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 2025

Commission File Number 1-15200

(Translation of registrant’s name into English)

FORUSBEEN 50 NO-4035, STAVANGER, Norway

(Address of principal executive offices)

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

Form 20-F X      Form 40-F

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

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Statements and shall be deemed to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

This document includes portions from the previously published results announcement of Equinor ASA as of, and for the three months ended 31 March 2025, as revised to comply with the requirements of Item 10(e) of Regulation S-K regarding

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

Key figures

Equinor first quarter 2025 results

Equinor delivered net operating income of USD 8.87 billion and net income of USD 2.63 billion in the first quarter of 2025, leading to basic earnings per share of USD 0.97.

Strong financial and operational performance

•Strong financial results and cash flow

•Solid oil and gas production 

•Successful start up of the Johan Castberg and Halten East fields

•Final investment decision on Northern Lights phase 2

Capital distribution:

•First quarter cash dividend of USD 0.37 per share

•Proposed second tranche of share buy-back of up to USD 1.265 billion

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

Anders Opedal, President and CEO of Equinor ASA:

“Equinor delivers strong financial results in the first quarter. I am pleased to

see the good operational performance and solid production capturing

higher gas prices. With the current market uncertainties, Equinor’s core

objective is safe, stable and cost efficient operations and resilience

through a strong balance sheet.”

“We maintain a competitive capital distribution and expect to deliver a

total of USD 9 billion in 2025.”

“The production start-up of the Johan Castberg field strengthens

Norway’s role as a reliable energy exporter to Europe. The field opens a

new region in the Barents Sea and is expected to contribute to energy

supply, value creation and ripple effects for at least 30 years to come.”

“We have invested in Empire Wind after obtaining all necessary approvals,

and the order to halt work now is unprecedented and in our view unlawful. 

This is a question of the rights and obligations granted under legally issued

permits, and security of investments based on valid approvals. We seek to

engage directly with the US Administration to clarify the matter and are

considering our legal options.”

Solid production

Equinor delivered a total equity production of 2,123

mboe per day in the first quarter, down from 2,164

mboe in the same quarter last year.

The operational performance for most of the fields on

Norwegian continental shelf is strong, including the

Johan Sverdrup and Troll fields. This almost offsets

the negative production impact from the shut-in at

Sleipner B after the fire in fourth quarter 2024 and

planned and unplanned maintenance at Hammerfest

LNG.

In the US, production increased from the same period

last year. This was due to increased production from

the fields and transactions increasing Equinor’s

ownership interest in onshore gas assets in 2024.

The production from the international upstream

segment, excluding US, is down compared to the

same quarter last year, due to exits from Nigeria and

Azerbaijan in 2024.

The total power generation from the renewable

portfolio was 0.76 TWh, on par with the same period

last year.

In the quarter, Equinor completed five offshore

exploration wells on the NCS with two commercial

discoveries.

Strong financial results

Equinor delivered net operating income of USD 8.87

billion, and net income of USD 2.63 billion in the first

quarter of 2025. The results are driven by solid gas

production and higher gas prices.

Equinor realised a European gas price of USD 14.8

per mmbtu and realised liquids price was USD 70.6

per bbl in the first quarter.

Operating and administrative expenses increased

from the same quarter last year driven by overlift,

higher maintenance activity, and some one-off costs.

This was partially offset by active measures to reduce

costs for business development and early phase

projects in renewables and low carbon solutions.

A strong operational performance generated a cash

flow from operating activities, before taxes paid and

working capital items, of USD 10.6 billion for the first

quarter. Equinor paid one NCS tax instalment of USD

3.09 billion in the quarter.

Cash flow from operations after taxes paid* ended at

USD 7.39 billion.

Organic capital expenditure* was USD 3.02 billion for

the quarter, and total capital expenditures were USD

4.50 billion.

Equinor continues to demonstrate capital discipline

and strengthen financial robustness with a net debt to

capital employed adjusted ratio* at 6.9% at the end of

the first quarter, compared to 11.9% at the end of the

fourth quarter of 2024.

Empire Wind 1

After quarter close, Equinor received a halt work

order from the US government on the offshore

construction on the outer continental shelf for the

Empire Wind project. The lease was obtained in 2017

and the project was fully permitted in 2024. It has a

potential for delivering power to half a million New

York homes, and is approximately 30% to completion.

Equinor is complying with the order and is seeking

dialogue with the proper authorities and assessing

legal options. The Empire Wind project has per

31 March 2025 a gross book value of around USD 2.5

billion, including South Brooklyn Marine Terminal.

A major milestone was reached when production was

started from the Johan Castberg field in the Barents

Sea on 31 March. Production also started at the

Halten East development in the Norwegian Sea.

