshore

wind farms in operation in Brazil and Poland, and a

positive movement in net income/(loss) from equity-

accounted investments,

Lower project development costs in 2024 as a

consequence of divestment of the Beacon Wind

project and acquisition of full ownership of Empire

Wind in the first quarter of 2024 drove an increase in

net income/(loss) from equity accounted investments.

Further, capitalisation of expenditures for Bałtyk, the

offshore wind project in Poland, from the third quarter

of 2023 also supported the increase for the full year

of 2024.

Operating expenses and financial results

A reduction in the level of business development from

closing down activities in some emerging markets is

reflected in the decrease in operating and

administrative expenses in the fourth quarter of 2024

when compared to 2023. The prior year also included

higher costs relating to maturing offshore wind

projects. The full year of 2024 had higher operating

activity levels from ongoing development projects in

addition to increased business development

expenditures in the first nine months of 2024. which

drove the movement in adjusted operating and

administrative expenses* year on year.

The adjusted operating loss* for the fourth quarter

and full year was lower than the same periods of

2023, attributable to the increase in total revenues

and other income. For the fourth quarter. the

decrease in adjusted operating and administrative

expenses* also contributed to the overall movement.

Net operating loss for the fourth quarter of 2024 was

impacted by an impairment of USD 211 million, mainly

relating to acquired early phase project rights within

onshore markets, partially offset by the positive effect

of a change in fair value of contingent consideration.

For the full year of 2024 the net operating income/

(loss) also included a USD 147 million net loss resulting

from the asset swap transaction between Equinor

and bp in the first quarter and a USD 50 million

impairment of an offshore wind lease project in

California in the third quarter of 2024.

Net operating income / (loss) for the full year of 2023

included the effects of a USD 300 million impairment

on Equinor’s offshore wind projects on the US

Northeast coast.

In the fourth quarter of 2024, investments of USD 59

million in onshore renewables and USD 500 million in

offshore wind projects were allocated to PP&E,

intangibles, and equity accounted investments.These

additions primarily related to offshore wind assets in

the US and investments related to projects in the UK

and Europe.

Equinor fourth quarter2024

20 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Condensed interim financial statements and notes

CONSOLIDATED STATEMENT OF INCOME	21
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	22
CONSOLIDATED BALANCE SHEET	23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	24
CONSOLIDATED STATEMENT OF CASH FLOWS	25

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	26
Note 1. Organisation and basis of preparation	26
Note 2. Segments	26
Note 3. Acquisitions and disposals	33
Note 4. Revenues	34
Note 5. Financial items	34
Note 6. Income taxes	35
Note 7. Provisions, commitments and contingent items	35
Note 8. Capital distribution	36

Johan Sverdrup

Equinorfourth quarter

21 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF INCOME

Condensed interim financial statements and notes

		Quarters			Full year				Quarters			Full year
(unaudited, in USD million)	Note	Q4 2024	Q3 2024	Q4 2023	2024	2023	(unaudited, in USD million)	Note	Q4 2024	Q3 2024	Q4 2023	2024	2023
Revenues	4	26,535	25,416	28,843	102,502	106,848	Interest income and other financial income		435	460	661	1,951	2,449
Net income/(loss) from equity accounted investments		6	(1)	(31)	49	(1)	Interest expenses and other financial expenses		(401)	(370)	(368)	(1,582)	(1,660)
Other income		1,113	31	242	1,223	327	Other financial items		(582)	275	296	(311)	1,325
Total revenues and other income	2	27,654	25,446	29,054	103,774	107,174	Net financial items	5	(548)	365	589	58	2,114
Purchases [net of inventory variation]		(12,869)	(13,104)	(13,804)	(50,040)	(48,175)	Income/(loss) before tax		8,187	7,271	9,337	30,986	37,884
Operating expenses	3	(2,622)	(2,518)	(2,875)	(10,531)	(10,582)
Selling, general and administrative expenses		(261)	(304)	(403)	(1,255)	(1,218)	Income tax	6	(6,188)	(4,986)	(6,729)	(22,157)	(25,980)
Depreciation, amortisation and net impairments		(2,824)	(2,318)	(2,821)	(9,835)	(10,634)
Exploration expenses		(343)	(296)	(402)	(1,185)	(795)	Net income/(loss)		1,999	2,285	2,608	8,829	11,904
Total operating expenses	2	(18,919)	(18,541)	(20,306)	(72,846)	(71,404)	Attributable to equity holders of the company		1,996	2,282	2,603	8,806	11,885
							Attributable to non-controlling interests		3	3	5	23	19
Net operating income/(loss)	2	8,735	6,905	8,748	30,927	35,770
							Basic earnings per share (in USD)		0.73	0.83	0.88	3.12	3.93
							Diluted earnings per share (in USD)		0.73	0.82	0.88	3.11	3.93
							Weighted average number of ordinary shares outstanding (in millions)		2,739	2,760	2,954	2,821	3,021
							Weighted average number of ordinary shares outstanding diluted (in millions)		2,746	2,767	2,961	2,827	3,027

Equinorfourth quarter

22 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Condensed interim financial statements and notes

	Quarters			Full year
(unaudited, in USD million)	Q4 2024	Q3 2024	Q4 2023	2024	2023
Net income/(loss)	1,999	2,285	2,608	8,829	11,904
Actuarial gains/(losses) on defined benefit pension plans	540	(98)	(894)	1,028	(276)
Income tax effect on income and expenses recognised in OCI1)	(132)	24	211	(239)	66
Items that will not be reclassified to the Consolidated statement of income	408	(74)	(683)	790	(211)
Foreign currency translation effects	(1,979)	972	1,169	(1,943)	(587)
Share of OCI from equity accounted investments	1	(48)	(124)	(42)	(113)
Items that may be subsequently reclassified to the Consolidated statement of income	(1,978)	925	1,045	(1,985)	(701)
Other comprehensive income/(loss)	(1,570)	850	362	(1,196)	(911)
Total comprehensive income/(loss)	429	3,135	2,969	7,633	10,992
Attributable to the equity holders of the company	426	3,132	2,965	7,611	10,974
Attributable to non-controlling interests	3	3	5	23	19
1)Other comprehensive income (OCI).

Mongstadr

Peregrino B. Platform.

Equinorfourth quarter

23 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED BALANCE SHEET

Condensed interim financial statements and notes

		At 31 December	At 31 December
(in USD million)	Note	2024 (unaudited)	2023 (audited)
ASSETS
Property, plant and equipment	2	55,560	58,822
Intangible assets	3	5,654	5,709
Equity accounted investments		2,471	2,508
Deferred tax assets		4,900	7,936
Pension assets		1,717	1,260
Derivative financial instruments		648	559
Financial investments		5,616	3,441
Prepayments and financial receivables		1,379	1,291
Total non-current assets		77,946	81,525
Inventories		4,031	3,814
Trade and other receivables1)		13,590	13,204
Prepayments and financial receivables1)		3,867	3,729
Derivative financial instruments		1,024	1,378
Financial investments		15,335	29,224
Cash and cash equivalents2)		8,120	9,641
Total current assets		45,967	60,990
Assets classified as held for sale	3	7,227	1,064
Total assets		131,141	143,580
1)Disaggregated from the line-item Trade and other receivables starting from the first quarter of 2024. 2)Includes collateral deposits of USD 2.2 billion for 31 December 2024 related to certain requirements set out by exchanges where Equinor is participating. The corresponding figure for 31 December 2023 is USD 1.6 billion. 3)Disaggregated from the line-item Trade, other payables and provisions starting from the first quarter of 2024.

		At 31 December	At 31 December
(in USD million)	Note	2024 (unaudited)	2023 (audited)
EQUITY AND LIABILITIES
Shareholders' equity		42,342	48,490
Non-controlling interests		38	10
Total equity		42,380	48,500
Finance debt	5	19,361	22,230
Lease liabilities		2,261	2,290
Deferred tax liabilities		12,726	13,345
Pension liabilities		3,482	3,925
Provision and other liabilities	7	12,927	15,304
Derivative financial instruments		1,958	1,795
Total non-current liabilities		52,715	58,890
Trade and other payables3)		11,110	9,556
Provisions and other liabilities3)		2,384	2,314
Current tax payable		10,319	12,306
Finance debt	58	7,223	5,996
Lease liabilities		1,249	1,279
Dividends payable		1,906	2,649
Derivative financial instruments		833	1,619
Total current liabilities		35,023	35,719
Liabilities directly associated with the assets classified for sale	3	1,023	471
Total liabilities		88,761	95,080
Total equity and liabilities		131,141	143,580

Equinorfourth quarter

24 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Condensed interim financial statements and notes

(unaudited, in USD million)	Share capital	Additional paid-in capital	Retained earnings	Foreign currency translation reserve	OCI from equity accounted investments	Shareholders' equity	Non-controlling interests	Total equity
At 1 January 2023	1,142	3,041	58,236	(8,855)	424	53,988	1	53,989
Net income/(loss)			11,885			11,885	19	11,904
Other comprehensive income/(loss)			(211)	(587)	(113)	(911)		(911)
Total comprehensive/(loss)						—		10,992
Dividends			(10,783)			(10,783)		(10,783)
Share buy-back	(42)	(3,037)	(2,606)			(5,685)		(5,685)
Other equity transactions		(3)	—			(3)	(10)	(13)
						—
At 31 December 2023	1,101	—	56,521	(9,442)	310	48,490	10	48,500
At 1 January 2024	1,101	—	56,521	(9,442)	310	48,490	10	48,500
Net income/(loss)			8,806			8,806	23	8,829
Other comprehensive income/(loss)			790	(1,943)	(42)	(1,196)		(1,196)
Total comprehensive/(loss)						—		7,633
Dividends			(7,802)			(7,802)		(7,802)
Share buy-back1)	(49)	—	(5,887)			(5,936)		(5,936)
Other equity transactions		—	(20)			(20)	5	(15)
At 31 December 2024	1,052	—	52,407	(11,385)	268	42,342	38	42,380
1)For more information see note 8 Capital distribution

