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6-K 1 eqnr1q24_6k.htm EQUINOR FIRST QUARTER 2024 REPORT fsrq12024

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 April 2024

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

Form 40-F

This Report on Form 6-K contains a report of

the first quarter 2024 results of Equinor ASA.

Equinor first quarter 2024

Key figures Q1 2024

Always safe

High value

Low carbon

0.4

7.63

7.53

6.3

SIF

USD billion

kg/boe

Serious incident

frequency (per million

hours worked)

Net operating

income

Adjusted

operating

income*

₂

upstream intensity.

Scope 1 CO

₂

emissions,

Equinor operated, 100%

basis

2.3

5.84

0.96

2.9

TRIF

USD billion

USD

million tonnes CO2e

Total recordable incident

frequency (per million

hours worked)

Cash flow from

operations after

taxes paid*

Adjusted

earnings per

share*

Absolute scope 1+2 GHG

emissions

0.70

774

Oil and gas leakages

USD per share

USD billion

GWh

with rate above 0.1 kg/ Equinor first quarter 2024 results

second during the past

12 months

Announced

dividend per share

(ordinary +

extraordinary)

Share buy-

back

programme for

2024

Renewable power

generation Equinor share

Equinor first quarter 2024

Equinor delivered adjusted operating income* of USD 7.53 billion

and USD 2.57 billion after tax in the

first quarter of 2024. Equinor reported net operating income of

USD 7.63 billion and net income at USD

2.67 billion. Adjusted net income* was USD 2.84 billion, leading

to adjusted earnings per share* of USD

0.96.

Financial and operational performance

Strong operational performance and production

Solid financial results and cash flow

High results from marketing and trading

Strategic progress

Power-from-shore to the Sleipner and Gudrun fields on NCS

Empire Wind 1 awarded new offtake agreement

Announced high-grading of US onshore gas position

Capital distribution

First quarter ordinary cash dividend of USD 0.35 per share

Continued extraordinary cash dividend of USD 0.35 per share and second tranche of share buy-back

of up to USD 1.6 billion

Expected total capital distribution for 2024 of USD 14 billion

Anders Opedal, President and CEO of Equinor ASA:

“Equinor delivered solid financial results driven by strong operational performance across the business.

Production on the Norwegian

continental shelf was high, and the international portfolio contributed with solid production

growth. We continue with significant capital

distribution and expect to deliver a total distribution of 14 billion dollars in 2024.”

“We remain a safe and reliable provider of energy to Europe. On the NCS we got approval for the

Eirin project and the Sleipner and

Gudrun fields are now partially operating with power from shore, all contributing to lower cost

and emissions from production.”

“We maintain a value-driven approach to renewables growth. In the quarter, we achieved significantly better terms for our Empire

Wind 1 project in the US and started the commercial production from the Mendubim solar plants in

Brazil.”

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Net operating income/(loss)

7,631

8,748

12,517

(39%)

Net income/(loss)

2,672

2,608

4,966

(46%)

Basic earnings per share (USD)

0.91

0.88

1.59

(43%)

Adjusted operating income*

7,533

8,558

11,916

(37%)

Adjusted net income*

2,836

1,842

3,864

(27%)

Adjusted earnings per share* (USD)

0.96

0.62

1.24

(22%)

Cash flows provided by operating activities

9,021

2,736

14,871

(39%)

Cash flow from operations after taxes paid*

5,840

2,787

9,716

(40%)

Net cash flow*

(3,262)

4,201

(100%)

Operational information

Group average liquids price (USD/bbl) [1]

76.0

75.7

73.8

Total equity liquids and gas production (mboe per day) [4]

2,164

2,197

2,130

Total power generation (GWh) Equinor share

1,277

1,241

1,163

10%

Renewable power generation (GWh) Equinor share

774

694

524

48%

For items marked with an asterisk throughout this report, see

Use and reconciliation of non-GAAP financial measures

in the Supplementary disclosures

1) Restated 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.

Equinor first quarter 2024

Key figures by segment

Adjusted operating

income*

E&P equity liquids

and

gas production

Total power

generation Equinor

(USD million)

(mboe/day)

(GWh)

E&P Norway

5,756

1,462

E&P International

616

352

E&P USA

377

350

MMP

887

503

REN

(70)

739

Other incl. eliminations

(34)

Equinor Group Q1 2024

7,533

2,164

1,277

Equinor Group Q1 2023

11,916

2,130

1,163

Equinor first quarter 2024

Health, safety and the environment

Twelve months average per

Full year

Q1 2024

2023

Serious incident frequency (SIF)

0.4

First quarter

Full year

2024

2023

Upstream CO

intensity (kg CO

/boe)

6.3

6.7

First quarter

2024

2023

Absolute scope 1+2 GHG emissions (million tonnes

2.9

31 March

31 December

%-point

Net debt to capital employed adjusted*

2024

2023

change

Net debt to capital employed adjusted*

(19.8%)

(21.6%)

1.7

Dividend

(USD per share)

Q1 2024

Q4 2023

Q1 2023

Ordinary cash dividend per share

0.35

0.30

Extraordinary cash dividend per share

0.35

0.60

In the first three months of 2024 Equinor settled shares in the market under the 2023 and 2024 share buy-back programmes

of USD

550 million.

Strong production

Equinor delivered a total equity production of 2,164 mboe per day in the first quarter, up from 2,130 mboe per day in the same quarter

last year. The growth is driven by strong operational performance. Increased capacity at Johan Sverdrup and ramp up of Breidablikk,

in addition to new wells on stream, contributed to increased growth on the Norwegian continental

shelf. The Vito field in the US Gulf of

Mexico and the Buzzard field in the UK, in addition to new wells in Angola contributed to

3% production growth internationally.

In the first quarter, Equinor produced 774 GWh from renewables, up 48% from the same quarter last year. The growth came primarily

from onshore power plants in Brazil, in which Rio Energy was the key contributor. Higher production from the offshore windfarms also

supported the increased power production.

Strategic progress

The activity level on the NCS was high throughout the quarter. The plan for development of the Eirin field, a subsea tieback to Gina

Krog, was approved in the quarter and the field is expected to contribute with gas volumes from

next year. In April, Equinor

announced the start-up of electrification of the Sleipner field centre, along with the Gudrun

platform and other associated fields, which

is expected to further reduce emissions from the operations.

Equinor continued to optimise its oil and gas portfolio with the recent swap transaction in the US

onshore business, exiting the

operated position in Ohio and increasing its position in partner-operated assets in Northern

Marcellus in Pennsylvania. Equinor will

pay a cash consideration of USD 500 million to balance the overall transaction.

In the quarter, Equinor completed nine exploration wells offshore with two commercial discoveries. Three wells were ongoing at the

quarter end. The company was awarded 39 new production licenses on the NCS.

During the quarter Equinor secured a significantly improved offtake price for its Empire Wind 1 project on

the US East Coast. Planned

next steps include final investment decision, project financing and farm down to a new

partner. In Brazil, production started at the 531

MW Mendubim solar plants, where Equinor has a 30% ownership share.

Solid financial results and cash flow

Equinor realised a price for piped gas to Europe of USD 9.41 per MMbtu and realised

an average liquids price of USD 76.0 per bbl,

down 50% and up 3% respectively, compared to the first quarter 2023.

Equinor delivered solid adjusted operating income* of USD 7.53 billion and USD 2.57 billion after

tax. This is down from the same

quarter last year due to lower gas prices but partially offset by production growth and increased liquids prices.

In this quarter, the company introduced two new performance measures, namely adjusted net income* and adjusted earnings per

share*, with the purpose to provide additional transparency to Equinor’s underlying financial

performance. In addition, effective as of

this quarter, the adjustment for over- and underlift has been removed from adjusted operating income* (previously named "adjusted

earnings").

The Marketing, Midstream & Processing (MMP) segment delivered adjusted operating income* of USD

887 million, above the guided

range for the segment, mainly driven by strong results from liquids and LNG trading.

Equinor first quarter 2024

Cash flow from operating activities before taxes paid and working capital items amounted to USD

9.69 billion for the first quarter and

cash flow from operations after taxes paid* was USD 5.84 billion. Equinor paid one NCS

tax instalment of USD 3.52 billion in the

quarter. Organic capital expenditure* was USD 2.76 billion for the quarter, and total capital expenditures were USD 3.36 billion. After

taxes, capital distribution to shareholders and investments, net cash flow* ended at USD

8 million in the first quarter.

Adjusted net debt to capital employed ratio* was negative 19.8% at the end of the

first quarter, up from negative 21.6% at the end of

the fourth quarter of 2023.

Capital distribution

The board of directors has decided an ordinary cash dividend of USD 0.35 per share, and to

continue the extraordinary cash dividend

of USD 0.35 per share for the first quarter of 2024, in line with communication at the Capital

Markets Update in February.

Expected total capital distribution for 2024 is USD 14 billion, including a share buy-back programme

of up to USD 6 billion. The board

has decided to initiate a second tranche of the share buy-back programme of up to USD 1.6 billion. The second

tranche is subject to

an authorisation from the company’s annual general meeting 14 May 2024 and will commence after this. The tranche will

end no later

than 22 July 2024.

The first tranche of the share buy-back programme for 2024 was completed on 2 April

2024 with a total value of USD 1.2 billion.

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

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

financial measures in the

Supplementary disclosures.

