eqnr-20241231

Average production cost in USD per boe based on
entitlement volumes (consolidated)

Eurasia
excluding
Norway

Americas
excluding
USA

Equinor 2024 Annual Report on Form 20-F 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

(Mark one)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF

1934

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from______ to

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number 1-15200

Equinor ASA

(Exact Name of Registrant as Specified in Its Charter)

N/A

(Translation of Registrant’s Name Into English)

Norway

(Jurisdiction of Incorporation or Organization)

Forusbeen 50, NO-4035, Stavanger, Norway

(Address of Principal Executive Offices)

Torgrim Reitan

Chief Financial Officer

Equinor ASA

Forusbeen 50, NO-4035

Stavanger, Norway

Telephone No.: 011-47-5199-0000

Fax No.: 011-47-5199-0050

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
American Depositary Shares	EQNR	New York Stock Exchange
Ordinary shares, nominal value of NOK 2.50 each	EQNR	New York Stock Exchange*

*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the

requirements of the Securities and Exchange Commission

Securities registered or to be registered pursuant to Section 12(g) of the Act:None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:None

Equinor 2024 Annual Report on Form 20-F 2

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the

period covered by the annual report.

Ordinary shares of NOK 2.50 each 2,944,733,144

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☒ Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to

Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to

file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period

that the registrant was required to submit and post such files)

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an

emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company”

in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Emerging growth company	☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if

the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards

Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 762(b))

by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive

based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to

§240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this

filing:


U.S. GAAP	☐	International Financial Reporting Standards as issued by the International Accounting Standards Board	☒	Other	☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the

registrant has elected to follow.

Item 17 ☐

Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2

of the Exchange Act).

☐ Yes ☒ No

Equinor 2024 Annual Report on Form 20-F 5

INTRODUCTION

Unless otherwise indicated, all references herein to “we”, “our”, the “company”, the “group” or “Equinor” are references to Equinor

ASA and its consolidated subsidiaries.

This document is our annual report on Form 20-F for the year ended 31 December 2024 (“2024 Form 20-F”). Reference is made to

our Norwegian Annual Report for 2024 which is attached hereto as Exhibit 15.4 (the “2024 Annual Report”), our 2024 Oil And Gas

Reserves Report which is attached hereto as exhibit 15.5 (the “2024 Oil And Gas Reserves Report”), our 2024 Remuneration

Report which is attached hereto as exhibit 15.6 (the “2024 Remuneration Report”), our Remuneration Policy which is attached

hereto as exhibit 15.7 (the “2024 Remuneration Policy”), and our 2024 Board statement on corporate governance which is attached

hereto as exhibit 15.9 (the “2024 Corporate Governance Report”). Only (i) the information included in this 2024 Form 20-F, (ii) the

information in the 2024 Annual Report, the 2024 Oil And Gas Reserves Report, the 2024 Remuneration Report, the 2024

Remuneration Policy and the 2024 Corporate Governance Report that is incorporated by reference in this 2024 Form 20-F (excluding,

in each case, any page or section references incorporated or referenced in the incorporated material), and (iii) the other exhibits to

this 2024 Form 20-F shall be deemed to be filed with the Securities and Exchange Commission (“SEC”) for any purpose, including

incorporation by reference into the Registration Statement on Form F-3 filed on May 4, 2023 (File No. 333-271647), and Registration

Statement on Form S-8 filed on February 9, 2022 (File No. 333-262601) and any other documents filed by us pursuant to the

Securities Act of 1933, as amended, which purport to incorporate by reference the 2024 Form 20-F. Unless otherwise indicated,

references to major headings include all information under such major headings, including subheadings, unless such reference is a

reference to a subheading, in which case such reference includes only the information contained under such subheading. Any other

information shall not be deemed to be so incorporated by reference.

In addition to the information set out below, the information set forth in Section 5.6 Other definitions and abbreviations of the 2024

Annual Report is incorporated herein by reference.

The 2024 Annual Report contains references to our website (https://www.equinor.com). Information on our website or any other

website referenced in the 2024 Annual Report is not incorporated into this document and should not be considered part of this

document.

The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically with the

SEC. Our filings with the SEC are available to the public through the SEC’s website at http://www.sec.gov.

The information about Equinor’s competitive position in this 2024 Form 20-F (including the information in the 2024 Annual Report that

is incorporated by reference herein) is based on several sources such as investment analyst reports, independent market studies,

and internal assessments of market share based on publicly available information about the financial results and performance of

market players.

Sustainability-related statements

Materiality, as used in the context of sustainability, is distinct from, and should not be confused with, such term as defined for SEC

reporting purposes. Any issues or topics identified as material for purposes of sustainability in the 2024 Annual Report, including the

materiality assessment undertaken by Equinor based on European Sustainability Reporting Standards, are therefore not necessarily

material as defined for SEC reporting purposes.

Equinor 2024 Annual Report on Form 20-F 7

FORWARD-LOOKING STATEMENTS

This 2024 Form 20-F (including information incorporated herein from the 2024 Annual Report) contains certain forward-looking

statements that involve risks and uncertainties, in particular in the sections incorporated by reference in Item 4 of this 2024 Form 20-

F. In some cases, we use words such as "aim", "ambition", "anticipate", "believe", "continue", "commit", "could", "estimate", "expect",

"intend", "likely", "objective", "outlook", "may", "plan", "schedule", "seek", "should", "strategy", "target", "will", "goal" and similar

expressions to identify forward-looking statements. All statements other than statements of historical fact, including: the commitment

to develop as a broad energy company and diversify our energy mix; the ambition to be a leading company in the energy transition;

ambition to reach net zero by 2050 and expectations regarding progress on our energy transition plan; our ambitions regarding

reduction in operated emissions and net carbon intensity and allocation of investments to renewables and low carbon solutions; our

ambitions and expectations regarding decarbonisation; our ambition to maintain value in oil and gas, focus on high value growth in

renewables and contribute to maturing CCS and hydrogen markets; aims, expectations and plans for renewables production capacity

and power generation, CO2 transport and storage, investments in renewables and low-carbon solutions and the balance between oil

and gas and renewables production; our expectations and estimates regarding future operational performance, including oil and gas

and renewable power production, with respect to net carbon intensity, operated emissions, carbon and methane intensity and flaring

reductions; our internal carbon price and other financial metrics for investment decisions; break-even considerations and targets;

robustness of our portfolio; contributions to energy security; aims and expectations regarding Equinor’s resilience across different

climate scenarios; future levels of, and expected value creation from, oil and gas production, scale and composition of the oil and gas

portfolio, and development of CCS and hydrogen businesses; plans to develop fields; our intention to optimise and mature our

portfolio; future worldwide economic trends, market outlook and future economic projections and assumptions, including commodity

price assumptions; expectations and plans regarding capital expenditures; future financial performance, including earnings, cash flow,

liquidity, net debt to capital employed* and return on average capital employed (ROACE)*; the ambition to grow cash flow and returns;

expectations regarding cash flow and returns from our oil and gas portfolio, CCS projects and renewables and low carbon solutions

portfolio; organic capital expenditures* for 2025; expectations and plans regarding development and execution of projects and

businesses; expectations and ambitions regarding costs, including the ambition to keep unit of production cost in the top quartile of

our peer group; scheduled maintenance activity and the effects thereof on equity production; business strategy and competitive

position; sales, trading and market strategies; research and development initiatives and strategy, including ambitions regarding

allocation of research and development capital towards renewables and low carbon-solutions; expectations related to production

levels, unit production cost, investments, exploration activities, discoveries and development in connection with our ongoing

transactions and projects; our expectations and plans regarding diversity and inclusion and employee training; plans and expectations

regarding completion and results of acquisitions, disposals, joint ventures and other contractual arrangements and delivery

commitments; plans, ambitions and expectations regarding recovery factors and levels, future margins and future levels or

development of capacity, reserves or resources; planned turnarounds and other maintenance activity; estimates related to production

and development, forecasts, reporting levels and dates; operational expectations, estimates, schedules and costs; expectations

relating to licences and leases; oil, gas, alternative fuel and energy prices, volatility, supply and demand; plans and expectations

regarding processes related to human rights laws, corporate structure and organizational policies; expectations and ambitions relating

to digitalisation and technological innovation, including the role and contribution of AI;expectations regarding role and composition of

the board and our remuneration policies; our goal of safe and efficient operations; effectiveness of our internal policies and plans; our

ability to manage our risk exposure, our liquidity levels and management of liquidity reserves; future credit ratings; estimated or future

liabilities, obligations or expenses; expected impact of currency and interest rate fluctuations; projected outcome, impact or timing of

HSE regulations; HSE goals and objectives of management for future operations; ambitions and plans relating to our environmental

policy; our ambitions and plans regarding biodiversity (including our aim to develop a net-positive impact approach for projects),

circular economy and value creation for society; expectations and plans regarding pollution control; expectations related to regulatory

trends; impact of PSA effects; projected impact or timing of administrative or governmental rules, standards, decisions, standards or

laws (including taxation laws); projected impact of legal claims against us; ambitions regarding capital distributions and expected

amount and timing of dividend payments and the implementation of our share buy-back programme.

You should not place undue reliance on these forward- looking statements. Our actual results could differ materially from those

anticipated in the forward- looking statements for many reasons, including the risks factors incorporated in Item 3.D of this 2024 Form

20-F.

Forward-looking statements are not guarantees of future performance. They reflect current views about future events, are based on

management’s current expectations and assumptions and are, by their nature, subject to significant risks and uncertainties because

they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual

results and developments to differ materially from those expressed or implied by these forward-looking statements, including levels of

industry product supply, demand and pricing, in particular in light of significant oil price volatility; unfavourable macroeconomic

conditions and inflationary pressures; exchange rate and interest rate fluctuations; levels and calculations of reserves and material

differences from reserves estimates; regulatory stability and access to resources, including attractive low carbon opportunities; the

effects of climate change and changes in stakeholder sentiment and regulatory requirements regarding climate change; changes in

market demand and supply for renewables; inability to meet strategic objectives; the development and use of new technology; social

and/or political instability, including worsening trade relations; failure to prevent or manage digital and cyber disruptions to our

information and operational technology systems and those of third parties on which we rely; operational problems, including cost

inflation in capital and operational expenditures; unsuccessful drilling; availability of adequate infrastructure at commercially viable

prices; the actions of field partners and other third-parties; reputational damage; the actions of competitors; the actions of the

Norwegian state as majority shareholder and exercise of ownership by the Norwegian state; changes or uncertainty in or non-

Equinor 2024 Annual Report on Form 20-F 8

compliance with laws and governmental regulations; adverse changes in tax regimes; the political and economic policies of Norway

and other oil-producing countries; regulations on hydraulic fracturing and low-carbon value chains; liquidity, interest rate, equity and

credit risks; risk of losses relating to trading and commercial supply activities; an inability to attract and retain personnel;

ineffectiveness of crisis management systems; inadequate insurance coverage; health, safety and environmental risks; physical

security risks to personnel, assets, infrastructure and operations from hostile or malicious acts; failure to meet our ethical and social

standards; actual or perceived non-compliance with legal or regulatory requirements; and other factors discussed elsewhere in this

2024 Form 20-F.

The achievement of Equinor’s climate ambitions depends, in part, on broader societal shifts in consumer demands and technological

advancements, each of which are beyond Equinor’s control. Should society’s demands and technological innovation not shift in

parallel with Equinor’s pursuit of its energy transition plan, Equinor’s ability to meet its climate ambitions will be impaired. The

calculation of Equinor’s net carbon intensity presented in this report includes an estimate of emissions from the use of sold products

(GHG protocol category 11) as a means to more accurately evaluate the emission lifecycle of what we produce to respond to the

energy transition and potential business opportunities arising from shifting consumer demands. Including these emissions in the

calculations should in no way be construed as an acceptance by Equinor of responsibility for the emissions caused by such use.

The reference to any scenario in this report, including any potential net-zero scenarios, does not imply Equinor views any particular

scenario as likely to occur. Third- party scenarios discussed in this report reflect the modeling assumptions and outputs of their

respective authors, not Equinor, and their use by Equinor is not an endorsement by Equinor of their underlying assumptions,

likelihood or probability. Investment decisions are made on the basis of Equinor’s separate planning process. Any use of the modeling

of a third- party organization within this report does not constitute or imply an endorsement by Equinor of any or all of the positions or

activities of such organization.

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 2024 Form 20-F, either to make them conform to actual results or changes in our

expectations.

Equinor 2024 Annual Report on Form 20-F 9

Part I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

A.Directors and Senior Management

Not applicable.

B.Advisers

Not applicable.

C.Auditors

Not applicable.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

A.Offer Statistics

Not applicable.

B.Method and Expected Timetable

Not applicable.

ITEM 3. KEY INFORMATION

A.[Reserved]

B.Capitalization and Indebtedness

Not applicable.

C.Reason for the Offer and Use of Proceeds

Not applicable.

D.Risk Factors

The information in Section 5.2 Risk factors of Chapter 5 on pages 291 - 297 of the 2024 Annual Report is incorporated herein by

reference.

ITEM 4. INFORMATION ON THE COMPANY

A.History and Development of the Company

Equinor ASA was incorporated on 18 September 1972, is a public limited liability company organised under the laws of Norway

and is subject to the provisions of the Norwegian Public Limited Liability Companies Act. Equinor’s head office is located at Forusbeen

50, 4035 Stavanger, Norway. The telephone number of its principal place of business is +47-5199-00 00.

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•Key events in 2024 on page 8;

•Section 1.1 We are Equinor of Chapter 1 on pages 11 - 12;

•Section 1.2 Our history: five decades of progress of Chapter 1 on page 13;

•The information under the sub-heading “Project pipeline” under the heading “The future of our oil and gas portfolio”

in Section 2.1 of Chapter 2 on page 44;

•Strategic progress in Section 2.1 of Chapter 2 on page 49;

Equinor 2024 Annual Report on Form 20-F 10

•The information under the sub-heading “Investments” under the heading “Strategic Financial Framework” in

Section 2.2 Financial performance of Chapter 2 on page 55; and

•Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73.

The information set forth in the third and fourth paragraphs of the section entitled “Introduction” of this 2024 Form 20-F is also

incorporated herein by reference. See also notes 5 Segments and 6 Acquisitions and disposals to the Consolidated financial

statements.

B.Business Overview

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•The information set forth in the first paragraph under the sub-heading "Adjusting ambitions to realities" under the

heading "A message from the Chair and CEO" on page 7;

•Section 1.1 We are Equinor of Chapter 1 on pages 11 - 12;

•Section 1.3 The world in which we operate of Chapter 1 on page 14;

•Section 1.4 Our strategy and transition ambitions of Chapter 1 on pages 15-17;

•Section 1.5 Our business of Chapter 1 on pages 18 - 24;

•Section 2.1 Operational performance of Chapter 2 on pages 37 - 51;

•The information under the sub-heading “Portfolio composition” under the heading “Strategic financial framework ”

in Section 2.2 of Chapter 2 on page 55;

•Our market perspective in Section 2.2 of Chapter 2 on pages 56 - 57;

•The graphic titled “E&P International financial results by country” under the sub-heading “E&P International” under

the heading “Financial performance” in Section 2.2 of Chapter 2 on page 60;

•The graphic titled “REN – Financial information” under the sub-heading “REN” under the heading “Financial

Performance” in Section 2.2 of Chapter 2 on page 63;

•Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73.;

•Nature in Section 2.3 of Chapter 2 on page 74;

•Human rights in Section 2.3 of Chapter 2 on page 75;

•Health and safety in Section 2.3 of Chapter 2 on page 76; and

•Security in Section 2.3 of Chapter 2 on page 77.

See also notes 5 Segments and 7 Total revenues and other income to the Consolidated financial statements.

The information about Equinor’s competitive position in the sections of the 2024 Annual Report that are incorporated by

reference herein is based on several sources such as investment analyst reports, independent market studies, and internal

assessments of market share based on publicly available information about the financial results and performance of market players.

Applicable laws and regulations

Equinor operates in around 30 countries and is exposed and committed to compliance with numerous laws and regulations

globally. The first graphic in Section 1.5 Our business on page 18 in Chapter 1 and the risks set forth under the heading “Policies and

legislation” in Section 5.2 Risk factors on page 300 of Chapter 5 of the 2024 Annual Report are also incorporated herein by reference.

This section gives a general description on the legal and regulatory framework in the various jurisdictions where Equinor operates and

in particular in the countries of Equinor’s core activities.

Regulatory framework for upstream oil and gas operations

Currently, Equinor is subject to two main regimes applicable to petroleum activities worldwide:

•Corporate income tax regimes; and

•Production sharing agreements (PSAs)

Equinor 2024 Annual Report on Form 20-F 11

Equinor is also subject to a wide variety of laws and regulations concerning its products, operations and activities, including

without limitations laws and regulations relating to health, safety and environment (HSE). Relevant laws and regulations include inter

alia jurisdiction specific laws and regulations, international regulations, conventions or treaties, as well as EU directives and

regulations.

Concession regimes

Under a concession regime, companies are granted licences by the government to extract petroleum. This is similar to the

Norwegian system described below. Typically, the licences are offered to pre-qualified companies following bidding rounds. The

criteria for the evaluation of bidding offers under these regimes can be the level of offered signature bonus (bid amount), minimum

exploration programme, and local content. In exchange for those commitments, the successful bidder(s) receive a right to explore,

develop and produce petroleum within a specified geographical area for a limited period of time. The terms of the licences are usually

not negotiable. The fiscal regime may entitle the relevant jurisdiction to royalties, profit tax or special petroleum tax.

PSA regimes

PSAs are normally awarded to the contractor parties after bidding rounds announced by the government. Main bid parameters

are often minimum exploration programme and signature bonuses, allocation of profit oil and, in some cases, tax.

Under a PSA, the host government typically retains the right to the hydrocarbons in place. The contractor receives a share of the

production for services performed. Normally, the contractor carries the exploration and development costs and risk prior to a

commercial discovery and is then entitled to recover those costs during the production phase. The remaining share of the production -

the profit share, is split between the government and the contractor according to a mechanism set out in the PSA. The contractor is

usually subject to income tax on its own share of the profit oil. Fiscal provisions in a PSA are to a large extent negotiable and are

unique to each PSA.

Norway

Norway is not a member of the European Union (EU) but is a member of the European Free Trade Association (EFTA). The EU

and the EFTA Member States have entered into the Agreement on the European Economic Area, referred to as the EEA Agreement,

which provides for the inclusion of EU legislation in the national law of the EFTA Member States (except Switzerland). Equinor’s

business activities are subject to both the EFTA Convention and EU laws and regulations adopted pursuant to the EEA Agreement.

The principal laws governing Equinor’s petroleum activities in Norway and on the NCS are the Norwegian Petroleum Act of 29

November 1996 (the Petroleum Act) and the regulations issued thereunder, and the Norwegian Petroleum Taxation Act of 13 June

1975 (the Petroleum Taxation Act).

Under the Petroleum Act, the Norwegian Ministry of Petroleum and Energy (“MPE”) is responsible for resource management and

for administering petroleum activities on the NCS. The main task of the MPE is to ensure that petroleum activities are conducted in

accordance with the applicable legislation, the policies adopted by the Norwegian Parliament and relevant decisions of the Norwegian

State.

The State’s role in relation to major policy issues in the petroleum sector can affect Equinor in two ways: first, when the

Norwegian State acts in its capacity as majority owner of Equinor shares and, second, when the Norwegian State acts in its capacity

as regulator:

•The Norwegian State’s shareholding in Equinor is managed by the Ministry of Trade, Industry and Fisheries. The Ministry will

normally decide how the Norwegian State will vote on proposals submitted to general meetings of the shareholders. However, in

certain exceptional cases, it may be necessary for the Norwegian State to seek approval from the Storting before voting on a

certain proposal. This will normally be the case if Equinor issues additional shares and such issuance would significantly dilute

the Norwegian State’s holding, or if such issuance would require a capital contribution from the Norwegian State in excess of

government mandates. A vote by the Norwegian State against an Equinor proposal to issue additional shares would prevent

Equinor from raising additional capital in this manner and could adversely affect Equinor’s ability to pursue business

opportunities. The information regarding the Norwegian State’s ownership in the information set forth under the heading “Major

shareholders” in Section 5.1 Shareholder information and the risks set forth in “Ownership and actions by the Norwegian state” in

Section 5.2 Risk factors of the 2024 Annual Report are also incorporated herein by reference.

•The Norwegian State exercises important regulatory powers over Equinor, as well as over other companies and corporations on

the NCS. As part of its business, Equinor or the partnerships to which Equinor is a party, frequently need to apply for licences

Equinor 2024 Annual Report on Form 20-F 12

and other approvals from the Norwegian State. Although Equinor is majority-owned by the Norwegian State, it does not receive

preferential treatment with respect to licences granted by or under any other regulatory rules enforced by the Norwegian State.

The Petroleum Act sets out the principle that the Norwegian State is the owner of all subsea petroleum on the NCS, that the

exclusive right to resource management is vested in the Norwegian State and that the Norwegian State alone is authorised to award

licences for petroleum activities as well as determine their terms. Licensees are required to submit a plan for development and

operation (PDO) to the MPE for approval. For fields of a certain size, the Storting has to accept the PDO before it is formally approved

by the MPE. Equinor is dependent on the Norwegian State for approval of its NCS exploration and development projects and its

applications for production rates for individual fields.

Production licences are the most important type of licence awarded under the Petroleum Act. A production licence grants the

holder an exclusive right to explore for and produce petroleum within a specified geographical area. The licensees become the

owners of the petroleum produced from the field covered by the licence. Production licences are normally awarded for an initial

exploration period, which is typically six years, but which can be shorter. The maximum period is ten years. During this exploration

period, the licensees must meet a specified work obligation set out in the licence. If the licensees fulfil the obligations set out in the

initial licence period, they are entitled to require that the licence be extended for a period specified at the time when the licence is

awarded, typically 30 years.

The terms of the production licences are decided by the MPE. Production licences are awarded to groups of companies forming

a joint venture at the MPE’s discretion. The members of the joint venture are jointly and severally liable to the Norwegian State for

obligations arising from petroleum operations carried out under the licence. The MPE decides the form of the joint operating

agreements and accounting agreements. The MPE uses the same standard form of joint operating agreement and accounting

agreement for all licenses.

The governing body of the joint venture is the management committee. In licences awarded since 1996 where the State’s direct

financial interest (SDFI) holds an interest, the Norwegian State, acting through Petoro AS, may veto decisions made by the joint

venture management committee, which, in the opinion of the Norwegian State, would not be in compliance with the obligations set

forth in the licence with respect to the Norwegian State’s exploitation policies or financial interests. This power of veto has never been

used.

Interests in production licences may be transferred directly or indirectly subject to the consent of the MPE and the approval of the

tax treatment by the Ministry of Finance. In most licences, there are no pre-emption rights in favour of the other licensees. However,

the SDFI, or the Norwegian State, as appropriate, still hold pre-emption rights in all licences.

The day-to-day management of a field is the responsibility of an operator appointed by the MPE. The operator is in practice

always a member of the joint venture holding the production licence, although this is not legally required. The terms of engagement of

the operator are set out in the joint operating agreement.

If important public interests are at stake, the Norwegian State may instruct the operators on the NCS to reduce the production of

petroleum. An example of this occurred in May 2020, when the Norwegian State imposed a reduction in oil production for the rest of

the year, due to the Covid-19 pandemic that led to a lower demand for oil and gas. The reduction in production was distributed

between all fields on a pro rata basis.

A licence from the MPE is also required in order to establish facilities for the transportation and utilisation of petroleum.

Ownership of most facilities for the transportation and utilisation of petroleum in Norway and on the NCS is organised in the form of

joint ventures. The participants’ agreements are similar to joint operating agreements for production.

Licensees are required to prepare a decommissioning plan before a production licence or a licence to establish and use facilities

for the transportation and utilisation of petroleum expires or is relinquished, or the use of a facility ceases. On the basis of the

decommissioning plan, the MPE makes a decision as to the disposal of the facilities.

The information regarding Equinor’s activities and shares in Equinor’s production licences on the NCS, set forth under the

headings “EPN at a glance” in Section 1.5 of Chapter 1 on page 20, “Liquids and gas production” in Section 2.1 of Chapter 2 on page

42 and “The future of our oil and gas portfolio” in Section 2.1 of Chapter 2 on page 44 “of the 2024 Annual Report and the tables

entitled “E&P Norway Equinor operated fields, average daily entitlement production” and “E&P Norway - Partner fields, average daily

entitlement production” under the heading “Production per field” in Item 4.D of this 2024 Form 20-F are incorporated herein by

reference.

On 1 July 2022, the MPE decided that parts of the Norwegian Security Act would apply to Equinor. This enabled Equinor to

receive and handle classified information from the authorities. In 2023, the MTIF and the MPE notified that the Security Act will apply

in its entirety to Equinor as an undertaking engaging in activities which are of vital importance to fundamental national functions. The

Security Act entered into force 1 January 2019 and is designed to protect national security interests. The National Security Authority

supervises undertakings which are subject to the act.

Equinor 2024 Annual Report on Form 20-F 13

Gas sales and transportation from the NCS

Equinor markets gas from the NCS on its own behalf and on the Norwegian State’s behalf. Dry gas is mainly transported through

the Norwegian gas transport system (Gassled) to customers in the UK and mainland Europe, while liquified natural gas is transported

by vessels to worldwide destinations.

The Norwegian gas transport system, consisting of the pipelines and terminals through which licensees on the NCS transport

their gas, is owned by a joint venture called Gassled. The Norwegian Petroleum Act of 29 November 1996 and the pertaining

Petroleum Regulation establish the basis for non- discriminatory third-party access to the Gassled transport system.

The tariffs for the use of capacity in the transport system are determined by applying a formula set out in separate tariff

regulations stipulated by the MPE. The tariffs are paid for booked capacity rather than the volumes actually transported.

The information regarding MMP’s activities set forth under the headings MMP at a glance” in Section 1.5 of Chapter 1 on page

22, “Midstream, marketing and processing” in Section 2.1 of Chapter 2 on page 40 and “Sold volumes in MMP” in Section 2.1 of

Chapter 2 on page 43 of the 2024 Annual Report is also incorporated herein by reference.

The Norwegian State's participation

In 1985, the Norwegian State established the State’s direct financial interest (SDFI) through which the Norwegian State has

direct participating interests in licences and petroleum facilities on the NCS. As a result, the Norwegian State holds interests in a

number of licences and petroleum facilities in which Equinor also holds interests. Petoro AS, a company wholly owned by the

Norwegian State, was formed in 2001 to manage the SDFI assets.

The Norwegian State has a coordinated ownership strategy aimed at maximising the aggregate value of its ownership interests

in Equinor and the Norwegian State’s oil and gas. This is reflected in the Owner’s Instruction described below, which contains a

general requirement that, Equinor, in its activities on the NCS, take account of these ownership interests in decisions that may affect

the execution of this marketing arrangement.

SDFI oil and gas marketing and sale

Equinor markets and sells the Norwegian State’s oil and gas together with Equinor’s own production. The arrangement has been

implemented by the Norwegian State through a separate instruction (the Owner’s Instruction) adopted by an extraordinary

shareholder meeting in 2001, with the Norwegian State as sole shareholder at the time. The Owner’s Instruction sets out the specific

terms for the marketing and sale of the Norwegian State’s oil and gas.

Equinor is obliged under the Owner’s Instruction to jointly market and sell the Norwegian State’s oil and gas as well as Equinor’s

own oil and gas. The overall objective of the marketing arrangement is to obtain the highest possible total value for Equinor’s oil and

gas and the Norwegian State’s oil and gas, and to ensure an equitable distribution of the total value creation between the Norwegian

State and Equinor.

The Norwegian State may at any time utilise its position as majority shareholder of Equinor to withdraw or amend the Owner’s

Instruction.

Petroleum activities in the US are extensively regulated by multiple agencies in the US federal government, and by tribal, state

and local regulation. The US government directly regulates development of hydrocarbons on federal lands, in the US Gulf of Mexico,

and in other offshore areas. Different federal agencies directly regulate portions of the industry, and other general regulations related

to environmental, safety, and physical controls apply to all aspects of the industry. In addition to regulation by the US federal

government, any activities on US tribal lands (indigenous persons’ semi-sovereign territory) are regulated by governments and

agencies in those areas. Significantly for Equinor’s US onshore interests, each individual state has its own regulations of all aspects

of hydrocarbon development within its borders. A recent trend also includes local municipalities adopting their own hydrocarbon

regulations.

In the US, hydrocarbon interests are considered a private property right. In areas owned by the US government, that means that

the government owns the minerals in its capacity as landowner. The federal government, and each tribal and state government,

establishes the terms of its own leases, including the length of time of the lease, the royalty rate, and other terms.

The vast majority of onshore minerals, including hydrocarbons, in every US state in which Equinor has onshore interests, belong

to private individuals.

In order to explore for or develop hydrocarbons, a company must enter into a lease agreement with the applicable governmental

agency for federal, state or tribal land, and for private lands, with each owner of the minerals the company wishes to develop. In each

Equinor 2024 Annual Report on Form 20-F 14

lease, the lessor retains a royalty interest in the production (if any) from the leased area. The lessee owns a working interest and has

the right to explore and produce oil and gas. The lessee incurs all the costs and liabilities but will share only the portion of the revenue

that is net of costs and expenses and not reserved to the lessor through its royalty interest.

Leases typically have a primary term for a specified number of years (from one to ten years) and a conditional secondary term

that is tied to the production life of the properties. If oil and gas is being produced in paying quantities at the end of the primary term,

or the operator satisfies other obligations specified in the agreement, the lease typically continues beyond the primary term (Held by

Production). Leases typically involve paying the lessor both a signing bonus based on the number of leased acres and a royalty

payment based on the production.

Each US state has its own agencies that regulate the development, exploration, and production of oil and gas activities. These

state agencies issue drilling permits and control pipeline transportation within state boundaries. The state agencies particularly

relevant to Equinor’s US onshore activities include: (a) Pennsylvania Department of Environmental Protection’s Office of Oil and Gas

Management, and (b) West Virginia Department of Environmental Protection. In addition, some state utility departments handle

pipeline transportation within state boundaries, and each state also has its own department regulating environmental, health, and

safety issues arising from oil and gas operations.

Brazil

In Brazil, licences are mainly awarded according to a concession regime or a production sharing regime (the latter specifically for

areas within the pre-salt polygon area or strategic areas) by the Federal Government. All state-owned and private oil companies may

participate in the bidding rounds provided they follow the bidding rules and meet the Brazilian National Agency of Petroleum, Natural

Gas and Biofuels (ANP)’s qualification criteria. The tender protocol issued for each bidding round contains the draft of the concession

agreement or the production sharing agreement that the winners must adhere to without the possibility of negotiating its terms, i.e., all

the agreements signed under a certain bidding round contain the same general provisions and only differ in the particular items

presented in the offers. There is no restriction on foreign participation, provided that the foreign investor incorporates a company

under the Brazilian law for signing the agreement and complies with the requirements established by the ANP.

Concession Regime

In the concession regime, the concessionary company assumes the risk of investing and finding – or not finding – oil or natural

gas. The winning company has ownership of the oil and gas discovery in the conceded area. Through this model of contract, the

company pays the government takes, such as the signature bonus, payment for the occupation or retention of the area (in the case of

onshore blocks), royalties and, in the case of fields that produce large volumes, a special participation. The contracts are signed by

the ANP on behalf of the Federal Union. In past bidding rounds the participants also had to offer a local content percentage as a firm

commitment.

Generally, concessions are granted for a total period of 35 years and typically the exploration phase lasts from two to eight years,

while the production phase may last 27 years from the declaration of commerciality. Concessionaires are entitled to request the

extension of each of these phases, subject to ANP approval.

Production Sharing Regime

In bidding rounds involving the production sharing regime, applicable to areas located in the pre-salt polygon and other areas

considered to be strategic, the law grants to the Brazilian government-controlled company Petroleo Brasileiro S.A. – Petrobras, a right

of preference to be the sole operator in such areas, with a minimum 30% of participating interest. If this right is exercised, Petrobras

may still participate in the bidding round and present offers for the remaining 70% under the same conditions applicable to other

participants. As in the concession bidding rounds, companies may bid individually or together with other companies. The winners are

required to form a consortium with Pre-Sal Petroleo S.A. (PPSA), a Brazilian state-owned company, which is responsible for

managing the production sharing agreement and selling the production allocated to the Government under the profit oil. PPSA

appoints 50% of the members of the operating committee, including the chairperson, in addition to certain veto rights and casting

vote.

The current criteria for the evaluation of bidding offers under the production sharing regime is the offered percentage of oil and

natural gas (that is, the largest portion of the exceeding oil). The winner will be the company which offers the highest percentage to

the Government in accordance with the technical and economic parameters established for each block in the tender documents under

a certain bidding round.

Production sharing contracts are signed by the Ministry of Mines and Energy on behalf of the Federal Government. Generally,

the contracts are valid for a period of 35 years which, by law, cannot be extended. Of the two phases of the contract – exploration and

production – the exploration phase may be extended provided that the total period of the contract remains as 35 years.

Equinor 2024 Annual Report on Form 20-F 15

In order to perform the exploration and exploitation of oil and gas reserves, companies must obtain an environmental license

granted by the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), which, together with ANP, is

responsible for the safety and environmental regulations regarding upstream activities.

HSE regulation relevant for the Norwegian upstream oil and gas activities in Norway

Equinor’s oil and gas operations in Norway must be conducted in compliance with a reasonable standard of care, taking into

consideration the safety of workers, the environment and the economic values of installations and vessels. The Petroleum Act

specifically requires that petroleum operations are carried out in such a manner that a high level of safety is maintained and

developed in step with technological developments. Equinor is also required at all times to have a plan to deal with emergency

situations in Equinor’s petroleum operations. During an emergency, the Norwegian Ministry of Labour and Social Inclusion/Norwegian

Ministry of Transport/Norwegian Coastal Administration may decide that other parties should provide the necessary resources, or

otherwise adopt measures to obtain the necessary resources, to deal with the emergency for the licensees’ account.

Liability for pollution damage

The Norwegian Petroleum Act imposes strict liability for pollution damage regardless of fault. Accordingly, as a holder of

petroleum licences on the NCS,Equinor is subject to statutory strict liability under the Petroleum Act as a result of pollution caused by

spills or discharges of petroleum from petroleum facilities in any of Equinor’s licences.

A claim against the license holders for compensation relating to pollution damage shall initially be directed to the operator, which

in accordance with the terms of the joint operating agreement, will distribute the claim to the other licensees in accordance with their

participating interest in the licences.

Discharge permits

Emissions and discharges from Norwegian petroleum activities are regulated through several acts, including the Petroleum Act,

the CO2 Tax Act, the Sales Tax Act, the Greenhouse Gas Emission Trading Act and the Pollution Control Act. Discharge of oil and

chemicals in relation to exploration, development and production of oil and natural gas are regulated under the Pollution Control Act.

In accordance with the provisions of this Act, an operator must apply for a discharge permit from relevant authorities on behalf of the

licence group in order to discharge any pollutants into water. Further, the Petroleum Act states that burning of gas in flares beyond

what is necessary for safety reasons to ensure normal operations is not permitted without approval from the MPE. All operators on the

NCS have an obligation to, and are responsible, for establishing sufficient procedures for the monitoring and reporting of any

discharge into the sea. The Norwegian Environment Agency, the Norwegian Petroleum Directorate and the Norwegian Oil Industry

Association have established a joint database for reporting emissions to air and discharges to sea from the petroleum activities, the

Environmental Web (EW). All operators on the NCS report emission and discharge data directly into the database.

Regulations on reduction of carbon emissions and CO2 storage

Equinor’s operations in Norway are subject to emissions taxes as well as emissions allowances granted for Equinor’s larger

European operations under the emissions trading scheme. The agreed strengthening of the EU’s emission trading scheme is

expected to affect energy and industry installations, which include Equinor’s installations at the NCS. The price of emissions

allowances has increased significantly since the reforms to the EU Emission Trading Scheme in 2018 and is expected to increase

further towards 2030.

The Norwegian Climate Act promotes the implementation of Norway's climate targets as part of the transition to a low-emission

society in Norway by 2050. This act may influence our activities through plans and actions implemented by the state to achieve these

targets. Norway has presented a Climate Plan 2021-2030 with an updated target of 55% reduction in GHG emissions in 2030

compared to 1990- levels. The Climate Plan states that the carbon cost for offshore oil and gas production in Norway is expected to

increase to 2000 NOK/t CO2 towards 2030.