Equinorfourth quarter

25 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF CASH FLOWS

Condensed interim financial statements and notes

		Quarters			Full year
(unaudited, in USD million)	Note	Q4 2024	Q3 2024	Q4 2023	2024	2023
Income/(loss) before tax		8,187	7,271	9,337	30,986	37,884
Depreciation, amortisation and net impairments, including exploration write-offs		2,807	2,327	2,849	9,906	10,581
(Gains)/losses on foreign currency transactions and balances	5	(299)	243	289	(166)	(852)
(Gains)/losses on sale of assets and businesses	3	(890)	—	(253)	(772)	8
(Increase)/decrease in other items related to operating activities1), 2)		(101)	(615)	(734)	(2,335)	(1,313)
(Increase)/decrease in net derivative financial instruments		(78)	(272)	(694)	(86)	1,041
Interest received		461	419	399	1,841	1,710
Interest paid		(274)	(139)	(302)	(891)	(1,042)
Cash flow provided by operating activities before taxes paid and working capital items		9,813	9,233	10,890	38,483	48,016
Taxes paid		(5,906)	(2,986)	(8,103)	(20,592)	(28,276)
(Increase)/decrease in working capital		(1,486)	810	(51)	2,218	4,960
Cash flows provided by operating activities		2,421	7,057	2,736	20,110	24,701
Cash (used)/received in business combinations	3	(1,242)	—	(40)	(1,710)	(1,195)
Capital expenditures and investments	3	(3,646)	(3,098)	(3,031)	(12,177)	(10,575)
(Increase)/decrease in financial investments3)		3,295	1,376	(3,010)	9,364	443
(Increase)/decrease in derivative financial instruments		103	(13)	261	143	(1,266)
(Increase)/decrease in other interest-bearing items		(60)	(69)	92	(623)	(87)
Proceeds from sale of assets and businesses4)	3	1,355	6	154	1,470	272
Cash flows provided by/(used in) investing activities		(196)	(1,798)	(5,574)	(3,532)	(12,409)

		Quarters			Full year
(unaudited, in USD million)	Note	Q4 2024	Q3 2024	Q4 2023	2024	2023
Repayment of finance debt		(502)	(190)	(342)	(2,592)	(2,818)
Repayment of lease liabilities		(377)	(367)	(418)	(1,491)	(1,422)
Dividends paid		(1,913)	(1,944)	(2,706)	(8,578)	(10,906)
Share buy-back		(501)	(4,564)	(518)	(6,013)	(5,589)
Net current finance debt and other financing activities		1,491	1,069	1,813	933	2,593
Cash flows provided by/(used in) financing activities		(1,803)	(5,996)	(2,171)	(17,741)	(18,142)
Net increase/(decrease) in cash and cash equivalents		423	(737)	(5,009)	(1,163)	(5,850)
Effect of exchange rate changes in cash and cash equivalents		(305)	98	230	(359)	(87)
Cash and cash equivalents at the beginning of the period (net of overdraft)		8,002	8,641	14,420	9,641	15,579
Cash and cash equivalents at the end of the period (net of overdraft)5)		8,120	8,002	9,641	8,120	9,641
1) This line item includes a net fair value loss of USD 789 million in the fourth quarter 2024 and a net fair value gain of USD 256 million for the full year 2024. The corresponding figures for the prior year were a net fair value gain of USD 347 million in the fourth quarter 2023 and a net fair value gain of USD 77 million for the full year 2023. The fair value adjustments relate to inventory, shares and financial investments. 2) Cash flows related to variation margin collaterals on over-the-counter (OTC) commodity derivates from part of Equinor's principal revenue-making activities. From 1 January 2024, these cash flows are therefore presented within the line item (increase)/decrease in other items related to operating activities. In previous periods, these cash flows have been presented within the line item Net current finance debt and other financing activities. Comparative figures have not been restated due to immateriality. 3) This line item includes the acquisition of 10 per cent of the shareholding in Ørsted A/S for USD 2.5 billion. See note 5 Financial items. 4) This line item includes cash consideration related to the disposals of the businesses in Nigeria and Azerbaijan, as well as cash consideration related to the sale of gas infrastructure assets in Norway, all in the fourth quarter 2024.  See note 3 Acquisitions and disposals for more information. For the full year 2023, this line item includes cash consideration related to the disposal of Equinor Energy Ireland Limited. 5) At 31 December 2024, 30 September 2024 and 31 December 2023, cash and cash equivalents net overdraft were zero.

Equinorfourth quarter

26 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Condensed interim financial statements and notes

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 fourth quarter of 2024 were authorised for issue

by the board of directors on 4 February 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 2023. IFRS Accounting

Standards as adopted by the EU differs in certain

respects from IFRS Accounting Standards as issued

by the IASB, however the differences do not impact

Equinor's financial statements for the periods

presented.

Certain amounts in the comparable years have been

reclassified to conform to current year presentation.

As a result of rounding differences, numbers or

percentages may not add up to the total.

The condensed interim financial statements are

unaudited.

Accounting policies

The accounting policies applied in the preparation of

the condensed interim financial statements are

consistent with those used in the preparation of

Equinor’s consolidated annual financial statements for

2023. A description of the material accounting

policies is included in Equinor’s consolidated annual

financial statements for 2023. 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

2023.

For information about IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC® Interpretations effective from 1 January 2024,

that could affect the consolidated financial

statements, please refer to note 2 in Equinor’s

consolidated annual financial statements for 2023.

None of the amendments to IFRS Accounting

Standards effective from 1 January 2024 has had a

significant impact on the condensed interim financial

statements. Equinor has not early adopted any IFRS

Accounting Standards, amendments to IFRS

Accounting Standards or IFRIC Interpretations issued

but not yet effective.

Use of judgements and estimates

The preparation of financial statements in conformity

with IFRS Accounting Standards requires

management to make judgments, estimates and

assumptions that affect the application of accounting

policies and the reported amounts of assets, liabilities,

income and expenses. The estimates and associated

assumptions are reviewed on an on-going basis and

are based on historical experience and various other

factors that are believed to be reasonable under the

circumstances. These estimates and assumptions

form the basis for making 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 2023 for more information about

accounting judgement and key sources of estimation

uncertainty. See note 2 Segments in this report for

further information about management’s future

commodity price assumptions and long-term NOK

currency exchange rate assumptions. 

.

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.

Equinorfourth quarter

27 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Fourth quarter 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	61	164	62	26,208	19	22	0	26,535
Revenues and other income inter-segment	9,152	1,211	896	246	5	8	(11,519)	0
Net income/(loss) from equity accounted investments	0	3	0	(17)	26	(5)	0	6
Other income	44	805	0	135	124	5	0	1,113
Total revenues and other income	9,257	2,183	957	26,573	174	29	(11,519)	27,654
Purchases [net of inventory variation]	0	64	0	(24,175)	0	0	11,243	(12,869)
Operating, selling, general and administrative expenses	(894)	(627)	(257)	(1,179)	(150)	52	171	(2,883)
Depreciation and amortisation	(1,318)	(538)	(408)	(236)	(9)	(35)	0	(2,544)
Net impairment (losses)/reversals	(64)	0	0	0	(216)	0	0	(280)
Exploration expenses	(176)	(58)	(109)	0	0	0	0	(343)
Total operating expenses	(2,452)	(1,159)	(773)	(25,590)	(374)	16	11,414	(18,919)
Net operating income/(loss)	6,805	1,024	184	983	(200)	45	(105)	8,735
Additions to PP&E, intangibles and equity accounted investments	1,872	896	1,651	369	559	67	0	5,414

Condensed interim financial statements and notes

Equinorfourth quarter

28 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Third quarter 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	63	126	62	25,133	21	13	0	25,416
Revenues and other income inter-segment	7,988	1,467	881	83	6	8	(10,433)	0
Net income/(loss) from equity accounted investments	0	3	0	(11)	7	0	0	(1)
Other income	31	0	0	0	0	0	0	31
Total revenues and other income	8,081	1,597	943	25,204	33	20	(10,433)	25,446
Purchases [net of inventory variation]	0	11	0	(23,440)	0	0	10,325	(13,104)
Operating, selling, general and administrative expenses	(871)	(519)	(314)	(1,136)	(144)	(17)	179	(2,822)
Depreciation and amortisation	(1,193)	(544)	(408)	(243)	(2)	(34)	0	(2,424)
Net impairment (losses)/reversals	0	0	0	158	(53)	0	0	106
Exploration expenses	(143)	(138)	(15)	0	0	0	0	(296)
Total operating expenses	(2,207)	(1,190)	(737)	(24,660)	(199)	(52)	10,504	(18,541)
Net operating income/(loss)	5,875	407	207	544	(166)	(31)	71	6,905
Additions to PP&E, intangibles and equity accounted investments	1,462	760	330	185	361	41	0	3,141