Equinor first quarter 2024

GROUP REVIEW

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total revenues and other income

25,135

29,054

29,224

(14%)

Total operating expenses

(17,504)

(20,306)

(16,707)

Net operating income/(loss)

7,631

8,748

12,517

(39%)

Net financial items

366

589

1,189

(69%)

Income tax

(5,325)

(6,729)

(8,741)

(39%)

Net income/(loss)

2,672

2,608

4,966

(46%)

Adjusted total revenues and other income*

24,789

28,381

28,423

(13%)

Adjusted purchases* [5]

(11,813)

(13,672)

(11,262)

Adjusted operating and administrative expenses*

(2,832)

(3,256)

(2,809)

Adjusted depreciation, amortisation and net impairments*

(2,345)

(2,518)

(2,198)

Adjusted exploration expenses*

(266)

(377)

(238)

12%

Adjusted operating income*

7,533

8,558

11,916

(37%)

Adjusted net financial items*

373

437

(15%)

Income tax less tax effect on adjusting items

(5,071)

(6,782)

(8,489)

(40%)

Adjusted net income*

2,836

1,842

3,864

(27%)

Basic earnings per share (in USD)

0.91

0.88

1.59

(43%)

Adjusted earnings per share* (in USD)

0.96

0.62

1.24

(22%)

Capital expenditures and Investments

2,483

3,031

2,051

21%

Cash flows provided by operating activities

9,021

2,736

14,871

(39%)

Cash flows from operations after taxes paid*

5,840

2,787

9,716

(40%)

Quarters

Change

Operational information

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total equity liquid and gas production (mboe/day)

2,164

2,197

2,130

Total entitlement liquid and gas production (mboe/day)

2,039

2,065

2,011

Total Power generation (GWh) Equinor share

1,277

1,241

1,163

10%

Renewable power generation (GWh) Equinor share

774

694

524

48%

Average Brent oil price (USD/bbl)

83.2

84.1

81.3

Group average liquids price (USD/bbl)

76.0

75.7

73.8

E&P Norway average internal gas price (USD/mmbtu)

7.76

11.45

17.36

(55%)

E&P USA average internal gas price (USD/mmbtu)

1.74

1.76

2.80

(38%)

1) Restated 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.

Operations and financial results

Production increases and a strong operational performance across the portfolio contributed to strong results

for the first quarter of

2024.

In the first quarter of 2024, E&P Norway achieved a production increase compared to the same

quarter last year. This was driven by a

strong operational performance across the NCS and high production from the ramp up at Johan

Sverdrup and Breidablikk, which

came on stream in the fourth quarter of 2023.

The international upstream business delivered a 3% production increase for the first quarter of 2024

compared to the same quarter in

2023. New volumes from the Buzzard field, contributing following the Suncor UK acquisition in the second quarter of 2023, and the continued ramp up of Vito in the Gulf of Mexico, operational from the second quarter of 2023, drove the increases for the period.

Equinor first quarter 2024

New

wells in Angola and Argentina also supported the increase.

The addition of onshore power plants in Poland and Brazil during 2023, and the start-up of Mendubim

solar projects in 2024, drove an

increase of 48% in renewable power generation for the first quarter of 2024 compared to 2023.

Power generation from Triton Power

reduced compared to the same quarter of 2023 due to low clean spark spreads for the quarter.

Revenues were affected by gas prices which were lower than in the prior year. The impact of which was partially offset by increased

production and higher sales of third-party gas and liquids volumes. Strong margins were delivered

in the quarter from Crude, Products

and Liquids in our Marketing, Midstream and Processing segment. This was driven by the effective capturing of value

in tightening

markets which increased margins from physical sales and financial trading, as well as efficient shipping portfolio optimisation.

Adjusted operating and administrative expenses* remained relatively stable compared to the first quarter of the

prior year, with some

increases in operational and maintenance costs related to production and volume driven transportation

costs. Effects of an overall

underlift position, internationally and on the NCS, partially offset this. Costs associated with the development and future

capacity

building of the renewables and low carbon solutions portfolios also increased in the first quarter

of 2024 relative to the same period in

2023.

The ramp up of new fields, increased production and the inclusion of Buzzard contributed to an

overall increase in adjusted

depreciation, amortisation and net impairments* in the first quarter of 2024 compared to the same

period in 2023.

During the first three months of the year, exploration costs associated with Bacalhau in Brazil were expensed, driving an increase in

exploration expenses relative to the same quarter in 2023.

Net financial items reduced from the same period in the prior year due to lower currency gains

from the continued strengthening of

USD versus NOK. Adjusted net financial items* are relatively consistent with the same period in

the prior year.

Taxes and net financial result

The impact of lower net financial items in the first quarter of 2024 compared to 2023 has resulted

in a higher relative share of income

from the NCS compared to the same period in the prior year. The effective reported tax rate of 66.6% for the first quarter of 2024

therefore increased compared to 63.8% in 2023.

The effective tax rate on adjusted operating income* of 65.8% for the first quarter of 2024

decreased compared to 70.8% in 2023 due

to lower relative share of adjusted operating income* from NCS and decreased prior period adjustments in 2024

compared with 2023.

An adjusted net income* result of USD 2,836 million and a net income of USD 2,672 million

were recorded in the first quarter of 2024

driven by a strong production delivery.

Cash flow, net debt and capital distribution

The strong operational performance in the first quarter of 2024 translated

into solid financial results and cash flow provided by

operating activities before taxes paid and working capital items of USD 9,689 million.

The downward movement in gas prices drove

the decrease of USD 5,616 million from the same period of the prior year.

Taxes paid of USD 3,849 million in the first quarter have been reduced

from the prior year outflow of USD 5,589 million reflecting the

impact of lower gas prices in 2023 relative to 2022.

The payment consists of the first of three Norwegian corporation tax instalments

relating to the income from the 2023 financial year to be made in 2024.

The final two will occur in the second quarter of 2024.

A working capital decrease of USD 3,181

million positively impacted the cash flow in the first quarter of 2024

primarily through a

reduction in trade receivables. The first quarter of 2023 had a

working capital decrease of USD 5,155 million.

Cash flow from operations after taxes paid* and net cash flow* for the first quarter of 2024 increased

significantly from the prior quarter

to USD 5,840 million, and USD 8 million respectively.

A decrease in liquid assets in the quarter, combined with increased equity caused a slight increase in the net debt

to capital employed

adjusted ratio* at the end of March 2024 from negative 21.6% at the end

of December 2023 to negative 19.8%.

The board of directors has decided an ordinary cash dividend of USD 0.35 per share, and to continue the

extraordinary cash dividend of USD 0.35 per share for the first quarter of 2024, in line with communication at

the Capital Markets Update in February.

Expected total capital distribution for 2024 is around USD 14 billion, including a share buy-back programme of

up to USD 6 billion. The board has decided to initiate a second tranche of the share buy-back programme of up

to USD 1.6 billion. The second tranche is subject to an authorisation from the Company’s annual general meeting 14 May 2024 and will commence after this.

Equinor first quarter 2024

The tranche will end no later than 22 July 2024.

The first tranche of the share buy-back programme for 2024 was completed on 2 April 2024 with a total value of

USD 1.2 billion.

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

Health, safety and the environment

The twelve-month average serious incident frequency (SIF) for the period ending 31 March

2024 was 0.4, consistent with the prior

year. The serious incidents recorded in 2024 included a helicopter accident, which resulted in a fatality.

Absolute scope 1+2 GHG emissions for Equinor’s operated production, on a 100%

basis, were 2.9 million tonnes CO

for the first

quarter of 2024, consistent with the results from the same quarter 2023. Decreases due to a fire

at Mongstad in mid-February 2024,

partial electrification of Troll C and decommission of Heimdal, were offset by increased emissions at Tjeldbergodden which had a shut

down in the prior year.

Equinor first quarter 2024

OUTLOOK

●

Organic capital expenditures*

are estimated at around USD 13 billion for 2024

●

Oil & gas production

for 2024 is estimated to be stable compared to the 2023 level [6].

●

Renewable power generation

for 2024 is estimated to double compared to the 2023 level.

●

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 60 mboe per day for the full year

of 2024.

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.

USD/NOK exchange rate assumption of 10.

Equinor first quarter 2024

SUPPLEMENTARY

OPERATIONAL

DISCLOSURES

Operational information

Quarters

Change

Operational information

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Prices

Average Brent oil price (USD/bbl)

83.2

84.1

81.3

E&P Norway average liquids price (USD/bbl)

79.3

77.5

E&P International average liquids price (USD/bbl)

73.8

73.1

70.7

E&P USA average liquids price (USD/bbl)

66.2

66.0

61.3

Group average liquids price (USD/bbl) [1]

76.0

75.7

73.8

Group average liquids price (NOK/bbl) [1]

799

821

756

E&P Norway average internal gas price (USD/mmbtu)

[8]

7.76

11.45

17.36

(55%)

E&P USA average internal gas price (USD/mmbtu)

[8]

1.74

1.76

2.80

(38%)

Realised piped gas price Europe (USD/mmbtu)

[7]

9.41

13.07

18.79

(50%)

Realised piped gas price US (USD/mmbtu) [7]

2.33

2.07

3.24

(28%)

Refining reference margin (USD/bbl) [2]

7.4

6.1

11.3

(35%)

Entitlement production (mboe per day)

E&P Norway entitlement liquids production

648

658

641

E&P International entitlement liquids production

250

254

231

E&P USA entitlement liquids production

138

156

129

Group entitlement liquids production

1,036

1,068

1,001

E&P Norway entitlement gas production

814

806

E&P International entitlement gas production

(31%)

E&P USA entitlement gas production

165

167

171

(3%)

Group entitlement gas production

1,002

997

1,010

(1%)

Total entitlement liquids and gas production [3]

2,039

2,065

2,011

Equity production (mboe per day)

E&P Norway equity liquids production

648

658

641

E&P International equity liquids production

316

323

286

11%

E&P USA equity liquids production

153

174

144

Group equity liquids production

1,118

1,155

1,071

E&P Norway equity gas production

814

806

E&P International equity gas production

(29%)

E&P USA equity gas production

197

203

(3%)

Group equity gas production

1,046

1,042

1,059

(1%)

Total equity liquids and gas production [4]

2,164

2,197

2,130

Power generation

Power generation (GWh) Equinor share

1,277

1,241

1,163

10%

Renewable power generation (GWh) Equinor share

774

694

524

48%

1) Includes Hywind Tampen renewable power generation.