Equinor continues to optimise and strengthen long-

term value creation on the NCS, and was awarded 27

new production licenses in the Awards in Predefined

Areas round (APA) in January. The ambition is to drill

around 250 exploration wells on the NCS by 2035.

In the quarter, the Bacalhau floating production,

storage and offloading vessel (FPSO) arrived at its

destination in the Santos Basin in Brazil’s pre-salt

region. First oil is expected in 2025.

Within low carbon solutions, Equinor together with

partners Shell and TotalEnergies made a final

investment decision to progress phase two of the

groundbreaking Northern Lights carbon transport

and storage development in Øygarden. The NOK 7.5

billion investment is expected to increase the total

injection capacity from 1.5 million tonnes of CO2 per

year (Mtpa) to at least 5 Mtpa and further develop

the commercial market for transport and storage of

CO2.

The appraisal wells for carbon storage at Smeaheia

were completed in the quarter on time and on cost.

Competitive capital distribution

2025.

First quarter 2025 review

Group review

Operations and financial results

Equinor delivered strong financial results in the first

quarter of 2025, driven by solid production and

higher gas prices.

In E&P Norway, new wells on the NCS and sustained

contributions from the Johan Sverdrup and Troll

fields supported production in the quarter. Natural

decline across several fields, along with the fire at

Sleipner B and both planned and unplanned

maintenance at Hammerfest LNG, contributed to

lower production levels compared to the strong first

quarter of 2024.

Strategic transactions in the international upstream

business throughout 2024 shaped production levels

in the quarter. The acquisition of additional interests

in US onshore assets in December 2024 increased

E&P USA production compared to the same quarter

last year. The high production levels were impacted

by workover activities on offshore assets. In E&P

International, the divestments of interests in Nigeria

and Azerbaijan in the fourth quarter of 2024

contributed to a decline in production for the quarter,

offsetting the contribution from new wells across the

E&P International portfolio.

Growth in the onshore renewables portfolio and gas

to power generation contributed to the total power

generation increase in the quarter. The 9% increase

in total power generation was driven by stronger

clean spark spreads in gas to power generation and

onshore assets in Brazil. Renewable production from

offshore wind farms was lower than expected due to

unfavourable wind conditions, partially offsetting the

total power generation increase compared to the

same period last year.

The Marketing, Midstream and Processing segment’s

contribution to the group results was impacted in the

first quarter by reduced margins in gas, LNG, and

liquids trading. In addition, costs associated with the

development of low-carbon projects, including the

drilling of wells for future carbon storage, increased

compared to previous quarters.

Higher realised gas prices, complimented by an

increased share of gas in the production mix, drove

strong revenue and results for the quarter. Lower

liquids prices and production impacted this growth,

partially offsetting the increase in revenue compared

to the same quarter last year.

The transition from a large underlift position in the

first quarter of the prior year to an overlift in E&P

International this quarter contributed to an increase

in operating and administrative expenses . Higher

maintenance activity and several one-off costs

across our portfolio also contributed to the increase,

partially offset by a reduction in business

development and early phase projects within the

renewables and low carbon solutions businesses.

Depreciation, amortisation and net impairments

decreased in the quarter, primarily due to the

cessation of depreciation for the UK assets, Mariner

and Buzzard, which have been classified as held for

sale following the announcement to form a joint

venture between Equinor UK Ltd and Shell UK Limited

in December 2024 . The ramp up of new fields and

field-specific investments partially offset the

decrease.

Lower drilling activity contributed to a decrease in 

exploration expenses in the quarter compared to the

same period last year. This decrease was partially

offset by higher seismic costs and drilling costs per

well on the NCS.

Net financial items reduced from the same period in

the prior year mainly due to currency losses from the

weakening of USD versus NOK, compared to currency

gains in the same quarter of 2024 due to

strengthening of USD versus NOK.

Taxes

quarter of 2025 increased compared to 66.6% in the

same period in 2024 due to a higher share of income

gain from the swap with Petoro on the NCS, see

Note 3 Acquisitions and disposals to the first quarter

condensed interim financial statements.

Cash flow and net debt

Strong financial results during the first quarter of

2025 generated cash flow provided by operating

activities before taxes paid and working capital items

of USD 10,620 million. The upward movement in gas

prices, coupled with the increased share of gas in the

production mix, drove the increase from USD 9,806

million in the same period in the prior year.

Tax payments in the first quarter totalled USD 3,226

million, mainly due to a single Norwegian corporation

tax instalment. This is a decrease from USD 3,849

million in the same period last year, with the reduction

reflecting the relatively lower pricing environment of

2024. The final two NCS tax instalments related to

2024 earnings, totalling NOK 70.4 billion, are

expected to be paid in the second quarter of 2025.

A working capital decrease of USD 1,647 million

positively impacted the cash flow in the first quarter

of 2025, compared to a decrease of USD 3,181 million

in the first quarter of 2024.