Condensed interim financial statements and notes

Equinorfourth quarter

29 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Fourth quarter 2023
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	72	297	76	28,372	5	21	—	28,843
Revenues and other income inter-segment	9,780	1,597	1,089	309	4	8	(12,787)	0
Net income/(loss) from equity accounted investments	0	(5)	0	(13)	(6)	(8)	0	(31)
Other income	224	0	0	0	17	0	0	242
Total revenues and other income	10,076	1,889	1,165	28,668	20	22	(12,787)	29,054
Purchases [net of inventory variation]	0	(45)	0	(26,330)	0	0	12,570	(13,804)
Operating, selling, general and administrative expenses	(1,057)	(540)	(308)	(1,384)	(180)	17	173	(3,279)
Depreciation and amortisation	(1,144)	(603)	(506)	(227)	(6)	(31)	0	(2,518)
Net impairment (losses)/reversals	0	(310)	0	7	0	0	0	(303)
Exploration expenses	(138)	(55)	(208)	0	0	0	0	(402)
Total operating expenses	(2,339)	(1,553)	(1,022)	(27,934)	(185)	(15)	12,743	(20,306)
Net operating income/(loss)	7,737	336	143	734	(166)	7	(43)	8,748
Additions to PP&E, intangibles and equity accounted investments	1,577	923	332	218	696	25	0	3,770

Condensed interim financial statements and notes

Equinorfourth quarter

30 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Full year 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	239	635	263	101,208	72	86	—	102,502
Revenues and other income inter-segment	33,296	5,891	3,664	507	20	32	(43,409)	0
Net income/(loss) from equity accounted investments	—	13	—	(59)	100	(6)	—	49
Other income	108	804	30	136	124	21	—	1,223
Total revenues and other income	33,643	7,343	3,957	101,792	317	133	(43,409)	103,774
Purchases [net of inventory variation]	—	85	—	(92,789)	—	—	42,664	(50,040)
Operating, selling, general and administrative expenses	(3,612)	(2,123)	(1,142)	(4,919)	(687)	(44)	742	(11,786)
Depreciation and amortisation	(4,890)	(2,064)	(1,607)	(949)	(34)	(140)	—	(9,684)
Net impairment (losses)/reversals	(64)	—	—	191	(271)	(7)	—	(151)
Exploration expenses	(513)	(496)	(176)	—	—	—	—	(1,185)
Total operating expenses	(9,078)	(4,597)	(2,925)	(98,466)	(993)	(193)	43,406	(72,846)
Net operating income/(loss)	24,564	2,746	1,031	3,326	(676)	(60)	(3)	30,927
Additions to PP&E, intangibles and equity accounted investments	6,285	3,191	3,862	953	2,153	250	—	16,695
Balance sheet information
Equity accounted investments	4	—	—	768	1,530	168	2	2,471
Non-current segment assets	26,695	14,662	12,490	3,259	3,138	971	—	61,214
Non-current assets not allocated to segments								14,261
Total non-current assets								77,946

Condensed interim financial statements and notes

Equinorfourth quarter

31 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Full year 2023
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	230	993	277	105,242	20	85	—	106,848
Revenues and other income inter-segment	37,999	6,009	4,009	633	12	33	(48,695)	0
Net income/(loss) from equity accounted investments	—	28	—	12	(33)	(8)	—	(1)
Other income	111	1	32	23	18	142	—	327
Total revenues and other income	38,340	7,032	4,319	105,908	17	253	(48,695)	107,174
Purchases [net of inventory variation]	—	(70)	—	(95,769)	—	(1)	47,665	(48,175)
Operating, selling, general and administrative expenses	(3,759)	(2,176)	(1,178)	(4,916)	(462)	(201)	893	(11,800)
Depreciation and amortisation	(4,429)	(2,123)	(1,779)	(897)	(12)	(133)	—	(9,373)
Net impairment (losses)/reversals	(588)	(310)	290	(343)	(300)	(10)	—	(1,260)
Exploration expenses	(476)	(20)	(299)	—	—	—	—	(795)
Total operating expenses	(9,253)	(4,700)	(2,966)	(101,925)	(774)	(345)	48,558	(71,404)
Net operating income/(loss)	29,087	2,332	1,353	3,984	(757)	(92)	(137)	35,770
Additions to PP&E, intangibles and equity accounted investments	5,939	4,376	1,206	844	2,007	128	—	14,500
Balance sheet information
Equity accounted investments	3	—	—	783	1,665	57	—	2,508
Non-current segment assets	28,915	17,977	11,049	3,997	1,575	1,018	—	64,530
Non-current assets not allocated to segments								14,487
Total non-current assets								81,525

Condensed interim financial statements and notes

Equinorfourth quarter

32 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Accounting assumptions

Condensed interim financial statements and notes

Management’s future commodity price assumptions

and currency assumptions are used for value in use

impairment testing. While there are inherent

uncertainties in the assumptions, the commodity price

assumptions as well as currency assumptions reflect

management’s best estimate of the price and

currency development over the life of the Group’s

assets based on its view of relevant current

circumstances and the likely future development of

such circumstances, including energy demand

development, energy and climate change policies as

well as the speed of the energy transition, population

and economic growth, geopolitical risks, technology

and cost development and other factors.

Management’s best estimate also takes into

consideration a range of external forecasts.

Equinor has performed a thorough and broad

analysis of the expected development in drivers for

the different commodity markets and exchange rates.

Year
Prices in real terms1)	2030		2040		2050
Brent Blend (USD/bbl)	80	(80)	75	(75)	70	(70)
European gas (USD/mmBtu) - TTF	8.3	(9.4)	9.5	(9.8)	9.5	(9.8)
Henry Hub (USD/mmBtu)	4.3	(4.5)	4.5	(4.4)	4.5	(4.4)
Electricity Germany (EUR/MWh)	71	(80)	74	(73)	74	(73)
EU ETS (EUR/tonne)	101	(107)	136	(131)	165	(153)
1)Basis year 2024, i.e prices have been adjusted for inflation and are presented in real 2024 terms.

Significant uncertainty exists regarding future

commodity price development due to the transition to

a lower carbon economy, future supply actions by

OPEC+ and other factors. Such analysis resulted in

changes in the long-term price assumptions with

effect from the second quarter of 2024. The main

price assumptions applied in impairment and

impairment reversal assessments are disclosed in the

table below as price-points on price curves. Previous

price-points applied from the second quarter of 2023

up to and including the first quarter of 2024 are

provided in brackets.

Further, with effect from the second quarter of 2024,

Equinor implemented new long-term exchange rates.

The USD/NOK rate was revised to 10.0 (previously

8.5), the EUR/NOK rate was revised to 11.5 (previously

10.0) and the USD/GBP rate was revised to 1.30

(previously 1.35). This conclusion was supported by

the historical 5-year average and forward spot

prices in the currency market.

Non-current assets by country
	At 31 December	At 31 December
(in USD million)	2024	2023
Norway1)	30,017	32,977
USA2)	15,638	12,587
Brazil	11,487	10,871
UK2)	1,641	5,535
Angola	1,159	1,103
Canada	1,019	1,157
Argentina	822	648
Denmark	770	973
Poland	644	447
Algeria	348	474
Other	141	265
Total non-current assets3)	63,686	67,038
1)Decrease is mainly due to strengthening of USD versus NOK. 2)Please see note 3 Acquisitions and disposals for more information. 3)Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.

Equinorfourth quarter

33 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 3.Acquisitions and disposals

Condensed interim financial statements and notes

Acquisitions and disposals

Swap of onshore oil & gas assets in the US

On 31 May 2024, Equinor and EQT Corporation

closed the swap transaction in which Equinor sold its

100% interest in the Marcellus and Utica shale

formations in the Appalachian Basin, located in

southeastern Ohio, and transferred the operatorship

to EQT. In exchange, Equinor acquired 40% of EQT’s

non-operated working interest in the Northern

Marcellus shale formation in Pennsylvania. Following

the transaction, Equinor increased its average

working interest from 15.7% to 25.7% in certain

Expand Energy-operated Northern Marcellus gas

units. Equinor paid a cash consideration of USD 467

million (net of interim period settlement) to EQT to

balance the overall transaction. With this transaction,

Equinor continues to high-grade the US portfolio and

work to strengthen the profitability of the onshore gas

position in the Appalachian Basin. The assets

acquired and liabilities assumed were recognised in

accordance with the principles in IFRS 3 Business

Combinations within the E&P USA segment, mainly as

property, plant, and equipment (USD 750 million) and

intangible assets (USD 505 million).

Acquisition of additional working interests in

onshore oil & gas assets in the US

On 31 December 2024, Equinor closed a transaction

to acquire an additional non-operated interest in the

Northern Marcellus shale formation in Pennsylvania in

the US from EQT Corporation (EQT). Following the

transaction, Equinor increased its average working

interest from 25.7% to 40.7% in certain Expand

Energy-operated Northern Marcellus gas units

continuing high-grading the US portfolio. Equinor paid

a cash consideration of USD 1.242 million to EQT. The

assets acquired and liabilities assumed were

recognised in accordance with the principles in IFRS 3

Business Combinations within the E&P USA segment,

mainly as property, plant, and equipment (USD 1.365

million).