Equinor first quarter 2024

Health, safety and the environment

Twelve months

average per

Full year

Q1 2024

2023

Total recordable injury frequency (TRIF)

2.3

2.4

Serious Incident Frequency (SIF)

0.4

Oil and gas leakages (number of)

First quarter

Full year

2024

2023

Upstream CO

intensity (kg CO

/boe)

6.3

6.7

First quarter

2024

2023

Absolute scope 1+2 GHG emissions (million tonnes

2.9

Number of leakages with rate above 0.1 kg/second

during the past 12 months.

Operational control, total scope 1 emissions of CO

from exploration and production, divided by total

production (boe).

Operational control, total scope 1 and 2 emissions

of CO

and CH

Equinor first quarter 2024

EXPLORATION

& PRODUCTION NORWAY

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total revenues and other income

7,879

10,076

12,044

(35%)

Total operating expenses

(2,123)

(2,339)

(2,229)

(5%)

Net operating income/(loss)

5,756

7,737

9,816

(41%)

Adjusted total revenues and other income*

7,879

9,855

12,141

(35%)

Adjusted operating and administrative expenses*

(866)

(1,057)

(977)

(11%)

Adjusted depreciation, amortisation and net impairments*

(1,173)

(1,144)

(1,115)

Adjusted exploration expenses*

(84)

(138)

(137)

(39%)

Adjusted operating income/(loss)*

5,756

7,515

9,912

(42%)

Additions to PP&E, intangibles and equity accounted

investments

1,372

1,577

1,317

Operational information

Quarters

Change

E&P Norway

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

E&P entitlement liquid and gas production (mboe/day)

1,462

1,464

1,448

Average liquids price (USD/bbl)

79.3

77.5

Average internal gas price (USD/mmbtu)

7.76

11.45

17.36

(55%)

1) Restated 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.

Production & revenues

In the first quarter of 2024, E&P Norway demonstrated a strong production performance across

segment, driven by key assets such

as Johan Sverdrup, along with the successful ramp-up of Breidablikk, Njord and Hyme. These factors

more than offset the natural

decline observed in several fields. Gas production increased by 1%, and liquids production remained

stable compared to the first

quarter of 2023.

While there was a slight increase in production, the first quarter of 2024 saw a sharp decline in gas

prices compared to the same

period last year. This significant shift in gas prices led to notably reduced revenues.

Operating expenses and financial results

Overall operating

and administrative

expenses for

the first

quarter of

2024 remained

stable compared

to the

same quarter

last year

based

produced

volumes.

The

main

factors

reducing

the

operating

and

administrative

expenses

were

the

underlift

effect

and

Statfjord area divestment.

Field specific

investments during 2023

and ramp

up of

new fields,

partially offset

by lower

asset carrying

values due

to prior

quarter

impairments, led

to an

increase in

adjusted depreciation,

amortisation and

net impairments*

in the

first quarter

of 2024

compared to

the same quarter last year.

A lower

activity level

(6 wells

this quarter

compared to

10 wells

in the

first quarter

last year),

partially offset

by a

lower capitalisation

rate led to a decrease in exploration expenses in the first quarter 2024 compared to first quarter

2023.

Equinor first quarter 2024

EXPLORATION

& PRODUCTION INTERNATIONAL

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total revenues and other income

1,655

1,889

1,548

Total operating expenses

(1,039)

(1,553)

(1,167)

(11%)

Net operating income/(loss)

616

336

382

61%

Adjusted total revenues and other income*

1,655

1,867

1,460

13%

Adjusted purchases*

(45)

>100%

Adjusted operating and administrative expenses*

(395)

(540)

(400)

(1%)

Adjusted depreciation, amortisation and net impairments*

(529)

(603)

(461)

15%

Adjusted exploration expenses*

(148)

(55)

>100%

Adjusted operating income/(loss)*

616

623

560

10%

Additions to PP&E, intangibles and equity accounted

investments

756

923

451

68%

Operational information

Quarters

Change

E&P International

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

E&P equity liquid and gas production (mboe/day)

352

362

336

E&P entitlement liquid and gas production (mboe/day)

273

278

264

Production sharing agreements (PSA) effects

Average liquids price (USD/bbl)

73.8

73.1

70.7

1) Restated 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.

Production & Revenues

In the first quarter of 2024, E&P International achieved a 5% growth in equity production compared

to the same quarter last year.

These strong production results can primarily be attributed to positive effects from new wells in Argentina and Angola along with the

added contribution from the Buzzard field in the UK. Furthermore, lower turnaround activities this

quarter contributed to the overall rise

in production levels. This increase was partially offset by natural decline in various fields, the divestment

of the Corrib asset which

closed on 31 March 2023, and by temporary operational issues relating to an asset in Brazil.

The effects of Production Sharing Agreements (PSA) increased in first quarter of 2024 compared to same quarter

last year. This was

driven by higher production from Angola PSA fields, combined with lower entitlement factor due

to lower cost recovery and higher oil

prices.

Lifted production increased by 17 mboe per day to 250 mboe per day compared to the same quarter

last year. The increased lifting,

along with higher realised prices contributed to an increase in revenues.

Operating expenses and financial results

Adjusted operating and maintenance expenses* for this quarter were consistent with the levels

observed in the same quarter last

year. The reduction in expenses from fourth quarter of 2023 is mainly attributed to the absence of several one-time costs that were

incurred in the previous quarter, along with a net underlift position that contributed to lower operating and maintenance expenses in

the current quarter.

The addition of the Buzzard field to our portfolio, increased production from Peregrino in Brazil and

Bandurria Sur in Argentina in

2023, contributed to an overall increase in depreciation in the first quarter of this year

compared to the same period in 2023. The

overall increase in depreciation was partially offset by the cessation of depreciation on ACG in Azerbaijan,

starting end of December

2023 due to the divestment agreement with SOCAR.

Equinor first quarter 2024

The increase in exploration expenses this quarter compared to same quarter last year was

mainly caused by expensing of well cost

related to the Bacalhau appraisal well in Brazil.

The increase in additions to PP&E, intangibles and equity accounted investments compared to

same period last year is primarily

driven by the development of Bacalhau and Raia in Brazil, combined with the acquisition of Suncor

Energy UK Limited finalised in the

second quarter of 2023.

Equinor first quarter 2024

EXPLORATION

& PRODUCTION USA

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total revenues and other income

1,055

1,165

1,015

Total operating expenses

(678)

(1,022)

(675)

Net operating income/(loss)

377

143

340

11%

Adjusted total revenues and other income*

1,055

1,165

1,015

Adjusted operating and administrative expenses*

(280)

(308)

(273)

Adjusted depreciation, amortisation and net impairments*

(364)

(506)

(357)

Adjusted exploration expenses*

(34)

(184)

(46)

(26%)

Adjusted operating income/(loss)*

377

168

340

11%

Additions to PP&E, intangibles and equity accounted

investments

359

332

262

37%

Operational information

Quarters

Change

E&P USA

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

E&P equity liquid and gas production (mboe/day)

350

372

347

E&P entitlement liquid and gas production (mboe/day)

303

323

299

Royalties

(0%)

Average liquids price (USD/bbl)

66.2

66.0

61.3

Average internal gas price (USD/mmbtu)

1.74

1.76

2.80

(38%)

Production & Revenues

In the first quarter of 2024, production level for E&P USA was stable compared to the first quarter

of 2023.

With the start-up of the

Vito field in 2023, production from the Gulf of Mexico increased in the first quarter of

2024 compared to the same period last year,

despite natural decline on certain mature fields. The growth in offshore production was offset by lower Appalachia production which

reduced primarily due to well development activity. Towards the end of the quarter Equinor curtailed its drilling & completion activity in

its operated position in response to low gas prices, also impacting production.

Revenues benefited from higher liquids prices and higher production from the Gulf of Mexico. This was

partially offset by lower gas

prices impacting Appalachia production due to oversupply in the basin following mild winter weather.

Operating expenses and financial results

Operating expenditures and depreciation and amortisation increased slightly because of higher

offshore production impacting

transportation expenses and production cost. The increase in offshore operating expenses was offset by lower well maintenance

expenditures in the Appalachian Basin. Exploration expenditures were slightly lower in the first

quarter of 2024 due to reduced drilling

activity in the Gulf of Mexico and reduced field development expenditures on pre-sanctioned fields.

Equinor first quarter 2024

MARKETING, MIDSTREAM & PROCESSING

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Total revenues and other income

24,824

28,668

28,889

(14%)

Total operating expenses

(23,522)

(27,934)

(26,771)

(12%)

Net operating income/(loss)

1,303

734

2,118

(39%)

Adjusted total revenues and other income*

24,478

28,257

28,082

(13%)

Adjusted purchases* [5]

(22,026)

(26,241)

(25,344)

(13%)

Adjusted operating and administrative expenses*

(1,337)

(1,365)

(1,229)

Adjusted depreciation, amortisation and net

impairments*

(227)

(232)

(2%)

Adjusted operating income/(loss)*

887

424

1,278

(31%)

- Gas and Power

529

472

769

(31%)

- Crude, Products and Liquids

458

510

(10%)

- Other

(101)

(132)

(1)

>100%

Additions to PP&E, intangibles and equity

accounted investments

210

218

219

(4%)

Operational information

Quarters

Change

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Liquids sales volumes (mmbl)

247.6

245.6

217.3

14%

Natural gas sales Equinor (bcm)

16.3

16.1

15.7

Natural gas entitlement sales Equinor (bcm)

14.3

14.5

14.3

(0%)

Power generation (GWh) Equinor share

503

547

639

(21%)

Realised piped gas price Europe (USD/mmbtu)

9.41

13.07

18.79

(50%)

Realised piped gas price US (USD/mmbtu)

2.33

2.07

3.24

(28%)

Volumes, Pricing & Revenues

Liquids sales volumes remained at similar level compared to the fourth quarter of 2023 and increased against

same quarter of last

year mostly due to higher sales of third-party volumes.