In the first quarter, cash flow from operating activities

totalled USD 9,041 million. The net increase in cash

and cash equivalents was USD 1,396 million. This

reflects outflows from capital expenditures,

investments, and shareholder distributions, including

USD 1,911 million in dividends paid, as well as inflows

from new project finance debt.

Net cash flow* amounted to USD 2,086 million in the

first quarter of 2025, an increase from USD 125

million in the same quarter last year.

A decrease in net debt, mainly due to decreased

working capital, combined with an increase in equity

during the quarter caused a decrease in the net debt

to capital employed adjusted ratio* at the end of the

first quarter from 11.9% at the end of December 2024

to 6.9%.

Capital distribution

2025.

Subsequent events

geopolitical and macroeconomic uncertainty.

Further, on 16 April a Director's Order was received

from the Bureau of Ocean Energy Management in the

United States (BOEM), ordering a halt of all activities

related to development of the Empire Wind 1 project.

We refer to Note 9 Subsequent events to the first

additional information.

The twelve-month average serious incident

frequency (SIF) for the period ending 31 March 2025

was 0.28, a decrease from 2024 which ended at 0.30.

This result represents the lowest frequency on record.

Equinor’s absolute Scope 1 and 2 GHG emissions from

operated production (100% basis) were 2.7 million

tonnes CO₂e in the first quarter of 2025, representing

a reduction of 0.2 million tonnes CO₂e compared to

the same period last year. This positive development

is primarily driven by the implementation of

electrification projects on the NCS.

Outlook

•Organic capital expenditures* are estimated at

USD 13 billion for 20251.

•Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level [6].

•Equinor’s ambition is to keep the unit of

production cost in the top quartile of its peer

group.

•Scheduled maintenance activity is estimated to

reduce equity production by around 30 mboe per

day for the full year of 2025.

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

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

capacity coming on stream and operational

regularity and levels of industry product supply,

demand and pricing represent the most significant

risks related to the foregoing production guidance.

Our future financial performance, including cash flow

and liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the regulatory

and policy landscape, the development in realised

prices, including price differentials, tolls and tariffs

and other factors discussed elsewhere in the report.

For further information, see section Forward-looking

statements in the report.

Supplementary operational disclosures

Exploration & Production Norway

In the first quarter of 2025 production from E&P

Norway remained robust, but was lower than the

strong deliveries in the same quarter last year. This

was mainly due to natural decline on several fields,

along with Sleipner B shut down since the incident in

October 2024, and both planned and unplanned

maintenance at Hammerfest LNG. The production

decrease was similar for both gas and liquids.

The gas price increased significantly, while there was

a smaller decrease in the liquids price, when

comparing the first quarter of 2025 to the same

quarter last year. The price development resulted in

higher revenues, despite a lower production level.

the first quarter of 2025 compared to the same

period last year, mainly due to increased operation

and maintenance cost following the Sleipner B fire

and preparation for periodic maintenance at

Hammerfest LNG, and a lower underlift effect. This

was partially offset by the development in NOK/USD

exchange rate and lower transportation tariffs.

Depreciation, amortisation and net impairments in the

first quarter of 2025 was positively impacted by

increased proved reserves from the annual update

and the development in the NOK/USD exchange rate,

partially offset by ramp up of new fields and field-

specific investments.

The exploration activity in the first quarter of 2025 (6

wells) was at the same level as in the first quarter last

year. Higher seismic cost and cost per well partially

offset by higher capitalisation rate led to a minor

increase in exploration expenses.

In the first quarter of 2025, net operating income was

positively impacted by a gain of USD 491 million from

the swap transaction with Petoro, which was

completed on 1 January. 

Additions to PP&E, Intangibles and equity accounted

investments in the first quarter of 2025 increased,

primarily due to the assets acquired in the swap

transaction amounting to USD 1,086 million.

Exploration & Production International

The divestment of assets in Azerbaijan and Nigeria

drove a decrease in production in the first quarter of

2025 compared to the same quarter last year.

Natural decline in several fields and a higher

turnaround effect further contributed to the overall

drop in the production levels. The decreased equity

production was partially offset by contributions from

new wells.

Production Sharing Agreements (PSA) effects were

also reduced in the quarter, reflecting the impact of

the same divestments.

Total revenue and other income decreased in the first

quarter of 2025 compared to the same period last

year, mainly due to lower liquids prices. The impact of

volume changes on revenues was minimal, as the

lifted volumes were on the same level in both periods

due to an overlift in the first quarter of 2025,

compared to a large underlift in the same quarter of

2024.

Operating and administrative expenses increased,

primarily due to the shift from a large underlift

position last year to an overlift position this quarter.