Swap of US Offshore Wind assets

On 24 January 2024, Equinor entered into a swap

agreement with bp to acquire bp’s 50% share and

take full ownership of Empire Offshore Wind Holdings

LLC, including the Empire Wind lease and projects

(Empire Wind), in exchange for its 50% share in

Beacon Wind Holdings LLC, including the Beacon

Wind lease and projects (Beacon Wind). Equinor also

agreed to acquire bp's 50% interest in the South

Brooklyn Marine Terminal (SBMT) lease. Based on the

agreement, Equinor controls and has consolidated

Empire Wind and SBMT from the first quarter of 2024

and has divested its 50% share of Beacon Wind. The

swap of Empire Wind and Beacon Wind was formally

closed on 4 April and SBMT was formally closed on 30

December. The acquisitions were accounted for as

asset acquisitions, and previous holdings were not

revalued. The swap resulted in a combined loss of

USD 147 million in the first quarter 2024, recognised in

the REN segment and presented in the line-item

Operating expenses in the Consolidated statement of

income.

Divestment of interest in Nigeria

On 6 December 2024, Equinor closed a transaction

with Chappal Energies for the sale of Equinor Nigeria

Energy Company (ENEC), which holds a 53.85%

ownership in the oil and gas lease OML 128, including

the unitised 20.21% stake in the Agbami oil field. Total

consideration received amounts to USD 682 million,

including USD 482 million in cash. In addition, the

estimated fair value of deferred and contingent

consideration has been included in the gain of USD

795 million recognised in the fourth quarter within the

E&P International segment, and reported as Other

Income in the Consolidated statement of income. Prior

to closing, Equinor received USD 300 million in

extraordinary dividends.

Divestment of interests in Azerbaijan

On 29 November 2024, Equinor closed a transaction

with the State Oil Company of the Republic of

Azerbaijan (SOCAR) and ONGC Videsh Limited

(ONGC) to sell its interests in its Azerbaijan assets.

The assets comprise a 7.27% non-operated interest in

the Azeri Chirag Gunashli (ACG) oil fields in the

Azerbaijan sector of the Caspian Seaand 8.71%

interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline. 

The total consideration for Equinor's Azerbaijan

assets amounted to USD 713 million in cash. A loss of

USD 84 million has been recognised within the E&P

International segment in the fourth quarter and

presented in the line-item Operating expenses 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 31 December

2024, related assets held for sale amounted to USD

6,843 million and liabilities directly associated with

these assets held for sale amounted to USD 740

million. Equinor’s UK upstream business is part of the

E&P International segment. 

Equinorfourth quarter

34 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 4.Revenues

Condensed interim financial statements and notes

Revenues from contracts with customers by

geographical areas

When attributing the line item Revenues from

contracts with customers for the fourth quarter2024

to the country of the legal entity executing the sale,

Norway and the USA accounted for 78% and 18%,

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

respectively, for the third quarter2024 and 77% and

Revenues from contracts with customers and other revenues
	Quarters			Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	2024	2023
Crude oil	13,333	15,017	15,695	58,249	56,861
Natural gas	7,110	5,134	6,597	22,192	26,386
- European gas	5,743	4,247	5,796	18,133	23,174
- North American gas	315	225	298	1,044	1,111
- Other incl. Liquefied natural gas	1,053	662	503	3,015	2,102
Refined products	2,556	2,418	2,710	9,242	10,083
Natural gas liquids	2,044	1,804	2,087	7,751	8,345
Power1)	536	378	504	1,882	2,223
Transportation	278	300	305	1,334	1,425
Other sales1)	345	128	447	649	809
Revenues from contracts with customers	26,202	25,178	28,345	101,298	106,132
Total other revenues2)	333	238	498	1,204	716
Revenues	26,535	25,416	28,843	102,502	106,848
1)As from 1 January 2024, the line item Power has been disaggregated from the line item Other sales. 2023 figures have been disaggregated accordingly. 2)This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories held for trading purposes.

19%, respectively, for the fourth quarter2023). For

the full year2024, Norway and the USA accounted

for 79% and 18% of such revenues, respectively,

compared to 79% and 18%, respectively, for the full

year2023. Revenues from contracts with customers

are mainly reflecting such revenues from the

reporting segment MMP.

Note 5.Financial items

	Quarters			Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	2024	2023
Interest income and other financial income	435	460	661	1,951	2,449
Interest expenses and other financial expenses	(401)	(370)	(368)	(1,582)	(1,660)
Net foreign currency exchange gains/(losses)	299	(243)	(289)	166	852
Gains/(losses) on financial investments	(885)	348	139	(522)	123
Gains/(losses) other derivative financial instruments	4	170	445	46	351
Net financial items	(548)	365	589	58	2,114

Equinor has acquired 42,038,108 shares in Ørsted

A/S corresponding to 10.0% of the shares and votes

in the company. Ørsted A/S, a leading developer and

operator in renewables, is a Danish listed company.

Equinor’s ownership position has been built over time,

through a combination of market purchases and a

block trade. The shares are recognised as non-

current financial investment at fair value, and

changes in fair value are recognised as Gains/

(losses) on financial investments. The fair value

of Equinor’s ownership position at 31 December 2024

is USD 1.9 billion.

Equinor has a US Commercial paper programme

available with a limit of USD 5 billion. As of

31 December 2024, USD 4.1 billion were utilised

compared to USD 1.9 billion utilised as of

31 December 2023.

Equinorfourth quarter

35 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 6.Income taxes

Condensed interim financial statements and notes

	Quarters			Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	2024	2023
Income/(loss) before tax	8,187	7,271	9,337	30,986	37,884
Income tax	(6,188)	(4,986)	(6,729)	(22,157)	(25,980)
Effective tax rate	75.6%	68.6%	72.1%	71.5%	68.6%

The effective reported tax rate of 71.5% for the full

year 2024 increased compared to 68.6% in 2023, due

to higher share of income from jurisdictions with high

tax rates and currency effects in entities that are

taxable in other currencies than the functional

currency.

The effective reported tax rate of 75.6% for the fourth

quarter of 2024 increased compared to 72.1% in

2023. The increase was mainly due to higher share of

income from jurisdictions with high tax rates.

Note 7.Provisions, commitments and

contingent items

Asset retirement obligation

Equinor’s estimated asset retirement obligations

(ARO) have decreased by approximately USD 1,4

billion to USD 10.9 billion at 31 December 2024

compared to year-end 2023, mainly due to increased

discount rates and strengthening of USD versus NOK,

partially offset by net increase in underlying cost

estimates. 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.

Equinorfourth quarter

36 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 8.Capital distribution

Condensed interim financial statements and notes

Dividend for the fourth quarter 2024 and share

buy-back programme 2025

On 4 February 2025, the board of directors

proposed to the annual general meeting on 14 May

2025 a cash dividend for the fourth quarter of 2024

of USD 0.37 per share. The Equinor shares will trade

ex-dividend 15 May 2025 on the Oslo Børs and 16

May for ADR holders on the New York Stock

Exchange. Record date will be 16 May 2025 and

payment date will be 28 May 2025.

On 4 February 2025, the board of directors further

decided to announce share buy-backs for 2025 of up

to USD 5 billion, in line with the two-year share buy-

back programme for 2024-2025 of USD10-12 billion

in total as announced February 2024. The share buy-

back programme will be subject to market outlook

and balance sheet strength.

The first tranche of up to USD 1.2 billion of the 2025

share buy-back programme will commence on 6

February and end no later than 2 April 2025. The first

tranche of the 2025 share buy-back programme is

based on the authorisation from the annual general

meeting in May 2024, valid until the next annual

general meeting, but no later than 30 June 2025.

Commencement of new share buy-back tranches

after the first tranche in 2025 will be decided by the

board of directors on a quarterly basis in line with the

company’s dividend policy and will be subject to

board authorisation for share buy-back from the

company’s annual general meeting and agreement

with the Norwegian state regarding share buy-back.

Share buy-back programme 2024

Based on the authorisation from the annual general

meeting on 14 May 2024, the board of directors has,

on a quarterly basis, decided on share buy-back

tranches. The 2024 programme was up to USD 6

billion, including shares to be redeemed from the

Norwegian state.

During the first nine months, Equinor launched three

tranches of USD 4.4 billion in total, of which USD 1,327

million was acquired in the market in first nine months

and USD 125 million was acquired in fourth quarter. In

October 2024, Equinor launched the fourth and final

tranche of USD 1.6 billion including shares to be

redeemed from the Norwegian state, and entered

into an agreement with a third party to purchase

shares for USD 528 million in the market. Of this fourth

tranche, shares for USD 377 million have been

purchased in the market and settled at 31 December

2024, whereas USD 528 million have been recognised

as reduction in equity. The market execution of the

fourth tranche was completed in January 2025.

	Full year
Equity impact of share buy-back programmes (in USD million)	2024	2023
First tranche	396	330
Second tranche	528	550
Third tranche	528	550
Fourth tranche	528	550
Norwegian state share1)	3,956	3,705
Total	5,936	5,685
1)Relates to second to fourth tranche of previous year programme and first tranche of current year programme

In order to maintain the Norwegian state’s ownership

share in Equinor, a proportionate share of the

second, third and fourth tranche of the 2023

programme as well as the first tranche of the 2024

programme was redeemed and cancelled through a

capital reduction by the annual general meeting on 14

May 2024. The Norwegian state’s share of USD 3,956

million (NOK 42.8 billion) following the capital

reduction was settled in July 2024. A proportionate

share of the second, third and fourth tranche of the

2024 programme as well as the first tranche of the

2025 programme will be redeemed and cancelled at

the annual general meeting in May 2025.