Gas sales slightly increased compared to the fourth quarter of 2023, primarily because of third-party gas sales. Against

same quarter

last year, gas sales increased due to higher equity and third-party gas sales.

Compared to previous quarter and first quarter of last year, power generation decreased due to lower

clean spark spread.

Realised European piped gas price decreased compared to both the first quarter

of last year and prior quarter due to mild

temperatures, lower market prices explained by high storage levels and reduced demand.

The realised piped gas price in the US increased compared to the fourth quarter

of 2023 due to a short period of cold weather and

higher prices on gas sales linked to power indexes. Compared to the first quarter of

last year prices decreased due to the drop in

market prices due to sizeable storage surplus and mild weather.

Financial Results

Crude Products and Liquids contributed significantly to adjusted operating income* during the first quarter of

2024. Equinor achieved

strong results across all products by effectively capturing value through asset backed trading and realising improved margins from physical sales and financial trading.

Equinor first quarter 2024

Additionally, Equinor has good results from optimisation of the shipping portfolio. Adjusted

operating income* from Gas and Power was driven by piped gas and LNG trading based on equity

and third-party volumes. Adjusted

operating income* in the Other subsegment was impacted by costs associated with developing

low-carbon projects.

Adjusted operating income* increased compared to fourth quarter of last year mainly

due to a higher result from Crude Products and

Liquids explained by higher margins from physical sales and gains from optimising the shipping

portfolio. In addition, adjusted

operating income* increased due to better result from LNG, gas trading and higher refining and methanol margins.

Adjusted operating income* in the first quarter of last year was driven by high results from LNG,

gas and power trading as well as very

strong physical crude, products and refining margins.

Net operating income includes net effects from changes in fair value related to storage and commodity derivatives

utilised to manage

price risk exposure.

Equinor first quarter 2024

RENEWABLES

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Revenues third party, other revenue and other

income

>100%

Net income/(loss) from equity accounted

investments

(6)

(7)

N/A

Total revenues and other income

(2)

N/A

Total operating expenses

(280)

(185)

(87)

>100%

Net operating income/(loss)

(220)

(166)

(89)

>(100%)

Adjusted total revenues and other income*

(4)

N/A

Adjusted operating and administrative expenses*

(121)

(176)

(78)

56%

Adjusted depreciation, amortisation and net

impairments*

(8)

(6)

(1)

>100%

Adjusted operating income/(loss)*

(70)

(179)

(83)

16%

Additions to PP&E, intangibles and equity

accounted investments

624

696

851

(27%)

Operational information

Quarters

Change

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Renewables power generation (GWh) Equinor

739

661

511

45%

Power generation

In the first quarter of 2024, offshore wind farms generated 468 GWh, with the majority coming from

Dudgeon, Sheringham Shoal and

Arkona. Onshore renewables contributed a further 271 GWh. The substantial increase in generation

compared to the same quarter of

2023 was driven by the addition of onshore power plants in Poland and Brazil, and the

successful production start of the partner

operated Mendubim solar plants, also in Brazil.

Total revenues and other income

The addition of onshore wind farms in operation in Brazil and Poland increased the positive

contribution to revenues third party, other

revenue and other income in the first quarter of 2024 compared to the prior year.

Net income/(loss) from equity accounted investments increased compared to the same quarter in the

prior year.

The positive result from assets in operation remains at the same level as in the first quarter last year, the increase in power generation

was offset by lower price. The increase in net results was driven by lower project development costs in the first

quarter of 2024

compared to last year. Bałtyk,

the offshore wind project in Poland, reached the maturation stage for capitalisation of costs from the

third quarter of 2023 and the Beacon Wind project was divested following the asset swap

transaction between Equinor and bp in the

first quarter of 2024.

Operating expenses and financial results

Higher operating activity levels from ongoing development projects combined with increased business

development expenditures

contributed to an upward trend in operating and administrative expenses compared to the same

quarter of 2023.

Net operating loss included the effect of a USD 147 million net loss following the asset swap transaction

between Equinor and bp,

under which Equinor took full ownership of the Empire Wind lease and projects and bp took

full ownership of the Beacon Wind lease

and projects. This resulted in an overall lower result for the first quarter of 2024 compared

to the same period in 2023.

Additions to PP&E, intangibles, and equity-accounted investments for the first quarter of 2024 was

lower than the corresponding

periods last year. In the first quarter of 2024, USD 28 million for onshore renewables and USD 597 million was allocated for offshore

wind projects, primarily related to the acquisition of full ownership of Empire Wind lease

and projects and investment related to

projects in Europe.

Equinor first quarter 2024

CONDENSED INTERIM FINANCIAL STATEMENTS

First quarter 2024

CONSOLIDATED STATEMENT

OF INCOME

Quarters

(unaudited, in USD million)

Note

Q1 2024

Q4 2023

Q1 2023

Revenues

25,089

28,843

29,210

Net income/(loss) from equity accounted investments

(31)

Other income

242

(30)

Total revenues and other income

25,135

29,054

29,224

Purchases [net of inventory variation]

(11,922)

(13,804)

(11,235)

Operating expenses

(2,630)

(2,875)

(2,722)

Selling, general and administrative expenses

(341)

(403)

(304)

Depreciation, amortisation and net impairments

(2,345)

(2,821)

(2,200)

Exploration expenses

(266)

(402)

(246)

Total operating expenses

(17,504)

(20,306)

(16,707)

Net operating income/(loss)

7,631

8,748

12,517

Interest income and other financial income

560

661

590

Interest expenses and other financial expenses

(416)

(368)

(463)

Other financial items

222

296

1,061

Net financial items

366

589

1,189

Income/(loss) before tax

7,998

9,337

13,707

Income tax

(5,325)

(6,729)

(8,741)

Net income/(loss)

2,672

2,608

4,966

Attributable to equity holders of the company

2,668

2,603

4,962

Attributable to non-controlling interests

Basic earnings per share (in USD)

0.91

0.88

1.59

Diluted earnings per share (in USD)

0.91

0.88

1.59

Weighted average number of ordinary shares outstanding

(in millions)

2,938

2,954

3,118

Weighted average number of ordinary shares outstanding

diluted (in millions)

2,942

2,961

3,124

Equinor first quarter 2024

CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

Quarters

(unaudited, in USD million)

Q1 2024

Q4 2023

Q1 2023

Net income/(loss)

2,672

2,608

4,966

Actuarial gains/(losses) on defined benefit pension

plans

513

(894)

Income tax effect on income and expenses recognised

in OCI

(117)

211

(16)

Items that will not be reclassified to the Consolidated

statement of income

396

(683)

Foreign currency translation effects

(1,094)

1,169

(1,426)

Share of OCI from equity accounted investments

(124)

(65)

Items that may be subsequently reclassified to the Consolidated

statement of income

(1,087)

1,045

(1,491)

Other comprehensive income/(loss)

(691)

362

(1,453)

Total comprehensive income/(loss)

1,982

2,969

3,512

Attributable to the equity holders of the company

1,977

2,965

3,508

Attributable to non-controlling interests

1) Other comprehensive income (OCI).

Equinor first quarter 2024

CONSOLIDATED BALANCE SHEET

At 31 March

At 31 December

(in USD million)

Note

2024 (unaudited)

2023 (audited)

ASSETS

Property, plant and equipment

57,377

58,822

Intangible assets

5,646

5,709

Equity accounted investments

2,314

2,508

Deferred tax assets

7,647

7,936

Pension assets

1,455

1,260

Derivative financial instruments

539

559

Financial investments

3,383

3,441

Prepayments and financial receivables

1,079

1,291

Total non-current assets

79,441

81,525

Inventories

3,534

3,814

Trade and other receivables

10,944

13,204

Prepayments and financial receivables

3,743

3,729

Derivative financial instruments

1,137

1,378

Financial investments

27,534

29,224

Cash and cash equivalents

9,737

9,641

Total current assets

56,629

60,990

Assets classified as held for sale

1,129

1,064

Total assets

137,199

143,580

EQUITY AND LIABILITIES

Shareholders' equity

50,067

48,490

Non-controlling interests

Total equity

50,081

48,500

Finance debt

22,039

22,230

Lease liabilities

2,214

2,290

Deferred tax liabilities

12,913

13,345

Pension liabilities

3,658

3,925

Provisions and other liabilities

13,612

15,304

Derivative financial instruments

2,040

1,795

Total non-current liabilities

56,477

58,890

Trade and other payables

8,983

8,841

Provisions and other liabilities

3,159

3,029

Current tax payable

12,594

12,306

Finance debt

5, 7

3,371

5,996

Lease liabilities

1,287

1,279

Dividends payable

2,649

Derivative financial instruments

808

1,619

Total current liabilities

30,201

35,719

Liabilities directly associated with the assets classified

as held for sale

441

471

Total liabilities

87,118

95,080

Total equity and liabilities

137,199

143,580

1) Disaggregated from the line-item Trade and other receivables

in previously issued financial statements.

Equinor first quarter 2024

2) Includes collateral deposits of USD 1.5 billion

for 31 March 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 in previously issued CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

financial statements.