EU directive 2009/31/EC on the geological storage of CO2 is implemented in the Pollution Control regulations, the regulations

related to the Petroleum Act and in a separate Storage regulation adopted under the 1963 Act relating to scientific research and

exploration for and exploitation of subsea natural resources other than petroleum resources. The CO2 capture and storage at

Equinor’s Sleipner and Snøhvit fields are governed by the Petroleum Act and the Pollution Control regulations, and the CO2 storage at

Northern Lights JV DA and Smeaheia projects are governed by the Storage regulations and the Pollution Control regulations.

HSE regulation of upstream oil and gas activities in the US

Equinor’s upstream activities in the US are heavily regulated at multiple levels, including federal, state, and local municipal

regulation. Equinor is subject to those regulations as a part of its activities in the US onshore (including Equinor’s assets in

Pennsylvania and West Virginia), and in the US Gulf of Mexico.

Equinor 2024 Annual Report on Form 20-F 16

The National Environmental Policy Act of 1969 is an umbrella procedural statute that requires federal agencies to consider the

environmental impacts of their actions. Several substantive US federal statutes specifically cover certain potential environmental

effects of hydrocarbon extraction activities. Those include: the Clean Air Act, which regulates air quality and emissions; the Federal

Water Pollution Control Act (commonly known as the Clean Water Act), which regulates water quality and discharges; the Safe

Drinking Water Act, which establishes drinking water standards for tap water and underground injection rules; the Resource

Conservation and Recovery Act of 1976, which regulates hazardous and solid waste management; the Comprehensive

Environmental Response, Compensation and Liability Act of 1980, which addresses remediation of legacy disposal sites and release

reporting; and the Oil Pollution Act, which provides for oil spill prevention and response.

Other US federal statutes are resource-specific. The Endangered Species Act of 1973 protects listed endangered and threatened

species and critical habitat. Other statutes protect certain species, including the Migratory Bird Treaty Act, the Bald and Golden Eagle

Protection Act and the Marine Mammal Protection Act of 1972. Other statutes govern natural resource planning and development on

federal lands onshore and on the Outer Continental Shelf (OCS), including: the Mineral Leasing Act; the Outer Continental Shelf

Lands Act; the Federal Land Policy and Management Act of 1976; the Mining Law of 1872; the National Forest Management Act of

1976; the National Park Service Organic Act; the Wild and Scenic Rivers Act; the National Wildlife Refuge System Administration Act

of 1966; the Rivers and Harbors Appropriation Act; and the Coastal Zone Management Act of 1972.

The federal government regulates offshore exploration and production for the OCS, which extends from the edge of state waters

(either 3 or 9 nautical miles from the coast, depending on the state) out to the edge of national jurisdiction, 200 nautical miles from

shore. The Bureau of Ocean Energy Management (BOEM) manages federal OCS leasing programs, conducts resource

assessments, and licences seismic surveys. The Bureau of Safety and Environmental Enforcement (BSEE) regulates all OCS oil and

gas drilling and production. The Office of Natural Resources Revenue (ONRR) collects and disburses rents and royalties from

offshore and onshore federal and Native American lands.

Additional federal statutes cover certain products or wastes, and focus on human health and safety: the Toxic Substances

Control Act regulates new and existing chemicals and products that contain these chemicals; the Hazardous Materials Transportation

Act regulates transportation of hazardous materials; the Occupational Safety and Health Act of 1970 regulates hazards in the

workplace; the Emergency Planning and Community Right-to-Know Act of 1986 provides emergency planning and notification for

hazardous and toxic chemicals.

The federal and state governments share authority to administer some federal environmental programs (e.g., the Clean Air Act

and Clean Water Act). States also have their own, sometimes more stringent, environmental laws. Counties, cities and other local

government entities may have their own requirements as well.

Equinor continually monitors regulatory and legislative changes at all levels and engages in the stakeholder process through

trade associations and direct comments to suggested regulatory and legislative regimes, to ensure that its operations remain in

compliance with all applicable laws and regulations. In particular, BSEE drilling and production regulations were extensively revised in

response to the 2010 Deepwater Horizon blowout and oil spill. The revised regulatory regime includes requirements for enhanced well

design, improved blowout preventer design, testing and maintenance, and an increased number of trained inspectors. Equinor is

engaged with relevant governmental and industry stakeholders to ensure that Equinor’s operations remain in compliance.

HSE regulation of upstream oil and gas activities in Brazil

Equinor’s oil and gas operations in Brazil must be conducted in compliance with a reasonable standard of care, taking into

consideration the safety and health of workers and the environment. The Brazilian Petroleum Law (Law No. 9,478/97) describes the

government’s policy objectives for the rational use of the country’s energy resources, including the protection of the environment. In

addition to the Brazilian Petroleum Law, Equinor is also subject to many other laws and regulations issued by different authorities,

including ANP, IBAMA, Federal Environmental Council (CONAMA) and Brazilian Navy. All those authorities have the power to impose

fines in case of non-compliance with the respective rules. The concession and production sharing contracts also impose obligations

on operators and consortium members, who are jointly and severally liable. They must, at their own account and risk, assume and

fully respond to all losses and damages caused directly or indirectly by the applicable consortium’s operations and their performance,

irrespective of fault, to the ANP, the Federal Government, third parties and the environment, without prejudice to any recourse rights

which may have been agreed separately among the consortium members (such as in a joint operating agreement).

The exploration, drilling and production of oil and gas depend on environmental licences which define the conditions for the

implementation of the project and compliance measures to mitigate and control environmental impact. Equinor is subject to fines and

even licence suspension and/or cancellation in case of non-compliance with such conditions.

In Brazil, Equinor is also required to have an emergency response system as per ANP Resolution No. 882/2022 to deal with

emergency situations in its petroleum operations, as well as an oil spill response plan in accordance to CONAMA Resolution No.

398/2008, for each asset to minimise the environmental impact of any environmental unexpected situation that may generate spill of

oil or chemical to sea.

Equinor 2024 Annual Report on Form 20-F 17

Discharge permits

Discharges from Brazilian petroleum activities are regulated through several acts, including the CONAMA Resolution No.

393/2007 for produced water, CONAMA Resolution No. 357/2005 and CONAMA Resolution No. 430/2011 for effluents (sewage, etc)

and IBAMA technical instructions for drilling waste. According to Environmental Ministry Ordinance No. 422/2011, the discharge of

chemicals in connection with exploration, development and production of oil and natural gas is assessed as part of the environmental

permitting process and the operator must apply for any discharge permit from relevant authorities on behalf of the license group in

order to discharge any pollutants into the water.

Regulations on reduction of carbon emissions

Although Equinor’s operations in Brazil are not subject to emissions taxes (CO2 limit) yet, a Bill of Law has recently been

approved by the Brazilian congress for the establishment of a carbon market. The mechanisms of the carbon market will be

implemented within a transition period of six years and Equinor’s activities in Brazil will be subject to a cap-and-trade system but the

extent of restrictions and obligations will only be known after further regulation of the law.

The CONAMA Regulation No. 382/06 regulates air emissions limits for pollutant gases (e.g. NOx) from all fixed sources that

have total power consumption higher than 100MW.

Gas flares must be authorised by the ANP under ANP Resolution No. 806/2020, which also sets out cases in which ANP

authorisation is not necessary.

The Brazilian government signed the Paris Agreement in 2015. During COP26, Brazil updated its ambition to reduce its

greenhouse gas emissions by 37% until 2025 and 50% until 2030, compared to 2005 levels. Because of the desire to boost the

economy and an expected growing energy demand, the focus on emissions reduction is on improved control of forests and land use

and for that Brazil continue to adhere to the Forest for Deal agreement, committing to take actions to reduce illegal deforestation until

2030. The country also adheres to the Global Methane Pledge.

Regulatory framework for renewable energy operations

Equinor’s renewables positions currently mainly consist of offshore wind farms in operation and development in the UK, the state

of New York and Poland. In these jurisdictions the legislation is structured around a lease where permission to develop is granted

following a series of approvals relating largely to environmental and social impact assessments. The government separately auctions

a subsidized power purchase price either through renewable offtake certificates or contracts for difference. In both cases, Equinor and

its partners take the risk for developing, constructing and operating the wind farms within a fixed timeframe.

Equinor’s onshore renewables positions currently mainly consist of solar, battery and wind farms in operation and development in

US, UK, Brazil, Poland and Denmark. The projects are mainly developed by the following wholly owned subsidiaries: (i) Rio Energy in

Brazil; (ii) East Point in US; (iii) Wento in Poland; and (iv) BeGreen in Denmark. Additionally, Equinor holds material equity share in a

company named Noriker in UK.

Other

Equinor entered into agreements with the National Iranian Oil Company (NIOC), namely, a Development Service Contract for

South Pars Gas Phases 6, 7 & 8 (offshore part), an Exploration Service Contract for the Anaran Block and an Exploration Service

Contract for the Khorramabad Block, which are located in Iran. Equinor’s operational obligations under these agreements have

terminated and the licences have been abandoned. The cost recovery programme for these contracts was completed in 2012, except

for the recovery of tax and obligations to the Social Security Organization (SSO). From 2013 to November 2018, after closing

Equinor’s office in Iran, Equinor’s activity was focused on a final settlement with the Iranian tax and SSO authorities relating to the

above-mentioned agreements.

In a letter from the US State Department of 1 November 2010, Equinor was informed that it was not considered to be a company

of concern based on its previous Iran-related activities.

Equinor has an intention to settle historic obligations in Iran while remaining compliant with applicable sanctions and trade

restrictions against Iran. Since November 2018 Equinor has not conducted any activity in Iran, nor has it been able to resolve tax

claims from the Iranian authorities.

No payments were made to Iranian authorities during 2024.

Equinor 2024 Annual Report on Form 20-F 18

Taxation of Equinor

Norway

Equinor’s profits, both from offshore oil and natural gas activities and from onshore activities, are subject to Norwegian corporate

income tax. In addition, a special petroleum tax is levied on profits from petroleum production and pipeline transportation on the NCS.

In June 2022 the parliament enacted a cash-flow based tax system for the special petroleum tax with effect from 1 January 2022.

After the reform, the Norwegian petroleum income is taxable at a tax rate of 71.8% after deducting a calculated 22% corporate tax.

The corporate tax is deductible in the basis for the special petroleum tax, resulting in a 78% marginal tax rate. For further information,

see note 11 Income taxes to the Consolidated financial statements.

Investment costs in the ordinary tax base (22%) will continue to be depreciated over six years. In the special tax base,

investments are written off immediately in line with the cash-flow based tax system. Projects covered by the temporary rules

introduced in 2020 have had a tax uplift of 12.4% in 2024. The temporary rules apply to investments covered by field or infrastructure

plans (PDOs and PIOs) submitted to the MPE after 12 May 2020 and before 1 January 2023 and approved before 1 January 2024.

The temporary rules will continue to apply until (and including) the year of planned production or project start-up according to the

approved plans.

Equinor’s international petroleum activities are subject to tax pursuant to local legislation.

Equinor’s operations in the US are subject generally to corporate income, severance and production, ad valorem and transaction

taxes levied by the federal, state and local tax authorities, and to royalties payable to federal, state and local authorities and, in some

cases, private landowners. The federal corporate income tax rate in the US is 21%, and there is an alternative 15% minimum tax on

corporate book income for corporations with profits over USD 1 billion. US companies are also subject to the Base Anti-abuse Tax

(“BEAT”) which imposes tax at 10% until 2026 and 12.5% thereafter on payments to foreign affiliates of US companies if those

payments exceed a given threshold of total tax-deductible expenditures.

Brazil

Corporate income tax and social contribution are levied on taxable net income at a combined rate of 34%. A simplified tax regime

with a lower effective tax rate is available for legal entities with gross revenues below a threshold of 78 million Brazilian reais per year.

In addition, there are several indirect taxes, but indirect tax rate on exports is currently set to zero.

The concessionary tax regime in Brazil usually includes government takes such as a 10% royalty, and special participation tax

that varies based on time, location and production between 10% and 40%, using a reference price that is established by the Brazilian

petroleum regulator (ANP). The Production Sharing Regime in Brazil usually includes a 15% royalty, an annual 80% cost recovery

ceiling, and a biddable government profit share.

In December 2023, the Brazilian Congress approved an amendment to the Federal Constitution which aims to simplify the

indirect tax system through the introduction of a multi-tiered value added tax (VAT) system, whereby VAT would be levied with a

federal rate and a state and/or municipality rate. The states or municipalities would individually set their respective rates and

administer the tax for the local element of the VAT, but the standard maximum aggregated rate is 26.5%. The implementation of the

new VAT will be phased into effect over the next years. During the transition period existing taxes and new VAT will coexist. The

amendment also includes an excise tax on the extraction, sale or commercialization of goods and services with a “harmful effect on

health or environment” of up to 1% of the market value of extracted production. This excise tax is being called “selective tax”. A

complementary law regulating the new VAT was enacted and established the specific rate of the excise tax at 0.25% for oil & gas.

The new tax law in Brazil also preserves suspensions or exemptions from certain indirect taxes for importation of capital goods

into Brazil, such as Repetro-Sped.

Regarding income tax reform, the Federal Government has already submitted some measures that are still pending approval by

Congress, such as the institution of the Global Minimum Tax of 15%; the deduction of financial losses; and the increase corporate

income taxes on interest on net equity (juros sobre capital próprio). Other specific proposals that are also part of the income tax

reform may still be submitted this year, including the revision of the rules for taxation of financial transactions, Taxation on a Universal

Basis, and the taxation of large technology companies, which had already been indicated by the Government. In addition, there are

many changes relating to income taxation that are already in force, such as transfer pricing rules; restrictions on deduction of interest

on net equity; taxation of offshore funds; and review/control of tax benefits. The Federal Government has announced additional

proposals to change the direct income tax to be discussed by Congress during 2025 and to be effective in 2026. While introducing a

withholding tax on dividends paid by Brazilian incorporated entities was not among the measures announced, changes already

announced were in relation to taxation of individuals, prohibition to establish or increase tax incentives depending on the economic

results in 2025 and limitations to subventions and subsidies.

Equinor 2024 Annual Report on Form 20-F 19

Finally, the ratification of the new Brazil-Norway Convention to Avoid Double Taxation (DTT) signed in 2022 is ongoing. The

Decree that internalises the DTT has recently been approved at the House of Representatives and will be sent to the Senate. The

new DTT has a text more aligned with the current OECD model tax convention. In the new DTT, Brazil expressly kept its rights to

charge withholding income tax on fees from technical services, with a reduced tax rate of 10% (instead of the domestic 15%). This will

impact services acquired from the Brazilian entities from Norwegian entities.

The UK government introduced a 25% Energy Profits Levy (EPL) in May 2022, which was increased to 35% from January 2023.

The levy is charged on profits from oil and gas operations in the UK or on the UK Continental Shelf and is in addition to existing profit-

based taxes on the sector. The EPL increased the rate of tax on oil and gas company profits to 75% from January 2023, and was due

to expire on 31 March 2028. However, following the UK General Election, the new Labour Government announced in their Budget on

30 October 2024 that the rate of EPL would increase to 38% from 1 November 2024, and will be extended until 31 March 2030. In

addition, certain investment incentives (the Investment Allowance of 29%) are removed from 1 November 2024. The Government

announced a commitment to consult with business during 2025 on what a replacement regime might look like to address future “price

shocks” once the EPL regime expires in 2030.

In addition, the UK government also introduced the Electricity Generator Levy (EGL) which took effect from 1 January 2023. The

EGL imposes a tax of 45% on exceptional receipts generated from the production of wholesale electricity which is sold at an average

price in excess of £75 per MWh. The EGL is scheduled to expire on 31 March 2028.

Disclosures regarding oil and gas operations

The 2024 Oil And Gas Reserves Report is incorporated herein by reference. See also notes 5 Segments and 7 Total revenues

and other income to the Consolidated financial statements. The information set forth under the headings “Operational data”, “Sales

prices” and “Sales volumes” in Section 2.1 Operational performance of the 2024 Annual Report is also incorporated herein by

reference.

Supplementary oil and gas information pursuant to FASB Topic 932

The following information is reported pursuant to FASB Topic 932.


Capitalised cost related to oil and gas producing activities
Consolidated companies
	At 31 December
(in USD million)	2024	2023	2022

Unproved properties	5,229	5,022	5,917
Proved properties, wells, plants and other equipment	171,332	183,316	181,189

Total capitalised cost	176,561	188,338	187,106
Accumulated depreciation, impairment and amortisation	(124,739)	(132,902)	(133,584)

Net capitalised cost	51,823	55,436	53,523

Net capitalised cost related to equity accounted investments as of 31 December 2024 was USD 0 million, USD 0 million in 2023 and

USD 463 million in 2022. The reported figures are based on capitalised costs within the upstream segments in Equinor, in line with the

description below for result of operations for oil and gas producing activities.

Equinor 2024 Annual Report on Form 20-F 20


Expenditures incurred in oil and gas property acquisition, exploration and development activities
These expenditures include both amounts capitalised and expensed.
Consolidated companies
(in USD million)	Norway	Eurasia excluding Norway	Africa	USA	Americas excluding USA	Total

Full year 2024
Exploration expenditures	715	13	48	150	475	1,401
Development costs	5,099	692	490	1,232	1,721	9,234
Acquired proved properties	104	5	0	2,064	0	2,173
Acquired unproved properties	101	0	18	504	32	655

Total	6,019	710	556	3,950	2,228	13,463

Full year 2023
Exploration expenditures	662	16	35	310	253	1,276
Development costs	4,864	470	509	1,084	1,279	8,206
Acquired proved properties	0	1,271	0	0	0	1,271
Acquired unproved properties	352	5	0	6	18	381

Total	5,878	1,762	544	1,400	1,550	11,134

Full year 2022
Exploration expenditures	494	27	57	150	360	1,088
Development costs	4,483	320	379	712	965	6,859
Acquired proved properties	110	226	38	0	0	374
Acquired unproved properties	6	0	0	0	0	6

Total	5,093	573	474	862	1,325	8,327

Expenditures incurred in exploration and development activities related to equity accounted investments was USD 0 million in 2024,

USD 0 million in 2023 and USD 155 million in 2022.

Results of operation for oil and gas producing activities

As required by Topic 932, the revenues and expenses included in the following table reflect only those relating to the oil and gas

producing operations of Equinor.

The results of operations for oil and gas producing activities are included in the three upstream reporting segments Exploration &

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

USA) as presented in note 5 Segments to the Consolidated financial statements. Production cost is based on operating expenses

related to production of oil and gas. From the operating expenses certain expenses such as; transportation costs, accruals for over/

underlift position and royalty payments costs are excluded. These expenses and mainly upstream business administration are

included as other expenses in the tables below. Other revenues mainly consist of gains and losses from sales of oil and gas interests

and gains and losses from commodity-based derivatives within the upstream segments.

Income tax expense is calculated on the basis of statutory tax rates adjusted for uplift and tax credits. No deductions are made for

interest or other elements not included in the table below.

Equinor 2024 Annual Report on Form 20-F 24

C.Organizational Structure

Exhibit 8 to this 2024 Form 20-F is incorporated herein by reference. The table within Exhibit 8 shows significant subsidiaries and

significant equity accounted companies within the Equinor group as of 31 December 2024.

D.Property, Plant and Equipment

Equinor has interests in real estate in many countries throughout the world, including as part of certain developments and

projects of Equinor or in which Equinor participates.

Equinor’s three largest office buildings are (i) its head office located at Forusbeen 50, Stavanger, Norway which comprises

approximately 135,000 square meters of office space, (ii) its office building in Sandslivegen 90, Bergen, Norway which comprises

approximately 99,488 square meters of office space, and (iii) its office building located at Fornebu on the outskirts of Oslo which

comprises approximately 65,500 square meters. All three office buildings are leased by Equinor. Under a new lease agreement

entered into in 2022 for the office building at Fornebu, Equinor has reduced its area to 51,563 square meters with effect from around

the start of year 2024. The office building in Bergen is owned by Sandsliveien 90 AS, a subsidiary of Equinor Pensjon.

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•Section 1.5 Our business of Chapter 1 on pages 18 - 24;

•Section 2.1 Operational performance of Chapter 2 on pages 37 - 51;

•The information under the sub-heading “Investments” under the heading “Strategic Financial Framework” in

Section 2.2 Financial performance of Chapter 2 on page 55;

•The information under the sub-heading “Portfolio composition” under the heading “Strategic financial framework ”

in Section 2.2 of Chapter 2 on page 55; and

•Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73.

See also notes 12 Property, plant and equipment and 25 Leases to the Consolidated financial statements.

Production per field

The following tables show the regional production by field.

Equinor 2024 Annual Report on Form 20-F 25


E&P Norway - Equinor operated fields, average daily entitlement production
Field	Geographical area	Equinor's equity interest in %		On stream	Licence expiry date	Average production in 2024 mboe/day
Johan Sverdrup	The North Sea	42.63		2019	2036-2037	320
Troll Phase 1 (Gas)	The North Sea	30.55	1)	1996	2030	230
Oseberg	The North Sea	49.30		1988	2031	109
Aasta Hansteen	The Norwegian Sea	51.00		2018	2041	71
Gullfaks	The North Sea	51.00		1986	2036	71
Visund	The North Sea	53.20		1999	2034	50
Snøhvit	The Barents Sea	36.79		2007	2035-2047	48
Åsgard	The Norwegian Sea	35.01		1999	2027	41
Tyrihans	The Norwegian Sea	58.84		2009	2029	38
Gina Krog	The North Sea	58.70		2017	2032	37
Snorre	The North Sea	33.28		1992	2040	29
Martin Linge	The North Sea	51.00		2021	2027	25
Kvitebjørn	The North Sea	39.55		2004	2031	23
Breidablikk	The North Sea	39.00		2023	2030	23
Fram	The North Sea	45.00		2003	2040	18
Sleipner West	The North Sea	58.35		1996	2028	15
Statfjord Unit	The North Sea	40.17		1979	2040	12
Grane	The North Sea	36.61		2003	2030	12
Troll Phase 2 (Oil)	The North Sea	30.55	1)	1995	2030	10
Gudrun	The North Sea	36.00		2014	2032	10
Heidrun	The Norwegian Sea	13.04		1995	2045	9
Kristin	The Norwegian Sea	54.82		2005	2027-2033	8
Mikkel	The Norwegian Sea	43.97		2003	2028	7
Trestakk	The Norwegian Sea	59.10		2019	2029	6
Valemon	The North Sea	66.78		2015	2031	6
Alve	The Norwegian Sea	53.00		2009	2029	6
Tordis	The North Sea	41.50		1994	2040	5
Vigdis	The North Sea	41.50		1997	2040	5
Hyme	The Norwegian Sea	42.50		2013	2029	4
Njord	The Norwegian Sea	27.50		1997	2034	4
Statfjord East	The North Sea	29.25		1994	2040	4
Norne	The Norwegian Sea	39.10		1997	2026	3
Svalin	The North Sea	57.00		2014	2030	3
Sleipner East	The North Sea	59.60		1993	2028	3
Morvin	The Norwegian Sea	64.00		2010	2027	2
Urd	The Norwegian Sea	63.95		2005	2026	2
Utgard	The North Sea	38.44		2019	2028	2
Tune	The North Sea	50.00		2002	2031-2032	2
Gungne	The North Sea	62.00		1996	2028	2
Statfjord North	The North Sea	17.00		1995	2040	1
Sigyn	The North Sea	60.00		2002	2035	1
Sygna	The North Sea	28.03		2000	2040	0
Sindre	The North Sea	74.66	2)	2017	2026-2034	0
Gimle	The North Sea	74.66	2)	2006	2026-2034	0
Fram H Nord	The North Sea	49.20		2014	2035	0
Byrding	The North Sea	70.00		2017	2025-2035	0

Total Equinor operated fields						1,278

1)Adjusted equity interest from 1 September due to re-determination.

2)Unitization to Brime Unit

Equinor 2024 Annual Report on Form 20-F 27


E&P International - Average daily equity production
Field	Country	Equinor's equity interest in %	Operator	On steam	Licence expiry date	Average daily equity production in 2024 mboe/day
Americas (excluding US)						110
Peregrino	Brazil	60.00	Equinor Brasil Energia Ltda.	2011	2040	50
Roncador	Brazil	25.00	Petróleo Brasileiro S.A.	1999	2052	27
Bandurria Sur	Argentina	30.00	Yacimientos Petrolíferos Fiscales S.A.	2015	2050	17
Hebron	Canada	9.01	ExxonMobil Canada Properties	2017	HBP1)	10
Hibernia/Hibernia Southern Extension2)	Canada	Varies	Hibernia Management and Development Company Ltd.	1997	HBP1)	4
Bajo del Toro	Argentina	50.00	Yacimientos Petrolíferos Fiscales S.A.	2022	2055	2

Africa						173
Block 17	Angola	22.16	TotalEnergies E&P Angola S.A.	2001	2045	77
In Salah	Algeria	31.85	Sonatrach3)	2004	2027	27
			Eni In Salah Limited
			Equinor In Salah AS
Block 15	Angola	12.00	Esso Exploration Angola Block 15 Limited	2004	2032	24
Agbami7)	Nigeria	0.00	Star Deep Water Petroleum Limited (an affiliate of Chevron in Nigeria)	2008	2042	17
In Amenas	Algeria	45.90	Sonatrach3)	2006	2027	14
			Eni In Amenas Limited
			Equinor In Amenas AS
Block 31	Angola	13.33	Azule Energy Exploration (Angola) Limited	2012	2031	8
Murzuq	Libya	10.00	Akakus Oil Operations	2003	2037	7

Eurasia						57
ACG8)	Azerbaijan	0.00	BP Exploration (Caspian Sea) Limited	1997	2049	23
Mariner6)	UK	65.11	Equinor UK Limited	2019	HBP1)	16
Buzzard6)	UK	29.89	CNOOC Petroleum Europe Limited	2007	2046	11
Statfjord Unit4)	UK	14.53	Equinor Energy AS	1979	HBP1)	4
Utgard4)	UK	38.00	Equinor Energy AS	2019	HBP1)	2
Barnacle5)	UK	100.00	Equinor UK Limited	2019	HBP1)	0

Total E&P International						340

1)Held by Production (HBP): A leasehold interest that is perpetuated beyond its primary term as long as there is production in paying quantities from well(s) on

the lease or lease(s) pooled therewith.

2)Equinor's equity interests are 5.0% in Hibernia and 9.49% in Hibernia Southern Extension.

3)The complete name for Sonatrach is Société nationale de transport et de commercialisation d’hydrocarbures.

4)The Utgard and Statfjord Unit fields span the boundary between the Norwegian and UK continental shelves. In this table we report only volumes pertaining to

the Equinor share in UKCS.

5)Actual production for Barnacle was 0.2 mboe/day.

6)In December 2024, Equinor announced its decision with Shell to create an incorporated joint venture (IJV) combining their UK upstream businesses, which will

become the biggest independent oil and gas company on the UK continental shelf. The transaction has economic effect on 1 January 2025. Completion of the

transaction remains subject to approvals and is expected by the end of 2025. For more information, see note 6 Acquisitions and disposals to the Consolidated

financial statements.

7)On 6 December 2024, Equinor closed the transaction to sell its Nigerian business to Chappal Energies. Upon completion, Equinor divested its 20.21% stake in

Agbami, with Equinor effectively exiting the country.

8)On 29 November 2024, Equinor closed the transaction to sell its business in Azerbaijan. Upon completion, Equinor divested its 7.27% stake in Azeri Chirag

Gunashli (ACG) and its 8.71% stake in Baku-Tbilisi-Ceyhan (BTC).

Equinor 2024 Annual Report on Form 20-F 28


E&P USA - Average daily equity production
Field	Country	Equinor's equity interest in %	Operator	On stream	Licence expiry date	Average daily equity production in 2024 mboe/day
Appalachian (APB)1)	US	Varies2)	Equinor/others3)	2008	HBP5)	213
Caesar Tonga	US	46.00	Anadarko U.S. Offshore LLC	2012	HBP5)	26
Vito	US	36.89	Shell Offshore Inc.	2023	HBP5)	26
Tahiti	US	25.00	Chevron USA Inc.	2009	HBP5)	21
St. Malo	US	21.50	Chevron USA Inc.	2014	HBP5)	14
Julia	US	50.00	ExxonMobil Corporation	2016	HBP5)	13
Jack	US	25.00	Chevron USA Inc.	2014	HBP5)	11
Big Foot	US	27.50	Chevron USA Inc.	2018	HBP5)	9
Stampede	US	25.00	Hess Corporation	2018	HBP5)	7
Titan	US	100.00	Equinor USA E&P Inc.	2018	HBP5)	1
Heidelberg4)	US	12.00	Anadarko U.S. Offshore LLC	2016	HBP5)	0

Total E&P USA						341

1)Appalachian basin contains Marcellus and Utica formations.

2)Equinor’s actual equity interest varies depending on wells and area.

3)Operators are Equinor USA Onshore Properties Inc, Chesapeake Operating LLC, Southwestern Production Company, Chief Oil & Gas LLC, and several other

operators.

4)Actual production for Heidelberg was 0.3 mboe/day.

5)Held by Production (HBP): A leasehold interest that is perpetuated beyond its primary term as long as there is production in paying quantities from well(s) on

the lease(s) pooled therewith.

ITEM 4A. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The discussion does not address certain items in respect of 2022. A discussion of such items may be found in the Annual Report

on Form 20-F for the year ended 31 December 2023, filed with the SEC on 21 March 2024.

A.Operating Results

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•Section 1.4 Our strategy and transition ambitions of Chapter 1 on pages 15-17;

•Section 1.5 Our business of Chapter 1 on pages 18 - 24;

•Section 2.1 Operational performance of Chapter 2 on pages 37 - 51;

•Strategic financial framework in Section 2.2 of Chapter 2 on pages 54 - 55;

•The information under the sub-heading “Group” under the heading “Financial Performance” in Section 2.2 of

Chapter 2 on page 58;

•Capital distribution in Section 2.2 of Chapter 2 on page 65;

•Review of cash flows in Section 2.2 of Chapter 2 on page 66;

•Debt and liquidity management in Section 2.2 of Chapter 2 on page 67;

•Balance sheet and financial indicators in Section 2.2 of Chapter 2 on pages 68 - 70;

•Group outlook in Section 2.2 of Chapter 2 on page 70; and

•Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73.

Equinor 2024 Annual Report on Form 20-F 29

See also the information set forth under the heading “Applicable Laws and Regulations” in “Item 4―Information on the

Company―B. Business Overview” of this 2024 Form 20-F, and note 3 Climate change and energy transition to the Consolidated

financial statements.

Financial Review

The following tables show the financial performance by reporting segment.


E&P Norway - Financial information
	For the year ended 31 December
(in USD million)	2024	2023	Change

Total revenues and other income	33,643	38,340	(12%)

Operating, selling, general and administrative expenses	(3,612)	(3,759)	(4%)
Depreciation, amortisation and net impairment losses	(4,954)	(5,017)	(1%)
Exploration expenses	(513)	(476)	8%

Net operating income/(loss)	24,564	29,088	(16%)

Additions to PP&E, intangibles and equity accounted investments	6,285	5,939	6%

	For the year ended 31 December
Operational information	2024	2023	Change

E&P Norway entitlement liquid and gas production (mboe/day)	1,386	1,374	1%
E&P Norway entitlement liquids production (mboe/day)	628	645	(3%)
E&P Norway entitlement gas production (mboe/day)	758	729	4%
Average liquids price (USD/bbl)	77.1	78.6	(2%)
Average internal gas price (USD/MMBtu)	9.47	12.20	(22%)

Financial Performance

E&P Norway revenues continued to remain strong for 2024 with slightly higher production than in 2023, even though lower gas prices

during the year led to a decrease in net operating income and revenues compared to 2023. Other income in 2023 was positively

impacted by gain from sale of ownership shares in the Statfjord area with USD 222 million.

The Statfjord area divestment, reduction in CO2 quota prices and some one-off effects decreased operating, selling, general and

administrative expenses from 2023 to 2024. Initiatives to reduce overall cost have shown positive results in 2024 and are key to

maintaining a lower cost level over time in addition to continued portfolio optimisation. However, during 2024 higher operation and

maintenance activities on several fields partially offset the decrease.

Ramp-up of new fields and field-specific investments increased depreciation, amortisation and net impairment losses in 2024.

However, there was a negative impact in 2023 from an impairment of USD 588 million of a North Sea asset, compared to a less

significant impairment of another asset in 2024. This, together with the reducing effect on the depreciation from previous year’s

impairment, more than offset the increase from 2023 to 2024.

The exploration drilling activity level was higher in 2024 than in 2023 (30 wells this year compared to 28 wells last year), and higher

average well cost and lower capitalisation rate led to an increase in exploration expenses in 2024. The increase was partially offset by

lower seismic activities.

During 2024, additions to PPE, intangibles and equity accounted investments increased from 2023 mainly due to increased activity in

the sanctioned projects portfolio both for Equinor- and partner operated projects.

Equinor 2024 Annual Report on Form 20-F 30


E&P International - Financial information
	For the year ended 31 December
(in USD million)	2024	2023	Change

Total revenues and other income	7,343	7,032	4%

Purchases [net of inventory]	85	(70)	N/A
Operating, selling, general and administrative expenses	(2,123)	(2,176)	(2%)
Depreciation, amortisation and net impairment losses	(2,064)	(2,433)	(15%)
Exploration expenses	(496)	(20)	>100%

Net operating income/(loss)	2,746	2,332	18%

Additions to PP&E, intangibles and equity accounted investments	3,191	4,376	(27%)

	For the year ended 31 December
Operational information	2024	2023	Change

E&P International equity liquid and gas production (mboe/day)	340	345	(2%)
E&P International entitlement liquid and gas production (mboe/day)	261	266	(2%)
Production sharing agreements (PSA) effects (mboe/d)	79	79	0%
Average liquids price (USD/bbl)	72.0	72.6	(1%)

Financial Performance

Total revenues and other income, as well as net operating income, remained strong and increased in 2024 compared to 2023. This

increase is mainly due to the gain from the sale of the Nigerian business. This gain is offset by lower entitlement and lifted production,

in addition to a decline in liquid commodity prices.

Losses on the sale of Corrib were included within operating, selling, general and administrative expenses in 2023, thereby showing an

overall decrease in costs year-on-year. This decrease was partially offset by higher operating and maintenance activity levels in Brazil

and the UK, as well as increased transportation costs and tariffs in Brazil.

The cessation of depreciation on the Azeri Chirag Gunashli (ACG) asset, following its classification as ‘held for sale’ at the end of

2023, is the main reason for the decrease in depreciation in 2024 compared to 2023. This decrease was partially offset by increased

depreciation on the Buzzard field, which was depreciated for six months in 2023 after it was acquired 1 July 2023, as opposed to 11

months in 2024. Both Buzzard and Mariner were depreciated for 11 months in 2024 until they were classified as ‘held for sale’ in

December 2024, at which point further deprecation ceased.

Net impairment losses related to property, plant, and equipment decreased from USD 310 million in 2023 to USD 0 million in 2024. In

2023, the impairment was mainly related to the exit from Azerbaijan.

The increase in exploration expenses includes the effects of unsuccessful exploration campaigns in Canada, Brazil, and offshore

Argentina in 2024. This is in contrast to the capitalisation of previously expensed exploration wells in Brazil in 2023, which were

deemed commercial.

The acquisition of Suncor Energy UK Limited in 2023 is the main reason for the reduction in additions to PP&E, intangibles and equity

accounted investments in 2024 compared to 2023.

Equinor 2024 Annual Report on Form 20-F 31


E&P USA - Financial information
	For the year ended 31 December
(in USD million)	2024	2023	Change

Total revenues and other income	3,957	4,319	(8%)

Operating, selling, general and administrative expenses	(1,142)	(1,178)	(3%)
Depreciation, amortisation and net impairment losses	(1,607)	(1,489)	8%
Exploration expenses	(176)	(299)	(41%)

Net operating income/(loss)	1,031	1,353	(24%)

Additions to PP&E, intangibles and equity accounted investments	3,862	1,206	>100%

	For the year ended 31 December
Operational information	2024	2023	Change

E&P USA equity liquids and gas production (mboe/day)	341	363	(6%)
E&P USA entitlement liquid and gas production (mboe/day)	295	314	(6%)
Royalties (mboe/d)	46	49	(7%)
Average liquids price (USD/bbl)	64.5	64.4	0%
Average internal gas price (USD/mmbtu)	1.70	1.77	(4%)

Financial Performance

Entitlement production decreased due to lower production efficiency and hurricane impacts in US offshore. Additionally, curtailment of

production and lower activity affecting the Appalachia onshore assets were the main drivers for the decrease in revenues in 2024

compared to 2023.

Operating, selling, general and administrative expenses decreased due to a legal settlement in the prior year for a previously owned

asset. E&P USA experienced a decrease in operating expenses due to lower production from US offshore, which was partially offset

by additional workover costs for certain US offshore assets. Furthermore, the decrease can also be attributed to lower cost asset

base resulting from the transaction with EQT in the second quarter of 2024.