Equinorfourth quarter

37 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary disclosures

Exchange rates	38
Use and reconciliation of Non-GAAP financial measures	38
Adjusted operating income adjust for the following items:	40
Adjusted net income incorporates the adjustments above, as well as the following items impacting net financial items:	40
Reconciliation of adjusted operating income	43
Adjusted operating income after tax by reporting segment	48
Reconciliation of adjusted operating income after tax to net income	49
Reconciliation of adjusted net income to net income	49
Adjusted exploration expenses	50
Calculated ROACE	50
Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow	51
Organic capital expenditures	51
Calculation of capital employed and net debt to capital employed ratio	52
Forward-looking statements	53
End notes	54

Lipno Solar

Equinorfourth quarter2024

38 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary disclosures

Supplementary disclosures

Exchange rates

	Quarters			Change	Full year
Exchange rates	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
USD/NOK average daily exchange rate	11.0072	10.7107	10.8474	1%	10.7434	10.5647	2%
USD/NOK period-end exchange rate	11.3534	10.5078	10.1724	12%	11.3534	10.1724	12%
EUR/USD average daily exchange rate	1.0683	1.0982	1.0747	(1)%	1.0823	1.0810	0%
EUR/USD period-end exchange rate	1.0389	1.1196	1.1050	(6)%	1.0389	1.1050	(6)%

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 (previously named

Adjusted earnings)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. The name of this measure was changed in

2024 to eliminate confusion regarding the basis of

the calculation; additionally, one adjusting item was

removed from the calculation of the measure, as

detailed below in the Amended principles section.

Adjusted operating income after tax (previously

named Adjusted earnings 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.

The name of this measure was changed in 2024 in line

with the change of the name of the pre-tax measure

above.

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.

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39 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Impact of change	Q4 2023			Full year 2023
E&P Norway	As reported	Impact	Restated	As reported	Impact	Restated
Adjusted total revenues and other income	9,871	(16)	9,855	38,213	35	38,248
Over-/underlift	16	(16)	—	(35)	35	—
Adjusted operating and administrative expenses	(1,018)	(40)	(1,057)	(3,730)	(29)	(3,759)
Over-/underlift	40	(40)	—	29	(29)	—
Adjusted operating income/(loss)	7,571	(56)	7,515	29,577	6	29,583
Adjusted operating income/(loss) after tax	1,570	(12)	1,558	6,494	1	6,495
Impact of change	Q4 2023			Full year 2023
E&P International	As reported	Impact	Restated	As reported	Impact	Restated
Adjusted total revenues and other income	1,952	(86)	1,867	6,956	(45)	6,910
Over-/underlift	86	(86)	—	45	(45)	—
Adjusted operating and administrative expenses	(559)	19	(540)	(1,915)	22	(1,893)
Over-/underlift	(19)	19	—	(22)	22	—
Adjusted operating income/(loss)	690	(67)	623	2,863	(23)	2,840
Adjusted operating income/(loss) after tax	255	(33)	222	1,650	(24)	1,626
Impact of change	Q4 2023			Full year 2023
Equinor Group	As reported	Impact	Restated	As reported	Impact	Restated
Adjusted total revenues and other income	28,483	(102)	28,381	105,871	(10)	105,861
Over-/underlift	102	(102)	—	10	(10)	—
Adjusted operating and administrative expenses	(3,235)	(21)	(3,256)	(11,540)	(7)	(11,547)
Over-/underlift	21	(21)	—	7	(7)	—
Adjusted operating income/(loss)	8,681	(123)	8,558	36,220	(17)	36,203
Adjusted operating income/(loss) after tax	1,879	(46)	1,833	10,371	(23)	10,348
Effective tax rates on adjusted operating income	78.4%	0.2%	78.6%	71.4%	0.0%	71.4%
No other line items or segments were affected by the change

Supplementary disclosures

Amended principles for Adjusted operating

income with effect from the first quarter of 2024:

Equinorhas made the following changes to the items

adjusted for within Adjusted operating income:

With effect from the first quarter of 2024, Equinor no

longer adjusts for over-/underlift to arrive at adjusted

operating income. Over-/underlift is presented using

the sales method. The sales revenues and associated

costs are reflected in adjusted operating income

when the physical volumes are lifted and sold rather

than when they are produced, in line with IFRS

Accounting Standards. Removing this adjustment is

the result of a comprehensive materiality assessment

and an effort to streamline our reporting. This change

is part of our ongoing commitment to improve the

alternative performance measures we present,

ensuring that the adjustments are meaningful to users

of the financial statements and supplementary

information.

These changes have been applied retrospectively to

the comparative figures. This change only affects the

E&P Norway and E&P International reporting

segments and does not impact the comparative

figures of other segments.

Equinorfourth quarter2024

40 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjusted operating income adjust for the

Supplementary disclosures

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, with

effect from the first quarter of 2023, the unrealised

movements in the fair value of these commodity

derivative contracts are excluded from adjusted

operating income and deferred until the time of the

physical delivery to minimise the effect of these timing

differences. Further, embedded derivatives within

certain gas contracts and contingent consideration

related to historical divestments are carried at fair

value. Any accounting impacts resulting from such

changes in fair value are also excluded from adjusted

operating income, as these fluctuations are not

indicative of the underlying performance of the

business.

•Periodisation of inventory hedging effect:

Equinor enters into derivative contracts to

manage price risk exposure relating to its

commercial storage. These derivative contracts

are carried at fair value while the inventories are

accounted for at the lower of cost or market

price. An adjustment is made to align the valuation

principles of inventories with related derivative

contracts. The adjusted valuation of inventories is

based on the forward price at the expected

realisation date. This is so that the valuation

principles between commercial storages and

derivative contracts are better aligned.

•The operational storage is not hedged and is not

part of the trading portfolio. Cost of goods sold is

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

method, and includes realised gains or losses that

arise due to changes in market prices. These

gains or losses will fluctuate from one period to

another and are not considered part of the

underlying operations for the period.

•Impairment and reversal of impairment are

excluded from adjusted operating income since

they affect the economics of an asset for the

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

is impaired, or the impairment is reversed.

Impairment and reversal of impairment can

impact both the exploration expenses and the

depreciation, amortisation and net impairment

line items.

•Gain or loss from sales of assets is eliminated

from the measure since the gain or loss does not

give an indication of future performance or

periodic performance; such a gain or loss is

related to the cumulative value creation from the

time the asset is acquired until it is sold.

•Eliminations (Internal unrealised profit on

inventories): Volumes derived from equity oil

inventory vary depending on several factors and

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

inventory, equity oil used in the refining process

and level of in-transit cargoes. Internal profit

related to volumes sold between entities within the

group, and still in inventory at period end, is

eliminated according to IFRS Accounting

Standards (write down to production cost). The

proportion of realised versus unrealised gain

fluctuates from one period to another due to

inventory strategies and consequently impact net

operating income/ (loss). Write-down to

production cost is not assessed to be a part of the

underlying operational performance, and

elimination of internal profit related to equity

volumes is excluded in adjusted operating income.

•Other items of income and expense are adjusted

when the impacts on income in the period are not

reflective of Equinor’s underlying operational

performance in the reporting period. Such items

may be unusual or infrequent transactions, but

they may also include transactions that are

significant which would not necessarily qualify as

either unusual or infrequent. However, other items

adjusted do not constitute normal, recurring

income and operating expenses for the company.

Other items are carefully assessed and can

include transactions such as provisions related to

reorganisation, early retirement, etc.

•Change in accounting policy is adjusted when

the impacts on income in the period are unusual

or infrequent, and not reflective of Equinor’s

underlying operational performance in the

reporting period.

Adjusted net income incorporates the

adjustments above, as well as the following items

impacting net financial items:

•Changes in fair value of financial derivatives

used to hedge interest bearing instruments.

Equinor enters into financial derivative contracts

to manage interest rate risk on long term 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 certain 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 certain

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 NOK as

functional currency, and the 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 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

Equinorfourth quarter2024

41 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

•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.  .

Supplementary disclosures

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: collateral deposits (classified as Cash

and cash equivalents in the Consolidated balance

sheet), and 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. Collateral

deposits are excluded since they relate to certain

requirements of exchanges where Equinor is trading

and presented as restricted cash. Financial

investments in Equinor Insurance are excluded 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, defined as Additions

to PP&E, intangibles and equity accounted

investments 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.

Gross capital expenditures (gross capex) – Gross

capital expenditures represent capital expenditures,

defined as Additions to PP&E, intangibles and equity

accounted investments as presented in the financial

statements, excluding additions to right of use assets

related to leases and capital expenditures financed

through government grants. Equinor adds the

proportionate share of capital expenditures in equity

accounted investments not included in Additions to

PP&E, intangibles and equity accounted investments.

Equinor believes that by excluding additions to right

of use assets related to leases, this measure better

reflects the company's investments in the business to

drive growth. Forward-looking gross capital

expendituresare not reconcilable to its most directly

comparable IFRS measure without unreasonable

efforts, because the amounts included or excluded

from such IFRS measure to determine gross capital

expenditures cannot be predicted with reasonable

certainty.

Return on average capital employed (ROACE) –

ROACE is the ratio of adjusted operating income

after tax to the average capital employed adjusted.

For a reconciliation for adjusted operating income

after tax, see Reconciliation of adjusted operating

income as presented later in this report. Average

capital employed adjusted refers to the average of

the capital employed adjusted values as of 31

December for both the current and the preceding

year, as presented in the table Calculation of capital

employed and net debt to capital employed ratio

later in this report.

Equinor uses ROACE to evaluate performance by

measuring how effectively the company employs its

capital, whether financed through equity or debt.