Equinor first quarter 2024

(unaudited, in USD million)

capital

Additional

paid-in

capital

Retained

earnings

Foreign

currency

translation

reserve

OCI from

equity

accounted

investments

Share-

holders'

equity

Non-

controlling

interests

Total equity

At 1 January 2023

1,142

3,041

58,236

(8,855)

424

53,988

53,989

Net income/(loss)

4,962

4,966

Other comprehensive

income/(loss)

(1,426)

(65)

(1,453)

Total comprehensive

income/(loss)

3,512

Dividends

Share buy-back

(331)

Other equity transactions

At 31 March

2023

1,142

2,710

63,236

(10,281)

359

57,165

57,170

At 1 January 2024

1,101

56,521

(9,442)

310

48,490

48,500

Net income/(loss)

2,668

2,672

Other comprehensive

income/(loss)

396

(1,094)

(691)

Total comprehensive

income/(loss)

1,982

Dividends

Share buy-back

(396)

Other equity transactions

(4)

(1)

(5)

At 31 March

2024

1,101

59,185

(10,536)

318

50,067

50,081

1) For more information see note 8 Capital distribution.

Equinor first quarter 2024

CONSOLIDATED STATEMENT

OF CASH FLOWS

Quarters

(unaudited, in USD million)

Note

Q1 2024

Q4 2023

Q1 2023

Income/(loss) before tax

7,998

9,337

13,707

Depreciation, amortisation and net impairments,

including exploration write-

offs

2,426

2,849

2,291

(Gains)/losses on foreign currency transactions and

balances

(303)

289

(955)

(Gains)/losses on sale of assets and businesses

130

(253)

233

(Increase)/decrease in other items related to operating

activities

1), 2)

(882)

(734)

(324)

(Increase)/decrease in net derivative financial instruments

127

(694)

327

Interest received

406

399

277

Interest paid

(212)

(302)

(251)

Cash flows provided by operating activities before

taxes paid and working

capital items

9,689

10,890

15,305

Taxes paid

(3,849)

(8,103)

(5,589)

(Increase)/decrease in working capital

3,181

(51)

5,155

Cash flows provided by operating activities

9,021

2,736

14,871

Cash (used)/received in business combinations

(40)

(252)

Capital expenditures and investments

(2,483)

(3,031)

(2,051)

(Increase)/decrease in financial investments

507

(3,010)

(5,108)

(Increase)/decrease in derivative financial instruments

(46)

261

(803)

(Increase)/decrease in other interest-bearing items

(210)

Proceeds from sale of assets and businesses

154

Cash flows provided by/(used in) investing activities

(2,172)

(5,574)

(8,104)

Repayment of finance debt

(1,900)

(342)

(2,176)

Repayment of lease liabilities

(373)

(418)

(332)

Dividends paid

(2,649)

(2,706)

(2,861)

Share buy-back

(550)

(518)

(461)

Net current finance debt and other financing activities

(1,156)

1,813

873

Cash flows provided by/(used in) financing activities

(6,627)

(2,171)

(4,958)

Net increase/(decrease) in cash and cash equivalents

222

(5,009)

1,809

Effect of exchange rate changes on cash and cash equivalents

(181)

230

(8)

Cash and cash equivalents at the beginning

of the period (net of overdraft)

9,641

14,420

15,579

Cash and cash equivalents at the end of the

period (net of overdraft)

9,682

9,641

17,380

The line item includes a fair value gain related to inventory

of USD 476 million in the first quarter 2024.

The corresponding amount in the

fourth quarter 2023 was a fair value gain of USD

204 million and in first quarter 2023 a

fair value loss of USD 20 million.

Cash flows related to variation margin collaterals on

over-the-counter (OTC) commodity derivatives

form 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

materiality.

The line item includes cash consideration net of

cash disposed,

related to the disposal of Equinor Energy Ireland

Limited at closing date

31 March 2023. See note 3 Acquisitions and disposals

for more information.

At 31 March 2024 cash and cash equivalents net overdraft were 55. At 31 December 2023 cash and cash equivalents net overdraft were Notes to the Condensed interim financial statements

zero.

Equinor first quarter 2024

1 Organisation and basis of preparation

Organisation and principal activities

Equinor Group (Equinor) consists of Equinor ASA and its subsidiaries. Equinor ASA is incorporated

and domiciled in Norway and

listed on the Oslo Børs (Norway) and the New York Stock Exchange (USA). The registered office address is Forusbeen 50, N-4035,

Stavanger, Norway.

The objective of Equinor is to develop, produce and market various forms of energy and derived

products and services, as well as

other businesses. The activities may also be carried out through participation in or cooperation with

other companies. Equinor Energy

AS, a 100% owned operating subsidiary of Equinor ASA and owner of all of Equinor's

oil and gas activities and net assets on the

Norwegian continental shelf, is a co-obligor or guarantor of certain debt obligations of Equinor ASA.

Equinor's condensed interim financial statements for the first quarter of 2024 were authorised for

issue by the board of directors on 24

April 2024.

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.

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 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 financial

statements for 2023 for more

information about accounting judgement and key sources of estimation uncertainty.

Equinor first quarter 2024

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.

First quarter 2024

E&P

Norway

E&P

International

E&P

USA

MMP

REN

Other

Eliminations

Total Group

(in USD million)

Revenues third party

183

24,733

25,089

Revenues and other income inter-segment

7,852

1,470

968

(10,393)

Net income/(loss) from equity accounted

investments

(1)

Other income

(28)

(1)

Total revenues and other income

7,879

1,655

1,055

24,824

(10,393)

25,135

Purchases [net of inventory variation]

(21,968)

10,012

(11,922)

Operating, selling, general and

administrative expenses

(866)

(395)

(280)

(1,326)

(272)

(46)

213

(2,971)

Depreciation and amortisation

(1,173)

(529)

(364)

(227)

(8)

(36)

(2,337)

Net impairment (losses)/reversals

(7)

Exploration expenses

(84)

(148)

(34)

(266)

Total operating expenses

(2,123)

(1,039)

(678)

(23,522)

(280)

(89)

10,226

(17,504)

Net operating income/(loss)

5,756

616

377

1,303

(220)

(34)

(167)

7,631

Additions to PP&E, intangibles and equity

accounted investments

1,372

756

359

210

624

3,361

Balance sheet information

Equity accounted investments

777

1,475

2,314

Non-current segment assets

27,072

17,919

10,995

3,829

2,215

993

63,023

Non-current assets not allocated to

segments

14,104

Total non-current assets

79,441

Assets held for sale

1,129

Equinor first quarter 2024

Fourth quarter 2023

E&P

Norway

E&P

International

E&P

USA

MMP

REN

Other

Eliminations

Total Group

(in USD million)

Revenues third party

297

28,372

28,843

Revenues and other income inter-segment

9,780

1,597

1,089

309

(12,787)

Net income/(loss) from equity accounted

investments

(5)

(13)

(6)

(8)

(31)

Other income

224

242

Total revenues and other income

10,076

1,889

1,165

28,668

(12,787)

29,054

Purchases [net of inventory variation]

(45)

(26,330)

12,570

(13,804)

Operating, selling, general and

administrative expenses

(1,057)

(540)

(308)

(1,384)

(180)

173

(3,279)

Depreciation and amortisation

(1,144)

(603)

(506)

(227)

(6)

(31)

(2,518)

Net impairment (losses)/reversals

(310)

(303)

Exploration expenses

(138)

(55)

(208)

(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)

(43)

8,748

Additions to PP&E, intangibles and equity

accounted investments

1,577

923

332

218

696

3,770

Balance sheet information

Equity accounted investments

783

1,665

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

Assets held for sale

1,064

In the fourth quarter of 2023, Equinor recognised

impairments in the E&P International segment to an

amount of USD 310 million, following the

held for sale classification of its interest in Azerbaijan

assets. Refer to note 3 for additional details.

Equinor first quarter 2024

First quarter 2023

E&P

Norway

E&P

International

E&P

USA

MMP

REN

Other

Eliminations

Total Group

(in USD million)

Revenues third party

329

28,744

29,210

Revenues and other income inter-segment

12,092

1,209

954

(14,346)

Net income/(loss) from equity accounted

investments

(7)

Other income

(97)

(30)

Total revenues and other income

12,044

1,548

1,015

28,889

(2)

(14,346)

29,224

Purchases [net of inventory variation]

(25,358)

14,107

(11,235)

Operating, selling, general and

administrative expenses

(977)

(659)

(273)

(1,178)

(86)

(133)

281

(3,025)

Depreciation and amortisation

(1,115)

(461)

(357)

(232)

(1)

(33)

(2,198)

Net impairment (losses)/reversals

(2)

Exploration expenses

(137)

(64)

(46)

(246)

Total operating expenses

(2,229)

(1,167)

(675)

(26,771)

(87)

(166)

14,388

(16,707)

Net operating income/(loss)

9,816

382

340

2,118

(89)

(91)

12,517

Additions to PP&E, intangibles and equity

accounted investments

1,317

451

262

219

851

3,179

Non-current assets by country

At 31 March

At 31 December

(in USD million)

2024

2023

Norway

30,928

32,977

USA

12,872

12,587

Brazil

10,936

10,871

5,513

5,535

Canada

1,112

1,157

Angola

1,084

1,103

Denmark

971

973

Argentina

656

648

Poland

572

447

Algeria

443

474

Other

251

265

Total non-current assets

65,337

67,038

1) Excluding deferred tax assets, pension assets

and non-current financial assets. Non-current assets

are attributed to country of operations.

3 Acquisitions and disposals

Acquisition and disposals

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

has 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. The acquisitions have been accounted for as asset acquisitions, and previous holdings have not been revalued.

Equinor first quarter 2024

The swap resulted in a combined loss of USD 147 million recognised in the REN segment and presented in

the line item Operating expenses in the Consolidated statement of income.

Held for sale

Divestment of interest in Azerbaijan

On 22 December 2023, Equinor entered into an agreement with

the State Oil Company of the Republic of Azerbaijan

(SOCAR)

to sell

its interest 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

the

Caspian

Sea,

8.71%

interest

the

Baku-Tbilisi-Ceyhan (BTC)

pipeline

and

50%

the

Karabagh

oil

field. Closing is

expected during

2024 subject

to regulatory

and contractual

approvals. The

assets have

been classified

as held

for

sale in the fourth quarter 2023.