Depreciation and amortisation decreased in 2024 when compared to 2023, due to lower production in US offshore assets and

previous year reserve additions. This was partially offset by an increase due to a change in the abandonment estimate for a late life

asset impacting the full year of 2024.

Impairment reversals related to property, plant, and equipment amounted to USD 0 million in 2024. In 2023, impairment reversals

amounted to USD 266 million primarily related to the assets in US offshore.

Decreased exploration expenses were driven by fewer exploration prospects in US offshore. In 2024, there was one exploration

prospect while in 2023 there were four. The prospects in both 2023 and 2024 were non-commercial and were expensed accordingly.

Investments in 2024 are driven by the continued development of the Sparta project and additional wells on several US offshore

assets. Additionally, the two transactions with EQT in the Appalachian Basin partner operated assets resulted in an increase in

additions to PPE, intangibles and equity accounted investments from 2023. This increase was partially offset by a decrease from the

Appalachia operated assets impacting PPE disposals.

Equinor 2024 Annual Report on Form 20-F 32


MMP - Financial information
	For the year ended 31 December
(in USD million)	2024	2023	Change

Total revenues and other income	101,792	105,908	(4%)

Purchases [net of inventory]	(92,789)	(95,769)	(3%)
Operating, selling, general and administrative expenses	(4,919)	(4,916)	—%
Depreciation, amortisation and net impairment losses	(757)	(1,239)	(39%)

Net operating income/(loss)	3,326	3,984	(17%)

Additions to PP&E, intangibles and equity accounted investments	953	844	13%

	For the year ended 31 December
Operational information MMP	2024	2023	Change

Liquid sales volume (mmbbl)	1,008.8	956.3	5%
Natural gas sales Equinor (bcm)	63.6	58.9	8%
Natural gas entitlement sales Equinor (bcm)	53.2	53.2	—%
Power generation (GWh) Equinor share	1,982	2,298	(14%)
Realised piped gas price Europe (USD/MMBtu)	11.03	13.86	(20%)
Realised piped gas price US (USD/MMBtu)	2.00	2.09	(4%)

Financial performance

Total revenues and other income slightly decreased from 2023 to 2024 due to lower gas and oil sales prices in both Europe and North

America partially offset by higher gas and oil sales volumes.

Purchases [net of inventory] decreased from 2023 to 2024 due to lower prices for both gas and liquids, partially offset by an increase

in liquid and gas sales volumes. The decrease in Operating expenses and selling, general and administrative expenses from 2023 to

2024 was mainly due to lower transportation costs and costs related to operating onshore plants, which was partially offset by higher

costs related to developing low carbon projects.

Net operating income includes the net effect of gain on sale of assets, fair value change in commodity derivatives and storages,

impairment reversals, changes in onerous provisions and operational storage value. During 2024, net operating income included

impairment reversals of USD 158 million, in contrast to USD 343 million of net impairments in the prior year. Current year result is

mostly explained by a strong contribution of piped gas and LNG trading along with a positive result from Crude and LPG.

The main driver for the increase in additions to PPE from 2023 to 2024 are higher investments in projects related to onshore plants.

Depreciation, amortisation and impairment decreased from 2023 to 2024 driven by the impairment of refinery assets in previous year.

Equinor 2024 Annual Report on Form 20-F 33


REN - Financial information
	For the year ended 31 December
(in USD million)	2024	2023	Change

Revenues third party, other revenue and other income	216	50	>100%
Net income/(loss) from equity accounted investments	100	(33)	N/A

Total revenues and other income	317	17	>100%

Operating, selling, general and administrative expenses	(687)	(462)	49%
Depreciation, amortisation and net impairment losses	(306)	(312)	(2%)

Net operating income/(loss)	(676)	(757)	11%

Additions to PP&E, intangibles and equity accounted investments	2,153	2,007	7%

	For the year ended 31 December
Operational information	2024	2023	Change

Renewables power generation (TWh) Equinor share	2,802	1,859	51%

Financial Performance

The increase in total revenues and other income for the full year of 2024 was driven by contributions from the addition of onshore

wind farms in operation in Brazil and Poland, a positive gain in fair value adjustment related to contingent consideration and a positive

movement in net income/(loss) from equity-accounted investments.

Lower project development costs in 2024 as a consequence of divestment of the Beacon Wind project and acquisition of full

ownership of Empire Wind in the first quarter of 2024 drove an increase in net income/(loss) from equity accounted investments.

Further, capitalisation of expenditures for Bałtyk, the offshore wind project in Poland, from the third quarter of 2023 also supported the

increase for the full year of 2024.

The total operating expenses for the full year of 2024 increased compared to the previous year, reflecting higher activity levels from

ongoing development projects and increased business development expenditures during the first nine months of 2024.

In the fourth quarter of 2024, a reduction in the level of business development due to the closure of activities in some emerging

markets resulted in a decrease in administrative and operating expenses.

The improvement of net operating income for 2024 compared to the prior year was partially attributableto an increase in total revenue

and other income, which offset some of the higher operating and administrative expenses for the year. The net operating loss for the

full year of 2024 included the effect of a USD 211 million impairment mainly related to acquired early phase project rights within

onshore markets, a USD 147 million net loss resulting from the asset swap transaction between Equinor and bp in the first quarter,

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 and USD 50 million impairment of an offshore wind lease project in California in the third quarter of 2024.

Net operating income/(loss) for the full year of 2023 included the effects of a USD 300 million impairment on Equinor’s offshore wind

projects on the US Northeast coast.

The acquisition of full ownership of Empire Wind projects in the US in the first quarter of 2024 drove the increase in additions to

PP&E, intangibles and equity accounted investments compared to 2023.

Equinor 2024 Annual Report on Form 20-F 34

B.Liquidity and Capital Resources

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•The information under the sub-heading “Investments” under the heading “Strategic Financial Framework” in

Section 2.2 Financial performance of Chapter 2 on page 55;

•Capital distribution in Section 2.2 Financial performance of Chapter 2 on page 65;

•Review of cash flows in Section 2.2 Financial performance of Chapter 2 on page 66;

•Debt and liquidity management in Section 2.2 Financial performance of Chapter 2 on page 67, excluding the

information in the second and sixth paragraphs under the sub-heading “Debt and Credit Rating”; and

•Balance sheet and financial indicators in Section 2.2 of Chapter 2 on pages 68 - 70.

Any credit rating referred to in this 2024 Form 20-F is not a recommendation to buy, hold or sell any of our or our subsidiaries’

securities. Credit ratings may be changed, suspended or withdrawn at any time, and each rating should be evaluated independently

of any other rating.

See also notes 16 Financial investments and financial receivables, 18 Trade and other receivables, 19 Cash and cash

equivalents, 21 Finance debt, 23 Provisions and other liabilities, 24 Trade and other payables, 25 Leases, and 26 Other

commitments, contingent liabilities and contingent assets to the Consolidated financial statements.

Principal contractual obligations

The following table summarises principal contractual obligations, excluding derivatives and other hedging instruments, as well as

asset retirement obligations which for the most part are expected to lead to cash disbursements more than five years into the future.

See note 23 Provisions and other liabilities to the Consolidated financial statements for a maturity profile on asset retirement

obligations and other provisions.

Non-current finance debt in the following table represents principal payment obligations, including interest obligations. Obligations

payable by Equinor to entities accounted for in the Equinor group using the equity method are included in the table below with

Equinor’s full proportionate share. For assets that are included in the Equinor accounts through joint operations or similar

arrangements, the amounts in the table include the net commitment payable by Equinor (i.e., Equinor’s proportionate share of the

commitment less Equinor's ownership share in the applicable entity).


Principal contractual obligations
	As at 31 December 2024
	Payment due by period1)
(in USD million)	Less than 1 year	1-3 years	3-5 years	More than 5 years	Total

Undiscounted non-current finance debt- principal and interest2)	2,685	5,723	3,415	16,529	28,352
Undiscounted leases3)	1,363	1,299	494	803	3,959
Nominal minimum other long-term commitments4)	3,112	4,469	2,652	4,655	14,888

Total contractual obligations	7,160	11,491	6,561	21,987	47,198

1)''Less than 1 year'' represents 2025; ''1-3 years'' represents 2026 and 2027, ''3-5 years'' represents 2028 and 2029, while ''More than 5 years'' includes amounts for later periods. 2)See note 21 Finance debt to the Consolidated financial statements. The main differences between the table and the note relate to interest. 3)See note 4 Financial risk and capital management to the Consolidated financial statements. 4)See note 26 Other commitments, contingent liabilities and contingent assets to the Consolidated financial statements.

Equinor had contractual commitments of USD 11,841 million at 31 December 2024. The contractual commitments reflect Equinor's

share and mainly comprise construction and acquisition of property, plant and equipment as well as committed investments/funding or

resources in equity accounted entities.

Equinor’s projected pension benefit obligation was USD 7,286 million, and the fair value of plan assets amounted to USD

5,664 million as of 31 December 2024. The company’s payments regarding these benefit plans are mainly related to employees in

Norway. See note 22 Pensions to the Consolidated financial statements for more information.

Equinor 2024 Annual Report on Form 20-F 35

Off balance sheet arrangements

Equinor is party to various agreements such as transportation and processing capacity contracts, that are not recognised in the

balance sheet. Furthermore, Equinor is lessee in a range of lease contracts, whereas all leases shall be recognised in the balance

sheet. Commitments regarding the non-lease components of lease contracts as well as leases that have not yet commenced are not

recognised in the balance sheet and represent off balance sheet commitments. Equinor is also party to certain guarantees,

commitments and contingencies that, pursuant to IFRS Accounting Standards, are not necessarily recognised in the balance sheet as

liabilities. See note 26 Other commitments, contingent liabilities and contingent assets to the Consolidated financial statements for

more information.

Summarised financial information related to guaranteed debt securities

The following summarised financial information provides financial information of Equinor Energy AS as co-obligor and guarantor as

required by SEC Rule 3-10 and 13-01 of Regulation S-X.

Equinor Energy AS is a 100% owned subsidiary of Equinor ASA. Equinor Energy AS is the co-obligor of certain existing debt

securities of Equinor ASA and has guaranteed certain existing debt securities of Equinor ASA, including in each case debt securities

that are registered under the US Securities Act of 1933 ("US registered debt securities").

As co-obligor, Equinor Energy AS fully, unconditionally and irrevocably assumes and agrees to perform, jointly and severally with

Equinor ASA, the payment and covenant obligations for certain debt held by Equinor ASA. As a guarantor, Equinor Energy AS fully

and unconditionally guarantees the payment obligations for certain debt held by Equinor ASA. Total debt at 31 December 2024 is

USD 21,399 million, all of which is either guaranteed by Equinor Energy AS (USD 19,581 million), or for which Equinor Energy AS is

co-obligor (USD 1,818 million). In the future, Equinor ASA may from time to time issue debt for which Equinor Energy AS will be the

co-obligor or guarantor.

The applicable US registered debt securities and related guarantees of Equinor Energy AS are unsecured and rank equally with all

other unsecured and unsubordinated indebtedness of Equinor ASA and Equinor Energy AS. The guarantees of Equinor Energy AS

are subject to release in limited circumstances upon the occurrence of certain customary conditions. With respect to US registered

debt securities (and certain other debt securities) issued on or after 18 November 2019, Equinor Energy AS will automatically and

unconditionally be released from all obligations under its guarantee and the guarantee shall thereupon terminate and be discharged

of no further force or effect, in the event that at substantially the same time as its guarantee of such debt securities is terminated, the

aggregate amount of indebtedness for borrowed money for which Equinor Energy AS is an co-obligor (as a guarantor, co-issuer or

borrower) does not exceed 10% of the aggregate principal amount of indebtedness for borrowed money of Equinor ASA and its

subsidiaries, on a consolidated basis, as of such time.

Internal dividends, group contributions and repayment of capital from Equinor Energy AS to Equinor ASA are regulated in the

Norwegian Public Limited Liabilities Act §§ 3-1 - 3-5.

The following summarised financial information for the year ended 31 December 2024 provides financial information about Equinor

ASA, as issuer, and Equinor Energy AS, as co-obligor and guarantor on a combined basis after elimination of transactions between

Equinor ASA and Equinor Energy AS. Investments in non-guarantor subsidiaries are eliminated. Currency gain on transactions

between Equinor ASA and Equinor Energy AS of USD 1,344 million is included in financial items in accordance with the IFRS

Accounting Standards group principles and are included in external items in the Condensed profit and loss statement.

Intercompany balances and transactions between the co-obligor group and the non-guarantor subsidiaries are presented on separate

lines. Transactions with related parties are also presented on a separate line item and include transactions with the Norwegian State's

and the Norwegian State’s share of dividend declared but not paid.

The combined summarized financial information is prepared in accordance with Equinor's IFRS Accounting Standards policies as

described in note 2 Accounting policies to the Consolidated financial statements.

Equinor 2024 Annual Report on Form 20-F 37

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 generally accepted accounting principles (i.e,

IFRS Accounting Standards in the case of Equinor). The following financial measures may be considered non-GAAP financial

measures:

a)Net debt to capital employed ratio, Net debt to capital employed ratio adjusted, including lease liabilities and Net debt to capital

employed ratio adjusted

b)Return on average capital employed (ROACE)

c)Organic capital expenditures

d)Gross capital expenditures (Gross capex)

e)Cash flow from operations after taxes paid (CFFO after taxes paid)

f)Net cash flow before capital distribution and net cash flow

g)Adjusted operating income and adjusted operating income after tax (previously named Adjusted earnings and Adjusted earnings

after tax)

h)Adjusted net income

i)Adjusted earnings per share (Adjusted EPS)

a) Net debt to capital employed ratio

In Equinor’s view, net debt ratios provide a more informative picture of Equinor’s financial strength than gross interest-bearing

financial debt.

Three different net debt to capital ratios are provided below: 1) net debt to capital employed, 2) net debt to capital employed ratio

adjusted, including lease liabilities, and 3) net debt to capital employed ratio adjusted.

These calculations are based on 1)Equinor’s gross interest-bearing financial liabilities as recorded in the Consolidated balance sheet

2) Net interest-bearing debt before adjustments, which excludes cash, cash equivalents and current financial investments from gross

interest-bearing debt, and 3) net interest-bearing debt adjusted, including lease liabilities which adjusts the above measure for other

interest-bearing elements.

The following adjustments are made in calculating the net debt to capital employed ratio adjusted, including lease liabilities ratio and

the net debt to capital employed adjusted ratio: collateral deposits (classified as Cash and cash equivalents in the Consolidated

balance sheet), and financial investments held in Equinor Insurance AS (classified as Current financial investments are treated as

non-cash and excluded from the calculation of these non-GAAP measures. Collateral deposits are excluded since they relate to

certain requirements of exchanges where Equinor’s securities are trading and therefore are presented as restricted cash and cash

equivalents. Financial investments in Equinor Insurance are excluded as these investments are not readily available for the group to

meet short term commitments. These adjustments result in a higher net debt figure and in Equinor’s view provides a more prudent

measure of the net debt to capital employed ratio than would be the case without such exclusions. Additionally, lease liabilities are

further excluded in calculating the net debt to capital employed ratio adjusted.

Forward-looking net debt to capital employed ratio adjusted, including lease liabilities and net debt to capital employed ratio adjusted

included in this report are not reconcilable to their most directly comparable IFRS Accounting Standards measures without

unreasonable efforts, because the amounts included or excluded from IFRS Accounting Standards measures used to determine net

debt to capital employed ratio adjusted, including lease liabilities and net debt to capital employed ratio adjusted cannot be predicted

with reasonable certainty.

The accompanying table details the calculations for these non-GAAP measures and reconciles them with the most directly

comparable IFRS Accounting Standards financial measure or measures.

Equinor 2024 Annual Report on Form 20-F 38


Calculation of capital employed and net debt to capital employed ratio		For the year ended 31 December
(in USD million)		2024	2023

Shareholders' equity		42,342	48,490
Non-controlling interests		38	10

Total equity	A	42,380	48,500

Current finance debt and lease liabilities		8,472	7,275
Non-current finance debt and lease liabilities		21,622	24,521

Gross interest-bearing debt	B	30,094	31,796

Cash and cash equivalents		8,120	9,641
Current financial investments		15,335	29,224

Cash and cash equivalents and current financial investment	C	23,455	38,865

Net interest-bearing debt before adjustments	B1 = B-C	6,639	(7,069)

Other interest-bearing elements 1)		2,583	2,030

Net interest-bearing debt adjusted, including lease liabilities	B2	9,221	(5,040)

Lease liabilities		3,510	3,570

Net interest-bearing debt adjusted	B3	5,711	(8,610)

Calculation of capital employed:
Capital employed	A+B1	49,018	41,431
Capital employed adjusted, including lease liabilities	A+B2	51,601	43,460
Capital employed adjusted	A+B3	48,091	39,890

Calculated net debt to capital employed
Net debt to capital employed	(B1)/(A+B1)	13.5%	(17.1%)
Net debt to capital employed ratio adjusted, including lease liabilities	(B2)/(A+B2)	17.9%	(11.6%)
Net debt to capital employed ratio adjusted	(B3)/(A+B3)	11.9%	(21.6%)

1)Other interest-bearing elements are cash and cash equivalents adjustments regarding collateral deposits classified as cash and cash equivalents in the Consolidated balance sheet but considered as non-cash in the non-GAAP calculations as well as financial investments in Equinor Insurance AS classified as current financial investments.

Equinor 2024 Annual Report on Form 20-F 39

b) Return on average capital employed (ROACE)

Return on average capital employed (ROACE) is the ratio of adjusted operating income after tax to the average capital employed

adjusted. The reconciliation for adjusted operating income after tax is presented in section g). Average capital employed adjusted

refers to the average of the capital employed adjusted values as of 31 December for both the current and the preceding year, as

presented under the heading Calculation of capital employed in section a).

Equinor uses ROACE to evaluate performance by measuring how effectively the company employs its capital, whether financed

through equity or debt.

An IFRS Accounting Standards measure most directly comparable to ROACE would be calculated as the ratio of net income/(loss) to

average capital employed that is based on Equinor’s gross interest-bearing financial liabilities as recorded in the Consolidated

balance sheet, excluding cash, cash equivalents and current financial investments.

ROACE is used as a supplementary measure and should not be viewed in isolation or as an alternative to measures calculated in

accordance with IFRS Accounting Standards, including income before financial items, income taxes and minority interest, or net

income, or ratios based on these figures.

Forward-looking ROACE included in this report is not reconcilable to its most directly comparable IFRS Accounting Standards

measure without unreasonable efforts, because the amounts included or excluded from IFRS Accounting Standards measures used

to determine ROACE cannot be predicted with reasonable certainty.


Calculated ROACE based on IFRS Accounting Standards		31 December
(in USD millions, except percentages)		2024	2023

Net income/(loss)	A	8,829	11,904

Average total equity	1	45,440	51,244

Average current finance debt and lease liabilities		7,874	6,446
Average non-current finance debt and lease liabilities		23,071	25,536
- Average cash and cash equivalents		(8,881)	(12,610)
- Average current financial investments		(22,279)	(29,550)
Average net-interest bearing debt	2	(215)	(10,178)

Average capital employed	B = 1+2	45,225	41,066

Calculated ROACE based on Net income/loss and capital employed	A/B	19.5%	29.0%


Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted		31 December
(in USD millions, except percentages)		2024	2023

Adjusted operating income/(loss) after tax 1)	A	9,062	10,348

Average capital employed adjusted	B	43,991	41,731

Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted	A/B	20.6%	24.8%
1) Restated. For more information, see Amended principles for Adjusted operating income in the section ‘Use and reconciliation of non-GAAP financial measures.’

c) Organic capital expenditures

Organic capital expenditures represent capital expenditures, defined as Additions to PP&E, intangibles and equity accounted

investments as presented in note 5 Segments to the annual report, excluding expenditures related to acquisitions, leased assets, and

other investments with significantly different cash flow patterns. Equinor believes this measure gives stakeholders relevant information

to understand the company’s investments in maintaining and developing its assets.

Equinor 2024 Annual Report on Form 20-F 40

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.


Calculation of organic capital expenditures	Total Group
(in USD billions)	2024	2023

Additions to PP&E, intangibles and equity accounted investments	16.7	14.5
Acquisition-related additions	3.4	3.2
Right of use asset additions	1.2	1.1
Other additions (with unique cash flow patterns)	0.0	0.0
Organic capital expenditures	12.1	10.2

d) Gross capital expenditures (Gross capex)

Gross capital expenditures represent capital expenditures, defined as Additions to PP&E, intangibles and equity accounted

investments as presented in the financial statements, excluding additions to right of use assets related to leases and capital

expenditures financed through government grants. Equinor adds the proportionate share of capital expenditures in equity accounted

investments not included in Additions to PP&E, intangibles and equity accounted investments. Equinor believes that by excluding

additions to right of use assets related to leases, this measure better reflects the company's investments in the business to drive

growth.

Forward-looking gross capital expenditures included in this report are not reconcilable to its most directly comparable IFRS

Accounting Standards measure without unreasonable efforts, because the amounts included or excluded from such IFRS Accounting

Standards measure to determine gross capital expenditures cannot be predicted with reasonable certainty.


Calculation of gross capital expenditures	For the year ended 31 December
(in USD billions)	2024	2023
Additions to PP&E, Intangibles and equity accounted companies	16.7	14.5
Less adjustments	0.6	0.4
Gross capital expenditures	16.1	14.1

e) Cash flows from operations after taxes paid (CFFO after taxes paid)

Cash flows from operations after taxes paid represents, and is used by management to evaluate, cash generated from operating

activities after taxes paid, which is available for investing activities, debt servicing and distribution to shareholders. Cash flows from

operations after taxes paid is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in

isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Cash flows from operations after

taxes paid is limited and does not represent residual cash flows available for discretionary expenditures.

The table below provides a reconciliation of Cash flows from operations after taxes paid to its most directly comparable IFRS

Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the

specified dates:


Cash flow from operations after taxes paid (CFFO after taxes paid)
(in USD million)	2024	2023

Cash flows provided by operating activities before taxes paid and working capital items	38,483	48,016
Taxes paid	(20,592)	(28,276)
Cash flow from operations after taxes paid (CFFO after taxes paid)	17,892	19,741

Forward-looking cash flows from operations after taxes paid included in this report are not reconcilable to its most directly comparable

IFRS Accounting Standards measure without unreasonable efforts, because the amounts included or excluded from such IFRS

Accounting Standards measure to determine cash flows from operations after taxes paid cannot be predicted with reasonable

certainty.

Equinor 2024 Annual Report on Form 20-F 41

f) Net cash flow before capital distribution and net cash flow

Net cash flow before capital distribution represents, and is used by management to evaluate, cash generated from operational and

investing activities available for debt servicing and distribution to shareholders. Net cash flow before capital distribution is not a

measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis

of our results as reported in this report. Our definition of Net cash flow before capital distribution is limited and does not represent

residual cash flows available for discretionary expenditures. The table below provides a reconciliation of Net cash flow before capital

distribution to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before

taxes paid and working capital items, as of the specified dates

Net cash flow represents, and is used by management to evaluate, cash generated from operational and investing activities available

for debt servicing. Net cash flow is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in

isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Net cash flow is limited and does

not represent residual cash flows available for discretionary expenditures.

The table below reconciles Net cash flow with its most directly comparable IFRS Accounting Standards measure, Cash flows provided

by operating activities before taxes paid and working capital items, as of the specified dates:


Net cash flow before capital distribution and net cash flow
(in USD million)	2024	2023

Cash flows provided by operating activities before taxes paid and working capital items	38,483	48,016
Taxes paid	(20,592)	(28,276)
Cash used/received in business combinations	(1,710)	(1,195)
Capital expenditures and investments	(12,177)	(10,575)
(Increase)/decrease in other interest-bearing items	(623)	(87)
Proceeds from sale of assets and businesses	1,470	272
Net cash flow before capital distribution	2,385	8,154
Dividends paid	(8,578)	(10,906)
Share buy-back	(6,013)	(5,589)
Net cash flow	(12,206)	(8,340)

g) Adjusted operating income and Adjusted operating income after tax (previously named adjusted

earnings and adjusted earnings after tax)

Adjusted operating income is based on net operating income/(loss) and adjusts for certain items affecting the income for the period to

separate out effects that management considers may not be well correlated to Equinor’s underlying operational performance in the

individual reporting period. Management believes adjusted operating income provides an indication of Equinor’s underlying

operational performance and facilitates comparison of operational trends between periods. 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 equals adjusted operating income/(loss) less tax on adjusted operating income. Tax on adjusted

operating income is computed by adjusting the income tax for tax effects of adjustments made in calculating adjusted operating

income. The tax rate applied is the tax rate applicable to each adjusting item and tax regime, adjusted for certain foreign currency

effects as well as effects of specific changes to deferred tax assets. Management believes adjusted operating income after tax

provides an indication of Equinor’s underlying operational performance after tax and facilitates comparisons of operational trends after

tax between periods as it reflects the tax charge associated with operational performance excluding the impact of financing. The

name of this measure was changed in 2024 in line with the change of the name of the pre-tax measure above.

Amended principles for Adjusted operating income with effect from 2024:

Equinor has made the following changes to the items adjusted for within Adjusted operating income:

With effect from 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 a part of our ongoing

commitment to improve the non-GAAP financial measures we present, ensuring that the adjustments are meaningful to users of the

financial statements and supplementary information.

Equinor 2024 Annual Report on Form 20-F 42

These changes were 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	Full year of 2023
E&P Norway	As reported	Impact	Restated
Adjusted total revenues and other income	38,213	35	38,248
Over-/underlift	(35)	35	—
Adjusted operating and administrative expenses	(3,730)	(29)	(3,759)
Over-/underlift	29	(29)	—
Adjusted operating income/(loss)	29,577	6	29,583
Adjusted operating income/(loss) after tax	6,494	1	6,495

Impact of change	Full year of 2023
E&P International	As reported	Impact	Restated
Adjusted total revenues and other income	6,956	(45)	6,910
Over-/underlift	45	(45)	—
Adjusted operating and administrative expenses	(1,915)	22	(1,893)
Over-/underlift	(22)	22	—
Adjusted operating income/(loss)	2,863	(23)	2,840
Adjusted operating income/(loss) after tax	1,650	(24)	1,626

Impact of change	Full year of 2023
Equinor group	As reported	Impact	Restated
Adjusted total revenues and other income	105,871	(10)	105,861
Over-/underlift	10	(10)	—
Adjusted operating and administrative expenses	(11,540)	(7)	(11,547)
Over-/underlift	7	(7)	—
Adjusted operating income/(loss)	36,220	(17)	36,203
Adjusted operating income/(loss) after tax	10,371	(23)	10,348
Effective tax rates on adjusted operating income	71.4%	0.0%	71.4%

Adjusted operating income adjust for the following items:

•Changes in fair value of derivatives: In the ordinary course of business, Equinor enters into commodity derivative contracts to

manage the price risk exposure relating to future sale and purchase contracts. These commodity derivatives are measured at fair

value at each reporting date, with the movements in fair value recognised in the income statement. By contrast, the related sale

and purchase contracts are not recognised until the transaction occurs resulting in timing differences. Therefore the unrealised

movements in the fair value of these commodity derivative contracts are excluded from adjusted operating income and deferred

until the time of the physical delivery to minimise the effect of these timing differences. Further, embedded derivatives within

certain gas contracts and contingent consideration related to historical divestments are carried at fair value. Any accounting

impacts resulting from such changes in fair value are also excluded from adjusted operating income, as these fluctuations are

not indicative of the underlying performance of the business.

•Periodisation of inventory hedging effect:Equinor enters into derivative contracts to manage price risk exposure relating to its

commercial storage. These derivative contracts are carried at fair value while the inventories are accounted for at the lower of

cost or market price. An adjustment is made to align the valuation principles of inventories with related derivative contracts. The

adjusted valuation of inventories is based on the forward price at the expected realisation date. This is so that the valuation

principles between commercial storages and derivative contracts are better aligned.

Equinor 2024 Annual Report on Form 20-F 43

•The operational storage is not hedged and is not part of the trading portfolio. Cost of goods sold is measured based on the

FIFO (first-in, first-out) method, and includes realised gains or losses that arise due to changes in market prices. These gains or

losses will fluctuate from one period to another and are not considered part of the underlying operations for the period.

•Impairment and reversal of impairment are excluded from adjusted operating income since they affect the economics of an

asset for the lifetime of that asset, not only the period in which it is impaired or the impairment is reversed. Impairment and

reversal of impairment can impact both the exploration expenses and the depreciation, amortisation and net impairments line

items.

•Gain or loss from sales of assets is eliminated from the measure since the gain or loss does not give an indication of future

performance or periodic performance; such a gain or loss is related to the cumulative value creation from the time the asset is

acquired until it is sold.

•Eliminations (internal unrealised profit on inventories): Volumes derived from equity oil inventory vary depending on several

factors and inventory strategies, i.e. level of crude oil in inventory, equity oil used in the refining process and level of in-transit

cargoes. Internal profit related to volumes sold between entities within the group and still in inventory at period end is eliminated

according to IFRS Accounting Standards (write down to production cost). The proportion of realised versus unrealised gain

fluctuates from one period to another due to inventory strategies and consequently impacts net operating income/(loss). Write

down to production cost is not assessed to be a part of the underlying operational performance, and elimination of internal profit

related to equity volumes is excluded in adjusted operating income.

•Other items of income and expense are adjusted when the impacts on income in the period are not reflective of Equinor’s

underlying operational performance in the reporting period. Such items may be unusual or infrequent transactions, but they may

also include transactions that are significant which would not necessarily qualify as either unusual or infrequent. However, other

items adjusted do not constitute normal, recurring income and operating expenses for the company. Other items are carefully

assessed and can include transactions such as provisions related to reorganisation, early retirement, etc.

•Change in accounting policy is adjusted when the impacts on income in the period are unusual or infrequent, and not reflective

of Equinor’s underlying operational performance in the reporting period.

Equinor 2024 Annual Report on Form 20-F 44


Items impacting net operating income/(loss) in the full year of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Net operating income/(loss)	30,927	24,564	2,746	1,031	3,326	(676)	(64)

Total revenues and other income	103,774	33,643	7,343	3,957	101,792	317	(43,277)
Adjusting items	(1,512)	—	(805)	—	(583)	(124)	—
Changes in fair value of derivatives	(421)	—	—	—	(421)	—	—
Gain/loss on sale of assets	(941)	—	(805)	—	(135)	—	—
Periodisation of inventory hedging effect	(26)	—	—	—	(26)	—	—
Provisions	(124)	—	—	—	—	(124)	—
Adjusted total revenues and other income	102,262	33,643	6,538	3,957	101,209	193	(43,277)

Purchases [net of inventory variation]	(50,040)	—	85	—	(92,789)	—	42,664
Adjusting items	16	—	—	—	12	—	4
Eliminations	4	—	—	—	—	—	4
Operational storage effects	17	—	—	—	17	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(50,024)	—	85	—	(92,777)	—	42,668

Operating and administrative expenses	(11,786)	(3,612)	(2,123)	(1,142)	(4,919)	(687)	697
Adjusting items	296	—	84	—	48	163	—
Gain/loss on sale of assets	232	—	84	—	—	147	—
Other adjustments	16	—	—	—	—	16	—
Provisions	48	—	—	—	48	—	—
Adjusted operating and administrative expenses	(11,491)	(3,612)	(2,038)	(1,142)	(4,871)	(524)	697
Depreciation, amortisation and net impairments	(9,835)	(4,954)	(2,064)	(1,607)	(757)	(306)	(148)
Adjusting items	70	—	—	—	(191)	261	—
Impairment	261	—	—	—	—	261	—
Reversal of impairment	(191)	—	—	—	(191)	—	—
Adjusted depreciation, amortisation and net impairments	(9,765)	(4,954)	(2,064)	(1,607)	(949)	(44)	(148)

Exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—

Sum of adjusting items	(1,130)	—	(721)	—	(714)	301	4
Adjusted operating income/(loss)	29,798	24,564	2,025	1,031	2,612	(375)	(60)
Tax on adjusted operating income	(20,736)	(19,013)	(425)	(224)	(1,174)	50	50
Adjusted operating income/(loss) after tax	9,062	5,551	1,600	807	1,438	(325)	(10)

Equinor 2024 Annual Report on Form 20-F 45


Items impacting net operating income/(loss) in the full year of 2023 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other

Net operating income/(loss)	35,770	29,087	2,332	1,353	3,984	(757)	(229)

Total revenues and other income	107,174	38,340	7,032	4,319	105,908	17	(48,442)
Adjusting items	(1,313)	(92)	(121)	(32)	(1,049)	(17)	(1)
Changes in fair value of derivatives	(711)	128	(96)	—	(743)	—	—
Gain/loss on sale of assets	(319)	(221)	(25)	(32)	(23)	(17)	(1)
Impairment	1	—	—	—	—	1	—
Other adjustments	(100)	—	—	—	(100)	—	—
Periodisation of inventory hedging effect	(183)	—	—	—	(183)	—	—
Adjusted total revenues and other income1)	105,861	38,248	6,910	4,286	104,860	—	(48,443)

Purchases [net of inventory variation]	(48,175)	—	(70)	—	(95,769)	—	47,664
Adjusting items	173	—	—	—	36	—	137
Eliminations	137	—	—	—	—	—	137
Operational storage effects	41	—	—	—	41	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(48,003)	—	(70)	—	(95,733)	—	47,801

Operating and administrative expenses	(11,800)	(3,759)	(2,176)	(1,178)	(4,916)	(462)	692
Adjusting items	253	—	283	22	(72)	20	—
Gain/loss on sale of assets	289	—	283	—	—	6	—
Other adjustments	36	—	—	22	—	14	—
Provisions	(72)	—	—	—	(72)	—	—
Adjusted operating and administrative expenses1)	(11,547)	(3,759)	(1,893)	(1,156)	(4,988)	(442)	692

Operating and administrative expenses	(11,800)	(3,759)	(2,176)	(1,178)	(4,916)	(462)	692
Adjusting items	253	—	283	22	(72)	20	—
Gain/loss on sale of assets	289	—	283	—	—	6	—
Other adjustments	36	—	—	22	—	14	—
Provisions	(72)	—	—	—	(72)	—	—
Adjusted operating and administrative expenses1)	(11,547)	(3,759)	(1,893)	(1,156)	(4,988)	(442)	692
Depreciation, amortisation and net impairments	(10,634)	(5,017)	(2,433)	(1,489)	(1,239)	(312)	(143)
Adjusting items	1,259	588	310	(290)	343	300	9
Impairment	1,550	588	310	—	343	300	9
Reversal of impairment	(290)	—	—	(290)	—	—	—
Adjusted depreciation, amortisation and net impairments	(9,374)	(4,429)	(2,123)	(1,779)	(897)	(12)	(134)
Exploration expenses	(795)	(476)	(20)	(299)	—	—	—
Adjusting items	61	—	36	25	—	—	—
Impairment	61	—	36	25	—	—	—

Equinor 2024 Annual Report on Form 20-F 46


Adjusted exploration expenses	(734)	(476)	16	(274)	—	—	—

Sum of adjusting items1)	433	496	508	(277)	(742)	303	145
Adjusted operating income/(loss)1)	36,203	29,583	2,840	1,076	3,242	(454)	(84)
Tax on adjusted operating income1)	(25,855)	(23,088)	(1,214)	(304)	(1,364)	63	51
Adjusted operating income/(loss) after tax1)	10,348	6,495	1,626	773	1,877	(391)	(33)

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

principles for Adjusted operating income

h) Adjusted net income

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

performance by also including underlying financial performance by also including net financial items and the associated tax effects.

This measure includes adjustments made to arrive at adjusted operating income after tax, in addition to specific adjustments related

to net financial items and related tax effects, as well as certain adjustments to income tax, as described below. Management believes

this measure provides an indication of Equinor’s underlying financial performance including the impact from financing and facilitates

comparison of trends between periods.

Adjusted net income incorporates the adjustments from Adjusted operating income, as well as the following items

impacting net financial items and income tax/tax rate:

•Changes in fair value of financial derivatives used to hedge interest-bearing instruments. Equinor enters into financial

derivative contracts to manage interest rate risk on long term interest-bearing liabilities including bonds and financial loans. The

financial derivative contracts (hedging instruments) are measured at fair value at each reporting date, with movements in fair

value recognised in the income statement. The long term interest-bearing liabilities are measured at amortised cost and not

remeasured at fair value at each reporting date. This creates measurement differences and therefore the movements in the fair

value of these financial derivative contracts and associated tax effects are excluded from the calculation of adjusted net income

and deferred until the time the underlying instrument is matured, exercised, or settled. Management believes that this

appropriately reflects the economic effect of these risk management activities in each period and provides an indication of

Equinor’s underlying financial performance.