An IFRS Accounting Standards measure most directly

comparable to ROACE would be calculated as the

ratio of net income/(loss) to average capital

employed that is based on Equinor’s gross interest-

bearing financial liabilities as recorded in the

Consolidated balance sheet, excluding cash, cash

equivalents and current financial investments.

ROACE is used as a supplementary measure and

should not be viewed in isolation or as an alternative

to measures calculated in accordance with IFRS

Accounting Standards, including income before

financial items, income taxes and minority interest, or

net income, or ratios based on these figures.

Forward-looking ROACE included in this report is not

reconcilable to its most directly comparable IFRS

Accounting Standards measure without

unreasonable efforts, because the amounts included

or excluded from IFRS Accounting Standards

measures used to determine ROACE 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. Forward-looking cash flows from

operations after taxes paid included in this report are

not reconcilable to its most directly comparable IFRS

measure without unreasonable efforts, because the

amounts included or excluded from such IFRS

measure to determine cash flows from operations

after taxes paid cannot be predicted with reasonable

certainty.

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.

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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.

Supplementary disclosures

Free cash flow (adjusted) - Free cash flow

represents, and is used by management, to evaluate

cash generated from operating activities after taxes

paid after allocation of cash to organic capital

expenditures, including shareholder loans to equity

accounted investments, which is available for

corporate debt servicing (including lease liabilities),

distribution of cash to shareholders, and inorganic

investments. Net cash received or paid related to

external project financing in consolidated

subsidiaries, is included. Tax credits and other

government grants are included at recognition.

Free cash flow is based on Cash flows provided by

operating activities before taxes paid and working

capital items, less taxes paid as presented in

separate line items in the cash flow statement.

Deductions are made for allocation of cash to organic

capital expenditures (adjusted for related

government grants and tax credits) and shareholder

loans to equity accounted investments. Net cash

received or paid in relation to external project

financing in subsidiaries is included.

Free 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 Free cash flow is limited and does not

represent residual cash flows available for

discretionary expenditures.

Forward-looking free cash flows included in this

report are not reconcilable to its most directly

comparable IFRS measure, Cash flows provided by

operating activities before taxes paid and working

capital items, without unreasonable efforts, because

the amounts included or excluded from such IFRS

measure to determine free cash flow cannot be

predicted with reasonable certainty.

For more information on our definitions and use of

non-GAAP financial measures, see section 5.6 Use

and reconciliation of non-GAAP financial measures in

Equinor's 2023 Integrated Annual Report.

Drone Operations Center

Equinorfourth quarter2024

43 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Reconciliation of adjusted operating income

Supplementary disclosures

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

(loss) subtotal.

Items impacting net operating income/(loss) in the fourth quarter of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	8,735	6,805	1,024	184	983	(200)	(60)
Total revenues and other income	27,654	9,257	2,183	957	26,573	174	(11,490)
Adjusting items	(1,236)	—	(805)	—	(307)	(124)	—
Changes in fair value of derivatives	(102)	—	—	—	(102)	—	—
Gain/loss on sale of assets	(941)	—	(805)	—	(135)	—	—
Periodisation of inventory hedging effect	(70)	—	—	—	(70)	—	—
Provisions	(124)	—	—	—	—	(124)	—
Adjusted total revenues and other income	26,418	9,257	1,378	957	26,266	50	(11,490)
Purchases [net of inventory variation]	(12,869)	—	64	—	(24,175)	—	11,243
Adjusting items	87	—	—	—	(19)	—	105
Eliminations	105	—	—	—	—	—	105
Operational storage effects	(14)	—	—	—	(14)	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(12,782)	—	64	—	(24,194)	—	11,348
Operating and administrative expenses	(2,883)	(894)	(627)	(257)	(1,179)	(150)	223
Adjusting items	99	—	84	—	2	13	—
Gain/loss on sale of assets	84	—	84	—	—	—	—
Other adjustments	13	—	—	—	—	13	—
Provisions	2	—	—	—	2	—	—
Adjusted operating and administrative expenses	(2,784)	(894)	(542)	(257)	(1,176)	(137)	223

Items impacting net operating income/(loss) in the fourth quarter of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(2,824)	(1,382)	(538)	(408)	(236)	(225)	(35)
Adjusting items	211	—	—	—	—	211	—
Impairment	211	—	—	—	—	211	—
Adjusted depreciation, amortisation and net impairments	(2,612)	(1,382)	(538)	(408)	(236)	(13)	(35)
Exploration expenses	(343)	(176)	(58)	(109)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(343)	(176)	(58)	(109)	—	—	—
Sum of adjusting items	(839)	—	(721)	—	(324)	100	105
Adjusted operating income/(loss)	7,896	6,805	303	184	659	(100)	45
Tax on adjusted operating income	(5,603)	(5,276)	(27)	(12)	(302)	13	—
Adjusted operating income/(loss) after tax	2,292	1,529	276	172	356	(87)	45

Equinorfourth quarter2024

44 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the fourth quarter 2023 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	8,748	7,737	336	143	734	(166)	(36)
Total revenues and other income	29,054	10,076	1,889	1,165	28,668	20	(12,764)
Adjusting items	(673)	(222)	(22)	—	(412)	(17)	(0)
Changes in fair value of derivatives	(65)	—	3	—	(67)	—	—
Gain/loss on sale of assets	(264)	(222)	(25)	—	—	(17)	(0)
Periodisation of inventory hedging effect	(344)	—	—	—	(344)	—	—
Adjusted total revenues and other income1)	28,381	9,855	1,867	1,165	28,257	2	(12,765)
Purchases [net of inventory variation]	(13,804)	0	(45)	—	(26,330)	0	12,570
Adjusting items	132	—	—	—	89	—	43
Eliminations	43	—	—	—	—	—	43
Operational storage effects	89	—	—	—	89	—	—
Adjusted purchases [net of inventory variation]	(13,672)	0	(45)	—	(26,241)	0	12,613
Operating and administrative expenses	(3,279)	(1,057)	(540)	(308)	(1,384)	(180)	190
Adjusting items	23	—	0	(0)	19	4	—
Other adjustments	4	—	—	(0)	—	4	—
Provisions	19	—	—	—	19	—	—
Adjusted operating and administrative expenses1)	(3,256)	(1,057)	(540)	(308)	(1,365)	(176)	190

Supplementary disclosures

Items impacting net operating income/(loss) in the fourth quarter 2023 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(2,821)	(1,144)	(913)	(506)	(220)	(6)	(31)
Adjusting items	303	—	310	—	(7)	—	—
Impairment	303	—	310	—	(7)	—	—
Adjusted depreciation, amortisation and net impairments	(2,518)	(1,144)	(603)	(506)	(227)	(6)	(31)
Exploration expenses	(402)	(138)	(55)	(208)	—	—	—
Adjusting items	25	—	—	25	—	—	—
Impairment	25	—	—	25	—	—	—
Adjusted exploration expenses	(377)	(138)	(55)	(184)	—	—	—
Sum of adjusting items1)	(190)	(222)	288	25	(310)	(13)	43
Adjusted operating income/(loss)1)	8,558	7,515	623	168	424	(179)	7
Tax on adjusted operating income1)	(6,725)	(5,957)	(401)	(90)	(281)	33	(29)
Adjusted operating income/(loss) after tax1)	1,834	1,558	222	78	143	(146)	(22)

1)Restated for Equinor group, E&P Norway and E&P International due to amended principles for 'over-/underlift'. For

further information see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-

GAAP financial measures' in the Supplementary disclosures.

Equinorfourth quarter2024

45 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the third quarter of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	6,905	5,875	407	207	544	(166)	39
Total revenues and other income	25,446	8,081	1,597	943	25,204	33	(10,413)
Adjusting items	72	—	—	—	72	—	—
Changes in fair value of derivatives	135	—	—	—	135	—	—
Periodisation of inventory hedging effect	(64)	—	—	—	(64)	—	—
Adjusted total revenues and other income	25,518	8,081	1,597	943	25,276	33	(10,413)
Purchases [net of inventory variation]	(13,104)	0	11	—	(23,440)	—	10,325
Adjusting items	1	—	—	—	71	—	(70)
Eliminations	(70)	—	—	—	—	—	(70)
Operational storage effects	71	—	—	—	71	—	—
Adjusted purchases [net of inventory variation]	(13,103)	0	11	—	(23,369)	—	10,255
Operating and administrative expenses	(2,822)	(871)	(519)	(314)	(1,136)	(144)	162
Adjusting items	17	—	—	0	17	—	—
Provisions	17	—	—	—	17	—	—
Adjusted operating and administrative expenses	(2,805)	(871)	(519)	(314)	(1,119)	(144)	162

Supplementary disclosures

Items impacting net operating income/(loss) in the third quarter of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(2,318)	(1,193)	(544)	(408)	(85)	(55)	(34)
Adjusting items	(108)	—	—	—	(158)	50	—
Impairment	50	—	—	—	—	50	—
Reversal of impairment	(158)	—	—	—	(158)	—	—
Adjusted depreciation, amortisation and net impairments	(2,426)	(1,193)	(544)	(408)	(243)	(5)	(34)
Exploration expenses	(296)	(143)	(138)	(15)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(296)	(143)	(138)	(15)	—	—	—
Sum of adjusting items	(19)	—	—	0	2	50	(70)
Adjusted operating income/(loss)	6,887	5,875	407	207	545	(115)	(31)
Tax on adjusted operating income	(4,844)	(4,538)	(81)	(46)	(199)	17	4
Adjusted operating income/(loss) after tax	2,042	1,337	326	160	346	(99)	(28)