4 Revenues

Revenues from contracts with customers by geographical areas

When attributing the line item Revenues from contracts with customers for the first quarter of 2024 to the

country of the legal entity

executing the sale, Norway constitutes 79% and the USA constitutes 18% of such revenues (77%

and 19%, respectively, for the

fourth quarter of 2023). For the first quarter of 2023, Norway and the USA constituted 84%

and 12% of such revenues, respectively.

Revenues from contracts with customers are mainly reflecting such revenues from the reporting segment

MMP.

Revenues from contracts with customers and other revenues

Quarters

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Crude oil

14,266

15,695

12,112

Natural gas

5,060

6,597

10,457

- European gas

4,177

5,796

9,228

- North American gas

305

298

397

- Other incl. Liquefied natural gas

578

503

832

Refined products

2,224

2,710

2,477

Natural gas liquids

2,097

2,087

2,383

Power

563

504

852

Transportation

369

305

453

Other sales

447

107

Revenues from contracts with customers

24,663

28,345

28,841

Total other revenues

426

498

370

Revenues

25,089

28,843

29,210

1) This item mainly relates to commodity derivatives and

change in fair value, less cost to sell, of commodity

inventories

held for trading purposes.

2) The line item Power has been disaggregated

from the line item Other sales in previously

issued financial reports.

Equinor first quarter 2024

5 Financial items

Quarters

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Net foreign currency exchange gains/(losses)

303

(289)

955

Interest income and other financial income

560

661

590

Gains/(losses) on financial investments

(7)

139

Gains/(losses) other derivative financial instruments

(74)

445

Interest and other finance expenses

(416)

(368)

(463)

Net financial items

366

589

1,189

The decrease in Interest income and other financial income in first quarter compared to previous quarter mainly

relates to lower

interest rates and reduced portfolio.

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

of 31 March 2024, USD 0.4 billion were

utilised compared to USD 1.9 billion utilised as of 31 December 2023.

6 Income taxes

Quarters

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Income/(loss) before tax

7,998

9,337

13,707

Income tax

(5,325)

(6,729)

(8,741)

Effective tax rate

66.6%

72.1%

63.8%

The effective tax rate for the first quarter of 2024 was significantly influenced by low share of income from the

Norwegian continental

shelf and high effect from uplift relative to income before tax.

The effective tax rate for the first quarter of 2023 was significantly influenced by low share of income

from the Norwegian continental

shelf and currency effects in entities that are taxable in other currencies than the functional currency.

Equinor first quarter 2024

7 Provisions, commitments and contingent items

Asset retirement obligation

Equinor's estimated asset retirement obligations (ARO) have decreased by approximately USD 1 billion to USD 11.4 billion at 31

March 2024 compared to year-end 2023, mainly due to increased discount rates and strengthening of

USD versus NOK. Changes in

ARO are reflected within Property, plant and equipment and Provisions and other liabilities in the Consolidated balance sheet.

Litigation and claims

During the normal course of its business, Equinor is involved in legal and other proceedings,

and several unresolved claims are

currently outstanding. The ultimate liability or asset in respect of such litigation and claims

cannot be determined at this time. Equinor

has provided in its Condensed interim financial statements for probable liabilities related to

litigation and claims based on the

company’s best judgement. Equinor does not expect that its financial position, results of operations or cash

flows will be materially

affected by the resolution of these legal proceedings.

8 Capital distribution

Dividend for the first quarter 2024

On 24 April 2024, the Board of Directors resolved to declare an ordinary cash dividend for the first quarter

of 2024 of USD 0.35 per

share and an extraordinary cash dividend of USD 0.35 per share. The Equinor shares will

be traded ex-dividend 16 August 2024 on

the Oslo Børs and 19 August 2024 for ADR holders on the New York Stock Exchange. Record date will be 19 August 2024 and

payment date will be 28 August 2024.

Share buy- back programme 2024

The Board of Directors has announced a two-year share buy-back programme for

2024-2025 of USD 10-12 billion in total, with up to

USD 6 billion for 2024, including shares to be redeemed from the Norwegian State.

In February 2024, Equinor launched the first

tranche of up to USD 1.2 billion, including shares to be redeemed from the Norwegian State,

and entered into an irrevocable

agreement with a third-party to purchase shares for up to USD 396 million in the market. Of

this first tranche, shares for USD 389

million have been purchased in the market and settled at 31 March 2024, whereas USD 396 million

has been recognised as reduction

in equity. The market execution of the first tranche was completed in April 2024. The purpose of the share buy-back programme is to

reduce the issued share capital of the company, and all shares repurchased in this first tranche in 2024 will be cancelled. According to

an agreement between Equinor and the Norwegian State, a proportionate number of the

Norwegian State's shares will be redeemed

and cancelled at the annual general meeting in May 2024, ensuring that the State's ownership

interest in Equinor remains unchanged

at 67%.

On 24 April 2024, the Board of Directors resolved the commencement of the second tranche of the

share buy-back programme for

2024 of a total of up to USD 1.6 billion, including shares to be redeemed from the Norwegian State.

The second tranche is subject to

approval at the general meeting and will end no later than 22 July 2024.

Equity impact of share buy-back programmes (in USD million)

Q1 2024

Q1 2023

First tranche

396

330

Total

396

330

9 Subsequent events

Swap of US onshore assets

On 15 April, Equinor announced a swap transaction with EQT ARO LLC (EQT). Under the agreement, Equinor will sell its 100% interest in

the

Marcellus

and

Utica

shale

formations

the

Appalachian

Basin,

located

southeastern

Ohio,

and

transfer

the

operatorship

EQT.

exchange,

Equinor

will

acquire

40%

EQT’s

non-operated

working

interest

the

Northern

Marcellus

shale

formation

Pennsylvania.

Equinor will

pay a

cash consideration

of USD

500 million

to EQT

balance the

overall transaction.

Following the

transaction, Equinor

will

increase its average working interest from 15.7% to 25.7% in certain Chesapeake-operated Northern Marcellus gas units. Closing is subject to

approval by relevant authorities and is expected

in the second quarter of 2024. The swap will be

recognised in the E&P USA segment.

Equinor first quarter 2024

SUPPLEMENTARY

DISCLOSURES

Exchange rates

Quarters

Change

Exchange rates

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

USD/NOK average daily exchange rate

10.5094

10.8474

10.2439

USD/NOK period-end exchange rate

10.8011

10.1724

10.4772

EUR/USD average daily exchange rate

1.0858

1.0747

1.0728

EUR/USD period-end exchange rate

1.0816

1.1050

1.0875

(1%)

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 the sum of net operating

income/(loss) less income tax in reporting segments and includes adjustments to net operating income/(loss) to take

the applicable

marginal tax into consideration. The name of this measure was changed in 2024 in line with

the change of the name of the pre-tax

measure above

Adjusted operating income after tax excludes net financial items and the associated

tax effects on net financial items.

It is based on adjusted operating income less the tax effects on all elements included in adjusted operating income

(or calculated tax

on net operating income and on each of the adjusting items using an estimated marginal

tax rate). In addition, tax effects related to tax

exposure items not related to the individual reporting period are excluded from adjusted operating

income after tax. 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. Certain net USD denominated financial positions are held by group

companies that

have a USD functional currency that is different from the currency in which the taxable income is measured.

As currency exchange

rates change between periods, the basis for measuring net financial items for IFRS

Accounting Standards will change

disproportionally with taxable income which includes exchange gains and losses from translating

the net USD denominated financial

positions into the currency of the applicable tax return. Therefore, the effective tax rate may be

significantly higher or lower than the

statutory tax rate for any given period. Adjusted taxes included in adjusted operating income

after tax should not be considered

indicative of the amount of current or total tax expense (or taxes payable) for the period.

Adjusted net income

is based on net income/(loss) and provides additional transparency to Equinor’s

underlying financial

performance by also including net financial items and the associated tax effects. This measure includes

adjustments made to arrive at

adjusted operating income after tax, in addition to specific adjustments related to net financial items. 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.

Management believes the above measures provides an indication of Equinor’s underlying

operational and financial performance and

facilitates the comparison of trends between periods.

Equinor first quarter 2024

The above measures 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.

Amended principles for Adjusted operating income with effect from the first quarter of

2024:

Equinor has 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.

Impact of change

Q1 2023

Q4 2023

E&P Norway

As reported

Impact

Restated

As reported

Impact

Restated

Adjusted total revenues and other income

12,144

(3)

12,141

9,871

(16)

9,855

Over-/underlift

(3)

(16)

Adjusted operating and administrative expenses

(976)

(1)

(977)

(1,018)

(40)

(1,057)

Over-/underlift

(1)

(40)

Adjusted operating income/(loss)

9,916

(4)

9,912

7,571

(56)

7,515

Adjusted operating income/(loss) after tax

2,214

(1)

2,213

1,570

(12)

1,558

Impact of change

Q1 2023

Q4 2023

E&P International

As reported

Impact

Restated

As reported

Impact

Restated

Adjusted total revenues and other income

1,555

(95)

1,460

1,952

(86)

1,867

Over-/underlift

(95)

(86)

Adjusted operating and administrative expenses

(442)

(400)

(559)

(540)

Over-/underlift

(42)

(19)

Adjusted operating income/(loss)

614

(53)

560

690

(67)

623

Adjusted operating income/(loss) after tax

330

(34)

295

255

(33)

222

Impact of change

Q1 2023

Q4 2023

Equinor group

As reported

Impact

Restated

As reported

Impact

Restated

Adjusted total revenues and other income

28,520

(98)

28,423

28,483

(102)

28,381

Over-/underlift

(98)

102

(102)

Adjusted operating and administrative expenses

(2,849)

(2,809)

(3,235)

(21)

(3,256)

Over-/underlift

(41)

(21)

Adjusted operating income/(loss)

11,973

(57)

11,916

8,681

(123)

8,558

Adjusted operating income/(loss) after tax

3,514

(35)

3,479

1,879

(46)

1,833

Effective tax rates on adjusted operating income

71%

78%

79%

No other line items or segments were affected by the

change.