•Foreign currency gains/losses on positions used to manage currency risk exposure related to future payments in NOK

and foreign currency gains/losses on certain intercompany bank balances. Foreign currency gains/losses on positions

used to manage currency risk exposure (cash equivalents/financial investments and related currency derivatives where

applicable), as well as currency gains/losses on certain intercompany bank balances are eliminated from adjusted net income.

The currency effects on intercompany bank balances are mainly due to a large part of Equinor’s operations having NOK as

functional currency, and the effects are offset within equity as other comprehensive income arising on translation from functional

currency to presentation currency USD. These currency effects increase volatility in financial performance, which does not reflect

Equinor’s underlying financial performance. Management believes that these adjustments remove periodic fluctuations in

Equinor’s adjusted net income.

•Derecognition of deferred tax assets or recognition of previously unrecognised deferred tax assets. These changes are

related to taxable income in future reporting periods and are not reflective of performance in the current reporting period.

•Income tax effects arising only when calculating income tax in the functional currency (USD). Certain group companies

have USD as functional currency, which is different from the currency in which the taxable income is measured (tax currency).

Income tax effects arising only when calculating income tax in the functional currency (USD), that are not part of the tax

calculation in the tax currency are adjusted for. Management believes this better aligns the effective tax rate in functional

currency with the statutory tax rate in the period.

Equinor 2024 Annual Report on Form 20-F 47

i) Adjusted earnings per share

Adjusted earnings per share is computed by dividing Adjusted net income by the weighted average number of shares outstanding

during the period. Earnings per share is a metric that is frequently used by investors, analysts and other parties to assess a

company's profitability per share. Management believes this measure provides an indication of Equinor’s underlying financial

performance including the impact from financing and facilitates comparison of trends between periods.

The non-GAAP financial measures presented in sections g) to i) above are supplementary measures and should not be viewed in

isolation or as substitutes for net operating income/(loss), net income/(loss) and earnings per share, which are the most directly

comparable IFRS Accounting Standards measures. The reconciliation tables later in this report reconcile the above non-GAAP

measures to the most directly comparable IFRS Accounting Standards measure or measures. There are material limitations

associated with the above measures compared with the IFRS Accounting Standards measures, as these non-GAAP measures do not

include all the items of revenues/gains or expenses/losses of Equinor that are required to evaluate its profitability on an overall basis.

The non-GAAP measures are only intended to be indicative of the underlying developments in trends of our on-going operations.

Reconciliation of adjusted operating income after tax to net income


		For the year ended 31 December
(in USD million)		2024	2023
Net operating income/(loss)	A	30,927	35,770
Income tax	B1	22,157	25,980
Tax on net financial items	B2	(107)	256
Income tax less tax on net financial items	B = B1 - B2	22,264	25,724
Net operating income after tax	C = A - B	8,663	10,046
Items impacting net operating income/(loss)1)	D	(1,130)	433
Tax on items impacting net operating income/(loss)1)	E	1,529	(131)
Adjusted operating income after tax1)	F = C+D+E	9,062	10,348
Net financial items	G	58	2,114
Tax on net financial items	H	107	(256)
Net income/(loss)	I = C+G+H	8,829	11,904

1) 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.’

Equinor 2024 Annual Report on Form 20-F 48

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


		For the year ended 31 December
in USD millions		2024	2023
Net operating income/(loss)		30,927	35,770
Items impacting net operating income/(loss)1)	A	(1,130)	433
Adjusted operating income1)	B	29,798	36,203
Net financial items		58	2,114
Adjusting items	C	134	(965)
Changes in fair value of financial derivatives used to hedge interest bearing instruments		(46)	(351)
Foreign currency (gains)/losses on certain intercompany bank and cash balances		179	(614)
Adjusted net financial items	D	192	1,149
Income tax	E	(22,157)	(25,980)
Tax effect on adjusting items	F	1,344	(54)
Adjusted net income	G = B + D + E + F	9,177	11,318
Less:
Adjusting items	H = A + C	(996)	(531)
Tax effect on adjusting items		1,344	(54)
Net income/(loss)		8,829	11,904
Attributable to shareholders of the company	I	8,806	11,885
Attributable to non-controlling interests		23	19
Attributable to shareholders in %	J	99.7%	99.8%
Adjusted net income attributable to shareholders of the company	K = G x J	9,154	11,300
Weighted average number of ordinary shares outstanding (in millions)	L	2,821	3,021
Basic earnings per share (in USD)	M = I/L	3.12	3.93
Adjusted earnings per share (in USD)	N = K/L	3.24	3.74

1) 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.’

C.Research and Development, Patents and Licences, etc.

The information set forth under the following headings of the 2024 Annual Report is incorporated herein by reference:

•TDI at a glance in Section 1.5 of Chapter 1 on page 24; and

•Section 2.4. Fuelling innovation of Chapter 2 on pages 78 - 80.

See also notes 9 Auditor’s remuneration and Research and development expenditures and 12 Property, plant and equipment to

the Consolidated financial statements.

D.Trend Information

The information set forth in Section 1.3 The world in which we operate of Chapter 1 and under the heading “Our market

perspective” in Section 2.2 Financial performance of Chapter 2 on pages 56 - 57 of the 2024 Annual Report is incorporated herein by

reference. See also “Item 5. Operating and Financial Review―A. Operating Results” of this 2024 Form 20-F.

E.Critical Accounting Estimates

Not Applicable.

Equinor 2024 Annual Report on Form 20-F 49

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

A.Directors and Senior Management

Members of Equinor’s board of directors as of 31 December 2024:

Jon Erik Reinhardsen

Position: Chair of the Board and chair of the Compensation and Executive Development Committee

Term of office: Chair of the Board of Equinor ASA since 1 September 2017. Up for election in 2025.

Year of birth: 1956

Independent: Yes

Other directorships:

Listed companies: Member of the Board of Oceaneering International, Inc.

Non-listed companies: Chair of the Board of Fire Security AS, Smart Ocean AS and Baring Group AS.

Number of shares in Equinor ASA: 4,584 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Reinhardsen is a part-time senior advisor with BearingPoint Capital. Reinhardsen was the Chief Executive Officer of

Petroleum Geo-Services (PGS) from 2008 - August 2017. PGS delivered global geophysical- and reservoir services. In the

period 2005 - 2008 Reinhardsen was President Growth, Primary Products in the international aluminium company Alcoa Inc. with

headquarters in the US, and he was in this period based in New York. From 1983 to 2005, Reinhardsen held various positions in

the Aker Kværner group, including Group Executive Vice President of Aker Kværner ASA, Deputy Chief Executive Officer and

Executive Vice President of Aker Kværner Oil & Gas AS in Houston and Executive Vice President in Aker Maritime ASA.

Education: Master’s degree in Applied Mathematics and Geophysics from the University of Bergen. He has also attended the

International Executive Program at the Institute for Management Development (IMD) in Lausanne, Switzerland.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Reinhardsen is a Norwegian citizen, and resident in Norway.

Anne Drinkwater

Position: Deputy chair of the Board, chair of the board’s Audit Committee and member of the Board’s safety, Sustainability and

Ethics Committee.

Term of office: Deputy chair of the Board of Equinor ASA since 1 July 2022 and board member since 1 July 2018. Up for

election in 2025.

Year of birth: 1956.

Independent: Yes.

Other directorships:

Listed company: Non-executive member of the board of Balfour Beatty plc.

Number of shares in Equinor ASA: 1,100 (as of 31 December 2024)

Loans from Equinor ASA: None.

Experience: Drinkwater was employed with bp in the period 1978-2012, holding a number of different leadership positions in the

company. In the period 2009-2012 she was chief executive officer of bp Canada. She has extensive international experience,

including being responsible for operations in the US, Norway, Indonesia, the Middle East and Africa. Through her career

Drinkwater has acquired a deep understanding of the oil and gas sector, holding both operational roles, and more distinct

business responsibilities.

Education: Bachelor of Science in Applied Mathematics and Statistics, Brunel University London.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Drinkwater is a British citizen, and resident in the United States.

Jonathan Lewis

Position: Member of the Board, chair of the Board's Safety, Sustainability and Ethics Committee and member of the Board's

Audit Committee.

Term of office: Member of the Board of Equinor ASA since 1 July 2018. Up for election in 2025.

Year of birth: 1961

Independent: Yes

Other directorships:

Non-listed company:Chair of the Board of Associated British Ports

Number of shares in Equinor ASA: None (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Lewis was the Chief Executive Officer of Capita plc from December 2017 until January 2024, having previously

spent 30 years working for large multi-national companies in technology-enabled industries. Lewis came to Capita plc from Amec

Foster Wheeler plc, a global consulting, engineering and construction company, where he was CEO from 2016-2017. Prior to

Equinor 2024 Annual Report on Form 20-F 50

this, he held a number of senior leadership positions at Halliburton, where he was employed in the period 1996-2016. Lewis has

previously held several directorships within technology and the oil and gas industry.

Education: Lewis has a PhD in Reservoir Characterisation, from University of Reading and a Bachelor of Science degree in

Geology from Kingston University.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Lewis is a British and US citizen, and resident in the UK.

Finn Bjørn Ruyter

Position: Member of the Board, the Board's Audit Committee and the Board’s Compensation and Executive Development

Committee.

Term of office: Member of the Board of Equinor ASA since 1 July 2019. Up for election in 2025.

Year of birth: 1964

Independent: Yes

Other directorships:

Non-listed companies: Board member of Cegal in addition to several companies fully or partly owned by Hafslund.

Number of shares in Equinor ASA: 620 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Ruyter has since July 2012 been CEO of Hafslund AS. He was CFO in the company 2010-2011. In 2009-2010 he

worked in the Philippine hydro power company SN Aboitiz Power. In the period 1996-2009 he led the power trading entity and

from 1999 also the energy division in Elkem. From 1991-1996 Ruyter worked with energy trading in Norsk Hydro.

Education: Master’s degree in mechanical engineering from the Norwegian University of Technology (NTNU) and an MBA from

BI Norwegian School of Management.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Ruyter is a Norwegian citizen, and resident in Norway.

Haakon Bruun-Hansen

Position: Member of the Board, the Board's Audit Committee and the Board's Safety, Sustainability and Ethics Committee.

Term of office: Member of the Board of Equinor ASA since 12 December 2022. Up for election in 2025.

Year of birth: 1960

Independent: Yes

Other directorships:

Non-listed companies: Member of the Advisory board at Kongsberg Defence & Aerospace (KDA)

Number of shares in Equinor ASA: None (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Bruun-Hanssen held the position as Chief of Norwegian Defence Forces from 2013-2020, previously having held

the position as Chief Norwegian Joint Operational Headquarters from 2011-2013 and Chief Royal Norwegian Navy from 2009-

2011, Chief of staff Royal Norwegian Navy from 2007-2009 and Chief Naval Operations centre from 2003-2007. Prior to this he

has had an extensive career in the Norwegian Military.

Education: Bruun-Hanssen has a broad education through the Norwegian Military; Petty Officer training school, Norwegian

naval Academy, Submarine Commanding officer course and Higher command course, Forsvarets Høyskole. He is also educated

at Military Command and Staff college, Instituut Defensie Leergangen in The Netherlands and has participated in work sessions

relating to board roles and tasks at Insead In-Board Nordic Academy.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Bruun-Hanssen is a Norwegian citizen, and resident in Norway.

Mikael Karlsson

Position: Member of the Board of Equinor ASA , the Board's Compensation and Executive Development Committee and the

Board's Safety, Sustainability and Ethics Committee.

Term of office: Member of the Board of Equinor ASA since 1 April 2024. Up for election in 2025.

Year of birth: 1961

Independent: Yes

Other directorships:

Non-listed companies: Chair of the board of Actis Capital

Number of shares in Equinor ASA: None (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Karlsson is partner and Vice Chairman of Actis Capital, a leading global investor in sustainable infrastructure. In the

period 2021-2023 he was Chief Investment Officer in Actis, in 2012 he became partner in Actis and had the role as Head of

Energy and Infrastructure from 2015-2021. From 2009-2015 he was CEO in Globeleq, an Actis portfolio company. Karlsson held

several roles in ABB Energy Ventures before he came to Actis.

Equinor 2024 Annual Report on Form 20-F 51

Education: Master’s in business administration from the University of Massachusetts in USA and a Master of Science in

Industrial Engineering and Management from Linköping Institute of Technology in Sweden.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Karlsson is a Swedish citizen, and resident in Switzerland.

Tone Hegland Bachke

Position: Member of the Board of Equinor ASA and the Board's Compensation and Executive Development Committee.

Term of office: Member of the Board of Equinor ASA since 1 July 2024. Up for election in 2025.

Year of birth: 1972

Independent: Yes

Other directorships: None

Number of shares in Equinor ASA: 5,400 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Tone Hegland Bachke is a Managing Director and part of the Executive Board of Directors of SHV Holdings in the

Netherlands. She was previously in Telenor ASA where she was Executive Vice President and Group CFO from 2020-2024 and

Senior Vice President and Head of Group Treasury from 2018-2020. She was CEO and CFO in Implenia Norge AS from

2017-2018 and CFO in Kistefos AS from 2015-2017. She has had several managing positions in Akastor ASA, Aker Solutions

ASA, Aker Kværner ASA and Kværner ASA from 2002-2015 and positions as analyst and key account manager in DNB from

1999-2002, as well as analyst in Norske Conoco from 1997-1999.

Education: MSc in Economics and Business Administration (“Siviløkonom”) from the Norwegian School of Economics (NHH).

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Bachke is a Norwegian citizen and resident in Norway.

Fernanda Lopes Larsen

Position: Member of the Board of Equinor ASA and the Board's Safety, Sustainability and Ethics Committee.

Term of office: Member of the Board of Equinor ASA since 1 July 2024. Up for election in 2025.

Year of birth: 1974

Independent: Yes

Other directorships: None

Number of shares in Equinor ASA: None (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Fernanda Lopes Larsen has served as Executive Vice President of Yara Africa & Asia Pacific in Yara International

since October 2020. She has held senior positions roles in Yara, including Senior Vice President of Indirect Procurement

between December 2016 and October 2020. She has been with Yara since 2012 and held roles as Head of Logistics

Procurement Europe in Supply Chain and Central Category Manager roles in Production. Prior to joining Yara Ms. Lopes Larsen

held manufacturing and supply chain positions in the fast-moving consumer goods (FMCG) industry with Procter & Gamble

(P&G) and within pharmaceutical multinational GSK (GlaxoSmithKline). She has extensive international experience in the

chemical manufacturing industry and broad international experience.

Education: Master of Science in Civil Engineering from the Graz University of Technology, Austria, Master of Business

Administration from IESE Business School, Spain and Professional Certificate in Corporate Innovation from Stanford University,

United States.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Lopes Larsen is a Brazilian and British citizen and resident in Singapore.

Stig Lægreid

Position: Employee representative member of the Board and member of the Safety, Sustainability and Ethics Committee.

Term of office: Member of the Board of Equinor ASA since 1 July 2013. Up for election in 2025.

Year of birth: 1963

Independent: No

Other board directorships: None

Number of shares in Equinor ASA: 340 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Lægreid is now a full-time employee representative as the leader of NITO, Equinor. He has been occupied as

weight estimator for platform design from 2005 and prior to this as project engineer and constructor for production of primary

metals. Employed in ÅSV and Norsk Hydro since 1985.

Education: Bachelor's degree, Mechanical Construction from OIH.

Family relations: No family relationships to other board members, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Lægreid is a Norwegian citizen and resident in Norway.

Equinor 2024 Annual Report on Form 20-F 52

Per Martin Labråten

Position: Employee representative member of the Board, member of the Safety, Sustainability and Ethics Committee and

member of the Board's Compensation and Executive Development Committee.

Term of office: Member of the Board of Equinor ASA since 8 June 2017. Up for election in 2025.

Year of birth: 1961

Independent: No

Other directorships: Labråthen is a member of the Executive Committee of Styrke trade union and holds a number of offices as

a result of this.

Number of shares in Equinor ASA: 1,171 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Labråthen is now a full-time employee representative as the leader of Styrke Equinor branch. He has previously

worked as a process technician at the petrochemical plant on Oseberg field in the North Sea.

Education: Labråthen has a craft certificate as a process/chemistry worker.

Family relations: No family relations to other members of the Board, members of the Corporate Executive Committee or

members of the Corporate Assembly.

Other matters: Labråthen is a Norwegian citizen, and resident in Norway.

Hilde Møllerstad

Position: Employee representative member of the Board and member of the Board's Audit Committee.

Term of office: Member of the Board of Directors of Equinor ASA since 1 July 2019. Up for election in 2025.

Year of birth: 1966

Independent: No

Other board directorships: None

Number of shares in Equinor ASA: 4,413 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Møllerstad has been employed by Equinor since 1991 and works within petroleum technology discipline in

Exploration & Production International. Møllerstad has been a member of the Corporate Assembly in Equinor from 2013 - 2019

and was a board member of Tekna Private from 2012 - 2017 and she has had several trust offices in Tekna Equinor since 1993.

Education: Chartered engineer from NTNU (Norwegian University of Science and Technology) and Project Management

Essential (PME) from BI/NTNU (Norwegian Business School BI/ Norwegian University of Science and Technology).

Family relations: No family relationships to other board members, members of the Corporate Executive Committee or the

Corporate Assembly.

Other matters: Møllerstad is a Norwegian citizen and resident in Norway

Members of Equinor's corporate executive committee as of 31 December 2024:

Anders Opedal

Position: President and Chief Executive Officer (CEO) since 2 November 2020

Year of birth: 1968

External offices: None

Number of shares in Equinor ASA: 65,259 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Opedal joined Equinor in 1997. From 2018-2020 he held the position as Executive Vice President Technology,

Projects and Drilling. From August to October 2018, he was Executive Vice President for Development, Production Brazil and

prior to this Senior Vice President for Development, Production International Brazil. He also held the position as Equinor’s Chief

Operating Officer. In 2011 he took on the role as Senior Vice President in Technology, Projects and Drilling; where he was

responsible for Equinor’s NOK 300 billion project portfolio. From 2007-2010 he served as Chief Procurement Officer. He has held

a range of technical, operational and leadership positions in the company and started as a petroleum engineer in the Statfjord

operations. Prior to Equinor, Opedal worked for Schlumberger and Baker Hughes.

Education: MBA from Heriot-Watt University and master's degree in Engineering (sivilingeniør) from the Norwegian Institute of

Technology (NTH) in Trondheim.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Opedal is a Norwegian citizen and resident in Norway.

Equinor 2024 Annual Report on Form 20-F 53

Torgrim Reitan

Position: Executive Vice President and Chief Financial Officer since 6 October 2022

Year of birth: 1969

External offices: None

Number of shares in Equinor ASA: 19,691 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Reitan joined Equinor in 1995. He comes from the position of Senior Vice President for Finance and Control in

Equinor’s Renewables business area, which he held since 2020. From 2018 - 2020 he was Executive Vice President for

Development and production international, and from 2015 - 2018 Reitan held the position as Executive Vice President of

Development and Production USA. Prior to this he held the position as Executive Vice President and Chief Financial Officer from

2010 - 2015. He has held several management positions in Equinor prior to this, including Senior Vice President in trading and

operations in the Natural gas business area in 2009 - 2010, Senior Vice President in Performance management and analysis

from 2007 - 2009, and from 2005 - 2007 he was Senior Vice President in Performance Management, Tax and M&A. From 1995 -

2004 Reitan held various positions in the Natural Gas business area and corporate functions.

Education: Master of science degree from the Norwegian School of Economics and Business administration (NHH).

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Torgrim Reitan is a Norwegian citizen and resident in Norway.

Jannicke Nilsson

Position: Executive Vice President, Safety, Security & Sustainability (SSU) since 1 June 2021.

Year of birth: 1965

External offices: Member of the Board of Odfjell SE and Jotun A/S.

Number of shares in Equinor ASA: 69,889 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Since joining Equinor in 1999, Nilsson has held a number of central leadership position within operation, projects

and technology. From June 2021, Jannicke Nilsson has led the corporate function which shapes and safeguards Equinor’s efforts

on the areas of safety, security, and sustainability, including Equinor Energy Transition Plan. Prior to this role she was Executive

Vice President and Chief Operating Officer (COO) for five years. As COO she drove Equinor’s digital transformation and

delivered tangible results delivering on the company’s strategy. Nilsson has also been a program leader for a company-wide

efficiency programme running from 2014 – 2016.

Education: MSc in Cybernetics and Process Automation and a BSc in Automation from the Rogaland Regional College/

University of Stavanger.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other: Nilsson is a Norwegian citizen and resident in Norway.

Kjetil Hove

Position: Executive Vice President, Exploration & Production Norway (EPN) since 1 January 2021

Year of birth: 1965

External offices: Member of the Board of Offshore Norge

Number of shares in Equinor ASA: 27,962 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Hove joined Equinor in 1991. He has held several central management positions in Equinor. He comes from the

position of Senior Vice President Field Life Extension, which he held since January 2020. Prior to this, Hove was Senior Vice

President for Operations Technology in Development & Production Norway. From 2000 - 2012 he worked internationally,

including as Country Manager for Equinor in Brazil for 3.5 years. Hove started his career in 1991 in Norsk Hydro within petroleum

technology holding various positions within exploration, field development and operations in Norway.

Education: Master’s degree in petroleum engineering from Norwegian University of Science and Technology (NTNU).

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Hove is a Norwegian citizen and resident in Norway.

Philippe François Mathieu

Position: Executive Vice President, Exploration & Production International (EPI) since 1 January 2023

Year of birth: 1966

External offices: None

Number of shares in Equinor ASA: 11,073 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Mathieu joined Equinor in 1995. He comes from the position of Senior Vice President Corporate Strategy, which he

had since October 2019. Mathieu has also held the Senior Vice President position for Joint Operations Support in Exploration &

Production Norway from 2016 – 2019, Corporate Finance from 2014 – 2016, and Business Development Midstream

Equinor 2024 Annual Report on Form 20-F 54

Infrastructure from 2011 – 2014. Prior to the roles as Senior Vice President, Mathieu held several senior positions within

marketing and supply in commercializing gas contracts in both North Africa and Europe.

Education: Civil Engineer degree from Ecole Nationale des Travaux Publics de l’Etat and a Master’s degree in Economics from

Université Lumière Lyon and from University of California, Berkeley.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Philippe Mathieu is a French citizen and resident in Norway.

Geir Tungesvik

Position: Executive Vice President, Projects, Drilling & Procurement (PDP) since 1 May 2022

Year of birth: 1961

External offices: None

Number of shares in Equinor Energy AS: 24,024 (as of 31 December 2024)

Loans from Equinor Energy AS: None

Experience: Geir Tungesvik joined Equinor in 1985. He comes from the position as Senior Vice President Project Development.

Previously he has held central management positions in the company including the position as Senior Vice President for Drilling

and Well, Vice President for exploration drilling, Vice President for Grane production field and Vice President for health, safety

and environment in Exploration.

Education: Master of Science degree in petroleum from the University of Stavanger (UIS) and Master module in strategic

management from the Norwegian Business School (BI).

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Tungesvik is a Norwegian citizen and resident in Norway.

Irene Rummelhoff

Position: Executive Vice President, Marketing, Midstream & Processing (MMP) since 17 August 2018

Year of birth: 1967

External offices: Member of the board of Airbus SE

Number of shares in Equinor Energy AS: 35,815 (as of 31 December 2024)

Loans from Equinor Energy AS: None

Experience: Rummelhoff joined Equinor in 1991. She has held a number of management positions within international business

development, exploration, and the downstream business in Equinor. Her most recent position, which she held from June 2015,

was as Executive Vice President New Energy Solutions (NES).

Education: Master’s degree in Petroleum geosciences from the Norwegian Institute of Technology (NTH)

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Rummelhoff is a Norwegian citizen and resident in Norway.

Jens Økland

Position: Acting Executive Vice President, Renewables (REN) since 6 December 2024

Year of birth: 1969

External offices: None

Number of shares in Equinor ASA: 18,958 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Økland joined Equinor in 1994. He comes from the position as Senior Vice President of Strategy and Business

Development in the Renewables business area, which he held from 2018. From 2015 -2018 he was Executive Vice President for

Marketing, Midstream and Processing. He has held several management positions in Equinor prior to this, including Vice

President of operations for the Åsgard area in Development and Production Norway in 2013-15, Senior Vice President in the

Natural gas business area from 2010-13, Senior Vice President in Gas Supply and Infrastructure from 2008-2010 and from 2007

– 2008 he was Vice President in Business Development Natural gas Europe.

From 1994 – 2007 has held various positions in the Natural Gas business area and in the retail business.

Education: Master in Science in business from BI Norwegian Business School in Oslo.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Økland is a Norwegian citizen and resident in Norway.

Hege Skryseth

Position: Executive Vice President Technology, Digital & Innovation since 1 September 2022

Year of birth: 1967

External offices: Member of the Board of Tomra and AutoStore

Number of shares in Equinor ASA: 8,021 (as of 31 December 2024)

Loans from Equinor ASA: None

Equinor 2024 Annual Report on Form 20-F 55

Experience: Skryseth joined Equinor on 1 September 2022. She comes from the position as Executive Vice President of

Kongsberg, and President of Kongsberg Digital, a position which she held since 2013. Prior to Kongsberg, Skryseth held various

leadership positions in international tech companies such as Microsoft and Geodata (ESRI).

Education: Executive MBA from NHH and Bachelor from BI, college graduate from NITH.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Skryseth is a Norwegian citizen and resident in Norway.

Siv Helen Rygh Torstensen

Position: Executive Vice President and General Counsel, Legal & Compliance (LEG) since 1 June 2021.

Year of birth: 1970

External offices: Deputy chair of the Council of Ethics of the Government Pension Fund Global

Number of shares in Equinor ASA: 18,552 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Rygh Torstensen joined Equinor in 1998. She comes from the position of Senior Vice President and General

Counsel, which she held since 1 August 2019. Prior to that she held the position as Head of CEO office from July 2016. From

2011 - 2016 she was Vice President Corporate in LEG. From 1998 - 2011 Rygh Torstensen held various positions within LEG,

including as Corporate Compliance Office and Acting General Counsel. Before joining Equinor she worked with the law firm

Cappelen & Krefting DA and as a lawyer for Stavanger municipal council.

Education: Master of Law from the University of Bergen, Norway, and licensed as an Attorney at Law.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Rygh Torstensen is a Norwegian citizen and resident in Norway.

Jannik Lindbæk

Position: Executive Vice President Communication since 1 March 2022

Year of birth: 1965

External offices: None

Number of shares in Equinor ASA: 14,339 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Lindbæk joined Equinor in 2010. He was appointed Senior Vice President Communication 1 January 2021. He was

Vice President Corporate Communications Political & Public Affairs Norway from 2019-2021. Prior to this he was Equinor’s Vice

President for communication in Brussels, before that in the CFO Global Business Services, and as Vice President Media

Relations from 2010-2015. Before joining Equinor, Lindbæk was SVP Corporate Communication in Aker Solutions, PR manager

in Microsoft and PR consultant in BWPR and GCI Monsen.

Education: Master’s degree in Comparative Politics from the University of Bergen and London School of Economics.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Lindbæk is a Norwegian citizen and resident in Norway.

Aksel Stenerud

Position: Executive Vice President, People & Organisation (PO) since 1 March 2022

Year of birth: 1963

External offices: None

Number of shares in Equinor ASA: 14,192 (as of 31 December 2024)

Loans from Equinor ASA: None

Experience: Stenerud joined Equinor in 2008 and has held various leadership roles across the company. His most recent

position, which he held from November 2021, was Vice President Employee Relations in Corporate PO. From August 2018, he

was Vice President for PO in Exploration & Production International. He has also served as Vice President for Exploration &

Production Norway from 2014-2018. Stenerud has had a long international career within HR and prior to this he served as an

officer in the Norwegian Airforce.

Education: Graduate from the Air Defense academy. Minor and Intermediate in phsycology with the Norwegian university of

science and technology in Trondheim.

Family relations: No family relations to other members of the Corporate Executive Committee, members of the Board or the

Corporate Assembly.

Other matters: Stenerud is a Norwegian citizen and resident in Norway.

The information set forth in the 2024 Corporate Governance Report, Chapter 8, under the heading “Corporate assembly” is also

incorporated herein by reference.

Equinor 2024 Annual Report on Form 20-F 56

B.Compensation

The information set forth under the following headings of the 2024 Remuneration Policy is incorporated herein by reference:

•Remuneration of the corporate assembly and board of directors; and

•Remuneration of the corporate executive committee.

The information set forth under the following headings of the 2024 Remuneration Report is incorporated herein by reference:

•Notes on roles and remuneration of CEC members in 2024;

•Execution of policy on executive remuneration in 2025;

•Derogations and deviations from remuneration policy;

•Right to reclaim (‘malus and clawback’);

•Remuneration and share ownership of the board of directors and corporate assembly;

•Remuneration of the CEC;

•Shares awarded or due to the CEC in the reported financial year;

•Total number and value of shares held by the CEC; and

•Performance and AVP awarded to the CEC members in the reported financial year.

See also note 22 Pensions to the Consolidated financial statements.

C.Board Practices

The information set forth under the following headings of the of the 2024 Annual Report is incorporated herein by reference:

•Governing bodies in Section 1.7 Governance and risk management on pages 26 - 28; and

•Corporate executive committee in Section 1.7 Governance and risk management on pages 29 - 30.

The information set forth under the following headings of the 2024 Corporate Governance Report is also incorporated herein by

reference:

•Corporate assembly, board of directors and corporate executive committee in Chapter 8; and

•The information set forth under the heading ‘The board of directors’ committees’ in Chapter 9.

See also “Item 6. Directors, Senior Management and Employees—A. Directors and Senior Management” of this 2024 Form 20-F

for more information regarding the expiration date of the current term of office of the members of our board of directors and the period

during which our directors have served in such capacity, and the composition of the board of directors’ committees.

D.Employees

Our engagement with unions

We respect our employees’ rights to organise and to voice their opinions, and we have the same clear expectations for our suppliers

and partners. We engage with employee representatives on labour matters through a variety of channels, including meetings with

labour unions on all levels of the organisation, works councils, and health and working environment committees. Union

representatives are invited to collaborate in connection with change initiatives and as part of committees that are established to

further develop the company in line with corporate strategy.

In 2024, several collective agreements were negotiated with relevant unions. Some of these were main settlements that covered both

the annual wage increase and other compensation elements. These were put into effect at different locations and for various types of

personnel across the organisation. One example is the main settlement carried out for the Brazil organisation in 2024 that led to a

collective agreement for offshore and onshore employees being signed in November. Another example is the signing of a Project

Labour Agreement (PLA) in March 2024 for the construction of the South Brooklyn Marine Terminal in the U.S. This PLA ensures that

the construction of the terminal will provide union jobs for suppliers with fair wages, industry leading safety standards, with robust and

equitable training programmes.

Through 2024, we have had continuous dialogue and collaboration with union representatives and safety delegates on a number of

topics. This includes discussions on changes to the legislative framework, change processes, working time, rotations and shift work

and career development.

Employee Relations oversees union negotiations, and Vice President Employee Relations is accountable for this engagement.

Equinor 2024 Annual Report on Form 20-F 57

Number of Employees


Total workforce by region and employment type in the Equinor group in 2024
as of 31 December 2024
Geographic location	Permanent employees	Consultants	Total workforce1	Consultants (%)

Norway	21,053	828	21,881	4
Rest of Europe	1,668	63	1,731	4
Africa	63	4	67	6
Asia	120	14	134	10
North America	731	87	818	11
South America	1,004	57	1,061	5
Australia	2	2	4	50
Total	24,641	1,055	25,696	4
Non - OECD	1,154	74	1,228	6

1Contractor personnel, defined as third-party service provides who work at our onshore and offshore operations, are not included.


Number of employees by employment type	Total

Number of employees (Headcount)	25,155
Number of permanent employees (Headcount)	24,641
Number of temporary employees (Headcount)	514
Number of non-guaranteed hours employees (Headcount)	0
Number of full-time employees (Headcount)1	24,126
Number of part-time employees (Headcount)1	515
1Including only permanent employees

E.Share Ownership

The information set forth under the following headings of the 2024 Remuneration Report is incorporated herein by reference:

•Total number and value of shares held by the members of the board of directors;

•Shares held by the members of the corporate assembly; and

•Total number and value of shares held by the CEC.

The information set forth under the heading “Equinor's share incentive plans” in Section 5.1 of Chapter 5 on page 289 of the 2024

Annual Report is also incorporated herein by reference.

F.Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation

Not applicable.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A.Major Shareholders

The information set forth under the heading “Major shareholders” in Section 5.1 Shareholder information of the 2024 Annual

Report is incorporated herein by reference.

B.Related Party Transactions

As part of its general loan arrangement for Equinor employees, Equinor has granted loans to Equinor-employed spouses of

certain members of the corporate executive committee. Permanent employees in specified employee categories may take out a car

loan from Equinor in accordance with standardised provisions set by the company. The standard maximum car loan is limited to the

cost of the car, including registration fees, but not exceeding NOK 400,000. Employees remunerated outside the collective labour

Equinor 2024 Annual Report on Form 20-F 58

area are entitled to a car loan up to NOK 600,000 (for employees remunerated as senior managers) or NOK 700,000 (for employees

remunerated as vice presidents and senior vice presidents). The car loan is interest- free, but the tax value, "interest advantage",

must be reported as salary. Permanent employees of Equinor ASA may also apply for a consumer loan up to NOK 350,000. The

interest rate on consumer loans corresponds to the standard rate in effect at any time for “reasonable loans” from employer as

decided by the Norwegian Ministry of Finance, i.e., the lowest rate an employer may offer without triggering taxation of the benefit for

the employee.

The information set forth under the heading “Equal treatment of shareholders and transactions with close associates” in Chapter 4 on

page 8 of the 2024 Corporate Governance Report is also incorporated herein by reference. See also note 27 Related parties to the

Consolidated financial statements.

C.Interests of Experts and Counsel

Not applicable.

ITEM 8. FINANCIAL INFORMATION

A.Consolidated Statements and Other Financial Information

See “Item 18. Financial Statements” of this 2024 Form 20-F.

Dividend policy and dividends

The information set forth under the heading “Capital distribution” in Section 2.2 Financial performance of the 2024 Annual Report is

incorporated herein by reference. The information set forth under the heading “Equity and dividends” in Chapter 3 on page 7 of the

2024 Corporate Governance Report is also incorporated herein by reference.

See also note 20 Shareholders' equity, capital distribution and earnings per share to the Consolidated financial statements.

Legal or arbitration proceedings

Equinor is involved in a number of proceedings globally concerning matters arising in connection with the conduct of its business.

Equinor does not believe such proceedings will, individually or in the aggregate, have a significant effect on Equinor’s financial

position, profitability, results of operations or liquidity. See also note 11 Income taxes and note 26 Other commitments, contingent

liabilities and contingent assets to the Consolidated Financial Statements for a description of certain proceedings, including updated

descriptions of litigation previously reported.

B.Significant Changes

None.

ITEM 9. THE OFFER AND LISTING

A.Offer and Listing Details

Equinor's shares have been listed on the Oslo Børs (ticker: EQNR) and the New York Stock Exchange in the form of American

Depositary Shares (ADS) (ticker: EQNR) since our initial public offering on 18 June 2001. The ADSs traded on the New York Stock

Exchange are evidenced by American Depositary Receipts (ADR), and each ADS represents one ordinary share.

B.Plan of Distribution

Not applicable.

C.Markets

See “Item 9.A―The Offer and Listing―Offer and Listing Details” of this 2024 Form 20-F.

D.Selling Shareholders

Not applicable.

E.Dilution

Not applicable.

Equinor 2024 Annual Report on Form 20-F 59

F.Expenses of the Issue

Not applicable.

ITEM 10. ADDITIONAL INFORMATION

A.Share Capital

Not applicable.

B.Memorandum and Articles of Association

Equinor's current articles of association were adopted at the annual general meeting of shareholders on 14 May 2024. The

articles of association are included as exhibit 1 to this 2024 Form 20-F.

Summary of Equinor’s articles of association:

Name of the company

The registered name is Equinor ASA. Equinor is a Norwegian public limited company.

Registered office

Equinor’s registered office is in Stavanger, Norway, registered with the Norwegian Register of Business Enterprises under

number 923 609 016.

Objective of the company

The objective of Equinor ASA is to develop, produce and market various forms of energy and derived products and services, as

well as other business. The activities may also be carried out through participation in or cooperation with other companies.

Share capital

Equinor’s share capital is NOK 6,981,953,075.00 divided into 2,792,781,230.00 shares.

Nominal value of shares

The nominal value of each ordinary share is NOK 2.50.