Equinorfourth quarter2024

46 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the full year of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	30,927	24,564	2,746	1,031	3,326	(676)	(64)
Total revenues and other income	103,774	33,643	7,343	3,957	101,792	317	(43,277)
Adjusting items	(1,512)	—	(805)	—	(583)	(124)	—
Changes in fair value of derivatives	(421)	—	—	—	(421)	—	—
Gain/loss on sale of assets	(941)	—	(805)	—	(135)	—	—
Periodisation of inventory hedging effect	(26)	—	—	—	(26)	—	—
Provisions	(124)	—	—	—	—	(124)	—
Adjusted total revenues and other income	102,262	33,643	6,538	3,957	101,209	193	(43,277)
Purchases [net of inventory variation]	(50,040)	—	85	—	(92,789)	—	42,664
Adjusting items	16	—	—	—	12	—	4
Eliminations	4	—	—	—	—	—	4
Operational storage effects	17	—	—	—	17	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(50,024)	—	85	—	(92,777)	—	42,668
Operating and administrative expenses	(11,786)	(3,612)	(2,123)	(1,142)	(4,919)	(687)	697
Adjusting items	296	—	84	—	48	163	—
Gain/loss on sale of assets	232	—	84	—	—	147	—
Other adjustments	16	—	—	—	—	16	—
Provisions	48	—	—	—	48	—	—
Adjusted operating and administrative expenses	(11,491)	(3,612)	(2,038)	(1,142)	(4,871)	(524)	697

Supplementary disclosures

Items impacting net operating income/(loss) in the full year of 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(9,835)	(4,954)	(2,064)	(1,607)	(757)	(306)	(148)
Adjusting items	70	—	—	—	(191)	261	—
Impairment	261	—	—	—	—	261	—
Reversal of impairment	(191)	—	—	—	(191)	—	—
Adjusted depreciation, amortisation and net impairments	(9,765)	(4,954)	(2,064)	(1,607)	(949)	(44)	(148)
Exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—
Sum of adjusting items	(1,130)	—	(721)	—	(714)	301	4
Adjusted operating income/(loss)	29,798	24,564	2,025	1,031	2,612	(375)	(60)
Tax on adjusted operating income	(20,736)	(19,013)	(425)	(224)	(1,174)	50	50
Adjusted operating income/(loss) after tax	9,062	5,551	1,600	807	1,438	(325)	(10)

Equinorfourth quarter2024

47 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the full year of 2023 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	35,770	29,087	2,332	1,353	3,984	(757)	(229)
Total revenues and other income	107,174	38,340	7,032	4,319	105,908	17	(48,442)
Adjusting items	(1,313)	(92)	(121)	(32)	(1,049)	(17)	(1)
Changes in fair value of derivatives	(711)	128	(96)	—	(743)	—	—
Gain/loss on sale of assets	(319)	(221)	(25)	(32)	(23)	(17)	(1)
Impairment	1	—	—	—	—	1	—
Other adjustments	(100)	—	—	—	(100)	—	—
Periodisation of inventory hedging effect	(183)	—	—	—	(183)	—	—
Adjusted total revenues and other income1)	105,861	38,248	6,910	4,286	104,860	(0)	(48,443)
Purchases [net of inventory variation]	(48,175)	(0)	(70)	—	(95,769)	0	47,664
Adjusting items	173	—	—	—	36	—	137
Eliminations	137	—	—	—	—	—	137
Operational storage effects	41	—	—	—	41	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(48,003)	(0)	(70)	—	(95,733)	0	47,801
Operating and administrative expenses	(11,800)	(3,759)	(2,176)	(1,178)	(4,916)	(462)	692
Adjusting items	253	—	283	22	(72)	20	—
Gain/loss on sale of assets	289	—	283	—	—	6	—
Other adjustments	36	—	—	22	—	14	—
Provisions	(72)	—	—	—	(72)	—	—
Adjusted operating and administrative expenses1)	(11,547)	(3,759)	(1,893)	(1,156)	(4,988)	(442)	692

Supplementary disclosures

Items impacting net operating income/(loss) in the full year of 2023 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(10,634)	(5,017)	(2,433)	(1,489)	(1,239)	(312)	(143)
Adjusting items	1,259	588	310	(290)	343	300	9
Impairment	1,550	588	310	—	343	300	9
Reversal of impairment	(290)	—	—	(290)	—	—	—
Adjusted depreciation, amortisation and net impairments	(9,374)	(4,429)	(2,123)	(1,779)	(897)	(12)	(134)
Exploration expenses	(795)	(476)	(20)	(299)	—	—	—
Adjusting items	61	—	36	25	—	—	—
Impairment	61	—	36	25	—	—	—
Adjusted exploration expenses	(734)	(476)	16	(274)	—	—	—
Sum of adjusting items	433	496	508	(277)	(742)	303	145
Adjusted operating income/(loss)1)	36,203	29,583	2,840	1,076	3,242	(454)	(84)
Tax on adjusted operating income1)	(25,855)	(23,088)	(1,214)	(304)	(1,364)	63	51
Adjusted operating income/(loss) after tax1)	10,348	6,495	1,626	773	1,877	(391)	(33)

1)Restated for Equinor group, E&P Norway and E&P International due to amended principles for 'over-/underlift'. For

further information see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-

GAAP financial measures' in theSupplementary disclosures.

Equinorfourth quarter2024

48 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjusted operating income after tax by reporting segment

Supplementary disclosures

					Quarters
		Q4 2024			Q3 2024				Q4 2023
(in USD million)	adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax		Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
E&P Norway1)	6,805	(5,276)	1,529	5,875	(4,538)	1,337		7,515	(5,957)	1,558
E&P International1)	303	(27)	276	407	(81)	326		623	(401)	222
E&P USA	184	(12)	172	207	(46)	160		168	(90)	78
MMP	659	(302)	356	545	(199)	346		424	(281)	143
REN	(100)	13	(87)	(115)	17	(99)		(179)	33	(146)
Other	45	—	45	(31)	4	(28)		7	(29)	(22)
Equinor group1)	7,896	(5,603)	2,292	6,887	(4,844)	2,042		8,558	(6,725)	1,834
Effective tax rates on adjusted operating income1)			71.0%			70.3%				78.6%
							Full year
					2024				2023
(in USD million)				Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax		Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
E&P Norway1)				24,564	(19,013)	5,551		29,583	(23,088)	6,495
E&P International1)				2,025	(425)	1,600		2,840	(1,214)	1,626
E&P USA				1,031	(224)	807		1,076	(304)	773
MMP				2,612	(1,174)	1,438		3,242	(1,364)	1,877
REN				(375)	50	(325)		(454)	63	(391)
Other				(60)	50	(10)		(84)	51	(33)
Equinor group1)				29,798	(20,736)	9,062		36,203	(25,855)	10,348
Effective tax rates on adjusted operating income1)						69.6%				71.4%

1)Restated for Q4 2023 and full year 2023 due to amended principles for ‘over-/underlift'. For more information, see Amended principles for Adjusted operating income in the section 'Use and reconciliation of non-GAAP financial measures' in the

Equinorfourth quarter2024

49 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Reconciliation of adjusted operating income after tax to net income

Supplementary disclosures

		Quarters			Full year
(in USD million)		Q4 2024	Q3 2024	Q4 2023	2024	2023
Net operating income/(loss)	A	8,735	6,905	8,748	30,927	35,770
Income tax	B1	6,188	4,986	6,729	22,157	25,980
Tax on net financial items	B2	(76)	50	155	(107)	256
Income tax less tax on net financial items	B = B1 - B2	6,264	4,935	6,574	22,264	25,724
Net operating income after tax	C = A - B	2,471	1,970	2,174	8,663	10,046
Items impacting net operating income/(loss)1) 2)	D	(839)	(19)	(190)	(1,130)	433
Tax on items impacting net operating income/(loss)2)	E	661	91	(150)	1,529	(131)
Adjusted operating income after tax2)	F = C+D+E	2,292	2,042	1,834	9,062	10,348
Net financial items	G	(548)	365	589	58	2,114
Tax on net financial items	H	76	(50)	(155)	107	(256)
Net income/(loss)	I = C+G+H	1,999	2,285	2,608	8,829	11,904

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

2)Restated due to amended principles for 'over-/underlift'. For more information, see Amended principles for Adjusted

operating income in the section ‘Use and reconciliation of non-GAAP financial measures’ in the Supplementary

disclosures.