Adjusted operating income adjust for the following items:

Equinor first quarter 2024

●

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

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

inventories

based

the

forward

price

the

expected

realisation

date.

This

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

that

asset,

not

only

the

period

which

impaired, or

the

impairment

reversed.

Impairment

and

reversal

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

IFRS

Accounting

Standards

(write

down

production

cost).

The

proportion

realised

versus

unrealised

gain

fluctuates

from one

period

to another

due

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

income

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

fair

value

financial

derivatives

used

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

fair

value

each

reporting

date,

with

movements in

fair

value

recognised

the

income

statement.

The

long

term

interest-bearing

labilities

are

measured

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

matured,

exercised,

settled.

Management

believes

that

this

appropriately

reflects

the

economic

effect

these

risk

management

activities

each

period

and

provides

indication

Equinor’s underlying financial performance.

●

Foreign currency gains/losses

on certain intercompany

bank and cash

balances

are eliminated from

adjusted net income.

These currency effects 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

financial

performance,

which

does

not

reflect

Equinor’s underlying

financial

performance. Management believes that this adjustment removes periodic fluctuations in Equinor’s

adjusted net income.

Net

debt

capital

employed

ratio

–

Equinor’s view,

net

debt

ratios

provide

informative picture

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

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 excluded since they relate to certain requirements of exchanges where Equinor is trading and presented as restricted cash.

Equinor first quarter 2024

sheet),

and

financial

investments

held

Equinor

Insurance

(classified

Current

financial

investments

the

Consolidated

balance

sheet)

are

treated

non-cash

and

excluded

from

the

calculation

these

non-GAAP

measures.

Collateral

deposits

are

Financial

investments

Equinor

Insurance

are

excluded

these

investments

are

not

readily

available

for

the

group

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

Additions to

PP&E, intangibles

and

equity

accounted

investments

presented

note

Segments

the

Condensed

interim

financial

statements.

Organic

capital

expenditures

are

capital

expenditures

excluding

expenditures

acquisitions,

leased

assets

and

other

investments

with

significantly

different

cash

flow

patterns.

Equinor

believes

this

measure

gives

stakeholders

relevant

information

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

Additions

PP&E,

intangibles

and

equity

accounted

investments

presented

the

financial

statements,

excluding

additions

right

use

assets related to leases and capital expenditures financed through government grants. Equinor adds the proportionate share of capital

expenditures

equity

accounted

investments

not

included

Additions

PP&E,

intangibles

and

equity

accounted

investments.

Equinor

believes

that

excluding

additions

right

use

assets

leases,

this

measure

better

reflects

the

company's

investments in the business

to drive growth. Forward-looking

gross capital expenditures 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 gross capital expenditures cannot be predicted with reasonable certainty.

Cash flows

from operations

after taxes

paid (CFFO after

taxes paid)

represents, and

is used

by management,

to evaluate cash

generated

from

operating

activities

after

taxes

paid,

which

available

for

investing

activities,

debt

servicing

and

distribution

shareholders. Cash

flows from

operations after

taxes paid

is not

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

CFFO

after

taxes

paid

and

net

cash

flow

later

this

report

provides

reconciliation

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,

the

specified

dates.

Forward-looking

cash

flows

from

operations

after

taxes

paid

included

this

report

are

not

reconcilable

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

- Net

cash flow

represents, and

is used

by management

to evaluate,

cash generated

from operational

and investing

activities

available

for

debt

servicing

and

distribution

shareholders.

Net

cash

flow

not

measure

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

operating activities

before

taxes

paid

and

working capital items, as of the specified dates.

For more information on our definitions and use of non-GAAP financial measures, see section 5.6

Use and reconciliation of non-

GAAP financial measures in Equinor's 2023 Integrated Annual Report.

Equinor first quarter 2024

Reconciliation of adjusted operating income

The table specifies the adjustments made to each of the profit and loss line item included

in the net operating income/(loss) subtotal.

Items impacting net operating income/(loss) in the

first quarter of 2024

Equinor

group

E&P Norway

E&P

Internationa

E&P USA

MMP

REN

Other

(in USD million)

Net operating income/(loss)

7,631

5,756

616

377

1,303

(220)

(200)

Total revenues and other income

25,135

7,879

1,655

1,055

24,824

(10,337)

Adjusting items

(346)

Changes in fair value of derivatives

(444)

Periodisation of inventory hedging effect

Adjusted total revenues and other income

24,789

7,879

1,655

1,055

24,478

(10,337)

Purchases [net of inventory variation]

(11,922)

(21,968)

10,012

Adjusting items

109

(58)

167

Operational storage effects

(58)

Eliminations

167

Adjusted purchases [net of inventory variation]

(11,813)

(22,026)

10,179

Operating and administrative expenses

(2,971)

(866)

(395)

(280)

(1,326)

(272)

168

Adjusting items

139

(12)

151

Other adjustments

Gain/loss on sale of assets

147

Provisions

(12)

Adjusted operating and administrative expenses

(2,832)

(866)

(395)

(280)

(1,337)

(121)

168

Depreciation, amortisation and net impairments

(2,345)

(1,173)

(529)

(364)

(227)

(8)

(43)

Adjusting items

Adjusted depreciation, amortisation and net

impairments

(2,345)

(1,173)

(529)

(364)

(227)

(8)

(43)

Exploration expenses

(266)

(84)

(148)

(34)

Adjusting items

Adjusted exploration expenses

(266)

(84)

(148)

(34)

Sum of adjusting items

(98)

(416)

151

167

Adjusted operating income/(loss)

7,533

5,756

616

377

887

(70)

(34)

Tax on adjusted operating income

(4,959)

(4,435)

(92)

(94)

(387)

Adjusted operating income/(loss) after tax

2,574

1,322

524

283

499

(55)

Equinor first quarter 2024

Items impacting net operating income/(loss) in the

first quarter of 2023

Equinor

group

E&P Norway

E&P

Internationa

E&P USA

MMP

REN

Other

(in USD million)

Net operating income/(loss)

12,517

9,816

382

340

2,118

(89)

(49)

Total revenues and other income

29,224

12,044

1,548

1,015

28,889

(2)

(14,271)

Adjusting items

(802)

(89)

(807)

(2)

(0)

Changes in fair value of derivatives

(803)

(89)

(809)

Periodisation of inventory hedging effect

Gain/loss on sale of assets

(25)

(23)

(3)

(0)

Adjusted total revenues and other income

28,423

12,141

1,460

1,015

28,082

(4)

(14,271)

Purchases [net of inventory variation]

(11,235)

(0)

(25,358)

14,107

Adjusting items

(27)

(42)

Operational storage effects

Eliminations

(42)

Adjusted purchases [net of inventory variation]

(11,262)

(0)

(25,344)

14,065

Operating and administrative expenses

(3,025)

(977)

(659)

(273)

(1,178)

(86)

148

Adjusting items

217

259

(51)

Other adjustments

Gain/loss on sale of assets

265

259

Provisions

(51)

Adjusted operating and administrative expenses

(2,809)

(977)

(400)

(273)

(1,229)

(78)

148

Depreciation, amortisation and net impairments

(2,200)

(1,115)

(461)

(357)

(234)

(1)

(33)

Adjusting items

Impairment

Adjusted depreciation, amortisation and net

impairments

(2,198)

(1,115)

(461)

(357)

(232)

(1)

(33)

Exploration expenses

(246)

(137)

(64)

(46)

(0)

Adjusting items

Impairment

Adjusted exploration expenses

(238)

(137)

(55)

(46)

(0)

Sum of adjusting items

(602)

178

(841)

(42)

Adjusted operating income/(loss)

11,916

9,912

560

340

1,278

(83)

(91)

Tax on adjusted operating income

(8,437)

(7,699)

(265)

(80)

(424)

Adjusted operating income/(loss) after tax

3,479

2,213

295

260

854

(72)

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.

Equinor first quarter 2024

Items impacting net operating income/(loss) in the

fourth quarter of 2023

Equinor

group

E&P Norway

E&P

Internationa

E&P USA

MMP

REN

Other

(in USD million)

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

(12,764)

Adjusting Items

(673)

(222)

(22)

(412)

(17)

(0)

Changes in fair value of derivatives

(65)

(67)

Periodisation of inventory hedging effect

(344)

Gain/loss on sale of assets

(264)

(222)

(25)

(17)

(0)

Adjusted total revenues and other income

28,381

9,855

1,867

1,165

28,257

(12,765)

Purchases [net of inventory variation]

(13,804)

(45)

(26,330)

12,570

Adjusting Items

132

Operational storage effects

Eliminations

Adjusted purchases [net of inventory variation]

(13,672)

(45)

(26,241)

12,613

Operating and administrative expenses

(3,279)

(1,057)

(540)

(308)

(1,384)

(180)

190

Adjusting Items

(0)

Other adjustments

(0)

Provisions

Adjusted operating and administrative

expenses

(3,256)

(1,057)

(540)

(308)

(1,365)

(176)

190

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

Impairment

Adjusted exploration expenses

(377)

(138)

(55)

(184)

Sum of adjusting items

(190)

(222)

288

(310)

(13)

Adjusted operating income/(loss)

8,558

7,515

623

168

424

(179)

Tax on adjusted operating income

(6,725)

(5,957)

(401)

(90)

(281)

(29)

Adjusted operating income/(loss) after tax

1,834

1,558

222

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 Adjusted operating income after tax by reporting segment

disclosures.