Board of directors

Equinor’s articles of association provide that the board of directors shall consist of 9 - 11 directors. The board, including the chair

and the deputy chair, shall be elected by the corporate assembly for a period of up to two years.

Corporate assembly

Equinor has a corporate assembly comprising 18 members who are normally elected for a term of two years. The general

meeting elects 12 members with four deputy members, and six members with deputy members are elected by and among the

employees.

General meetings of shareholders

Equinor’s annual general meeting is held no later than 30 June each year. The annual general meeting shall address and decide

adoption of the annual report and accounts, including the distribution of any dividend and any other matters required by law or the

articles of association.

Documents related to the general meetings do not need to be sent to all shareholders if they are accessible on Equinor’s

website. A shareholder may request that such documents be sent to him/her.

Equinor 2024 Annual Report on Form 20-F 60

Shareholders may vote in writing, including through electronic communication, during a specified period before the general

meeting. Equinor's board of directors adopted guidelines for advance voting in March 2012, and these guidelines are described in the

notices of the annual general meetings.

Marketing of petroleum on behalf of the Norwegian State

Equinor’s articles of association provide that Equinor is responsible for marketing and selling petroleum produced under the

State’s direct financial interest’s (SDFI) shares in production licences on the Norwegian continental shelf as well as petroleum

received by the Norwegian State paid as royalty together with its own production. Equinor’s general meeting adopted an instruction in

respect of such marketing on 25 May 2001, as most recently amended by authorisation of the annual general meeting on 15 May

2018.

Nomination committee

The tasks of the nomination committee are to present a recommendation to:

•The general meeting regarding the election of shareholder-elected members and deputy members of the corporate assembly.

•The general meeting regarding the election of members of the nomination committee.

•The general meeting for the remuneration of members of the corporate assembly and the nomination committee.

•The corporate assembly regarding the election of shareholder-elected members to the board of directors.

•The corporate assembly for the remuneration for members of the board of directors.

•The corporate assembly for election of the chair and the deputy chair of the corporate assembly.

The general meeting may adopt instructions for the nomination committee.

Exhibit 2.1 to this 2024 Form 20-F is also incorporated herein by reference.

C.Material Contracts

Equinor is the technical service provider (TSP) for the Kårstø and Kollsnes gas processing plants in accordance with the

technical service agreement between Equinor and Gassco AS. Equinor holds an ownership interest in Vestprosess (34%), which

transports and processes NGL and condensate. Vestprosess is also operated by Gassco, with Equinor as TSP. The technical services

agreement between Gassco AS and Equinor is included as Exhibit 4(a)(i), along with the amendments thereto in Exhibit 4(a)(ii), to this

2024 Form 20-F.

See also note 27 Related parties to the Consolidated financial statements.

D.Exchange Controls

Under Norwegian foreign exchange controls currently in effect, transfers of capital to and from Norway are not subject to prior

government approval. An exception applies to the physical transfer of payments in currency exceeding certain thresholds, which must

be declared to the Norwegian custom authorities. This means that non-Norwegian resident shareholders may receive dividend

payments without Norwegian exchange control consent as long as the payment is made through a licensed bank or other licensed

payment institution.

There are no restrictions affecting the rights of non-Norwegian residents or foreign owners who hold our shares to receive

dividends, interest or other similar payments.

E.Taxation

Norwegian tax consequences

This section describes material Norwegian tax consequences for shareholders in connection with the acquisition, ownership and

disposal of shares and American Depositary Shares (“ADS”) in Equinor. The term “shareholders” refers to both holders of shares and

holders of ADSs, unless otherwise explicitly stated.

The outline does not provide a complete description of all Norwegian tax regulations that might be relevant to individual

shareholders. The outline is based on current laws and practices, but these laws and practices are subject to change, possibly also

on a retroactive basis. Thus, the actual tax consequences for a shareholder may differ from the description set out below.

Shareholders should consult their own professional tax adviser about the specific tax consequences of owning and disposing of

shares or ADSs in Equinor in their particular situation.

Equinor 2024 Annual Report on Form 20-F 61

Taxation of dividends received by Norwegian shareholders

Corporate shareholders (i.e., limited liability companies and similar entities) that are tax residents in Norway are generally subject

to tax in Norway on dividends received from Equinor in the year the dividend is declared. However, under the participation exemption

method, only 3% of the dividends are subject to tax at the ordinary income tax rate of 22% (the tax rate is 25% for entities subject to

the finance tax). The effective tax rate for dividends received by corporate shareholders is thus 0.66% (3% x 22%) for ordinary

corporations and 0.75% (3% x 25%) for entities subject to the finance tax.

Individual shareholders tax resident in Norway are subject to tax in Norway on dividends received from Equinor exceeding a tax-

free allowance (the tax-free allowance is described below). Dividends exceeding the tax-free allowance are included in the individual’s

ordinary taxable income in the year the dividend is declared. Dividend income exceeding the tax-free allowance is grossed up with a

factor of 1.72 before being included in the ordinary taxable income, resulting in an effective tax rate of 37.84% (22% x 1.72).

The tax-free allowance is computed for each individual share or ADS. The annual tax-free allowance equals the allowance basis

multiplied by a risk-free interest rate set annually by the tax authorities. The allowance basis is equal to the acquisition cost for such

share or ADS, as adjusted with, inter alia, any repayment of capital and any unused allowance. If the calculated allowance for one

year exceeds the dividends distributed on the share or ADS, the excess (the “unused allowance”) may be carried forward and set off

against future dividends received on the same share or ADS (or gains upon the realisation of the same share or ADS, see below). Any

unused allowance will also be added to the allowance basis for such share or ADS and thus increasing the tax-free allowance in the

following years.

Individual shareholders that are tax residents in Norway may hold the shares (but not the ADS) in Equinor through a share

savings account. Dividends on shares owned through the share savings account are only taxable when the dividends are withdrawn

from the account.

Taxation of dividends received by foreign shareholders

Non-resident shareholders are, as a starting point, subject to Norwegian withholding tax on dividends from Equinor at a rate of

25%. Equinor is responsible for deducting the withholding tax upon distribution of dividends to non-resident shareholders.

Corporate shareholders that carry on business activities in Norway, and whose shares or ADSs are effectively connected with

such activities, are not subject to withholding tax. For such shareholders, 3% of the received dividends are subject to the standard

income tax rate of 22% (25% for companies subject to the finance tax). The effective tax rate for the dividend is thus 0.66% (3% x

22%) if such shareholders are ordinary corporations and 0.75% (3% x 25%) if such shareholders are entities subject to the finance

tax.

The dividend withholding tax does not apply to corporate shareholders in the EEA that are comparable to Norwegian limited

liability companies or certain other types of Norwegian entities, provided they are able to demonstrate that they are genuinely

established and carry on genuine economic business activity within the EEA.

The withholding tax rate of 25% is often reduced in tax treaties between Norway and other countries. The reduced withholding

tax rate will generally only apply to dividends paid on shares held by shareholders who are able to demonstrate that they are the

beneficial owner and entitled to the benefits of the relevant tax treaty.

Individual shareholders that are tax residents within the EEA may apply to the Norwegian tax authorities for a refund if the tax

withheld exceeds the applicable tax treaty rate or the tax that would have been levied based on the standard withholding tax rate

(25%) if the dividends had been reduced with the tax-free allowance (as explained above).

Individual shareholders that are tax residents within the EEA may hold the listed shares (but not the ADSs) in Equinor through a

Norwegian share savings account. Dividend on shares owned through the share savings account will only be subject to withholding

tax when withdrawn from the account.

Procedure for claiming a reduced withholding tax rate on dividends

A foreign shareholder that is entitled to an exemption from or reduction of withholding tax on dividends, may request that the

exemption or reduction is applied at source by the distributor. Such request must be accompanied by satisfactory documentation

which supports that the foreign shareholder is entitled to a reduced withholding tax rate. Specific documentation requirements apply.

For holders of shares and ADSs deposited with JPMorgan Chase Bank N.A. (JPMorgan), documentation establishing that the

holder is eligible for the benefits under a tax treaty with Norway, may be provided to JPMorgan. JPMorgan has been granted

permission by the Norwegian tax authorities to receive dividends from us for redistribution to a beneficial owner of shares and ADSs

at the applicable treaty withholding rate.

The statutory 25% withholding tax rate will be levied on dividends paid to shareholders (either directly or through a depositary)

who have not provided the relevant documentation to the relevant party that they are eligible for a reduced rate. Shareholders that

Equinor 2024 Annual Report on Form 20-F 62

believe they are eligible for a reduced rate will in this case have to apply to Skatteetaten (The Norwegian Tax Administration) for a

refund of the excess amount of tax withheld. Please refer to the tax authorities’ web page for more information and the requirements

of such application: skatteetaten.no (Reduced withholding tax on share dividends for foreign shareholders – The Norwegian Tax

Administration).

Taxation on realisation of shares and ADSs

Corporate shareholders that are tax residents in Norway are not subject to tax in Norway on gains derived from the sale,

redemption or other disposal of shares or ADSs in Equinor. On the other hand, corporate shareholders that are tax residents in

Norway are not allowed any deduction for losses on shares or ADS in Equinor.

Individual shareholders that are tax residents in Norway are subject to tax in Norway on the sale, redemption, or other disposal of

shares or ADSs. Taxable gains or losses in connection with such realisation are included in the individual's ordinary taxable income in

the year of disposal. The taxable gain or loss on the realised shares or ADSs is grossed up with a factor of 1.72 before it is included in

the ordinary taxable income, resulting in an effective tax rate of 37.84% (22% x 1.72).

The taxable gain or deductible loss (before grossing up) is calculated as the sales price adjusted for transaction expenses minus

the taxable basis. A shareholder's tax basis is normally equal to the acquisition cost of the shares or the ADSs (as adjusted with, inter

alia, any repayment of capital). Any unused allowance pertaining to a share or an ADS may be deducted from a taxable gain on the

same share or ADS but may not lead to or increase a deductible loss. Furthermore, any unused allowance may not be set off against

gains from the realisation of other shares or ADSs held by the shareholder.

If a shareholder disposes of shares or ADSs acquired at different times, the shares or ADSs that were first acquired will be

deemed to be first sold (the “FIFO” principle) when calculating the gain or loss for tax purposes.

Individual shareholders that are tax residents in Norway may hold the shares (but not the ADSs) in Equinor through a stock

savings account. Gain on shares owned through the stock savings account will only be taxable when withdrawn from the account

whereas loss on shares will be deductible when the account is terminated.

A corporate shareholder or an individual shareholder who ceases to be tax resident in Norway due to Norwegian law or relevant

tax treaty provisions may, in certain circumstances, become subject to Norwegian exit taxation on unrealised capital gains related to

the shares or the ADSs in Equinor.

Shareholders who are not tax residents in Norway are generally not subject to tax in Norway on capital gains. On the other hand,

losses are not deductible on the sale, redemption, or other disposal of shares or ADSs in Equinor, unless the shareholder carries on

business activities in Norway and such shares or ADSs are or have been effectively connected with those activities.

Wealth tax

The shares and the ADSs in Equinor are included in the basis for the computation of wealth tax imposed on individuals who are

tax residents in Norway. Norwegian limited liability companies and certain similar entities are not subject to wealth tax.

For the tax year 2024, the net wealth tax is 1.0% for net worth above a threshold of NOK 1,700,000, and 1.1% for net worth

above a threshold of NOK 20,000,000. The assessment value of listed shares (including ADSs) is 80% of the listed value of such

shares or ADSs on 1 January 2025 (the tax assessment year). For the tax year 2025, the thresholds for the net wealth tax are

adjusted to NOK 1,760,000 and NOK 20,700,000 respectively.

Non-resident shareholders are not subject to wealth tax in Norway for shares and ADSs in Equinor unless the shareholder is an

individual and the shareholding is effectively connected with their business activities in Norway.

United States tax matters

This section describes the material United States federal income tax consequences for US holders (as defined below) of the

ownership and disposition of shares or ADSs. It only applies to you if you hold your shares or ADSs as capital assets for United

States federal income tax purposes. This discussion addresses only United States federal income taxation and does not discuss all of

the tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or local tax

consequences, estate and gift tax consequences, and tax consequences arising under the Medicare contribution tax on net

investment income or the alternative minimum tax. This section does not apply to you if you are a member of a special class of

holders subject to special rules, including dealers in securities, traders in securities that elect to use a mark-to-market method of

accounting for securities holdings, tax-exempt organisations, insurance companies, partnerships or entities or arrangements that are

treated as partnerships for United States federal income tax purposes, persons that actually or constructively own 10% of the

combined voting power of voting stock of Equinor or of the total value of stock of Equinor, persons that hold shares or ADSs as part of

a straddle or a hedging or conversion transaction, persons that purchase or sell shares or ADSs as part of a wash sale for tax

purposes, or persons whose functional currency is not USD.

Equinor 2024 Annual Report on Form 20-F 63

This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed

regulations, published rulings and court decisions, all as currently in effect, and the Convention between the United States of America

and the Kingdom of Norway for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on

Income and Property (the “Treaty”). These laws are subject to change, possibly on a retroactive basis. In addition, this section is

based in part upon the representations of the depositary and the assumption that each obligation in the deposit agreement and any

related agreement will be performed in accordance with its terms. For United States federal income tax purposes, if you hold ADRs

evidencing ADSs, you will generally be treated as the owner of the shares represented by those ADRs. Exchanges of shares for

ADRs and ADRs for shares will not generally be subject to United States federal income tax.

A “US holder” is a beneficial owner of shares or ADSs that is, for United States federal income tax purposes: (i) a citizen or

resident of the United States; (ii) a United States domestic corporation; (iii) an estate whose income is subject to United States federal

income tax regardless of its source; or (iv) a trust if a United States court can exercise primary supervision over the trust's

administration and one or more United States persons are authorised to control all substantial decisions of the trust.

You should consult your own tax adviser regarding the United States federal, state and local and Norwegian and other tax

consequences of owning and disposing of shares and ADSs in your particular circumstances.

The tax treatment of the shares or ADSs will depend in part on whether or not we are classified as a passive foreign investment

company, or PFIC, for United States federal income tax purposes. Except as discussed below, under “—PFIC rules”, this discussion

assumes that we are not classified as a PFIC for United States federal income tax purposes.

Taxation of distributions

Under the United States federal income tax laws, the gross amount of any distribution (including any Norwegian tax withheld

from the distribution payment) paid by Equinor out of its current or accumulated earnings and profits (as determined for United States

federal income tax purposes), other than certain pro-rata distributions of its shares, will be treated as a dividend that is taxable for you

when you, in the case of shares, or the depositary, in the case of ADSs, receive the dividend, actually or constructively. If you are a

non-corporate US holder, dividends that constitute qualified dividend income will be eligible to be taxed at the preferential rates

applicable to longterm capital gains as long as, in the year that you receive the dividend, the shares or ADSs are readily tradable on

an established securities market in the United States or Equinor is eligible for benefits under the Treaty. We believe that Equinor is

currently eligible for the benefits of the Treaty and we therefore expect that dividends on the ordinary shares or ADSs will be qualified

dividend income. To qualify for the preferential rates, you must hold the shares or ADSs for more than 60 days during the 121-day

period beginning 60 days before the ex-dividend date and meet certain other requirements. The dividend will not be eligible for the

dividends-received deduction generally allowed to United States corporations in respect of dividends received from other United

States corporations.

The amount of the dividend distribution that you must include in your income will be the value in USD of the payments made in

NOK determined at the spot NOK/USD rate on the date the dividend is distributed, regardless of whether or not the payment is in fact

converted into USD. Distributions in excess of current and accumulated earnings and profits, as determined for United States federal

income tax purposes, will be treated as a non-taxable return of capital to the extent of your tax basis in the shares or ADSs and, to the

extent in excess of your tax basis, will be treated as capital gain. However, Equinor does not expect to calculate earnings and profits

in accordance with United States federal income tax principles. Accordingly, you should expect to generally treat distributions we

make as dividends.

Subject to certain limitations, the 15% Norwegian tax withheld in accordance with the Treaty and paid to Norway will be

creditable or deductible against your United States federal income tax liability, unless a reduction or refund of the tax withheld is

available to you under Norwegian law. Special rules apply in determining the foreign tax credit limitation with respect to dividends that

are subject to the preferential tax rates.

Dividends will generally be income from sources outside the United States and will generally be “passive” income for purposes of

computing the foreign tax credit allowable to you. Any gain or loss resulting from currency exchange rate fluctuations during the

period from the date you include the dividend payment in income until the date you convert the payment into USD will generally be

treated as US-source ordinary income or loss and will not be eligible for the special tax rate applicable to qualified dividend income.

Taxation of capital gains

If you sell or otherwise dispose of your shares or ADSs, you will generally recognise a capital gain or loss for United States

federal income tax purposes equal to the difference between the value in USD of the amount that you realise and your tax basis,

determined in USD, in your shares or ADSs. Capital gain of a non-corporate US holder is generally taxed at preferential rates if the

property is held for more than one year. The gain or loss will generally be income or loss from sources within the United States for

foreign tax credit limitation purposes. If you receive any foreign currency on the sale of shares or ADSs, you may recognise ordinary

income or loss from sources within the United States as a result of currency fluctuations between the date of the sale of the shares or

ADSs and the date the sales proceeds are converted into USD. You should consult your own tax adviser regarding how to account for

payments made or received in a currency other than USD.

Equinor 2024 Annual Report on Form 20-F 64

PFIC rules

We believe that the shares and ADSs should not currently be treated as stock of a PFIC for United States federal income tax

purposes and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that

is made annually and thus may be subject to change. It is therefore possible that we could become a PFIC in a future taxable year.

In general, we will be a PFIC in a taxable year if:

•at least 75% of our gross income for the taxable year is passive income or

•at least 50% of the value, determined on the basis of a quarterly average, of our assets in such taxable year is attributable to

assets that produce or are held for the production of passive income.

“Passive income” generally includes dividends, interest, gains from the sale or exchange of investment property rents and

royalties (other than certain rents and royalties derived in the active conduct of a trade or business) and certain other specified

categories of income. If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation

is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation, and as receiving

directly its proportionate share of the other corporation's income.

If we were to be treated as a PFIC, you will generally be subject to special rules with respect to:

•any gain you realise on the sale or other disposition of your shares or ADSs and

•any excess distribution that we make to you (generally, any distributions to you during a single taxable year, other than the

taxable year in which your holding period in the shares or ADSs begins, that are greater than 125% of the average annual

distributions received by you in respect of the shares or ADSs during the three preceding taxable years or, if shorter, your holding

period for the shares or ADSs that preceded the taxable year in which you receive the distribution).

Under these rules:

•the gain or excess distribution will be allocated ratably over your holding period for the shares or ADSs,

•the amount allocated to the taxable year in which you realized the gain or excess distribution or to prior years before the first year

in which we were a PFIC with respect to you will be taxed as ordinary income,

•the amount allocated to each other prior year will be taxed at the highest tax rate in effect for that year, and

•the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such

year.

Special rules apply for calculating the amount of the foreign tax credit with respect to excess distributions by a PFIC.

Unless you make certain elections, your shares or ADSs will generally be treated as stock in a PFIC if we were a PFIC at any

time during your holding period in your shares or ADSs, even if we are not currently a PFIC.

In addition, notwithstanding any election you make with regard to the shares or ADSs, dividends that you receive from us will not

constitute qualified dividend income to you if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of

the distribution or the preceding taxable year. Dividends that you receive that do not constitute qualified dividend income are not

eligible for taxation at the preferential rates applicable to qualified dividend income. Instead, you must include the gross amount of any

such dividend paid by us out of our accumulated earnings and profits (as determined for United States federal income tax purposes)

in your gross income, and it will be subject to tax at rates applicable to ordinary income.

If you own shares or ADSs during any year that we are a PFIC with respect to you, you may be required to file Internal Revenue

Service (“IRS”) Form 8621.

Foreign Account Tax Compliance Withholding

A 30% withholding tax will be imposed on certain payments to certain non-US financial institutions that fail to comply with

information reporting requirements or certification requirements in respect of their direct and indirect United States shareholders and/

or United States accountholders. To avoid becoming subject to the 30% withholding tax on payments to them, we and other non-US

financial institutions may be required to report information to the IRS regarding the holders of shares or ADSs and to withhold on a

portion of payments under the shares or ADSs to certain holders that fail to comply with the relevant information reporting

requirements (or hold shares or ADSs directly or indirectly through certain non-compliant intermediaries). However, under proposed

Treasury regulations, such withholding will not apply to payments made before the date that is two years after the date on which final

Equinor 2024 Annual Report on Form 20-F 65

regulations defining the term “foreign passthru payment” are enacted. The rules for the implementation of these requirements have

not yet been fully finalised, so it is impossible to determine at this time what impact, if any, these requirements will have on holders of

the shares and ADSs.

F.Dividends and Paying Agents

Not applicable.

G.Statement by Experts

Not applicable.

H.Documents on Display

Our filings with the SEC are available to the public through the SEC’s website at http://www.sec.gov. We also make available on

our website, free of charge, our annual reports on Form 20-F, as well as certain other SEC filings, as soon as reasonably practicable

after they are electronically filed with or furnished to the SEC. The information on our website is not incorporated by reference in this

document.

Documents related to us that are available to the public (this 2024 Form 20-F, the 2024 Annual Report, our Articles of

Association, our Code of Conduct, financial statements and our historical financial information for each of the three financial years

preceding the publication of this 2024 Form 20-F) can be consulted on our website and at: Equinor ASA, Forusbeen 50, 4035

Stavanger, Norway. Unless stated otherwise, none of these documents form a part of this 2024 Form 20-F.

I.Subsidiary Information

Not applicable.

J.Annual Report to Security Holders

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See notes 4 Financial risk and capital management and 28 Financial instruments and fair value measurement to the

Consolidated financial statements.

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

A.Debt Securities

Not applicable.

B.Warrants and Rights

Not applicable.

C.Other Securities

Not applicable.

D.American Depositary Shares

Exhibit 2.1 to this 2024 Form 20-F is incorporated herein by reference.

Name of depositary and address of its principal executive office.

JPMorgan Chase Bank N.A. (JPMorgan), serves as the depositary for Equinor’s ADR programme having replaced the Deutsche

Bank Trust Company Americas (Deutsche Bank) pursuant to the Further Amended and Restated Deposit Agreement dated 4

February 2019.

Equinor 2024 Annual Report on Form 20-F 66

Fees and charges payable by a holder of ADSs

JPMorgan collects its fees for the delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs

for the purpose of withdrawal, or from intermediaries acting for them. The depositary collects other fees from investors by billing ADR

holders, by deducting such fees and charges from the amounts distributed or by deducting such fees from cash dividends or other

cash distributions. The depositary may refuse to provide fee-attracting services until its fees for those services are paid.

The charges of the depositary payable by investors are as follows:


ADR holders, persons depositing or withdrawing shares, and/or persons whom ADSs are issued, must pay:	For:
USD 5.00 (or less) per 100 ADSs (or portion of 100 ADSs)	Issuance of ADSs, including issuances resulting from a deposit of shares, a distribution of shares or rights or other property, and issuances pursuant to stock dividends, stock splits, mergers, exchanges of securities or any other transactions or events affecting the ADSs or the deposited securities. Cancellation of ADSs for the purpose of withdrawal of deposited securities, including if the deposit agreement terminates, or a cancellation or reduction of ADSs for any other reason
USD 0.05 (or less) per ADS	Any cash distribution made or elective cash/stock dividend offered pursuant to the Deposit Agreement
USD 0.05 (or less) per ADS, per calendar year (or portion thereof)	For the operation and maintenance costs in administering the ADR programme
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs	Distribution to registered ADR holders of (i) securities distributed by the company to holders of deposited securities or (ii) cash proceeds from the sale of such securities
Registration or transfer fees	Transfer and registration of shares on our share register to or from the name of the Depositary or its agent when you deposit or withdraw shares
Expenses of the Depositary	SWIFT, cable, telex, facsimile transmission and delivery charges (as provided in the deposit agreement). Fees, expenses and other charges of JPMorgan or its agent (which may be a division, branch or affiliate) for converting foreign currency to USD, which shall be deducted out of such foreign currency.
Taxes and other governmental charges the Depositary or the custodian have to pay, for example, stock transfer taxes, stamp duty or withholding taxes	As necessary
Any fees, charges and expenses incurred by the Depositary or its agents for the servicing of the deposited securities, the sale of securities, the delivery of deposited securities or in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation, including without limitation expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment	As necessary

Direct and indirect payments by the depositary

For the year ended 31 December 2024, J.P. Morgan reimbursed USD 3,735,450 to the company. Other reasonable costs

associated with the administration of the ADR programme are borne by the company. For the year ended 31 December 2024, such

costs, associated with the administration of the ADR programme, paid by the company, added up to USD 260,258. Under certain

circumstances, including the removal of J.P. Morgan as depositary, the company is required to repay to J.P. Morgan certain amounts

paid to the company in prior periods.

Equinor 2024 Annual Report on Form 20-F 67

Part II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Not applicable.

ITEM 15. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The management of Equinor, with the participation of our chief executive officer and chief financial officer, has evaluated the

effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of

31 December 2024. Based on that evaluation, the chief executive officer and chief financial officer have concluded that these

disclosure controls and procedures are effective at a reasonable level of assurance.

In designing and evaluating our disclosure controls and procedures, our management, with the participation of the chief

executive officer and chief financial officer, recognised that any controls and procedures, no matter how well designed and operated,

can only provide reasonable assurance that the desired control objectives will be achieved, and that the management must

necessarily exercise judgment when evaluating possible controls and procedures. Because of the limitations inherent in all control

systems, no evaluation of controls can provide absolute assurance that all control issues and any instances of fraud in the company

have been detected.

Management’s Annual Report on Internal Control Over Financial Reporting

The management of Equinor is responsible for establishing and maintaining adequate internal control over financial reporting.

Our internal control over financial reporting is a process designed, under the supervision of the chief executive officer and chief

financial officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Equinor’s

financial statements for external reporting purposes in accordance with IFRS Accounting Standards as adopted by the European

Union (EU). The accounting policies applied by the group also comply with IFRS Accounting Standards as issued by the International

Accounting Standards Board (IASB).

The management of Equinor has assessed the effectiveness of internal control over financial reporting based on the Internal

Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this assessment, management has concluded that Equinor’s internal control over financial reporting as of 31 December

2024 was effective.

Equinor’s internal control over financial reporting includes policies and procedures that pertain to the maintenance of records

that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets, provide reasonable assurance that

transactions are recorded in the manner necessary to permit the preparation of financial statements in accordance with IFRS

Accounting Standards, and that receipts and expenditures are only carried out in accordance with the authorisation of the

management and directors of Equinor; and provide reasonable assurance regarding the prevention or timely detection of any

unauthorised acquisition, use or disposition of Equinor’s assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Moreover,

projections of any evaluation of the effectiveness of internal control to future periods are subject to a risk that controls may become

inadequate because of changes in conditions and that the degree of compliance with policies or procedures may deteriorate.

Attestation Report of the Registered Public Accounting Firm

The effectiveness of internal control over financial reporting as of 31 December 2024 has been audited by Ernst & Young AS, an

independent registered accounting firm that also audits Equinor’s Consolidated financial statements. Their audit report on the internal

control over financial reporting is included in the Consolidated financial statements.

Equinor 2024 Annual Report on Form 20-F 68

Changes in Internal Control Over Financial Reporting

There were no significant changes in our internal control over financial reporting during the year ended 31 December 2024 that

have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 16. [RESERVED]

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

Our board of directors has determined that Anne Drinkwater qualifies as an “audit committee financial expert” as defined in Item

16A of Form 20-F under the Exchange Act and each of them is an independent director under Rule 10A-3 under the Exchange Act.

ITEM 16B. CODE OF ETHICS

We have adopted a Code of Conduct, which is approved by our board of directors, and applies to our board members, all of our

employees (including our principal executive, principal financial and principal accounting officers) and hired personnel. Our Code of

Conduct is filed as Exhibit 11 to this 2024 Form 20-F.

In 2024, our board of directors approved certain amendments to our Code of Conduct to reflect Equinor’s continuous focus on

ethical behavior. The update included clarifications to the conflict of interest provisions including the routines related to registration of

directorships, secondary employment and ownership interests.

In 2024, we did not grant any waiver, including any implicit waiver, from any provision of the Code of Conduct to our principal

executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information set forth under the heading “External auditor” in Chapter 15 of the 2024 Corporate Governance Report is

incorporated herein by reference. See also note 9 Auditor’s remuneration and Research and development expenditures to the

Consolidated financial statements.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

See “Item 16G. Corporate Governance―Board committees” of this 2024 Form 20-F.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

The information set forth under the headings “Equinor’s share incentive plans”, “Share buy-backs” and “Summary of share buy-

backs” in Section 5.1 Shareholder information of the 2024 Annual Report is also incorporated herein by reference.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

ITEM 16G. CORPORATE GOVERNANCE

Equinor’s primary listing is on Oslo Børs. The American Depositary Receipts (ADRs) are listed on the New York Stock Exchange

(NYSE). In addition, Equinor is a foreign private issuer subject to the reporting requirements of the SEC. ADRs representing the

company’s ordinary shares are listed on the NYSE. While Equinor’s corporate governance practices follow the requirements of

Norwegian law, Equinor is also subject to the NYSE’s listing rules. As a foreign private issuer, Equinor is exempt from most of the

NYSE corporate governance standards that domestic US companies must comply with. However, Equinor is required to disclose any

Equinor 2024 Annual Report on Form 20-F 69

significant ways in which its corporate governance practices differ from those applicable to domestic US companies under the NYSE

rules. A statement of differences is set out below:

Corporate governance guidelines

The NYSE rules require domestic US companies to adopt and disclose corporate governance guidelines. Equinor’s corporate

governance principles are developed by the management and the board of directors, in accordance with the Norwegian Code of

Practice for Corporate Governance and applicable law. Oversight of the board of directors and management is exercised by the

corporate assembly.

Director independence

The NYSE rules require domestic US companies to have a majority of “independent directors”. The NYSE definition of an

“independent director” sets out five specific tests of independence and requires an affirmative determination by the board of directors

that the director has no material relationship with the company.

Pursuant to Norwegian company law, Equinor’s board of directors consists of members elected by the corporate assembly both

for shareholder and employee representatives. Equinor’s board of directors has determined that, in its judgment, all shareholder

representatives are independent. In making its determinations of independence, the board focuses, among other things, on there not

being any conflicts of interest between shareholders, the board of directors and the company’s management. It does not strictly make

its determination based on the NYSE’s five specific tests but takes into consideration all relevant circumstances which may in the

board’s view affect the directors’ independence. The directors elected from among Equinor’s employees would not be considered

independent under the NYSE rules as they are employees of Equinor. None of these employee representatives are executive officers

of the company. For further information about the board of directors, see “Item 6. Directors, Senior Management and Employees—A.

Directors and Senior Management” of this 2024 Form 20-F.

Board committees

Pursuant to Norwegian company law, managing the company is the responsibility of the board of directors. Equinor has an audit

committee, a safety, sustainability and ethics committee and a compensation and executive development committee. The audit

committee and the compensation and executive development committee operate pursuant to instructions that are broadly comparable

to the applicable committee charters required by the NYSE rules. They report on a regular basis to, and are subject to, oversight by

the board of directors.

Equinor complies with the NYSE rule regarding the obligation to have an audit committee that meets the requirements of Rule

10A-3 of the US Securities Exchange Act of 1934. The members of Equinor’s audit committee include an employee representative

director. Equinor relies on the exemption provided in Rule 10A-3(b)(1)(iv)(C) from the independence requirements of the US

Securities Exchange Act of 1934 with respect to the employee representative director. Equinor does not believe that its reliance on

this exemption will materially adversely affect the ability of the audit committee to act independently or to satisfy the other

requirements of Rule 10A-3 relating to audit committees. The other members of the audit committee meet the independence

requirements under Rule 10A-3.

Among other things, the audit committee evaluates the qualifications and independence of the company’s external auditor.

However, in accordance with Norwegian law, the auditor is elected by the annual general meeting of the company’s shareholders.

Equinor does not have a nominating/corporate governance committee formed from its board of directors. Instead, the roles prescribed

under the NYSE rules for such committee are principally carried out by the corporate assembly and the nomination committee. The

nomination committee is elected by the general meeting of shareholders, while the corporate assembly is elected partly by the

general meeting of shareholders and partly by and among the employees.

NYSE rules require the compensation committee of US companies to comprise independent directors, recommend senior

management remuneration and determine the independence of advisors when engaging them. Equinor, as a foreign private issuer, is

exempted from complying with these rules and is permitted to follow its home country regulations. The compensation committee

consists of four shareholder representatives and one employee representative. Equinor’s compensation committee makes

recommendations to the board regarding management remuneration, including that of the CEO. Further, the compensation committee

assesses its own performance and has the authority to hire external advisors. The nomination committee, which is elected by the

general meeting of shareholders, recommends to the corporate assembly the candidates and remuneration of the board of directors.

The nomination committee also recommends to the general meeting of shareholders the candidates and remuneration for the

nomination committee and the shareholder representative candidates and remuneration for the corporate assembly.

Shareholder approval of equity compensation plans

NYSE rules require that, with limited exemptions, all equity compensation plans must be subject to a shareholder vote. Under

Norwegian company law, although the issuance of shares and authority to buy-back company shares must be approved by Equinor’s

annual general meeting of shareholders, the approval of equity compensation plans is normally reserved for the board of directors.

Equinor 2024 Annual Report on Form 20-F 70

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

ITEM 16J. INSIDER TRADING POLICIES

We have adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of our securities

by directors, senior management, and employees that are reasonably designed to promote compliance with applicable insider trading

laws, rules and regulations, and listing standards applicable to us. A copy of our insider trading policies and procedures is filed as

Exhibit 16 to this report.

ITEM 16K. CYBERSECURITY DISCLOSURE

Cyber security Risk Management and Strategy

Our processes for assessing, identifying and managing material risks from cyber security threats are integrated into our

enterprise risk management (ERM) framework, which we use to identify, analyze, evaluate and manage risks. We recognize that risks

from cyber security threats are interconnected and company-wide, so we seek to ensure shared situational awareness and common

prioritization across different business areas. As described further below under “Cyber security Governance”, we have a cross-

departmental approach to addressing cyber security risk, which includes our employees, management and board of directors.

We use a variety of tools and processes to identify, assess and manage material cyber security risks. We identify cyber security

risks based on an evaluation of various cyber security threat scenarios that may cause disruption to our business or operations.

These scenarios are developed to represent incremental levels of severity of the estimated monetary, reputational, safety, security or

sustainability impact of cyber security threats such as social engineering (phishing), malicious software targeting end-users/network,

unauthorized access by insiders, employee/consultant error and/or unintended errors.

We conduct annual company-wide cyber security assessments to assess the threats posed by external actors to our information

technology and operational technology systems and promote awareness internally of the cyber security threats faced by the company.

We also conduct assessments of cyber security incidents experienced by the company and third parties relevant to the company.

These assessments are conducted in collaboration between the technology, digital and innovation business area, the global

operations technology excellence unit and the corporate security and crisis management unit. The business area risk owners,

regional security managers, country office representatives, political analysis teams, shipping security teams, enterprise data and

cyber security professionals and the emergency response-and-support centre are all involved in and contribute to these assessments.

The results of these assessments are shared regularly with the board of directors, including the safety, sustainability and ethics

committee.

We engage external assessors to conduct maturity testing to evaluate our processes and procedures within specific areas to

ensure continuous development of barriers against cyber security threats. We also seek information from national security authorities

and work closely with IT vendors, external cyber security advisory services and other companies in the industry with the aim of

continuously improving our capabilities to identify, protect, detect, respond to and recover from cyber security threats. We also use

input provided by external auditors as part of independent reviews to improve our cyber security barriers.

Actual and/or potential vulnerabilities in our information systems are continuously monitored by our Cyber Defence Center. We

follow the ISO27001, IEC62443 and National Institute for Standard and Technology (NIST) cyber security frameworks to build

resilience, focusing on capabilities for reducing both the probability and consequences of cyber security incidents. We utilize multiple

tools and practices to monitor external developments related to cyber security which may be relevant to the company, such as alerts/

publications from national cyber security centres, advice from security risk consulting firms and reports from information technology

and cyber security companies, and assess their implications for Equinor with a focus on external factors, such as the threat actors’

presence, capability, intent, past targeting and anticipated future targeting, as well as internal factors such as evidence of attacks on

our information systems. All relevant updates and developments are disseminated across the company through the company’s

intranet and e-mails to interested internal stakeholders.

Equinor 2024 Annual Report on Form 20-F 71

We provide cyber security awareness training to all our employees on an annual basis which is designed to provide guidance for

identifying and avoiding cyber security risks, and require employees in certain roles to complete additional role based, specialized

cyber security trainings.