Reconciliation of adjusted net income to net income

		Quarters			Full year
(in USD million)		Q4 2024	Q3 2024	Q4 2023	2024	2023
Net operating income/(loss)		8,735	6,905	8,748	30,927	35,770
Items impacting net operating income/(loss)1) 2)	A	(839)	(19)	(190)	(1,130)	433
Adjusted operating income1) 2)	B	7,896	6,887	8,558	29,798	36,203
Net financial items		(548)	365	589	58	2,114
Adjusting items	C	106	(204)	(523)	134	(965)
Changes in fair value of financial derivatives used to hedge interest bearing instruments		(4)	(170)	(445)	(46)	(351)
Foreign currency (gains)/losses on certain intercompany bank and cash balances		110	(34)	(78)	179	(614)
Adjusted net financial items	D	(442)	162	65	192	1,149
Income tax	E	(6,188)	(4,986)	(6,729)	(22,157)	(25,980)
Tax effect on adjusting items	F	467	128	(53)	1,344	(54)
Adjusted net income	G = B + D + E + F	1,733	2,191	1,842	9,177	11,318
Less:
Adjusting items	H = A + C	(734)	(222)	(713)	(996)	(531)
Tax effect on adjusting items		467	128	(53)	1,344	(54)
Net income/(loss)		1,999	2,285	2,608	8,829	11,904
Attributable to equity holders of the company		1,996	2,282	2,603	8,806	11,885
Attributable to non-controlling interests		3	3	5	23	19
Attributable to Equity holders in %	I	99.8%	99.9%	99.8%	99.7%	99.8%
Adjusted net income attributable to equity holders of the company	J = G x I	1,730	2,188	1,837	9,154	11,300
Weighted average number of ordinary shares outstanding (in millions)	K	2,739	2,760	2,954	2,821	3,021
Basic earnings per share (in USD)		0.73	0.83	0.88	3.12	3.93
Adjusted earnings per share (in USD)	L = J / K	0.63	0.79	0.62	3.24	3.74
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.
2) Restated due to amended principles for 'over-/underlift'. For more information, see Amended principles for Adjusted operating income in the section ‘Use and reconciliation of non-GAAP financial measures’ in the Supplementary disclosures.

Equinorfourth quarter2024

50 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

	Quarters			Change	Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
E&P Norway exploration expenditures	251	188	213	18%	715	662	8%
E&P International exploration expenditures	115	153	125	(8)%	538	301	79%
E&P USA exploration expenditures	33	53	86	(61)%	148	312	(53)%
Group exploration expenditures	400	395	423	(6)%	1,402	1,275	10%
Expensed, previously capitalised exploration expenditures	(7)	6	3	N/A	76	(114)	>(100%)
Capitalised share of current period's exploration activity	(40)	(107)	(49)	(19)%	(288)	(427)	(33)%
Impairment (reversal of impairment)	(10)	3	25	N/A	(5)	61	N/A
Exploration expenses according to IFRS	343	296	402	(14)%	1,185	795	49%
Items impacting net operating income/(loss)1)	—	—	(25)	(100)%	—	(61)	(100)%
Adjusted exploration expenses	343	296	377	(9)%	1,185	734	61%

Supplementary disclosures

Adjusted exploration expenses

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

Calculated ROACE

Calculated ROACE based on IFRS Accounting Standards		31 December
(in USD million, except percentages)		2024	2023
Net income/(loss)	A	8,829	11,904
Average total equity	1	45,440	51,244
Average current finance debt and lease liabilities		7,874	6,446
Average non-current finance debt and lease liabilities		23,071	25,536
- Average cash and cash equivalents		(8,881)	(12,610)
- Average current financial investments		(22,279)	(29,550)
Average net-interest bearing debt	2	(215)	(10,178)
Average capital employed	B = 1+2	45,225	41,066
Calculated ROACE based on Net income/loss and capital employed	A/B	19.5%	29.0%
		31 December
Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted (in USD million, except percentages)		2024	2023
Adjusted operating income after tax1)	A	9,062	10,348
Average capital employed adjusted (B)	B	43,991	41,731
Calculated ROACE based on Adjusted operating income after tax and capital employed1)	A/B	20.6%	24.8%

1)Restated. For more information, see Amended principles for Adjusted operating income in the section ‘Use and

reconciliation of non-GAAP financial measures’ in the Supplementary disclosures.

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51 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

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

Supplementary disclosures

CFFO information	Quarters			Change	Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Cash flows provided by operating activities before taxes paid and working capital items	9,813	9,233	10,890	(10)%	38,483	48,016	(20)%
Taxes Paid	(5,906)	(2,986)	(8,103)	(27)%	(20,592)	(28,276)	(27)%
Cash flow from operations after taxes paid (CFFO after taxes paid)	3,907	6,247	2,787	40%	17,892	19,741	(9)%
Net cash flow information	Quarters			Change	Full year
(in USD million)	Q4 2024	Q3 2024	Q4 2023	Q4 on Q4	2024	2023	Change
Cash flow from operations after taxes paid (CFFO after taxes paid)	3,907	6,247	2,787	40%	17,892	19,741	(9)%
(Cash used)/received in business combinations	(1,242)	0	(40)	>100%	(1,710)	(1,195)	43%
Capital expenditures and investments	(3,646)	(3,098)	(3,031)	20%	(12,177)	(10,575)	15%
Net (increase)/decrease in strategic non-current financial investments 1)	(2,468)	—	—	N/A	(2,468)	—	N/A
(Increase)/decrease in other interest-bearing items	(60)	(69)	92	N/A	(623)	(87)	>100%
Proceeds from sale of assets and businesses	1,355	6	154	>100%	1,470	272	>100%
Net cash flow before capital distribution	(2,155)	3,086	(37)	>(100%)	2,385	8,154	(71)%
Dividend paid	(1,913)	(1,944)	(2,706)	(29)%	(8,578)	(10,906)	(21)%
Share buy-back	(501)	(4,564)	(518)	(3)%	(6,013)	(5,589)	8%
Net cash flow	(4,570)	(3,422)	(3,262)	(40)%	(12,206)	(8,340)	(46)%
1) Related to the acquisition of  10% ownership share in Ørsted A/S.

Organic capital expenditures

Organic capital expenditures	Quarters			Full year
(in USD billion)	Q4 2024	Q3 2024	Q4 2023	2024	2023
Additions to PP&E, intangibles and equity accounted investments	5.4	3.1	3.8	16.7	14.5
Less:
Acquisition-related additions	1.6	0.0	0.5	3.4	3.2
Right of use asset additions	0.5	0.1	0.3	1.2	1.1
Other additions (with unique cash flow patterns)	0.0	0.0	0.0	0.0	0.0
Organic capital expenditures	3.4	3.1	3.0	12.1	10.2

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52 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Calculation of capital employed and net debt to capital employed ratio

Supplementary disclosures

Calculation of capital employed and net debt to capital employed ratio		At 31 December	At 31 December
(in USD million)		2024	2023
Shareholders' equity		42,342	48,490
Non-controlling interests		38	10
Total equity	A	42,380	48,500
Current finance debt and lease liabilities		8,472	7,275
Non-current finance debt and lease liabilities		21,622	24,521
Gross interest-bearing debt	B	30,094	31,796
Cash and cash equivalents		8,120	9,641
Current financial investments		15,335	29,224
Cash and cash equivalents and financial investment	C	23,455	38,865
Net interest-bearing debt [9]	B1 = B - C	6,639	(7,069)
Other interest-bearing elements1)		2,583	2,030
Net interest-bearing debt adjusted normalised for tax payment, including lease liabilities*	B2	9,221	(5,040)
Lease liabilities		3,510	3,570
Net interest-bearing debt adjusted*	B3	5,711	(8,610)

Calculation of capital employed and net debt to capital employed ratio		At 31 December	At 31 December
(in USD million)		2024	2023
Calculation of capital employed*
Capital employed	A + B1	49,018	41,431
Capital employed adjusted, including lease liabilities	A + B2	51,601	43,460
Capital employed adjusted	A + B3	48,091	39,890
Calculated net debt to capital employed*
Net debt to capital employed	(B1) / (A+B1)	13.5%	(17.1)%
Net debt to capital employed adjusted, including lease liabilities	(B2) / (A+B2)	17.9%	(11.6)%
Net debt to capital employed adjusted	(B3) / (A+B3)	11.9%	(21.6)%

1)Other interest-bearing elements are cash and cash equivalents adjustments regarding collateral deposits classified as

cash and cash equivalents in the Consolidated balance sheet but considered as non-cash in the non-GAAP calculations

as well as financial investments in Equinor Insurance AS classified as current financial investments.

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53 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Forward-looking statements

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

free cash flow*, returns (including equity returns on

our renewables portfolio) and ROACE*; 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, plans

and ambitions for renewables production capacity

and CO₂ transport and storage and investments in

renewables and low carbon solutions; expectations

and plans regarding development of renewables

projects, CCUS and hydrogen businesses and

production of low carbon energy and CCS; our

intention to optimise our portfolio; break-even

considerations, targets and other metrics for

investment decisions; future worldwide economic

trends, market outlook and future economic

projections and assumptions, including commodity

price, currency and refinery assumptions; estimates of

proved reserves; organic capital expenditures

through 2025;expectations regarding investments

and capex through 2027and estimates regarding

production and development and execution of

projects; expectations 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;

completion and results of acquisitions and disposals;

ambitions regarding capital distributions and

expected amount and timing of dividend payments

and the implementation of our share buy-back

programme; 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 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; non-compliance with international trade

sanctions; and other factors discussed elsewhere in

this report and in Equinor's Integrated Annual Report

for the year ended December 31, 2023 (including

section 5.2 - Risk factors thereof). Equinor's 2023

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, 2023, 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

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54 PRESS RELEASE FOURTH QUARTER 2024 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

End notes

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.The refining reference margin is a typical gross

margin and will differ from the actual margin, due

to variations in type of crude and other feedstock,

throughput, product yields, freight cost, inventory,

etc

3.Liquids volumes include oil, condensate and NGL,

exclusive of royalty oil.

4.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.

5.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

6.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.

7.The group's average realised piped gas prices

include all realised piped gas sales, including both

physical sales and related paper positions.

8.The internal transfer price paid from the MMP

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

and E&P USA segments.

9.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.

Equinorfourth quarter2024

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Wind turbines off coast UK

Equinorfourth quarter2024

SIGNATURES

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: 5 February 2025

By: _/s/ Torgrim Reitan                                                           

Name: Torgrim Reitan

Title: Chief Financial Officer