Equinor first quarter 2024

Quarters

Q1 2024

Q4 2023

Q1 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 Norway

5,756

(4,435)

1,322

7,515

(5,957)

1,558

9,912

(7,699)

2,213

E&P International

616

(92)

524

623

(401)

222

560

(265)

295

E&P USA

377

(94)

283

168

(90)

340

(80)

260

MMP

887

(387)

499

424

(281)

143

1,278

(424)

854

REN

(70)

(55)

(179)

(146)

(83)

(72)

Other

(34)

(29)

(22)

(91)

(72)

Equinor group

7,533

(4,959)

2,574

8,558

(6,725)

1,834

11,916

(8,437)

3,479

Effective tax rates on adjusted

operating income

65.8%

78.6%

70.8%

1) Restated for Q1 2023 and Q4 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

Supplementary disclosures

Equinor first quarter 2024

Reconciliation of adjusted operating income after tax to net income

Quarters

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Net operating income/(loss)

7,631

8,748

12,517

Income tax

5,325

6,729

8,741

Tax on net financial items

155

Income tax less tax on net financial items

B = B1 - B2

5,230

6,574

8,673

Net operating income after tax

C = A-B

2,402

2,174

3,844

Items impacting net operating income/(loss)

1) 2)

(98)

(190)

(602)

Tax on items impacting net operating income/(loss)

271

(150)

236

Adjusted operating income after tax*

F = C+D+E

2,574

1,834

3,479

Net financial items

366

589

1,189

Tax on net financial items

(96)

(155)

(68)

Net income/(loss)

I = C+G+H

2,672

2,608

4,966

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.

Equinor first quarter 2024

Reconciliation of adjusted net income to net income

Quarters

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Net operating income/(loss)

7,631

8,748

12,517

Items impacting net operating income/(loss)

(98)

(190)

(602)

Adjusted operating income

7,533

8,558

11,916

Net financial items

366

589

1,189

Adjusting items

(523)

(752)

Changes in fair value of financial derivatives used

to hedge

interest bearing instruments

(445)

(74)

Foreign currency (gains)/losses on certain intercompany

bank and

cash balances

(67)

(78)

(678)

Adjusted net financial items

373

437

Income tax

(5,325)

(6,729)

(8,741)

Tax effect on adjusting items

255

(53)

253

Adjusted net income

G = B+D+E+F

2,836

1,842

3,864

Less:

Adjusting items

H = A+C

(91)

(713)

(1,354)

Tax effect on adjusting items

255

(53)

253

Net income/(loss)

2,672

2,608

4,966

Attributable to equity holders of the company

2,668

2,603

4,962

Attributable to non-controlling interests

Attributable to Equity holders in %

99.8 %

99.9 %

Adjusted net income attributable to equity holders

of the company

J = G x I

2,831

1,839

3,861

Weighted average number of ordinary shares outstanding

(in

millions)

2,938

2,954

3,118

Basic earnings per share (in USD)

0.91

0.88

1.59

Adjusted earnings per share (in USD)

L = J/K

0.96

0.62

1.24

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.

Equinor first quarter 2024

Adjusted exploration expenses

Quarters

Change

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

E&P Norway exploration expenditures

213

148

(38%)

E&P International exploration expenditures

100

125

64%

E&P USA exploration expenditures

(37%)

Group exploration expenditures

236

423

278

(15%)

Expensed, previously capitalised exploration expenditures

(1%)

Capitalised share of current period's exploration

activity

(51)

(49)

(122)

(58%)

Impairment (reversal of impairment)

(99%)

Exploration expenses according to IFRS Accounting

Standards

266

402

246

Items impacting net operating income/(loss)

(25)

(8)

(100%)

Adjusted exploration expenses*

266

377

238

12%

1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Calculation of CFFO after taxes paid and net cash flow

Supplementary disclosures.

Equinor first quarter 2024

CFFO information

Quarters

Change

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Cash flows provided by operating activities before

taxes paid and

working capital items

9,689

10,890

15,305

(37%)

Taxes Paid

(3,849)

(8,103)

(5,589)

(31%)

Cash flow from operations after taxes paid (CFFO

after taxes

paid)

5,840

2,787

9,716

(40%)

Net Cash Flow Information

Quarters

Change

(in USD million)

Q1 2024

Q4 2023

Q1 2023

Q1 on Q1

Cash flow from operations after taxes paid (CFFO

after taxes paid)

5,840

2,787

9,716

(40%)

(Cash used)/received in business combinations

(40)

(252)

N/A

Capital expenditures and investments

(2,483)

(3,031)

(2,051)

21%

(Increase)/decrease in other interest-bearing items

(210)

N/A

Proceeds from sale of assets and businesses

154

27%

Dividend paid

(2,649)

(2,706)

(2,861)

(7%)

Share buy-back

(550)

(518)

(461)

19%

Net Cash Flow

(3,262)

4,201

(100%)

Organic capital expenditures

Quarters

(in USD billion)

Q1 2024

Q4 2023

Q1 2023

Additions to PP&E, intangibles and equity accounted

investments

3.4

3.8

3.2

Acquisition-related additions

0.3

0.5

Right of use asset additions

0.3

0.4

Other additions (with unique cash flow patterns)

0.0

Organic capital expenditures

2.8

3.0

2.3

Equinor first quarter 2024

Calculation of capital employed and net debt to capital employed ratio

Calculation of capital employed and net debt to capital

employed ratio

At 31 March

At 31 December

(in USD million)

2024

2023

Shareholders' equity

50,067

48,490

Non-controlling interests

Total equity

50,081

48,500

Current finance debt and lease liabilities

4,657

7,275

Non-current finance debt and lease liabilities

24,253

24,521

Gross interest-bearing debt

28,910

31,796

Cash and cash equivalents

9,737

9,641

Current financial investments

27,534

29,224

Cash and cash equivalents and financial investment

37,271

38,865

Net interest-bearing debt [9]

B1 = B-C

(8,361)

(7,069)

Other interest-bearing elements

1,858

2,030

Normalisation for cash-build up before tax payment

(50% of Tax Payment)

1,713

Net interest-bearing debt adjusted normalised for

tax payment, including lease liabilities*

(4,789)

(5,040)

Lease liabilities

3,501

3,570

Net interest-bearing debt adjusted*

(8,290)

(8,610)

Calculation of capital employed*

Capital employed

A+B1

41,720

41,431

Capital employed adjusted, including lease liabilities

A+B2

45,291

43,460

Capital employed adjusted

A+B3

41,790

39,890

Calculated net debt to capital employed*

Net debt to capital employed

(B1)/(A+B1)

(20.0%)

(17.1%)

Net debt to capital employed adjusted, including

lease liabilities

(B2)/(A+B2)

(10.6%)

(11.6%)

Net debt to capital employed adjusted

(B3)/(A+B3)

(19.8%)

(21.6%)

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.

Equinor first quarter 2024

FORWARD

-LOOKING STATEMENTS

This report

contains certain

forward-looking statements

that involve

risks and

uncertainties. In

some cases,

we use

words such

"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

historical

fact,

including,

among

others,

statements

regarding

Equinor's

plans,

intentions,

aims,

ambitions

and

expectations;

the

commitment

develop

broad

energy

company

and

diversify

its

energy

mix;

the

ambition

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;

accounting policies;

the

ambition to

grow

cash flow and

returns *; expectations

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

and projects; expectations, plans and

ambitions for

renewables production

capacity,

power generation

and Co2

transport and

storage and

investments in

renewables and

low

carbon

solutions,

and

the

balance

between

oil

and

gas

and

renewables

production;

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

proved

reserves;

organic

capital

expenditures

through

2024;

expectations

and

estimates

regarding

production

and

development

and

execution

projects;

expectations

regarding

oil

and

gas

and

renewable

power

production;

estimates regarding tax payments;

considerations regarding exploration expenses;

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, disposals,

divestments and

other contractual

arrangements and

delivery commitments;

expected amount

and timing

dividend

payments

and

the

implementation

our

buy-back

programme;

provisions

and

contingent

liabilities,

obligations

expenses;

and

expected

impact of

currency

and

interest

rate

fluctuations.

You

should

not

place

undue

reliance

these

forward-

looking

statements.

Our

actual

results

could

differ

materially

from

those

anticipated

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,

their

nature,

subject

significant

risks

and

uncertainties

because

they

relate

events

and

depend

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

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

stakeholder

sentiment

and

regulatory

requirements

regarding

climate

change;

changes

market

demand

and

supply

for

renewables;

inability

meet

strategic

objectives;

the

development

and

use

new

technology;

social

and/or

political

instability,

including as a result of

Russia’s invasion of Ukraine and

the conflict in the

Middle East; 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

capital

and

operational

expenditures;

unsuccessful

drilling;

availability

adequate

infrastructure

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

or non-compliance

with laws

and

governmental regulations;

adverse changes

in tax

regimes; the

political and

economic policies

Norway

and

other

oil-producing

countries;

regulations

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

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.

use

certain terms

this document,

such as

"resource" and

"resources", that

the

SEC's rules

prohibit

from including

our

filings

with the

SEC.

U.S.

investors are

urged

to closely

consider

the

disclosures in

our

Annual Report

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 is a volume-weighted average of the segment prices of crude oil, condensate and natural gas

to www.sec.gov

Equinor first quarter 2024

END NOTES

The group's

average liquids price

liquids (NGL).

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

Liquids volumes

include oil, condensate and NGL, exclusive of royalty oil.

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.

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.

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.

The group's

average realised piped gas prices

include all realised piped gas sales, including both physical sales and related

paper positions.

The internal

transfer price

paid from the MMP segment to the E&P Norway and E&P USA segments.

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-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

bearing debt.

Equinor first quarter 2024

Signatures

the undersigned, thereunto duly authorised.

EQUINOR ASA

(Registrant)

Dated: 25 April, 2024

By: ___/s/ Torgrim Reitan

Name: Torgrim Reitan

Title:

Chief Financial Officer