We have company-wide management systems detailing protocols and response governance for emergency response and

business continuity management. Our management systems reflect industry good practices, internal requirements, national laws and

regulations and ISO/IEC standards to identify, protect, detect, respond and recover from cyber security threats. The corporate security

and crisis management unit is responsible for setting strategic direction and maintaining the company’s corporate framework on crisis

and business continuity management. We have adopted business continuity plans and disaster recovery plans which are designed

with the goal of minimizing the consequences of cyber security incidents, and are reviewed on a regular basis. We also have a

dedicated global cyber security incident response team, comprised of specially trained personnel, that provides assistance and

support in dealing with any actual and/or potential cyber security incidents.

In addition to assessing our own cyber security preparedness, we also consider and evaluate cyber security risks associated with

our use of third-party service providers. We have integrated cyber security risk management into our procurement process whereby

cyber security risks are identified and assessed in the early stages of negotiating contracts and addressed accordingly based on the

nature of services provided. Cyber security risks associated with third parties are monitored through the life cycle of the relationships.

In 2024, as in previous years, we experienced several cyber security incidents and other disruptions to our information systems.

None of these incidents and systems disruptions, including those reported to us by our third-party partners, had a material impact on

our business, operations or financial results. See “Item 3D – Risk Factors” for additional information about digital and cyber security

risks.

Cyber security Governance

Our board of directors oversees the company’s internal control and overall risk management and assurance, and through its

audit committee, reviews and monitors the effectiveness of the ERM framework, which has identified cyber security as one of the top

enterprise risks. The board and audit committee discuss the company’s ERM framework, and three-lines of control model and

learnings from risk-adjusting actions and assurance activities on a bi-annual basis.

The board of directors’ safety, sustainability and ethics committee (SSEC) is primarily responsible for the oversight of cyber

security risk management, including review of the company’s practices and performance related to cyber security, and updates the

board of directors on any matters of concern that become apparent in the exercise of its duties. The SSEC reviews and assesses at

least annually the developments, implementation, effectiveness and practice of the company’s cyber security policies, programmes

and strategies, and the effectiveness of internal controls for cyber security matters, including applicable management systems,

policies, practices, processes, leadership, and culture, and summarizes its assessments in an annual report to the board of directors.

The SSEC also receives regular briefings and updates from the Executive Vice President for Safety, Security & Sustainability (EVP

SSU) relating to material risks from cyber security threats and management of cyber security-related risks.

We use a three-line model for risk management (including cyber security risk) in which employees and management work

together to contribute to the creation and protection of value. As the first line-of-control, cyber security risk is managed in the business

areas as an integral part of employee and manager tasks. Technical experts in each business area are responsible for monitoring the

relevant business area’s cyber security risks and performance, conducting assessments and ensuring a suitable and effective

management system that reflects the relevant business area’s business scope and context, risks and external regulatory

requirements. The first line shares its experiences and findings in a systematic way with the second line. The responsibility for

reporting material risks from cyber security threats, regularly and systematically, follows the accountability of the business areas up to

their respective executive vice presidents. The executive vice presidents of the business areas meet with the EVP SSU bi-annually to

review top enterprise risk from cyber security threats.

The second line-of-control oversees cyber security risks, performance and assurance across the company and provides advice

and support to the first line in identifying and executing assurance activities and monitors, supports and challenges the first line in

relation to performance and management of cyber security risks. The EVP SSU leads the second line-of-control for cyber security-

related matters and oversees cyber security risks across the company and reports to the Corporate Executive Committee (CEC) and

the SSEC. The Chief Security Officer (CSO) and Chief Information Security Officer (CISO) assist the EVP SSU in the day-to-day

monitoring of cyber security risks, which are reported to the CEC. The CEC is responsible for reviewing and approving the strategy

and resourcing of cyber security risk management. Our current EVP SSU holds a Master’s degree in Cybernetics and Process

Automation and a Bachelor’s degree in Automation from the Rogaland Regional College/University of Stavanger. She has held a

number of central leadership positions within operations, projects and technology since she joined Equinor in 1999, including Chief

Operating Officer, where she drove the company’s digital transformation.

Our third line-of-control is the corporate audit unit which performs independent audits across business areas and management

roles, including cyber security audits, and reports to the board of directors on a periodic basis.

Equinor 2024 Annual Report on Form 20-F 75

The reports set out below are provided in accordance with standards of the Public Company Accounting Oversight Board (United

States). Ernst & Young AS (PCAOB ID: 1572) has also issued a report in accordance with law, regulations, and auditing standards

and practices generally accepted in Norway, including International Standards on Auditing (ISAs), which includes opinions on the

Consolidated financial statements and the parent company financial statements of Equinor ASA, and on other required matters. That

report is not included in this 2024 Form 20-F, but only in the 2024 Annual Report.

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Equinor ASA.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Equinor ASA and its subsidiaries (Equinor or the Company) as of

31 December 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in equity and cash

flows for each of the three years in the period ended 31 December 2024, and the related notes (collectively referred to as the

“Consolidated Financial Statements”). In our opinion, the Consolidated Financial Statements present fairly, in all material respects, the

financial position of the Company as of 31 December 2024 and 2023, and the results of its operations and its cash flows for each of

the three years in the period ended 31 December 2024, in conformity with IFRS Accounting Standards as issued by the International

Accounting Standards Board (IASB) and in conformity with IFRS Accounting Standards as adopted by the European Union.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(PCAOB), the Company's internal control over financial reporting as of 31 December 2024, based on criteria established in Internal

Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework),

and our report dated 4 March 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the

Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to

be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the

audit to obtain reasonable assurance about whether the Consolidated Financial Statements are free of material misstatement,

whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the

Consolidated Financial Statements, whether due to error or fraud, and performing procedures that respond to those risks. Such

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the Consolidated Financial

Statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as

well as evaluating the overall presentation of the Consolidated Financial Statements. We believe that our audits provide a reasonable

basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the Consolidated Financial

Statements that were communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the

Consolidated Financial Statements and (2) involved our especially challenging, subjective or complex judgments. The communication

of critical audit matters does not alter in any way our opinion on the Consolidated Financial Statements, taken as a whole, and we are

not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or

disclosures to which they relate.

Equinor 2024 Annual Report on Form 20-F 76


Recoverable amounts of production plants and oil and gas assets including assets under development
Description of the Matter	As of 31 December 2024, the Company has recognised production plants and oil and gas assets, including assets under development, of USD 33,255 million and USD 17,278 million, respectively, within Property, plant and equipment, and assets classified as held for sale of USD 7,227 million. Refer to Note 14 to the Consolidated Financial Statements for the related disclosures. As described in Note 14, determining the recoverable amount of an asset involves an estimate of future cash flows, which is dependent upon management’s best estimate of the economic conditions that will exist over the asset’s useful life. The asset’s operational performance and external factors have a significant impact on the estimated future cash flows and therefore, the recoverable amount of the asset.
	Auditing management’s estimate of the recoverable amount of production plants and oil and gas assets is complex and involves a high degree of judgement. Significant assumptions used in forecasting future cash flows are future commodity prices, currency exchange rates, expected reserves, capital expenditures, and the discount rate.
	These significant assumptions are forward-looking and can be affected by future economic and market conditions, including matters related to climate change and energy transition. As described in Note 3 to the Consolidated Financial Statements, the effects of the initiatives to limit climate change and the potential impact of the energy transition are relevant to some of the economic assumptions in the Company’s estimation of future cash flows. Climate considerations are included directly in the impairment assessments by estimating the carbon costs in the cash flows, and indirectly as the expected effects of the climate change are included in the estimated commodity prices. As also described in Note 3, commodity price assumptions applied in value-in-use impairment testing are based on management’s best estimate, which differs from the price-set required to achieve the goals of the Paris Agreement as described in the International Energy Agency (IEA) World Energy Outlook’s Announced Pledges Scenario, or the Net Zero Emissions by 2050 Scenario. The impact of the energy transition and potential restrictions by regulators, market and strategic considerations may also have an effect on the estimated production profiles and the economic lifetime of the Company’s assets and projects.
	Additionally, the treatment of tax in the estimation of the recoverable amount is challenging, as the Company is subject to different tax structures that are inherently complex, particularly in Norway.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process for evaluating the recoverability of production plants and oil and gas assets including assets under development, and assets classified as held for sale. This included testing controls over management’s review of assumptions and inputs to the assessments of impairment and impairment reversals.
	Our audit procedures performed over the significant assumptions and inputs included, among others, evaluation of the methods and models used in the calculation of the recoverable amount. We also evaluated the relevant tax effects based on the local legislation of the relevant jurisdictions, particularly in Norway, and tested the clerical accuracy of the models through independently recalculating the value in use. We involved valuation specialists to assist us with these procedures. In addition, we compared projected capital expenditures to approved operator budgets or management forecasts. For those assets previously impaired, we compared actual results to the forecasts used in historical impairment analyses. We also compared expected reserve volumes with internal production forecasts and external evaluations of expected reserves and we compared the historical production with management’s previous production forecasts, with the involvement of our reserves specialists.
	To test price assumptions, we evaluated management’s methodology to determine future commodity prices and compared such assumptions to external benchmarks, among other procedures. We involved valuation specialists to assist in evaluating the reasonableness of the Company’s assessment of currency exchange rates and the discount rate, by assessing the Company’s methodologies and key assumptions used to calculate the rates and by comparing those rates with external information. We also evaluated management’s methodology to factor climate-related matters into their determination of future commodity price assumptions.
	To test carbon cost assumptions, with the involvement of climate change and sustainability specialists, we evaluated management’s methodology to determine future carbon costs, including assessing the impact from climate-related matters, and compared management’s assumptions with the current legislation in place in the relevant jurisdictions and the jurisdictions’ announced pledges regarding escalation of carbon costs.
	We evaluated management’s sensitivity analyses over its future commodity prices and carbon cost assumptions by taking into consideration, among other sources, the Net Zero Emissions by 2050 Scenario and Announced Pledges Scenario estimated by the International Energy Agency (IEA). We have also evaluated management’s disclosures related to the consequences of initiatives to limit climate change, including the effects of the Company’s climate change strategy on the Consolidated Financial Statements and the energy transition’s effects on estimation uncertainty, discussed in more detail in Notes 3 and 14.

Estimation of the asset retirement obligations

Equinor 2024 Annual Report on Form 20-F 77


Description of the Matter	As of 31 December 2024, the Company has recognised a provision for decommissioning and removal activities of USD 10,928 million classified within Provisions and other liabilities. Refer to Note 23 to the Consolidated Financial Statements for the related disclosures. As described in Note 23, the appropriate estimates for such obligations are based on historical knowledge combined with knowledge of ongoing technological developments, expectations about future regulatory and technological development and involve the application of judgement and an inherent risk of significant adjustments. The estimated costs of decommissioning and removal activities require revisions due to changes in current regulations and technology while considering relevant risks and uncertainties.
	Auditing management’s estimate of the decommissioning and removal of offshore installations at the end of the production period is complex and involves a high degree of judgement. Determining the provision for such obligations involves application of considerable judgement related to the assumptions used in the estimate, the inherent complexity and uncertainty in estimating future costs, and the limited historical experience against which to benchmark estimates of future costs. Significant assumptions used in the estimate are the discount rates and the expected future costs, which include the underlying assumptions norms and rates, and time required to decommission and can vary considerably depending on the expected removal complexity.
	These significant assumptions are forward-looking and can be affected by future economic and market conditions, including matters related to climate change and energy transition. As described in Note 3 to the Consolidated Financial Statements, the effects of the initiatives to limit climate change and the potential impact of the energy transition are relevant to some of the economic assumptions in the Company’s estimation of future cash flows. The impact of the energy transition and potential restrictions by regulators, market and strategic considerations may also have an effect on the estimated economic lifetime of the Company’s assets and projects. If the Company’s business cases for the oil and gas producing assets in the future should change materially due to governmental initiatives to limit climate change, it could affect the timing of cessation of the assets and the asset retirement obligations (ARO).
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s process to calculate the present value of the estimated future decommissioning and removal expenditures determined in accordance with local conditions and requirements. This included testing controls over management’s review of assumptions described above, used in the calculation of the ARO.
	To test management’s estimation of the provision for decommissioning and removal activities, our audit procedures included, among others, evaluating the completeness of the provision by comparing significant additions to property, plant and equipment to management’s assessment of new ARO obligations recognized in the period.
	To assess the expected future costs, among other procedures, we compared day rates for rigs, marine operations and heavy lift vessels to external market data or existing contracts. For time required to decommission, we compared the assumptions against historical data. We compared discount rates to external market data. With the support of our valuation specialists, we evaluated the methodology and models used by management to estimate the ARO and performed a sensitivity analysis on the significant assumptions. In addition, we recalculated the formulas in the models.
	We evaluated management’s sensitivity analyses over the effect of performing removal five years earlier than currently scheduled due to potential governmental initiatives to limit climate change. We have also evaluated management’s disclosures related to the consequences of initiatives to limit climate change, including the effects of the Company’s climate change strategy on the Consolidated Financial Statements and the energy transition’s effects on estimation uncertainty, discussed in more detail in Notes 3 and 23.

/s/ Ernst & Young AS

We have served as the Company’s auditor since 2019.

Stavanger, Norway

4 March 2025

Equinor 2024 Annual Report on Form 20-F 78

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Equinor ASA

Opinion on Internal Control over Financial Reporting

We have audited Equinor ASA and subsidiaries’ (the Company) internal control over financial reporting as at 31 December 2024,

based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the

Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects,

effective internal control over financial reporting as at 31 December 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(PCAOB), the 2024 Consolidated Financial Statements of the Company, and our report dated 4 March 2025 expressed an

unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of

the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control

over Financial Reporting as set out in Item 15. Controls and Procedures. Our responsibility is to express an opinion on the Company’s

internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are

required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules

and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material

respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material

weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and

performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable

basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the

company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements

in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only

in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding

prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material

effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections

of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes

in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young AS

Stavanger, Norway

4 March 2025

Equinor 2024 Annual Report on Form 20-F 82

INTRODUCTION

CONTENTS

ABOUT US

OUR

Consolidated balance sheet


			At 31 December
(in USD million)		Note	2024	2023

ASSETS
Property, plant and equipment		12	55,560	58,822
Intangible assets		13	5,654	5,709
Equity accounted investments		15	2,471	2,508
Deferred tax assets		11	4,900	7,936
Pension assets		22	1,717	1,260
Derivative financial instruments		28	648	559
Financial investments		16	5,616	3,441
Non-current prepayments and financial receivables		16	1,379	1,291

Total non-current assets			77,946	81,525

Inventories		17	4,031	3,814
Trade and other receivables1)		18	13,590	13,204
Current prepayment and financial receivables1)		16	3,867	3,729
Derivative financial instruments		28	1,024	1,378
Financial investments		16	15,335	29,224
Cash and cash equivalents		19	8,120	9,641

Total current assets			45,967	60,990

Assets classified as held for sale		6	7,227	1,064

Total assets			131,141	143,580

1)	Disaggregated from the previously reported line-item Trade and other receivables.
2)	Disaggregated from the previously reported line-item Trade, other payables and provisions.


		At 31 December
(in USD million)	Note	2024	2023

EQUITY AND LIABILITIES
Shareholders’ equity		42,342	48,490
Non-controlling interests		38	10

Total equity	20	42,380	48,500

Finance debt	21	19,361	22,230
Lease liabilities	25	2,261	2,290
Deferred tax liabilities	11	12,726	13,345
Pension liabilities	22	3,482	3,925
Non-current provisions and other liabilities	23	12,927	15,304
Derivative financial instruments	28	1,958	1,795

Total non-current liabilities		52,715	58,890

Trade and other payables2)	24	11,110	9,556
Current provisions and other liabilities2)	23	2,384	2,314
Current tax payable		10,319	12,306
Finance debt	21	7,223	5,996
Lease liabilities	25	1,249	1,279
Dividends payable	20	1,906	2,649
Derivative financial instruments	28	833	1,619

Total current liabilities		35,023	35,719

Liabilities directly associated with the assets classified as held for sale	6	1,023	471

Total liabilities		88,761	95,080

Total equity and liabilities		131,141	143,580

Equinor 2024 Annual Report on Form 20-F 83

INTRODUCTION

CONTENTS

ABOUT US

OUR

Consolidated statement of changes in equity


(in USD million)	Share capital	Additional paid-in capital	Retained earnings	Foreign currency translation reserve	OCI from equity accounted investments1)	Shareholders' equity	Non-controlling interests	Total equity

At 1 January 2022	1,164	6,408	36,683	(5,245)	0	39,010	14	39,024
Net income/(loss)			28,746			28,746	(3)	28,744
Other comprehensive income/(loss)			356	(3,609)	424	(2,829)		(2,829)
Total comprehensive income/(loss)								25,914
Dividends			(7,549)			(7,549)		(7,549)
Share buy-back	(22)	(3,358)	—			(3,380)		(3,380)
Other equity transactions		(10)	—			(10)	(10)	(20)

At 31 December 2022	1,142	3,041	58,236	(8,855)	424	53,988	1	53,989

Net income/(loss)			11,885			11,885	19	11,904
Other comprehensive income/(loss)			(211)	(587)	(113)	(911)		(911)
Total comprehensive income/(loss)								10,992
Dividends			(10,783)			(10,783)		(10,783)
Share buy-back	(42)	(3,037)	(2,606)			(5,685)		(5,685)
Other equity transactions		(3)	—			(3)	(10)	(13)

At 31 December 2023	1,101	—	56,521	(9,442)	310	48,490	10	48,500

Net income/(loss)			8,806			8,806	23	8,829
Other comprehensive income/(loss)			790	(1,943)	(42)	(1,196)		(1,196)
Total comprehensive income/(loss)								7,633
Dividends			(7,802)			(7,802)		(7,802)
Share buy-back	(49)	—	(5,887)			(5,936)		(5,936)
Other equity transactions		—	(20)			(20)	5	(15)

At 31 December 2024	1,052	—	52,407	(11,385)	268	42,342	38	42,380
1) OCI items from equity accounted investments that may subsequently be reclassified to the Consolidated statement of income, are presented as part of OCI from equity accounted investments. OCI items that will not be reclassified to the Consolidated statements of income will be included in retained earnings.
Please refer to note 20 Shareholders’ equity, capital distribution and earnings per share for more details

Equinor 2024 Annual Report on Form 20-F 84

INTRODUCTION

CONTENTS

ABOUT US

OUR

Consolidated statement of cash flows


		Full year
(in USD million)	Note	2024	2023	2022

Income/(loss) before tax		30,986	37,884	78,604

Depreciation, amortisation and net impairments, including exploration write-offs	12, 13, 14	9,906	10,581	6,733
(Gains)/losses on foreign currency transactions and balances		(166)	(852)	(2,088)
(Gains)/losses on sale of assets and businesses	6	(772)	8	(823)
(Increase)/decrease in other items related to operating activities1)		(2,335)	(1,313)	468
(Increase)/decrease in net derivative financial instruments	28	(86)	1,041	1,062
Interest received		1,841	1,710	399
Interest paid		(891)	(1,042)	(747)

Cash flows provided by operating activities before taxes paid and working capital items		38,483	48,016	83,608

Taxes paid		(20,592)	(28,276)	(43,856)

(Increase)/decrease in working capital		2,218	4,960	(4,616)

Cash flows provided by operating activities		20,110	24,701	35,136

Cash used in business combinations	6	(1,710)	(1,195)	147
Capital expenditures and investments	6	(12,177)	(10,575)	(8,758)
(Increase)/decrease in financial investments2)		9,364	443	(10,089)
(Increase)/decrease in derivative financial instruments		143	(1,266)	1,894
(Increase)/decrease in other interest-bearing items		(623)	(87)	(23)
Proceeds from sale of assets and businesses3)	6	1,470	272	966

Cash flows provided by/(used in) investing activities		(3,532)	(12,409)	(15,863)


		Full year
(in USD million)	Note	2024	2023	2022

Repayment of finance debt	21	(2,592)	(2,818)	(250)
Repayment of lease liabilities	25	(1,491)	(1,422)	(1,366)
Dividends paid	20	(8,578)	(10,906)	(5,380)
Share buy-back	20	(6,013)	(5,589)	(3,315)
Net current finance debt and other financing activities		933	2,593	(5,102)

Cash flows provided by/(used in) financing activities	21	(17,741)	(18,142)	(15,414)

Net increase/(decrease) in cash and cash equivalents		(1,163)	(5,850)	3,860

Foreign currency translation effects		(359)	(87)	(2,268)
Cash and cash equivalents at the beginning of the period (net of overdraft)	19	9,641	15,579	13,987

Cash and cash equivalents at the end of the period (net of overdraft)4)	19	8,120	9,641	15,579

1) This line item includes a net fair value gain of USD 256 million in 2024. The corresponding figures for 2023 and 2022 were a net fair value gain of USD 77 million and a net fair value loss of USD 1,095 million, respectively. The fair value adjustments relate to inventory, shares and financial investments.
2) This line item includes the acquisition of 10 per cent of the shareholding in Ørsted A/S for USD 2.5 billion.
3) For 2024, this line item includes cash consideration related to the disposals of the businesses in Nigeria and Azerbaijan, as well as cash consideration related to the sale of gas infrastructure assets in Norway. See note 6 Acquisitions and disposals for more information.
4) At 31 December 2024, 2023 and 2022, cash and cash equivalents net of overdraft were zero.

Interest paid in cash flows provided by operating activities excludes capitalised interest of USD 662 million, USD 468 million, and USD 382 million for the years ending 31 December 2024, 2023 and 2022, respectively. Capitalised interest is included in Capital expenditures and investments in cash flows used in investing activities. Total interest paid amounts to USD 1,553 million, USD 1,510 million, and USD 1,129 million for the years 2024, 2023 and 2022, respectively.

Equinor 2024 Annual Report on Form 20-F 85

INTRODUCTION

CONTENTS

ABOUT US

OUR

Notes to the consolidated financial statements

Note 1. Organisation

The 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 address of its registered office is Forusbeen 50,

NO-4035 Stavanger, Norway.

Equinor’s objective 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

co-obligor or guarantor for certain debt obligations

of Equinor ASA.

The Consolidated financial statements of Equinor for

the full year 2024 were approved for issuance by the

board of directors on 4 March 2025 and is subject to

approval by the annual general meeting on 14 May

2025.

Note 2. Accounting policies

Statement of compliance

The Consolidated financial statements of Equinor

ASA and its subsidiaries (Equinor) have been

prepared in accordance with IFRS Accounting

Standards as adopted by the European Union (EU)

and with IFRS Accounting Standards as issued by the

International Accounting Standards Board (IASB),

IFRIC® Interpretations issued by IASB and the

additional requirements of the Norwegian Accounting

Act, effective on 31 December 2024.

Basis of preparation

The Consolidated financial statements are prepared

on the historical cost basis with some exceptions

where fair value measurement is applied. These

exceptions are specifically disclosed in the accounting

policies sections in relevant notes. The material

accounting policies described in these Consolidated

financial statements have been applied consistently

to all periods presented.

Certain amounts in the comparable years have been

reclassified or re-presented to conform to current

year presentation. Unless otherwise noted, all

amounts in the Consolidated financial statements are

denominated in USD millions. Due to rounding the

subtotals and totals in some of the tables in the notes

may not equal the sum of the amounts shown in the

primary financial statements.

The line items included in Total operating expenses in

the Consolidated statement of income are presented

as a combination of function and nature in conformity

with industry practice. Purchases [net of inventory

variation] and Depreciation, amortisation and net

impairments are presented on separate lines based

on their nature, while Operating expenses and Selling,

general and administrative expenses as well as

Exploration expenses are presented on a functional

basis. Significant expenses such as salaries, pensions,

etc. are presented by their nature in the notes to the

Consolidated financial statements.

Basis of consolidation

The Consolidated financial statements include the

accounts of Equinor ASA and its subsidiaries as well

as Equinor’s interests in joint operations and equity

accounted investments. All intercompany balances

and transactions, including unrealised profits and

losses arising from Equinor's internal transactions,

have been eliminated.

Foreign currency translation

Foreign exchange differences arising on translation

of transactions, assets and liabilities to the functional

currency of individual entities in Equinor are

recognised as foreign exchange gains or losses in the

Consolidated statement of income within Net financial

items. Foreign exchange differences arising from the

translation of estimate-based provisions are

generally accounted for as part of the change in the

underlying estimate.

When preparing the Consolidated financial

statements, the financial statements of entities with

functional currencies other than the Group’s

presentation currency (USD )are translated into USD,

with the foreign exchange differences recognised

separately in Other comprehensive income (OCI).

The cumulative translation differences relating to an

entity are reclassified to the Consolidated statement

of income and reflected as a part of the gain or loss

upon disposal of that entity.

Loans from Equinor ASA to subsidiaries and equity

accounted investments with other functional

currencies than the parent company, and where

settlement is neither planned nor likely in the

foreseeable future, are considered part of the parent

company’s net investment in these entities. Foreign

exchange differences arising from these loans are

recognised in OCI in the Consolidated financial

statements.

Statement of cash flows

In the statement of cash flows, operating activities are

presented using the indirect method. Income/(loss)

before tax is adjusted for changes in inventories and

operating receivables and payables, the effects of

non cash items such as depreciations, amortisations

and impairments, provisions, unrealised gains and

losses and undistributed profits from associates, and

items of income or expense for which the cash effects

are investing or financing cash flows. Increase/

decrease in financial investments, derivative financial

instruments, and other interest-bearing items are all

presented net as part of Investing activities. This

presentation is normally due to the nature of the

transactions which often involve large amounts,quick

turnover, and short maturities, or consideration of

materiality.

Adoption of new IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC Interpretations

New IFRS Accounting Standards, amendments to IFRS

Accounting Standards and IFRIC Interpretations that

became effective and were adopted by Equinor as of

1 January 2024 do not have significant impact on

Equinor’s Consolidated financial statements upon

adoption. This includes:

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•Non-current Liabilities with Covenants and

Classification of Liabilities as Current or Non-

current - Amendments to IAS 1

•Lease liability in a Sale and Leaseback -

Amendments to IFRS 16

•Supplier Finance Arrangements - Amendments to

IAS 7 and IFRS 7

IFRS Accounting Standards, amendments to IFRS

Accounting Standards, and IFRIC Interpretations

issued, but not yet effective:

Equinor has not early adopted any IFRS Accounting

Standard, amendments to IFRS Accounting

Standards, or IFRIC Interpretations issued, but not yet

effective.

IFRS 18 Presentation and Disclosure in Financial

Statements

In April 2024, the IASB issued IFRS 18, which will

replace IAS 1 effective from 1 January 2027. The new

standard introduces several key new requirements:

•Entities are required to classify all income and

expenses into five categories in the Consolidated

statement of income: operating, investing,

financing, income taxes, and discontinued

operations.

•Additionally, entities are required to present a

newly-defined operating profit subtotal.

•Management-defined performance measures

(MPMs) shall be disclosed in a single note to the

financial statements.

•Enhanced guidance for aggregating and

disaggregating information in financial

statements.

In addition, entities are required to use the operating

profit subtotal as the starting point for the

Consolidated statement of cash flows when

presenting cash flows provided by operating

activities under the indirect method.

IFRS 18 applies retrospectively and allows for earlier

application if disclosed.

Equinor is currently assessing the impact of IFRS 18 on

our financial statements. While recognition and

measurement of items will remain unchanged, the

presentation in the Consolidated statement of income

will be affected. Among other impacts, net income/

(loss) from equity accounted companies, as well

gains/(losses) on disposal of interests in such

companies, will be excluded from the new operating

profit subtotal and classified in the investing category.

Foreign currency exchange gains/(losses) not related

to the financing category will be reclassified into the

operating and investing categories. Interest income

and other financial income, and gains/(losses) on

financial investments will be classified in the investing

category.

The cash flow statement will also be affected. The

new operating profit subtotal will be the starting point

for the Consolidated statement of cash flows. Interest

paid will be reclassified from cash flows provided by

operating activities to cash flows provided by/(used

in) financing activities. Interest received and dividends

received will be included in cash flows provided by/

(used in) investing activities.

Equinor will ensure full compliance by the effective

date, including restating comparative information and

preparing for new disclosures.

Other accounting standards:

The following new and amended accounting

standards are not expected to have a significant

impact on Equinor’s Consolidated financial

statements:

•Lack of Exchangeability - Amendments to IAS 21

•Classification and Measurement of Financial

Instruments - Amendments to IFRS 9 and IFRS 7

Accounting judgement and key sources of

estimation uncertainty

The preparation of the Consolidated financial

statements requires management to make

accounting judgements, estimates and

assumptions.

Information about judgements made in applying

the accounting policies that have the most

significant effects on the amounts recognised in

the Consolidated financial statements is described

in the following notes:

Note 6 – Acquisitions and disposals

Note 7 – Total revenues and other income

Note 25 – Leases

Estimates used in the preparation of these

Consolidated financial statements are prepared

based on customised models. The assumptions

applied in these estimates are derived from

historical experience, external sources of

information and various other factors that

management assesses to be reasonable under the

current conditions and circumstances. These

estimates and assumptions form the basis of

making the judgements about carrying values of

assets and liabilities when these are not readily

apparent from other sources. Actual results may

differ from these estimates. The estimates and

underlying assumptions are continuously reviewed,

taking into account the current and expected

future set of conditions.

Equinor is exposed to several underlying economic

factors affecting the overall results, such as

commodity prices, foreign currency exchange

rates, market risk premiums and interest rates as

well as financial instruments with fair values

derived from changes in these factors. The effects

of the initiatives to limit climate changes and the

transition to a lower carbon economy are relevant

to several of these economic assumptions. In

addition, Equinor's results are influenced by the

level of production, which in the short term may be

impacted by, for instance, maintenance

programmes, among other factors. In the long-

term, the results are impacted by the success of

exploration, field developments, operating

activities, and progress within renewables and low

carbon solutions.

The most important matters in understanding the

key sources of estimation uncertainty are

described in each of the following notes:

Note 3 – Climate change and energy transition

Note 11 – Income taxes

Note 12 – Property, plant and equipment

Note 13 – Intangible assets

Note 14 – Impairments

Note 23 – Provisions and other liabilities

Note 26 – Other commitments, contingent liabilities

and contingent assets

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Note 3. Climate change and energy transition

Risks arising from climate change and the

transition to a lower carbon economy

Policy, legal, regulatory, market and technology

developments related to climate change, can affect

Equinor’s business plans and financial performance.

Shifts in stakeholder focus between energy security,

affordability and sustainability add uncertainty to

delivery and outcomes associated with Equinor’s

strategy. In its long-term planning, Equinor analyses

how the global energy markets may develop, such as

future changes in demand for Equinor’s products (oil,

gas and power in key markets). Commodity price

sensitivities are presented in a table below, including

the World Energy Outlook 2024 (WEO) scenarios

presented by the International Energy Agency (IEA),

and in note 14 Impairments.

Equinor assesses risks in short-, medium- and long-

term perspectives, including strategic and emerging

risks that can impact achievement of our corporate

objectives. Climate-related risks are assessed from

two perspectives: transition risk, which relates to the

financial robustness of the company’s business model

and portfolio in various decarbonisation scenarios;

and physical climate risk, which relates to the

exposure and potential vulnerability of Equinor’s

assets to climate-related perils in different climate

change scenarios. Equinor’s Energy transition plan

and climate related ambitions are responses to the

challenges and opportunities presented by the

energy transition. On the right is a summary of

relevant risks and risk adjusting actions:


	Risks – upsides and downsides	Risk adjusting actions
Transition risks	▪Stricter climate laws, regulations, and policies as well as adverse litigation outcomes could adversely impact Equinor's financial results and outlook, including the value of its assets. These might be direct impacts, or indirect impacts through changes in consumer behaviour or technology developments. ▪Multiple factors in the energy transition contribute to uncertainty in future energy price assumptions and changes in investor and societal sentiment can affect Equinor’s access to capital markets and financing costs. ▪Changing demand and more cost-competitive solutions for renewable energy and low-carbon solutions represent both threats and opportunities for Equinor future value creation and the value of Equinor’s assets. ▪Strong competition for assets, changing levels of policy support, and different commercial/contractual models may lead to diminishing returns within the renewable and low carbon industries and hinder Equinor ambitions. These investments may be exposed to interest rate risk and inflation risk. ▪Equinor sees opportunities for value creation in the energy transition through optimisation of Equinor’s oil and gas business and by utilising its competitive capabilities across new areas of the energy system. In a decarbonising world with a broad energy mix, policymakers and stakeholders may set a premium on oil and gas produced in a responsible and increasingly carbon efficient way.	▪Equinor monitors trends in relevant policies and regulations and addresses regulatory and policy risk in capital investment processes and through enterprise risk management in the business line. ▪Equinor includes actual or default minimum carbon pricing across investments, applies price robustness criteria and routinely stress tests the portfolio for different future price scenarios towards net zero. Hurdle rates and other financial sensitivity testing are included in decision making. ▪Equinor has developed its corporate strategy and Energy transition plan (ETP) to demonstrate commitment to a low carbon business transformation that balances investor and societal expectations. This includes an ambitious abatement plan to reduce absolute emissions and emissions intensity from Equinor activities. ▪Equinor assesses climate-related risks related to external technology development trends and invests in research, innovation and technology ventures that support positive value creation for its portfolio. Examples of relevant technologies within Equinor’s portfolio include carbon capture and storage (CCS), battery technology, solar and wind renewable energy, low CO₂ intensity solutions, improvements in methane emissions and application of renewables in oil and gas production.
Physical climate risks	▪Changes in physical climate parameters could impact Equinor's operations, resulting in disruption to operations, increased costs, or incidents. This could be through extreme weather events or chronic physical impacts such as rising sea level accompanied by increased wave heights. As Equinor’s renewable portfolio grows, unexpected changes in meteorological parameters, such as average wind speed or changes in wind patterns and cloud cover can affect energy production as well as factors such as maintenance and equipment lifetimes.	▪Physical climate risks are taken into account through technical and engineering functions in design, operations, and maintenance, with consideration of how the external physical environment may be changing. ▪With assistance from leading expert consultants and climate scenario models, Equinor continues to assess potential vulnerability of its assets to modelled climate- related changes in the physical environment. However, there is uncertainty regarding the magnitude of impact and time horizon for the occurrence of physical impacts of climate change, which leads to uncertainty regarding the potential impact for Equinor.

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Impact on Equinor’s financial statements

Equinor's double materiality assessment identified

transition risks as a material sustainability matter. The

quantified impact on the financial statements for

2024 is not significant.

CO₂-cost and EU ETS carbon credits

Equinor’s oil & gas operations in Europe are part of

Accounting policies

Cost of CO₂ quotas

Purchased CO₂ quotas under the EU Emissions

Trading System (EU ETS) are reflected at cost in

Operating expenses as incurred in line with emissions.

Accruals for CO₂ quotas required to cover emissions

to date are valued at market price and reflected as

current liabilities within Trade and other payables.

Quotas owned, but exceeding the emissions incurred


	Number of EU ETS quotas in thousands		(in USD million)
	2024	2023	2024	2023
Opening balance at 1 January	8,576	10,782	93	20
Allocated free quotas	5,940	356
Purchased quotas on the ETS market	5,641	7,822	392	708
Sold quotas on the ETS market	—	—
Returned excess free quotas	(203)	(544)
Settled quotas (offset against emissions)	(9,807)	(9,840)	(467)	(635)
Closing balance at 31 December	10,147	8,576	19	93

All numbers in the table are presented gross (100%) for Equinor operated licenses and include both EU ETS and UK ETS quotas, as received or settled during the calendar year.

the EU Emission Trading System (EU ETS). Equinor

buys EU ETS allowances (quotas or carbon credits)

for the emissions related to its oil & gas production

and processing. Currently Equinor receives a share of

free quotas according to the EU ETS regulation. The

share of free quotas is expected to be significantly

reduced in the future, partially due to the phasing out

of free quotas for gas production by 2030.

to date, are carried in the balance sheet at cost price,

classified as Other current receivables, as long as

such purchased quotas are acquired in order to

cover own emissions and may be kept to cover

subsequent years’ emissions.

Obligations resulting from current year emissions and

the corresponding amounts for quotas that have

been bought, paid, and expensed, but which have not

yet been surrendered to the relevant authorities, are

reflected net in the balance sheet.

Total expensed CO₂ cost related to emissions and

purchase of CO₂ quotas in Equinor related to

activities resulting in GHG emissions (Equinor’s share

of the operating licences in addition to land-based

facilities) amounted to USD 465 million in 2024,

USD 486 million in 2023 and USD 510 million in 2022.

A large portion of the cost of CO₂ is related to the

purchase of EU ETS quotas. The table below shows,

on a 100% operated basis, an analysis of number of

quotas utilised and the related monetary amounts

recognised in financial statements by Equinor’s

operated licences and land- based facilities subject

to the requirements under EU ETS.