Additionally, higher activity and maintenance levels in

Brazil contributed to the increase in operating and

administrative expenses compared to the same

The cessation of depreciation for the UK assets

Mariner and Buzzard, which were classified as held

for sale at the end of 2024, drove the decline in

depreciation this quarter compared to the same

Exploration expenses in the first quarter of 2025

were lower compared to the same period last year,

when well costs related to the Bacalhau appraisal well

in Brazil were expensed.

was positively impacted by a contingent receivable 

recorded as other income.

investments this quarter are on the same level  as the

same quarter last year. While the UK assets of

Rosebank, Mariner and Buzzard are excluded from

the additions in the quarter due to their classification

as held for sale, this is offset by higher activity for the

development projects in Brazil.

Exploration & Production USA

In the first quarter of 2025, E&P USA reported higher

production compared to the same period in 2024,

primarily driven by increased gas output from the

Appalachia onshore assets, following the acquisition

of additional interests in late 2024. This increase was

further supported by higher activity in the Appalachia

onshore asset.  The increase was partially offset by

lower production from certain US offshore assets due

to downtime from workover activities and natural

decline. 

Revenue for the first quarter of 2025 benefited from

elevated gas prices and increased gas production.

The increased gas revenue was partially offset by

lower liquids prices and liquids production compared

to the prior year. 

the first quarter of 2025, driven by additional

workover expenditures for certain US offshore assets

and higher transportation expenses due to increased

production in the Appalachia onshore assets.

Depreciation and amortisation increased in the first

quarter of 2025 compared to the same period in

2024, driven by the acquisition of additional interests

in Appalachia onshore assets. The increase was

partially offset by lower production in the US offshore

assets and proved reserves increases at the 2024

year end.

Marketing, Midstream & Processing

Volumes, Pricing & Revenues

Liquids sales volumes increased against previous

quarter and same quarter of the previous year due

to higher third-party volumes.

Gas sales decreased slightly compared to previous

quarter primarily because of lower 3rd party sales

and NCS gas production, partially offset by higher

Equinor international gas production. The decrease in

gas sales against the first quarter of 2024 was driven

by lower NCS gas production, partially offset by

higher Equinor international gas production.

Power generation has increased compared to 

previous quarter and same quarter previous year,

primarily due to higher clean spark spread.

The realised European piped gas price increased

compared to the previous quarter driven by high

demand attributed to colder weather at the start of

the quarter. Compared to the same quarter last year,

the realised European piped gas price increased due

to weather driven by increased demand and reduced

supply of Russian gas flows through Ukraine.

The realised piped gas price in the US increased

compared to both previous quarter and same

quarter last year due to higher market prices driven

by increased demand caused by low temperatures.

Financial Results

During the first quarter of 2025, net operating income

was mainly driven by physical trading of crude,

distillates and gasoline and optimisation of physical

piped gas sales in Europe and in the US. The result

was impacted by costs associated with developing

low-carbon projects including drilling of wells for

future carbon storage.

Net operating income decreased compared to

previous quarter. This is mainly due to lower result

from LNG and piped gas trading in EU and US, in

addition to reduced gains from geographical

arbitrage within LPG and lower result from shipping

optimisation.

was lower than same quarter last year and mostly

explained by reduced margins in gas, LNG and liquids

trading.

Renewables

Power generation

In the first quarter of 2025, total power generation

from offshore wind farms was 0.39 TWh, primarily

driven by production from Dudgeon, Sheringham

Shoal and Arkona. Onshore renewables contributed

an additional 0.31 TWh, mainly from plants in Brazil.

Total generated volume decreased compared to the

same quarter in 2024, mainly due to lower offshore

wind production due to reduced wind conditions.

Total revenues and other income

In the first quarter of 2025, Total revenues and other

income decreased compared to the same quarter

last year, primarily due to the effects of lower

offshore wind production.

Lower production from assets in operation, along with

higher project development costs impacted net

results from equity accounted investments.

A reduction in the level of business development

activities in selected emerging markets contributed to

a decrease in operating and administrative expenses

in the first quarter of 2025 when compared to the

same quarter last year.

Net operating loss for the first quarter of 2025

included the effects of a change in the fair value of

contingent consideration and USD 146 million in

impairments related to non-sanctioned offshore wind

projects in the US. In comparison, the same period in

2024 included the effect of a USD 147 million net loss

associated with the asset swap transaction with bp,

involving offshore wind assets on the US Northeast

Coast. 

In the first quarter of 2025, USD 257 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

523 million related to offshore wind projects. Offshore

additions primarily related to projects in the US, UK

and Europe. The increase in onshore investments was

mainly driven by the acquisition of an onshore wind

farm in southern Sweden.

Subsequent event

On 16 April a Director's Order was received from the

Bureau of Ocean Energy Management in the United

States (BOEM), ordering a halt of all activities related

to development of the Empire Wind 1 project.

We refer to Note 9 Subsequent events to the first

additional information

Condensed interim financial statements and notes

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED BALANCE SHEET