Allocated free quotas consist of actual free quotas

received in ETS during the calendar year. In 2024,

Equinor received the allocated share of free quotas

for the years 2024 and 2023, due to a delay in the

allocation schedule. The closing balance for the

number of quotas consists mainly of purchased

quotas for current year and remaining quotas after

the settlement of current and previous year(s),

including free quotas. The closing balance in USD

consists mainly of the value of the remaining quotas

after the preliminary allocation of the current year

quotas.


(in USD million)	2024	2023

Offshore, REN	1,983	880
Onshore, REN	170	1,127
Total Additions to PP&E, intangibles and equity accounted investments - REN	2,153	2,007

Low carbon solutions (within MMP)	76	179
Total Additions to PP&E, intangibles and equity accounted investments - REN and LCS	2,229	2,186

Investments in renewables and low-carbon solutions

Equinor’s ambition is to build a focused, carbon

efficient oil and gas portfolio complemented with

renewable and low-carbon solutions to create long-

term value while supplying reliable energy with

progressively lower emissions. Equinor continues to

mature its renewables portfolio under development.

During 2024 Equinor closed an asset swap

transaction with 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.

Equinor’s investments in renewables are included as

Additions to PP&E, intangibles and equity accounted

investments in the REN-segment in note 5 Segments.

See table below for details. Over the course of 2024,

the additional investments in the South Brooklyn

Marine Terminal (SBMT) and Empire Wind projects in

the US and investments related to projects in the UK

and Europe contributed to the significant increase in

the book value compared to the prior year. See note 6

Acquisitions and disposals for more details.

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Equinor is taking steady steps to industrialise CCS.

During 2024, the Northern Lights project was

completed and is now ready to receive CO2, and

already fully booked by customers. Equinor is

pursuing the Net Zero Teesside and Northern

Endurance Partnership projects in order to provide

thermal power and CCS to local industries in the UK.

In the US, Equinor is participating in one of the largest

US carbon capture and storage projects, Bayou

Bend, which is located along the Gulf Coast in

Southeast Texas. Investments in these projects

amounted to USD 76 million in 2024 (USD 179 million in

2023).

Investments in electrification of oil and gas assets

During 2024, Equinor invested around USD 180 million

in electrification (around USD 200 million in 2023).

Equinor’s abatement projects primarily include full

and partial electrification of offshore assets in

Norway at key fields and plants, including the Troll,

Oseberg, Njord and the Hammerfest LNG plant,

mainly by power from shore. Emissions abatement

milestones in 2024 included partial electrification of

the Troll B and Troll C fields. Further, Sleipner field

centre, along with the Gudrun platform and other

associated fields, were connected to power from

shore.

Research and development activities (R&D)

Equinor is involved in several R&D projects aimed at

optimizing oil and gas activities, reducing emissions,

and developing new business opportunities in

renewables and low carbon solutions. Equinor’s total

R&D activities are presented in note 9 Auditor’s

remuneration and Research and development

expenditures (expensed R&D) and in note 12

Property, Plant & Equipment (capitalised R&D).

Power Purchase Agreements (PPAs)

Equinor holds various long-term power purchase

agreements (PPAs) for power sourced from wind and

solar parks with an expiry date up until 2040. The

agreements imply balancing services provided to the

asset owners, whereby Equinor takes over the long-

term balancing risk related to production. The

majority of these agreements are settled at the

appropriate market price less a balancing fee and

expire by the end of 2026. The agreements include

pay-as-produced elements, but since the majority of

the power purchase agreements are linked to the

applicable market prices, and the power purchased is

mainly sold on power exchanges at market price,

Equinor only holds a limited long-term price risk

related to these agreements. For accounting policies

related to power sales and related purchases, please

refer to note 7 Total revenues and other income.

Effects on estimation uncertainty

The effects of the initiatives to limit climate changes

and the potential impact of the energy transition are

relevant to some of Equinor’s economic assumptions

and future cash flow estimations. The resulting effects

and Equinor's exposure to them are sources of

uncertainty. Estimating global energy demand and

commodity prices towards 2050 is challenging due to

various complex factors, including technology change,

taxation and production limits, which may change

over time. This could lead to significant changes in

accounting estimates, such as useful life (depreciation

period and timing of asset retirement obligations),

value-in-use (impairment assessments), and deferred

tax assets (see note 11 Income taxes for expected

utilisation period of tax losses carried forward and

recognised as deferred tax assets).

Commodity prices

Significant changes in oil and gas prices outside

planning assumptions could impact our financial

performance. Equinor’s commodity price assumptions

applied in value-in-use impairment testing are based

on management’s best estimate of future market

trends. This price-set is currently not equal to the

price-set mapped out to achieve net zero emissions

by 2050 and limit global warming to 1.5 °C as outlined

in IEA’s WEO Net Zero Emissions scenario. Changes in

how the world acts with regards to achieving the

goals in the Paris agreement could have a negative

impact on the valuation of Equinor’s assets. A

calculation of possible impairments of Equinor’s

upstream production assets and certain intangible

assets using price assumptions from two IEA WEO

scenarios are provided in the sensitivity table below.

In these estimates we use management’s price

assumptions until 2030, and from 2030 onwards we

apply linear interpolation between IEA’s prices. In

previous years, a linear bridging was applied between

the current commodity prices and the first price point

provided in the WEO scenarios. To be comparable to

Equinor management’s price assumptions, we adjust

the crude oil prices in the WEO scenarios for

transportation cost and all prices for real inflation in

2024. These illustrative impairment sensitivity

calculations are based on a simplified model with

limitations as described in note 14 Impairments.

Cost of CO2

Climate-related considerations are included directly

in the impairment calculations by estimating the CO₂

taxes in the cash flows, and indirectly through

estimated commodity prices related to supply and

demand. The CO₂ prices also have effect on the

estimated production profiles and economic cut-off

of the projects.

We apply carbon price assumptions for all Equinor’s

assets, also for assets in countries outside EU where

CO2 is not already subject to taxation or where

Equinor has not established specific estimates. Our

default assumption, in real 2024 terms, is a price of

USD 92 per tonne starting in 2026 that increases to

USD 118 per tonne by 2030 and stays flat thereafter.

The EU ETS price has increased significantly from 25

EUR/tonne in 2020 to an average cost of EU ETS

allowances of 66 EUR/tonne in 2024 (86 EUR/tonne in

2023). Equinor’s commodity price assumptions

include an EU ETS price of near 70 EUR/tonne for the

next two years. By 2040 the price is assumed to

increase to around 136 EUR/tonne (130 EUR/tonne

projected in 2024), and thereafter to around 165

EUR/tonne in 2050 (150 EUR/tonne projected in

2024) in real 2024 terms.

Thus, Equinor expects greenhouse gas emission costs

to increase from current levels and to have a wider

geographical range than today. During 2024, Equinor

paid CO₂-related fees in Norway, the UK and

Germany for its own operated assets and Nigeria

and Canada for partner-operated assets.

The CO₂-tax assumptions used for impairment

calculations of Norwegian upstream assets are based

on Norway’s Climate Action Plan for the period

2021-2030 (Meld. St 13 (2020-2021)), assuming a

gradually increased CO₂ tax (the total of EU ETS +

Norwegian CO₂ tax) in Norway to 2,000 NOK/tonne

(real 2020) in 2030.

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Sensitivity table

The table below presents some relevant prices and

variables from two scenarios in IEA’s WEO 2024

compared to management’s price assumptions, and

an estimated potential impairment effect given these

scenarios. The IEA prices are adjusted for inflation

and presented in 2024 real terms. Refer to section 3.2

E1 Climate change in the Annual Report 2024 for

more details about the scenarios.


		Management's price assumptions1)		Net Zero Emissions (NZE) by 2050 Scenario4)		Announced Pledges Scenario (APS)5)
Brent blend, 2030		80	USD/bbl	42	USD/bbl	73	USD/bbl
Brent blend, 2040		75	USD/bbl	30	USD/bbl	64	USD/bbl
Brent blend, 2050		70	USD/bbl	25	USD/bbl	59	USD/bbl
TTF, 2030		8.3	USD/MMBtu	4.5	USD/MMBtu	6.2	USD/MMBtu
TTF, 2040		9.5	USD/MMBtu	4.2	USD/MMBtu	5.4	USD/MMBtu
TTF, 2050		9.5	USD/MMBtu	4.1	USD/MMBtu	5.4	USD/MMBtu
EU ETS2), 3), 2030		116	USD/tCO2	144	USD/tCO2	139	USD/tCO2
EU ETS2), 3), 2040		156	USD/tCO2	211	USD/tCO2	180	USD/tCO2
EU ETS2), 3), 2050		190	USD/tCO2	258	USD/tCO2	206	USD/tCO2
Illustrative potential impairment (USD)				~4	billion	<0.5	billion

1)	Management’s future commodity price assumptions applied when estimating value in use, see note 14 Impairments.
2)	Scenarios: Price of CO₂ quotas in advanced economies with net zero pledges, not including any other CO₂ taxes.
3)	EU ETS price assumptions have been translated from EUR to USD using Equinor’s assumptions for currency rates, EUR/ USD = 1.15
4)	A scenario where the world moves on a potential path towards limiting global warming to 1.5 °C relative to pre- industrial levels.
5)	A scenario where all national energy and climate targets made by governments are met on time and in full. Using this scenario, the world is expected to reach a 1.7ºC increase in the year 2100.

An increase in systematic climate risk may result in a

higher discount rate applied for impairment testing

purposes. Please refer to note 14 Impairments for

further information on discount rate sensitivity.

The IEA scenarios primarily stress oil and gas prices,

not reflecting the potential impact on trading and

refinery margins in MMP, or Equinor’s renewable

assets and low carbon projects. For most MMP assets,

margin movements are not directly correlated to oil

and gas price fluctuations. Further, many of Equinor’s

renewable assets have fixed price offtake contracts,

and therefore are not directly sensitive to power

prices. MMP and REN segments represent only

around 14% of Equinor’s total book value of non-

current segment assets and equity accounted

investments, as disclosed in note 5 Segments.

Including these assets in the calculation of illustrative

potential impairments would therefore not be

expected to have a material impact

Robustness of Equinor’s portfolio, and risk of stranded

assets

The transition to renewable energy, technological

development, and the expected reduction in global

demand for carbon-based energy, may impact the

future profitability of certain upstream oil and gas

assets. Equinor uses scenario analysis to outline

different possible energy futures, some of which imply

lower oil and natural gas prices and higher CO₂ tax. If

this materialises, it can lead to a decrease in the cash

flow from oil and gas, and potentially reduce the

economic lifetime of some assets. Equinor seeks to

mitigate this risk by improving the resilience of the

existing upstream portfolio, maximising the efficiency

of the infrastructure on the NCS and optimising the

high- quality international portfolio. The project

portfolio is robust to low oil and gas prices and

actions are in place to maintain cost discipline across

the company. Equinor continues to pursue high-value

barrels to enhance the portfolio, through exploration,

increased recovery in addition to acquisitions and

divestments, with the expectation of strong oil and

gas cash flow from operations. We further aim to

maintain significant capex flexibility in the current

portfolio, with non-sanctioned projects representing a

substantial part of the expected capex for the period

2026-2027 and beyond. This is expected to allow

Equinor to optimise and re-prioritise non-sanctioned

projects to ensure continued generation of high value

through cycles.

Based on the current production profiles,

approximately 57% of Equinor’s proved oil and gas

reserves, as defined by the SEC, are planned to be

produced in the period 2025-2030 and more than

98% in the period 2025-2050. In both cases, this

indicates a lower risk of early cessation of production

and can provide flexibility in adapting to the changing

market conditions or a shift in global energy demand.

Please refer to note 12 Property, plant and equipment

for the definition of proved and expected oil and gas

reserves.

Equinor will continue to selectively explore for new

resources with a focus on mature areas with existing

infrastructure to minimise emissions and maximise

value. During the transition, Equinor will continue to

supply oil and gas beyond 2035 but we anticipate

that it will form an increasingly smaller proportion of

our portfolio over time due to both declining demand

and the expected production decline on the

Norwegian Continental Shelf. Reaching Equinor’s net

50% reduction ambition for operated scope 1 and 2

emissions will require a company-wide, coordinated

effort to execute and mature the abatement projects,

improve energy efficiency, develop new technologies,

and strengthen the resilience of the portfolio. Equinor

aims to achieve a 15-20% reduction in net carbon

intensity by 2030 and a 30-40% reduction by 2035,

including scope 3 emissions. The combination of

increased renewables and decarbonised energy, the

scale up of low carbon solutions such as CCS and

optimisation of the oil and gas portfolio provides

confidence that Equinor can meet its medium-term

ambitions. As such, Equinor’s ambitions in the Energy

transition plan have currently not resulted in the

identification of additional assets being triggered for

impairment or earlier cessation.

Any future exploration may be restricted by policies,

regulations, market, and strategic considerations.

Provided that the economic assumptions would

deteriorate to such an extent that undeveloped

assets controlled by Equinor should not materialise,

Equinor 2024 Annual Report on Form 20-F 91

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assets at risk are mainly comprised of the intangible

assets Oil and Gas prospects, signature bonuses and

the capitalised exploration costs, with a total carrying

value of USD 3.6 billion in 2024, 1.1 being in EPN and

2.5 being in EPI. (USD 3.2 billion in 2023, USD 1.0 million

in E&P Norway and 2.2 in E&P International). See note

13 Intangible assets for more information regarding

Equinor’s intangible assets.

Equinor has not currently identified material physical

risk related to potential exposure of its asset portfolio

in modelled climate change scenarios, and will

continue to develop its approach for detailed

assessment going forward.

Timing of Asset Retirement Obligations (ARO)

As mentioned above, there are currently no assets

triggered for earlier cessation as a result of Equinor’s

ambitions in the Energy transition plan However, if the

business cases of Equinor’s producing oil and gas

assets should change materially, this could affect the

timing of cessation of the assets. A shorter production

period will increase the carrying value of the liability.

To illustrate, performing removal five years earlier

than currently scheduled would increase the liability

by around USD 1.1 billion before tax and excluding

held for sale assets (around USD 1.2 billion in 2023),

which is mainly related to E&P Norway. See note 23

Provisions and other liabilities for more information

regarding Equinor’s ARO, including expected timing of

cash outflows of recognised asset retirement

obligations. The most significant cash outflows are

expected between 2035-2039.

Note 4. Financial risk and capital

management

General information and financial risks

Equinor's business activities naturally expose Equinor

to financial risks such as market risk (including

commodity price risk, currency risk, interest rate risk

and equity price risk), liquidity risk and credit risk.

Equinor’s approach to risk management includes

assessing and managing risk in activities using a

holistic risk approach, by considering relevant

correlations at portfolio level between the most

important market risks and the natural hedges

inherent in Equinor’s portfolio. This approach allows

Equinor to reduce the number of risk management

transactions and avoid sub-optimisation.

The corporate risk committee, which is an advisory

body in Enterprise Risk Management, is responsible

for Equinor’s Enterprise Risk Management and for

proposing appropriate measures to adjust risk at the

corporate level. This includes assessing Equinor’s

financial risk policies.

Market risk

Equinor operates in the worldwide crude oil, refined

products, natural gas, and electricity markets and is

exposed to market risks including fluctuations in

hydrocarbon prices, foreign currency rates, interest

rates, and electricity prices that can affect the

revenues and costs of operating, investing, and

financing. These risks are managed primarily on a

short-term basis with a focus on achieving the highest

risk-adjusted returns for Equinor within the given

mandate. Long term exposures are managed at the

corporate level, while short-term exposures are

managed according to trading strategies and

mandates. Mandates in the trading organisations

within crude oil, refined products, natural gas, and

electricity are relatively restricted compared to the

total market risk of Equinor.

Commodity price risk

Equinor’s most important long-term commodity risk

(crude oil and natural gas) is related to future market

prices as Equinor´s risk policy is to be exposed to both

upside and downside price movements. In the longer

term, also power price risk is to a large extent

expected to contribute to Equinor’s commodity price

risk portfolio. To manage short-term commodity risk,

Equinor enters into commodity-based derivative

contracts, including futures, options, over-the-counter

(OTC) forward contracts, market swaps and

contracts for differences related to crude oil,

petroleum products, natural gas, power and

emissions. Equinor’s bilateral gas sales portfolio is

exposed to various price indices with a combination

of gas price markers. The term of crude oil and

refined oil products derivatives are usually less than

one year, and they are traded mainly on the Inter-





Commodity price sensitivity	At 31 December
	2024		2023
(in USD million)	-30%	+30%	-30%	+30%
Crude oil and refined products net gains/(losses)	881	(882)	442	(442)
Natural gas, electricity and CO₂ net gains/(losses)	(122)	210	86	(52)

Continental Exchange (ICE), the CME group, the OTC

Brent market, and crude and refined products swap

markets. The term of natural gas, power, and emission

derivatives is usually three years or less, and they are

mainly OTC physical forwards and options, NASDAQ

OMX Oslo forwards, and futures traded on the

European Energy Exchange (EEX), NYMEX and ICE.

The table below contains the commodity price risk

sensitivities of Equinor's commodity-based derivative

contracts. Equinor's assets and liabilities resulting

from commodity-based derivative contracts consist

of both exchange traded and non-exchange traded

instruments, including embedded derivatives that

have been bifurcated and recognised at fair value in

the Consolidated balance sheet.

Price risk sensitivities at the end of 2024 and 2023 at

30% are assumed to represent a reasonably possible

change based on the duration of the derivatives.

Since none of the derivative financial instruments

included in the table below are part of hedging

relationships, any changes in the fair value would be

recognised in the Consolidated statement of income.

Equinor 2024 Annual Report on Form 20-F 92

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Currency risk

Equinor’s cash flows from operating activities deriving

predominantly from oil and gas sales, operating

expenses and capital expenditures are mainly in USD,

but taxes, dividends to shareholders on the Oslo Børs

and a share of our operating expenses and capital

expenditures are in NOK. Accordingly, Equinor’s

currency management is primarily linked to mitigate

currency risk related to payments in NOK. This means

that Equinor regularly purchases NOK, primarily spot,

but also on a forward basis using conventional

derivative instruments.

The following currency risk sensitivity for financial

instruments has been calculated, by assuming a 10%

reasonable possible change in the most relevant

foreign currency exchange rates that impact

Equinor’s financial accounts, based on balances at

31 December 2024. As of 31 December 2023, a

change of 11% in the most relevant foreign currency

exchange rates was viewed as a reasonable possible

change. With reference to the table below, a negative

figure represents a negative equity impact/loss, while

a positive figure represents a positive equity impact/

gain.

Interest rate risk

Bonds are normally issued at fixed rates in a variety

of currencies (among others USD, EUR and GBP) and

some of these bonds are converted to floating USD

bonds by using interest rate and currency swaps.

Equinor manages its interest rates exposure on its

bond portfolio based on risk and reward

considerations from an enterprise risk management

perspective. This means that the fixed/floating mix on

interest rate exposure may vary from time to time.

For more detailed information about Equinor’s long-

term debt portfolio see note 21 Finance debt.

The following interest rate risk sensitivity has been

calculated by assuming a change of 100 basis points

as a reasonable possible change in interest rates at

the end of 2024. In 2023, a change of 130 basis points

was viewed as a reasonable possible change in

interest rates. A decrease in interest rates will have

an estimated positive impact on net financial items in

the Consolidated statement of income, while an

increase in interest rates will have an estimated

negative impact on net financial items in the

Consolidated statement of income.


Currency risk sensitivity	At 31 December 2024
(in USD million)	NOK	EUR	GBP

Impact from a 10% strengthening of given currency vs USD on:
Shareholders equity through OCI	888	309	925
Shareholders equity through P&L	84	(167)	(167)
Impact from a 10% weakening of given currency vs USD on:
Shareholders equity through OCI	(888)	(309)	(925)
Shareholders equity through P&L	(84)	167	167

Currency risk sensitivity	At 31 December 2023
(in USD million)	NOK	EUR	GBP

Impact from a 11% strengthening of given currency vs USD on:
Shareholders equity through OCI	1,519	406	903
Shareholders equity through P&L	(413)	(418)	(92)
Impact from a 11% weakening of given currency vs USD on:
Shareholders equity through OCI	(1,519)	(406)	(903)
Shareholders equity through P&L	413	418	92


Interest risk sensitivity		At 31 December
	2024		2023
(in USD million)	- 100 basis points	+ 100 basis points	- 130 basis points	+ 130 basis points
Positive/(negative) impact on net financial items	262	(250)	336	(333)

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Equity price risk

Equinor’s captive insurance company holds listed

equity securities as part of its portfolio. In addition,

Equinor holds some other listed and non-listed

equities, mainly for long-term strategic purposes. By

holding these assets, Equinor is exposed to equity

price risk, defined as the risk of declining equity prices,

which can result in a decline in the carrying value on

certain of Equinor’s assets recognised in the balance

sheet. The equity price risk in the portfolio held by

Equinor’s captive insurance company is managed,

with the aim of maintaining a moderate risk profile,

through geographical diversification and the use of

broad benchmark indexes.


Equity price sensitivity		At 31 December
	2024		2023
(in USD million)	-35%	35%	-35%	35%
Net gains/(losses)	(1,234)	1,234	(552)	552

The following equity price risk sensitivity has been

calculated, by assuming a 35% reasonable possible

change in equity prices that impact Equinor’s financial

accounts, based on balances at 31 December 2024.

At 31 December 2023, a change of 35% in equity

prices was equally viewed as a reasonable possible

change.

The estimated gains and the estimated losses

following from a change in equity prices would impact

the Consolidated statement of income.

Liquidity risk

Liquidity risk is the risk that Equinor will not be able to

meet obligations of financial liabilities when they

become due. The purpose of liquidity management is

to ensure that Equinor always has sufficient funds

available to cover its financial obligations.

The main cash outflows include the quarterly dividend

payments and Norwegian petroleum tax payments

made six times per year. Trading in collateralised

commodities and financial contracts also exposes

Equinor to liquidity risk related to potential collateral

calls from counterparties.

If the cash flow forecasts indicate that the liquid

assets will fall below target levels, new long-term

funding will be considered. Equinor raises debt in all

major capital markets (USA, Europe and Asia) for

long-term funding purposes. The policy is to have a


			At 31 December
	2024			2023
(in USD million)	Non- derivative financial liabilities	Lease liabilities	Derivative financial liabilities	Non- derivative financial liabilities	Lease liabilities	Derivative financial liabilities
Year 1	22,266	1,363	673	20,209	1,369	857
Year 2 and 3	5,723	1,299	643	6,035	1,434	636
Year 4 and 5	3,415	494	480	5,601	496	404
Year 6 to 10	6,174	488	1,156	6,846	405	1,016
After 10 years	10,355	315	425	10,751	72	340
Total specified	47,933	3,959	3,377	49,443	3,775	3,252

maturity profile with repayments not exceeding 5% of

capital employed in any year for the nearest five

years. Equinor’s non- current financial liabilities have

a weighted average maturity of approximately nine

years. For more information about Equinor’s non-

current financial liabilities, see note 21 Finance debt.

Short-term funding needs will normally be covered by

the USD 5.0 billion US Commercial paper programme

(CP) which is backed by a revolving credit facility of

USD 5.0 billion, supported by 19 core banks, maturing

in 2029. The facility supports secure access to

funding, supported by the best available short-term

rating. As at 31 December 2024 the facility has not

been drawn upon.

The table below shows a maturity profile, based on

undiscounted contractual cash flows, for Equinor’s

financial liabilities.

Equinor 2024 Annual Report on Form 20-F 94

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Credit risk

Credit risk is the risk that Equinor’s customers or

counterparties will cause Equinor financial loss by

failing to honour their obligations. Credit risk arises

from credit exposures with customer accounts

receivables as well as from financial investments,

derivative financial instruments and deposits with

financial institutions. Equinor uses risk mitigation tools

to reduce or control credit risk both on a

counterparty and portfolio level. The main tools

include bank and parental guarantees, prepayments,

and cash collateral.

Prior to entering into transactions with new

counterparties, Equinor’s credit policy requires all

counterparties where Equinor has material credit

exposure to be formally identified and assigned

internal credit ratings. The internal credit ratings

reflect Equinor’s assessment of the counterparties'

credit risk and are based on a quantitative and

qualitative analysis of recent financial statements and

other relevant business information. All

counterparties are re-assessed regularly.

Equinor has pre-defined limits for the absolute credit

risk level allowed at any given time on Equinor’s

portfolio as well as maximum credit exposures for

individual counterparties. Equinor monitors the

portfolio on a regular basis and individual, material

exposures against limits on a daily basis. Equinor’s

total credit exposure is geographically diversified

among a number of counterparties within the oil and

energy sector, as well as larger oil and gas

consumers and financial counterparties. The majority

of Equinor’s credit exposure is with investment- grade

counterparties.

The following table contains the carrying amount of

Equinor’s financial receivables and derivative financial

instruments split by Equinor’s assessment of the

counterparty's credit risk. Receivables that are

overdue with more than 30 days represents less than

1% of the total reported trade and other receivables.

A provision has been recognised for expected credit

losses of trade and other receivables using the

expected credit loss model. Only non-exchange

traded instruments are included in derivative financial

instruments.


(in USD million)	Non-current financial receivables	Current financial receivables	Trade and other receivables	Non-current derivative financial instruments	Current derivative financial instruments

At 31 December 2024
Investment grade, rated A or above	208	2,231	3,764	308	639
Other investment grade	3	17	5,286	—	223
Non-investment grade or not rated	531	404	4,541	340	161

Total financial assets	743	2,651	13,591	648	1,023

At 31 December 2023
Investment grade, rated A or above	193	2,609	3,248	305	565
Other investment grade	8	29	5,103	7	565
Non-investment grade or not rated	140	351	4,853	247	248

Total financial assets	341	2,989	13,204	559	1,378
For more information about Trade and other receivables, see note 18 Trade and other receivables.

Following the disaggregation of Trade and other receivables, see note 16 and 18 for details, a new column Current

financial receivables has been added to the table above.

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The table below presents the amounts offset under

the terms of various offsetting agreements for

financial assets and liabilities. These agreements are

mainly entered into to manage the credit risks

associated with over-the-counter commodity trading

as well as regular commodity purchases and sales

and enable Equinor and their counterparties to set off

financial liabilities against financial assets in the

ordinary course of business as well as in case of

default. In addition, exchange-traded commodity

derivatives are offset towards collateral receipts/

payments as a result of day-to-day cash settlements

based on change in fair value of open derivative

positions. Amounts not qualifying for offsetting

consists of collateral receipts or payments which

usually is settled on a gross basis. Normally these

amounts will offset in a potential default situation.

There exist no restrictions on collaterals received.


(in USD million)	Gross amounts of recognised financial assets/ liabilities	Gross amounts offset in the balance sheet	Net amounts presented in the balance sheet	Amounts of remaining rights to set-off not qualifying for offsetting	Net amount	(in USD million)	Gross amounts of recognised financial assets/ liabilities	Gross amounts offset in the balance sheet	Net amounts presented in the balance sheet	Amounts of remaining rights to set-off not qualifying for offsetting	Net amount

At 31 December 2024						At 31 December 2023
Financial assets						Financial assets
Trade and other receivables	15,900	2,310	13,590	—	13,590	Trade and other receivables	16,337	3,133	13,205	—	13,205
Current interest-bearing financial receivables and accrued interest	755	141	614	—	614	Current interest-bearing financial receivables and accrued interest	802	—	802	—	802
Collateral receivables	5,553	3,515	2,037	2,037	—	Collateral receivables	8,713	6,526	2,186	2,186	—
Derivative financial instruments	6,946	5,273	1,673	758	914	Derivative financial instruments	12,767	10,829	1,937	677	1,260

Total financial assets	29,153	11,239	17,914	2,795	15,119	Total financial assets	38,619	20,488	18,130	2,863	15,267

Financial liabilities						Financial liabilities
Trade payables	13,420	2,310	11,110	—	11,110	Trade payables	12,689	3,133	9,556	—	9,556
Accrued expenses and other current financial liabilities	1,526	141	1,385	—	1,385	Accrued expenses and other current financial liabilities	1,495	—	1,495	—	1,495
Collateral liabilities	4,071	3,686	385	385	—	Collateral liabilities	7,791	7,333	458	458	—
Derivative financial instruments	7,893	5,102	2,791	2,411	380	Derivative financial instruments	13,437	10,023	3,414	2,405	1,009

Total financial liabilities	26,910	11,239	15,671	2,795	12,875	Total financial liabilities	35,413	20,488	14,924	2,863	12,061

Following the disaggregation of Trade and other

receivables, see note 16 and 18 for details, a new line

item Current interest-bearing financial receivables

and accrued interest has been added to the tables

above. Similarly, the disaggregation of Trade, other

payables and provisions, see note 23 and 24 for

details, a new line item Accrued expenses and other

current financial liabilities has been added to the

tables above.

Equinor 2024 Annual Report on Form 20-F 96

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Capital management

The main objectives of Equinor's capital management

policy are to maintain a strong overall financial

position and to ensure sufficient financial flexibility.

Equinor’s primary focus is on maintaining its credit

rating in the A category on a stand alone basis

(excluding uplifts for Norwegian Government

ownership). Equinor’s current long-term ratings are

AA- with a stable outlook (including one notch uplift)

and Aa2 with a stable outlook (including two notch

uplift) from S&P and Moody’s, respectively. In order to

monitor financial robustness, a key ratio utilised by

Equinor is the non- GAAP metric of “Net interest-

bearing debt adjusted (ND2) to Capital employed

adjusted (CE2)”


	At 31 December
(in USD million)	2024	2023

Net interest-bearing debt adjusted, including lease liabilities (ND1)	9,221	(5,040)
Net interest-bearing debt adjusted (ND2)	5,711	(8,610)
Capital employed adjusted, including lease liabilities (CE1)	51,601	43,460
Capital employed adjusted (CE2)	48,091	39,890

Net debt to capital employed adjusted, including lease liabilities (ND1/CE1)	17.9%	(11.6)%

Net debt to capital employed adjusted (ND2/CE2)	11.9%	(21.6)%

ND1 is defined as Equinor's interest-bearing financial

liabilities less cash and cash equivalents and current

financial investments, adjusted for collateral deposits

and balances held by Equinor's captive insurance

company (amounting to USD 2,583 million and

USD 2,030 million for 2024 and 2023, respectively).

CE1 is defined as Equinor's total equity (including non-

controlling interests) and ND1. ND2 is defined as ND1

adjusted for lease liabilities (amounting to USD 3,510

million and USD 3,570 million for 2024 and 2023,

respectively). CE2 is defined as Equinor's total equity

(including non-controlling interests) and ND2.

Note 5. Segments

Accounting policies

Equinor’s operations are organised into business

areas and followed up through operating

segments in order to effectively manage and

execute our strategy, including the ability to

measure the progress of the business against its

strategic goals. The operating segments are

defined based on the components of Equinor that

undergo regular review by the chief operating

decision maker, Equinor's Corporate Executive

Officer (CEO). The following reportable segments

correspond to the operating segments: Exploration

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

Production International (E&P International),

Exploration & Production USA (E&P USA),

Marketing, Midstream & Processing (MMP) and

Renewables (REN). Based on materiality

considerations, the remaining operating segments

consisting of Projects, Drilling & Procurement (PDP),

Technology, Digital & Innovation (TDI) and

Corporate staff and functions, are aggregated

into the reportable segment Other. The majority of

the costs in PDP and TDI is allocated to the three

Exploration & Production segments, MMP and REN.

The Exploration & Production operating segments

are responsible for the discovery and appraisal of

new resources, commercial development and safe

and efficient operation of the oil and gas portfolios

within their respective geographical areas: E&P

Norway on the Norwegian continental shelf, E&P

USA in USA and E&P International worldwide

outside of E&P Norway and E&P USA.

PDP is responsible for oil and gas field development,

well deliveries, and sourcing across Equinor.

The accounting policies of the reporting segments

are consistent with those described in these

Consolidated financial statements, except for the

following: movements related to changes in asset

retirement obligations are excluded from the line-

item Additions to PP&E, intangibles and Equity

accounted investments, and provisions for

onerous contracts reflect only obligations

towards group external parties. The

measurement basis of segment profit is net

operating income/(loss). Deferred tax assets,

pension assets, non-current financial assets, total

current assets and total liabilities are not

allocated to the segments. Transactions between

the segments, mainly from the sale of crude oil,

gas, and related products, are performed at

defined internal prices which have been derived

from market prices. The transactions are

eliminated upon consolidation.

TDI encompasses research, technology development,

specialist advisory services, digitalisation, IT,

improvement, innovation, and ventures and future

business.

MMP is responsible for the marketing, trading,

processing and transportation of crude oil and

condensate, natural gas, NGL and refined products,

and includes refinery, terminals, and processing plant

operation. MMP is also managing power and

emissions trading and the development of

transportation solutions for natural gas, liquids, and

crude oil, including pipelines, shipping, trucking and

rail. In addition, MMP is in charge of low carbon

solutions in Equinor.

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REN is developing, exploring, investing in, and

operating areas within renewable energy such as

offshore wind, green hydrogen, storage solutions and

solar power.

Segment information for the years ended

31 December 2024, 2023, and 2022 are presented

below. For revenues per geographical area, please

see note 7 Total revenues and other income. For

further information on the following items affecting

the segments, please refer to the related notes: note

6 Acquisitions and disposals, note 14 Impairments,

and note 26 Other commitments, contingent liabilities,

and contingent assets.


2024 (in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total group

Revenues third party	239	635	263	101,208	72	86	(1)	102,502
Revenues and other income inter-segment	33,296	5,891	3,664	507	20	32	(43,409)	—
Net income/(loss) from equity accounted investments	—	13	—	(59)	100	(6)	—	49
Other income	108	804	30	136	124	21	—	1,223

Total revenues and other income	33,643	7,343	3,957	101,792	317	133	(43,410)	103,774

Purchases [net of inventory variation]	—	85	—	(92,789)	—	—	42,664	(50,040)
Operating, selling, general and administrative expenses	(3,612)	(2,123)	(1,142)	(4,919)	(687)	(44)	742	(11,786)
Depreciation and amortisation	(4,890)	(2,064)	(1,607)	(949)	(34)	(140)	—	(9,684)
Net impairment (losses)/reversals	(64)	—	—	191	(271)	(7)	—	(151)
Exploration expenses	(513)	(496)	(176)	—	—	—	—	(1,185)

Total operating expenses	(9,078)	(4,597)	(2,925)	(98,466)	(993)	(193)	43,406	(72,846)

Net operating income/(loss)	24,564	2,746	1,031	3,326	(676)	(60)	(4)	30,927

Additions to PP&E, intangibles and equity accounted investments	6,285	3,191	3,862	953	2,153	250	—	16,695

Balance sheet information
Equity accounted investments	4	—	—	768	1,530	168	2	2,471
Non-current segment assets	26,695	14,662	12,490	3,259	3,138	971	—	61,214
Non-current assets not allocated to segments								14,261

Total non-current assets								77,946

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Non-current assets by country
	At 31 December
(in USD million)	2024	2023

Norway1)	30,017	32,977
USA2)	15,638	12,587
Brazil	11,487	10,871
UK2)	1,641	5,535
Angola	1,159	1,103
Canada	1,019	1,157
Argentina	822	648
Denmark	770	973
Poland	644	447
Algeria	348	474
Other	141	265

Total non-current assets3)	63,686	67,038

1) Decrease is mainly due to strengthening of USD versus NOK. 2) Please see note 6 Acquisitions and disposals for more information. 3) Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.

Note 6. Acquisitions and disposals

Accounting policies

Business combinations and divestments

Business combinations, except for transactions between entities under common control, are accounted for

using the acquisition method when control is transferred to the Group. The acquired identifiable assets,

liabilities and contingent liabilities are measured at fair value at the date of acquisition. Acquisition costs

incurred are expensed under Selling, general and administrative expenses. The total consideration transferred

includes contingent consideration at fair value and changes in fair value resulting from events after the

acquisition date are recognised in the Consolidated statement of income under Other income.

When Equinor loses control over a subsidiary, the assets and liabilities of the subsidiary are derecognised

together with related Non-controlling interests (NCI) and other components of equity. Any retained interest in

the former subsidiary is measured at fair value at the time control is lost, and resulting gain or loss is recognised

in the Consolidated statement of income under Other income or Operating expenses, accordingly. Partial

divestments are addressed in detail in the accounting judgement section below.

On the NCS, all disposals of assets are performed including the tax base (after-tax). Any gain includes the

release of previously recognised tax liabilities related to the assets in question and is fully recognised in Other

income in the Consolidated statement of income.

Assets classified as held for sale

Non-current assets or disposal groups are classified separately as held for sale in the Consolidated balance

sheet if it is highly probable that they will be recovered primarily through sale rather than through continuing

use. This condition is met when such assets or disposal groups are available for immediate sale in their present

condition, Equinor’s management is committed to the sale, and the sale is expected to be completed within one

year from the date of classification as held for sale. In Equinor, these requirements are normally met when

management has approved a negotiated letter of intent with the counterparties. Liabilities directly associated

with the assets classified as held for sale and expected to be included as part of the sales transaction, are also

classified separately.

Accounting judgement regarding acquisitions

Determining whether an acquisition meets the definition of a business combination or an asset acquisition

requires judgement on a case-by-case basis. The conclusion may materially affect the financial statements both

in the transaction period and subsequent periods. Similar assessments are performed upon the acquisition of

an interest in a joint operation. Depending on the specific facts, acquisitions of oil and gas exploration and

evaluation licences where a development decision has not yet been made have generally been accounted for

as asset purchases. Conversely, acquisition of producing assets have generally been accounted for as business

acquisitions.

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Accounting judgement regarding partial

divestments

The accounting policy for partial divestments of

subsidiaries is based on careful consideration of

the requirements and scope of IFRS 10

Consolidated Financial Statements and IAS 28

Investments in Associates and Joint Ventures.

The assessment requires judgement on a case-

by-case basis, considering the substance of the

transactions. In evaluating the IFRS Accounting

Standards’ requirements, Equinor notes

considerations related to several relevant and

similar issues that are under consideration by

the IASB. In situations where assets are

transferred into separate legal entities

concurrently with a partial sale of the entities’

shares to a third party, resulting in Equinor’s

losing control of those asset-owning

subsidiaries, and where investments in

associates/joint ventures are established

simultaneously, Equinor only recognises the gain

or loss on the divested portion.

2024

Acquisitions

Swap of onshore oil & gas assets in the US

On 31 May 2024, Equinor and EQT Corporation

closed the swap transaction in which Equinor sold

100% of its interest in the Marcellus and Utica shale

formations in the Appalachian Basin, located in

southeastern Ohio, and transferred the operatorship

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

non-operated working interest in the Northern

Marcellus shale formation in Pennsylvania. Following

the transaction, Equinor increased its average

working interest from 15.7% to 25.7% in certain

Expand Energy-operated Northern Marcellus gas

units. Equinor paid a cash consideration of USD 467

million (net of interim period settlement) to EQT to

balance the overall transaction. With this transaction,

Equinor continues to high-grade the US portfolio and

work to strengthen the profitability of the onshore gas

position in the Appalachian Basin. The assets

acquired and liabilities assumed were recognised in

accordance with the principles in IFRS 3 Business

Combinations within the E&P USA segment, mainly as

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

intangible assets (USD 505 million).

Acquisition of additional working interests in

onshore oil & gas assets in the US

On 31 December 2024, Equinor closed a transaction

to acquire an additional non-operated interest in the

Northern Marcellus shale formation in Pennsylvania in

the US from EQT Corporation (EQT). Following the

transaction, Equinor increased its average working

interest from 25.7% to 40.7% in certain Expand

Energy-operated Northern Marcellus gas units

continuing high-grading the US portfolio. Equinor paid

a cash consideration of USD 1,242 million to EQT. The

assets acquired and liabilities assumed were

recognised in accordance with the principles in IFRS 3

Business Combinations within the E&P USA segment,

mainly as property, plant, and equipment (USD 1365

million).

Swap of US Offshore Wind assets

On 24 January 2024, Equinor entered into a swap

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

take full ownership of Empire Offshore Wind Holdings

LLC, including the Empire Wind lease and projects

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

Beacon Wind Holdings LLC, including the Beacon

Wind lease and projects (Beacon Wind). Equinor also

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

Brooklyn Marine Terminal (SBMT) lease. Based on the

agreement, Equinor controls and has consolidated

Empire Wind and SBMT from the first quarter of 2024

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

swap of Empire Wind and Beacon Wind was formally

closed on 4 April and SBMT was formally closed on

30 December. The acquisitions were accounted for as

asset acquisitions, and previous holdings were not

revalued. The swap resulted in a combined loss of

USD 147 million in the first quarter 2024, recognised in

the REN segment and presented in the line item

Operating expenses in the Consolidated statement of

income.

Disposals

Divestment of interest in Nigeria

On 6 December 2024, Equinor closed a transaction

with Chappal Energies for the sale of Equinor Nigeria

Energy Company (ENEC), which holds a 53.85%

ownership in the oil and gas lease OML 128, including

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

consideration received amounts to USD 682 million,

including USD 482 million in cash. In addition, the

estimated fair value of deferred and contingent

consideration has been included in the gain of USD

795 million recognised in the fourth quarter within the

E&P International segment, and reported as Other

Income in the Consolidated statement of income. Prior

to closing, Equinor received USD 300 million in

extraordinary dividends.

Divestment of interests in Azerbaijan

On 29 November 2024, Equinor closed a transaction

with the State Oil Company of the Republic of

Azerbaijan (SOCAR) and ONGC Videsh Limited

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

The assets comprise a 7.27% non-operated interest in

the Azeri Chirag Gunashli (ACG) oil fields in the

Azerbaijan sector of the Caspian Sea and 8.71%

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

The total consideration for Equinor's Azerbaijan

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

USD 84 million has been recognised within the E&P

International segment in the fourth quarter 2024 and

presented in the line item Operating expenses in the

Consolidated statement of income. An impairment

loss of USD 310 million was recognised in fourth

quarter 2023, upon classification as held for sale,

presented within the line item Depreciation,

amortisation and net impairments in the Consolidated

statement of income.

Equinor 2024 Annual Report on Form 20-F 102

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Held for sale

Joint venture agreement with Shell in the UK

On 5 December 2024, Equinor and Shell agreed to

merge their UK upstream businesses and establish a

joint venture. The parties will hold a 50% equity

interest each. Selected UK North Sea upstream fields,

associated licenses and infrastructure will be

transferred by both parties to the joint venture,

including Equinor’s interests in Rosebank, Mariner and

Buzzard. The joint venture will be accounted for under

the equity method upon completion of the

transaction. Completion of the transaction is subject

to license partners’ and regulatory approvals and is

expected by the end of 2025. As of 31 December

2024, related assets held for sale amounted to USD

6,843 million and liabilities directly associated with

these assets held for sale amounted to USD 740

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

E&P International segment.

2023

Acquisitions

Acquisition of Rio Energy

On 3 November 2023, Equinor closed a transaction

with Denham Capital to acquire 100% of the shares in

Horus Investimentos S.A., the parent company of Rio

Energy Participações S.A., a leading onshore

renewables company in Brazil. The cash consideration

amounted to USD 82 million in addition to USD 268

million in capital contribution to settle Rio Energy’s

external financing. The acquired portfolio includes a

producing onshore wind farm in the north-eastern

state of Bahia, a pre-construction solar photovoltaic

(PV) portfolio and a pipeline of 1.2 GW of onshore

wind and solar projects. This transaction resulted in

an increase in Equinor’s property, plant and

equipment of USD 350 million. The transaction has

been accounted for as a business combination within

the REN segment.

Acquisition of Suncor Energy UK Limited

On 30 June 2023, Equinor closed a transaction with

Suncor Energy UK Holdings Ltd to acquire 100% of

the shares in Suncor Energy UK Limited for a total

consideration of USD 847 million after customary

adjustments for working capital. The transaction

includes a non-operated interest in the producing

Buzzard oil field (29.89%) and an additional interest in

the operated Rosebank development (40%). The

transaction has been accounted for within the E&P

International segment as a business combination,

resulting in an increase in Equinor’s property, plant

and equipment of USD 1,490 million and deferred tax

liabilities of USD 672 million.

Acquisition of BeGreen

On 26 January 2023, Equinor closed a transaction

with the Bregentved Group and members of the

executive board of BeGreen Solar Aps to acquire

100% of the shares in the Danish solar developer

BeGreen Solar Aps. The cash consideration

amounted to USD 252 million (EUR 235 million), in

addition to a consideration contingent on the

successful delivery of future solar projects above an

agreed megawatt threshold. The transaction has

been accounted for within the REN segment as a

business combination, resulting in an increase of

Equinor’s intangible assets of USD 423 million.

Disposals

Equinor Energy Ireland Limited

On 31 March 2023, Equinor closed the transaction

with Vermilion Energy Inc (Vermillion) to sell Equinor’s

non- operated equity position in the Corrib gas

project in Ireland, covering 100% of the shares in

Equinor Energy Ireland Limited (EEIL). Prior to closing,

Equinor received an extraordinary dividend of

USD 371 million from EEIL. Total consideration

amounted to USD 362 million, including cash

settlement of contingent consideration. A loss of

USD 258 million has been recognised within the E&P

International segment and presented in the line item

Operating expenses in the Consolidated statement of

income.

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Note 7. Total revenues and other income

Accounting policies

Revenue recognition

Equinor presents Revenue from contracts with

customers and Other revenue as a single caption,

Revenues, in the Consolidated statement of income.

Revenue from contracts with customers

Revenue from the sale of crude oil, natural gas,

petroleum products, power and other merchandise is

recognised when a customer obtains control of those

products, which for tangible products normally is

when title passes at point of delivery, based on the

contractual terms of the agreements. Each such sale

normally represents a single performance obligation.

In the case of natural gas as well as power, which is

delivered on a continuous basis through pipelines and

grid, sales are completed over time in line with the

delivery of the actual physical quantities.

Sales and purchases of physical commodities are

presented on a gross basis as Revenues from

contracts with customers and Purchases [net of

inventory variation] respectively in the Consolidated

statement of income. When the contracts are

deemed financial instruments or part of Equinor’s

trading activities, they are settled and presented on a

net basis as Other revenue. Reference is made to

note 28 Financial instruments and fair value

measurement for a description of accounting policies

regarding derivatives. Sales of Equinor’s own

produced oil and gas volumes are always reflected

gross as Revenue from contracts with customers.

Revenues from the production of oil and gas in which

Equinor shares an interest with other companies are

recognised on the basis of volumes lifted and sold to

customers during the period (the sales method).

Where Equinor has lifted and sold more than the

ownership interest, an accrual is recognised for the

cost of the overlift. Where Equinor has lifted and sold

less than the ownership interest, costs are deferred

for the underlift.

Other revenue

Items that represent a form of revenue, or are

related to revenue from contracts with customers,

are presented as other revenue if they do not meet

the criteria for classification as revenue from

contracts with customers. These other revenue items

include taxes paid in-kind under certain production

sharing agreements (PSAs) and the net impact of

commodity trading and commodity-based derivative

instruments related to sales contracts or revenue-

related risk management.

Transactions with the Norwegian state

Equinor markets and sells the Norwegian state's share of

oil and gas production from the Norwegian continental

shelf (NCS). The Norwegian state's participation in

petroleum activities is organised through the Norwegian

State’s Direct Financial Interests (SDFI). Purchases and

sales of the SDFI's share of crude oil and natural gas

liquids (NGL) production, as well as the majority of the

SDFI’s share of liquefied natural gas (LNG) production,

are presented as purchases [net of inventory variation]

and revenues from contracts with customers,

respectively.

Equinor sells, in its own name, but for the SDFI’s account

and risk, the SDFI’s share of natural gas volumes. These

sales and related expenditures refunded by the SDFI are

presented net in the Consolidated financial statements.

However, if such sales are made in the name of Equinor’s

subsidiaries, the related balance sheet items are

reflected gross in the Consolidated balance sheet.

Accounting judgement related to transactions with the

Norwegian state

Whether to account for the transactions gross or net

involves the use of significant accounting judgement. In

making the judgement, Equinor has considered whether

it controls the SDFI's share of the volumes prior to

onwards sales to third party customers, taking into

account the pricing mechanisms and the flow of benefits

to Equinor and the SDFI. The assessment is also

impacted by the geographical area in which the sale

takes place.

With regard to the sales of crude oil, natural gas liquids

(NGL), and a major part of liquefied natural gas (LNG),

Equinor directs the use of the volumes and, although

certain benefits from the sales subsequently flow to the

SDFI, Equinor purchases the volumes from the SDFI and

obtains substantially all the remaining benefits. On this

basis, Equinor has concluded that it acts as principal in

these sales.

Regarding sales of natural gas, Equinor has concluded

that control of the volumes does not transfer from the

SDFI to Equinor. Although Equinor has been granted the

ability to direct the use of the volumes, all the benefits

from the sales of these volumes flow to the SDFI. On this

basis, Equinor is not considered the principal in these

sales.

Reference is made to note 27 Related parties for more

details regarding transactions performed between

Equinor and SDFI.

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Revenues from contracts with customers by

geographical areas

Equinor has business operations in around 30 countries.

When attributing the line-item Revenues from contracts

with customers in 2024 to the country of the legal entity

executing the sale, Norway and the USA accounted for 79%

and 18% respectively (79% and 18% respectively in 2023,

and 84% and 13% respectively in 2022). Revenues from

contracts with customers are mainly reflecting such

revenues from the reporting segment MMP.


Revenues from contracts with customers and other revenues
(in USD million)	Note	2024	2023	2022

Crude oil		58,249	56,861	58,524

Natural gas		22,192	26,386	65,232
- European gas		18,133	23,174	58,239
- North American gas		1,044	1,111	2,884
- Other incl LNG		3,015	2,102	4,109

Refined products		9,242	10,083	11,093
Natural gas liquids		7,751	8,345	9,240
Power1)		1,882	2,223	3,953
Transportation		1,334	1,425	1,470
Other sales1)		649	809	748

Total revenues from contracts with customers		101,298	106,132	150,262

Taxes paid in-kind		300	342	412
Physically settled commodity derivatives		284	1,331	(2,534)
Gain/(loss) on commodity derivatives		180	(1,041)	739
Change in fair value of trading inventory		148	(334)	(194)
Other revenues		292	418	319
Total other revenues		1,204	716	(1,258)

Revenues		102,502	106,848	149,004

Net income/(loss) from equity accounted investments	15	49	(1)	620
Other income	6	1,223	327	1,182

Total revenues and other income		103,774	107,174	150,806
1) As from 2024, the line item Power has been disaggregated from the line item Other sales. 2023 and 2022 figures have been disaggregated accordingly.

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Note 8. Salaries and personnel expenses


(in USD millions, except average number of employees)	2024	2023	2022

Salaries1)	3,197	2,876	2,875
Pension costs2)	495	441	459
Payroll tax	538	511	433
Other compensations and social costs	381	375	324

Total payroll expenses	4,610	4,203	4,090

Average number of employees3)	24,400	23,000	21,900

1) Salaries include bonuses and expatriate costs in addition to base pay.
2) See note 22 Pensions.
3) Part time employees amount to 2% for 2024, 2% for 2023 and 3% for 2022.

Total payroll expenses are accumulated in cost-pools and partially charged to partners of Equinor operated licences

on an hours incurred basis.


Compensation to the board of directors (BoD) and the corporate executive committee (CEC)
	Full year
(in USD million)1)	2024	2023	2022

Current employee benefits	11.1	10.7	12.9
Post-employment benefits	0.3	0.3	0.4
Other non-current benefits	0.0	0.0	0.0
Share-based payment benefits	0.2	0.3	0.2

Total benefits	11.6	11.3	13.5

1) All figures in the table are presented on accrual basis.

At 31 December 2024, 2023, and 2022 there are no loans to the members of the BoD or the CEC.

Share-based compensation

Equinor's share saving plan provides employees with the opportunity to purchase Equinor shares through monthly

salary deductions and a contribution by Equinor. If the shares are kept for two full calendar years of continued

employment following the year of purchase, the employees will be allocated one bonus share for each share they

have purchased.

Estimated compensation expense including the contribution by Equinor for purchased shares, amounts vested for

bonus shares granted and related social security tax was USD 83 million, USD 78 million, and USD 85 million related to

the 2024, 2023 and 2022 programmes, respectively. For the 2025 programme (granted in 2024), the estimated

compensation expense is USD 82 million. At 31 December 2024 the amount of compensation cost yet to be expensed

throughout the vesting period is USD 176 million.

See note 20 Shareholders’ equity, capital distribution and earnings per share for more information about share-

based compensation.

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Note 9. Auditor’s remuneration and Research and development expenditures


Auditor’s remuneration
	Full year
(in USD millions, excluding VAT)	2024	2023	2022

Audit fee	15.5	14.9	11.4
Audit related fee	1.7	1.2	1.8
Tax fee	—	—	—
Other service fee	0.4	—	—

Total remuneration	17.6	16.1	13.2

In addition to the figures in the table above, the audit fees and audit related fees related to Equinor operated

licences amount to USD 0.5 million, USD 0.5 million and USD 0.6 million for 2024, 2023 and 2022, respectively.

Research and development expenditures (R&D)

Equinor has R&D activities within exploration, subsurface, drilling and well, facilities, low carbon and renewables. R&D

activities contribute to maximising and developing long-term value from Equinor’s assets. R&D expenditures are

partially financed by partners of Equinor operated licences.

R&D expenditures including amounts charged to partners were USD 348 million, USD 311 million and USD 308 million

in 2024, 2023 and 2022, respectively. Equinor's share of the expenditures has been recognised within Total operating

expenses in the Consolidated statement of income.

Note 10. Financial items


	Full year
(in USD million)	2024	2023	2022

Dividends received	149	218	93
Interest income financial investments, including cash and cash equivalents	1,217	1,468	398
Interest income non-current financial receivables	33	31	30
Interest income other current financial assets and other financial items	551	732	701

Interest income and other financial income	1,951	2,449	1,222

Interest expense bonds and bank loans and net interest on related derivatives	(1,211)	(1,263)	(1,029)
Interest expense lease liabilities	(131)	(132)	(90)
Capitalised borrowing costs	662	468	382
Accretion expense asset retirement obligations	(525)	(538)	(449)
Interest expense current financial liabilities and other financial expense	(377)	(195)	(192)

Interest expenses and other financial expenses	(1,582)	(1,660)	(1,379)

Foreign currency exchange gains/(losses) derivative financial instruments	586	(1,476)	797
Other foreign currency exchange gains/(losses)	(420)	2,327	1,291

Net foreign currency exchange gains/(losses)	166	852	2,088

Gains/(losses) financial investments	(522)	123	(394)

Gains/(losses) other derivative financial instruments	46	351	(1,745)

Net financial items	58	2,114	(207)

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Equinor's main financial items relate to assets and

liabilities in the fair value through profit or loss and

the amortised cost categories. For more information

about financial instruments by category see note 28

Financial instruments and fair value measurement.

Interest income financial investments, including cash

and cash equivalents includes interest income related

to balances at amortised cost of USD 1,132 million ,

USD 1,410 million, and USD 364 million for 2024, 2023

and 2022, respectively.

Interest expense bonds and bank loans and net

interest on related derivatives includes interest

expenses of USD 787 million, USD 857 million, and

USD 918 million for 2024, 2023 and 2022,

respectively, on financial liabilities at amortised cost. It

also includes net interest on related derivatives at fair

value through profit or loss, amounting to a net

interest expense of USD 425 million , USD 405 million

and USD 111 million for 2024, 2023 and 2022

respectively.

Foreign currency exchange gains/(losses) derivative

financial instruments include fair value changes of

currency derivatives related to liquidity and currency

risk. Other foreign currency exchange gains/(losses)

includes a fair value loss from derivatives related to

non-current debt of USD 397 million in 2024, a gain of

USD 315 million in 2023 and a loss of USD 691 million

in 2022.

Gains/(losses) financial investments primarily include

fair value change from shares in other companies,

with a loss of USD 496 million in 2024, a gain of

USD 124 million in 2023 and a loss of USD 396 million

in 2022.

Gains/(losses) other derivative financial instruments

primarily include fair value changes from interest rate

related derivatives, with a gain of USD 33 million in

2024, a gain of USD 332 million in 2023 and a loss of

USD 1,760 million in 2022.

Note 11. Income taxes

Accounting policies

Income tax

Income tax in the Consolidated statement of

income comprises current income tax and effects

of changes in deferred tax positions. Income tax is

recognised in the Consolidated statement of

income except when it relates to items recognised

in other comprehensive income (OCI).

Current tax consists of the expected tax payable

for the year and any adjustment to tax payable for

previous years. Uncertain tax positions and

potential tax exposures are analysed individually.

The outcomes of tax disputes are mostly binary in

nature, and in each case the most likely amount for

probable liabilities to be paid (including penalties)

or assets to be received (disputed tax positions for

which payment has already been made) is

recognised within Current tax or Deferred tax as

appropriate.

Deferred tax assets and liabilities are recognised

for the future tax consequences attributable to

differences between the carrying amounts of

existing assets and liabilities and their respective

tax bases, and on unused tax losses and credits

carried forward, subject to the initial recognition

exemption. A deferred tax asset is recognised only

to the extent that it is probable that future taxable

income will be available against which the asset

can be utilised. For a deferred tax asset to be

recognised based on future taxable income,

convincing evidence is required, considering the

existence of contracts, production of oil or gas in the

future based on volumes of expected reserves,

observable prices in active markets, expected

volatility of trading profits, expected foreign currency

rate movements and similar facts and circumstances.

When an asset retirement obligation or a lease

contract is initially reflected in the accounts, a

deferred tax liability and a corresponding deferred

tax asset are recognised simultaneously and

accounted for in line with other deferred tax items.

Estimation uncertainty regarding income tax

Equinor incurs significant amounts of income taxes

payable to various jurisdictions and may recognise

significant changes to deferred tax assets and

deferred tax liabilities. There may be uncertainties

related to interpretations of applicable tax laws and

regulations regarding amounts in Equinor’s tax

returns, which are filed in a number of tax regimes.

For cases of uncertain tax treatments, it may take

several years to complete the discussions with

relevant tax authorities or to reach resolutions of the

appropriate tax positions through litigation.

The carrying values of income tax related assets

and liabilities are based on Equinor's

interpretations of applicable laws, regulations and

relevant court decisions. The quality of these

estimates, including the most likely outcomes of

uncertain tax treatments, is dependent upon

proper application of at times very complex sets of

rules, the recognition of changes in applicable rules

and, in the case of deferred tax assets,

management's ability to project future earnings

from activities that may apply loss carry forward

positions against future income taxes. Climate-

related matters and the transition to carbon-

neutral energy-consumption globally have

increased the uncertainty in determining key

business assumptions used to assess the

recoverability of deferred tax assets through

sufficient future taxable income before tax losses

expire.

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Significant components of income tax expense
	Full year
(in USD million)	2024	2023	2022

Current income tax expense in respect of current year	(20,063)	(24,028)	(52,124)
Prior period adjustments	76	(121)	(112)

Current income tax expense	(19,987)	(24,149)	(52,236)

Origination and reversal of temporary differences	(1,931)	(1,529)	(2,136)
Recognition/Derecognition of previously (un)recognised deferred tax assets	60	(137)	4,401
Change in tax regulations	(34)	4	—
Prior period adjustments	(264)	(169)	110

Deferred tax income/(expense)	(2,169)	(1,831)	2,375

Income tax	(22,157)	(25,980)	(49,861)

Changes to tax regimes

On 23 May 2022, the UK introduced a new levy

intended to tax windfall profits on oil and gas

production from the United Kingdom Continental

Shelf, called the Energy (Oil & Gas) Profits Levy Act

2022 (EPL). EPL was introduced as a new temporary

tax at the rate of 25%, initially from 26 May 2022 to

31 December 2025, and this was subsequently

extended to 31 March 2028, with an increase in the

rate to 35% from 1 January 2023. It applies to profits

on transactions from that date forward with no tax

relief for prior expenditures or brought forward

losses and with no EPL tax relief for interest and

decommissioning costs. Capital cost incurred since

26 May 2022 are eligible for an EPL deductible uplift

(“investment allowances”) originally of 80%, although

was reduced to 29% from 1 January 2023 for

expenditure other than that in respect of de-

carbonisation where the rate of uplift was 80%. As of

1 November 2024, the EPL rate was increased to 38%

(making the overall tax rate for petroleum activities in

the UK to 78% while the EPL is in effect) and was

extended until 30 March 2030, although the

extension of the tax was not substantially enacted at

year-end 2024. Capital expenditures incurred after

1 November 2024 are no longer eligible for the EPL

deductible uplift, with the exception of capital

expenditures for de-carbonisation, where the rate of

uplift is now 66%. EPL losses can be carried forward

without limitation and carried back for one year. The

UK Government has stated that it would publish a

consultation in early 2025 regarding how it intends to

respond to price shocks when the EPL regime ends in

March 2030.

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Reconciliation of statutory tax rate to effective tax rate
	Full year
(in USD million)	2024	2023	2022

Income/(loss) before tax	30,986	37,884	78,604

Calculated income tax at statutory rate1)	(7,673)	(8,833)	(18,168)
Calculated Norwegian Petroleum tax2)	(14,611)	(17,226)	(36,952)
Tax effect uplift3)	216	160	259
Tax effect of permanent differences regarding divestments	426	82	417
Tax effect of permanent differences caused by functional currency different from tax currency	374	5	145
Tax effect of other permanent differences	81	453	403
Recognition/Derecognition of previously (un)recognised deferred tax assets4)	60	(137)	4,401
Change in unrecognised deferred tax assets	(132)	(29)	(34)
Change in tax regulations	(34)	4	—
Prior period adjustments	(188)	(290)	(3)
Other items including foreign currency effects	(677)	(169)	(327)

Income tax	(22,157)	(25,980)	(49,861)

Effective tax rate	71.5%	68.6%	63.4%

1)The weighted average of statutory tax rates was 24.8% in 2024, 23.3% in 2023 and 23.1% in 2022. The rates are

influenced by earnings composition between tax regimes with lower statutory tax rates and tax regimes with

higher statutory tax rates.

2)The Norwegian petroleum income is taxable at a tax rate of 71.8% after deducting a calculated 22% corporate

tax.

3)As from 2023 the uplift deduction for investments on NCS has been abolished except for asset investments that

fall under the temporary rules enacted under the Covid-19 pandemic. For investments with PUD submitted to the

authorities before 31 December 2022 the rules allow a direct deduction of the whole uplift in the year the capital

expenditure is incurred. In 2023 the rate was 12.4% and this rate did not change in 2024.

4)Equinor performs its assessment on DTA recognition based on sources of income such as the reversal pattern of

taxable timing differences and projections of taxable income and recognises the amount of deferred tax assets

that is probable to be realised. In 2024 USD 60 million was recognised mainly related to updated cash flow

forecast for Angola, compared to a derecognition of USD 137 million in 2023 due to an increase in valuation

allowance mainly related to Angola and Canada,

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Deferred tax assets and liabilities comprise
(in USD million)	Tax losses carried forward	Property, plant and equipment and intangible assets	Asset retirement obligations	Lease liabilities	Pensions	Derivatives	Other	Total

Deferred tax assets	7,936	520	6,928	1,180	535	406	1,235	18,741
Deferred tax liabilities	—	(23,724)	—	(2)	(5)	(313)	(805)	(24,849)

Net asset/(liability) at 31 December 2024	7,936	(23,204)	6,928	1,178	530	93	430	(6,108)

Deferred tax assets	8,575	514	7,816	1,298	747	446	1,495	20,892
Deferred tax liabilities	(28)	(26,041)	—	(2)	(6)	—	(300)	(26,377)

Net asset/(liability) at 31 December 2023	8,547	(25,527)	7,816	1,296	741	446	1,195	(5,485)


Changes in net deferred tax liability during the year were as follows:
(in USD million)	2024	2023	2022

Net deferred tax liability at 1 January	5,485	3,179	7,655
Charged/(credited) to the Consolidated statement of income	2,169	1,831	(2,375)
Charged/(credited) to Other comprehensive income	239	(66)	105
Acquisitions and disposals	(423)	981	(968)
Foreign currency translation effects and other effects	(1,362)	(440)	(1,238)

Net deferred tax liability at 31 December	6,108	5,485	3,179

Deferred tax assets and liabilities are offset to the extent that the deferred taxes relate to the same fiscal authority,

and there is a legally enforceable right to offset current tax assets against current tax liabilities.

After netting deferred tax assets and liabilities by fiscal entity and reclassification to Assets held for sale, deferred

taxes are presented on the Consolidated balance sheet as follows:


	At 31 December
(in USD million)	2024	2023

Deferred tax assets	4,900	7,936
Deferred tax liabilities	12,726	13,345
Net deferred tax asset/(liability) classified as held for sale	1,717	(76)

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Deferred tax assets are recognised based on the

expectation that sufficient taxable income will be

available through reversal of taxable temporary

differences or future taxable income. At year-end

2024, the deferred tax assets of USD 6,850 million

were primarily recognised in the US, the UK, Norway,

Angola, Canada and Brazil. Of this amount, USD 3,553

million was recognised in entities which have suffered


Unrecognised deferred tax assets
		At 31 December
	2024		2023
(in USD million)	Basis	Tax	Basis	Tax

Deductible temporary differences	2,267	924	2,555	1,030
Unused tax credits	—	189	—	185
Tax losses carried forward	4,456	1,051	3,944	947

Total unrecognised deferred tax assets	6,723	2,164	6,499	2,162

Approximately 90% of the unrecognised carry

forward tax losses can be carried forward indefinitely.

The majority of the unrecognised tax losses that

cannot be carried forward indefinitely expire after

2027. The unrecognised tax credits expire from 2030,

while the unrecognised deductible temporary

differences do not expire under the current tax

legislation. Deferred tax assets have not been

recognised in respect of these items because

currently there is insufficient evidence to support that

future taxable profits will be available to secure

utilisation of the benefits.

a tax loss in either the current or the preceding

period. The corresponding amounts for 2023, were

USD 7,952 million and USD 965 million, respectively.

The tax losses will be utilised through reversal of

taxable temporary differences and future taxable

income, mainly from production of oil and gas. Around

80% of the tax losses carried forward and recognised

as deferred tax assets, excluding deferred tax assets

classified as held for sale, are expected to be fully

utilised within 10 years.

At year-end 2024, unrecognised deferred tax assets

in Angola and Canada represents USD 650 million

and USD 401 million, respectively, of the total

unrecognised deferred tax assets of USD 2,164

million. Similar amounts for 2023 were USD 712 million

in Angola and USD 415 million in Canada of a total of

USD 2,162 million. The remaining unrecognised

deferred tax assets originate from several different

tax jurisdictions.

Note 12. Property, plant and

equipment

Accounting policies

Property, plant and equipment

Property, plant and equipment is measured at cost,

less accumulated depreciation and impairment. The

initial cost of an asset comprises its purchase price

or construction cost, any costs directly attributable

to bringing the asset into operation, the initial

estimate of an asset retirement obligation,

exploration costs transferred from intangible

assets and, for qualifying assets, borrowing costs.

Contingent consideration included in the acquisition

of an asset or group of similar assets is initially

measured at its fair value, with later changes in fair

value other than due to the passage of time

reflected in the book value of the asset or group of

assets, unless the asset is impaired. Property, plant

and equipment include costs relating to

expenditures incurred under the terms of

production sharing agreements (PSAs) in certain

countries, and which qualify for recognition as

assets of Equinor. State- owned entities in the

respective countries, however, normally hold the

legal title to such PSA-based property, plant and

equipment.

Expenditure on major maintenance refits or repairs

comprises the cost of replacement assets or parts

of assets, inspection costs and overhaul costs.

Inspection and overhaul costs, associated with

regularly scheduled major maintenance

programmes planned and carried out at recurring

intervals exceeding one year, are capitalised and

amortised over the period to the next scheduled

inspection and overhaul. All other maintenance

costs are expensed as incurred.

Capitalised exploration and evaluation

expenditures, development expenditure on the

construction, installation or completion of

infrastructure facilities such as platforms, pipelines

and the drilling of production wells, and field-

dedicated transport systems for oil and gas are

capitalised as Producing oil and gas properties

within Property, plant and equipment. Such

capitalised costs, when designed for significantly

larger volumes than the reserves from already

developed and producing wells, are depreciated

using the unit of production method (UoP) based

on proved reserves expected to be recovered

from the area during the concession or contract

period. Depreciation of production wells uses the

UoP method based on proved developed reserves,

and capitalised acquisition costs of proved

properties are depreciated using the UoP method

based on total proved reserves. In the rare

circumstances where the use of proved reserves

fails to provide an appropriate basis reflecting the

pattern in which the asset’s future economic

benefits are expected to be consumed, a more

appropriate reserve estimate is used. Depreciation

of other assets and transport systems used by

several fields is calculated on the basis of their

estimated useful lives, normally using the straight-

line method. Each part of an item of property, plant

and equipment with a cost that is significant in

relation to the total cost of the item is depreciated

separately. For exploration and production assets,

Equinor has established separate depreciation

categories which as a minimum distinguish between

platforms, pipelines and wells.

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The estimated useful lives of property, plant and

equipment are reviewed on an annual basis, and

changes in useful lives are accounted for

prospectively. An item of property, plant and

equipment is derecognised upon disposal. Any gain or

loss arising on derecognition of the asset is included in

Other income or Operating expenses, respectively, in

the period the item is derecognised.

Monetary or non-monetary grants from

governments, when related to property, plant and

equipment and considered reasonably certain, are

recognised in the Consolidated balance sheet as a

deduction to the carrying value of the asset and

subsequently recognised in the Consolidated

statement of income over the life of the depreciable

asset as a reduced depreciation expense.

Research and development

Equinor undertakes research and development both

on a funded basis for licence holders and on an

unfunded basis for projects at its own risk, developing

innovative technologies to create opportunities and

enhance the value of current and future assets.

Expenses relate both to in-house resources and the

use of suppliers.Equinor's own share of the licence

holders' funding and the total costs of the unfunded

projects are considered for capitalisation under the

applicable IFRS Accounting Standard requirements.

Subsequent to initial recognition, any capitalised

development costs are accounted for in the same

manner as Property, plant and equipment. Costs not

qualifying for capitalisation are expensed as incurred,

see note 9 Auditor’s remuneration and Research and

development expenditures for more details.

Estimation uncertainty regarding determining oil and

gas reserves

Reserves quantities are, by definition, discovered,

remaining, recoverable and economic. Recoverable

oil and gas quantities are always uncertain.

Estimating reserves is complex and based on a high

degree of professional judgement involving

geological and engineering assessments of in-place

hydrocarbon volumes, the production, historical

recovery and processing yield factors and installed

plant operating capacity. The reliability of these

estimates depends on both the quality and availability

of the technical and economic data and the efficiency

of extracting and processing the hydrocarbons.

Estimation uncertainty; Proved oil and gas reserves

Proved oil and gas reserves may impact the carrying

amounts of oil and gas producing assets, as changes

in the proved reserves, will impact the unit of

production rates used for depreciation and

amortisation. Proved oil and gas reserves are those

quantities of oil and gas, which, by analysis of

geoscience and engineering data, can be estimated

with reasonable certainty to be economically

producible from a given date forward, from known

reservoirs, and under existing economic conditions,

operating methods, and government regulations.

Unless evidence indicates that renewal is reasonably

certain, estimates of proved reserves only reflect the

period before the contracts providing the right to

operate expire. For future development projects,

proved reserves estimates are included only where

there is a significant commitment to project funding

and execution and when relevant governmental and

regulatory approvals have been secured or are

reasonably certain to be secured.

Proved reserves are divided into proved developed

and proved undeveloped reserves. Proved

developed reserves are to be recovered through

existing wells with existing equipment and operating

methods, or where the cost of the required equipment

is relatively minor compared to the cost of a new well.

Proved undeveloped reserves are to be recovered

from new wells on undrilled acreage, or from existing

wells where a relatively major capital expenditure is

required. Undrilled well locations can be classified as

having proved undeveloped reserves if a

development plan is in place indicating that they are

scheduled to be drilled within five years unless specific

circumstances justify a longer time horizon. Specific

circumstances are for instance fields which have

large up-front investments in offshore infrastructure,

such as many fields on the NCS, where drilling of wells

is scheduled to continue for much longer than five

years. For unconventional reservoirs where continued

drilling of new wells is a major part of the investments,

such as the US onshore assets, the proved reserves

are always limited to proved well locations scheduled

to be drilled within five years.

Proved oil and gas reserves have been estimated by

internal qualified professionals based on industry

standards and are governed by the oil and gas rules

and disclosure requirements in the U.S. Securities and

Exchange Commission (SEC) regulations S-K and S-X,

and the Financial Accounting Standards Board

(FASB) requirements for supplemental oil and gas

disclosures. The estimates have been based on a 12-

month average product price and on existing

economic conditions and operating methods as

required, and recovery of the estimated quantities

have a high degree of certainty (at least a 90%

probability). An independent third party has

evaluated Equinor's proved reserves estimates, and

the results of this evaluation do not differ materially

from Equinor's estimates.

Estimation uncertainty; Expected oil and gas reserves

Changes in the expected oil and gas reserves may

materially impact the amounts of asset retirement

obligations, as a consequence of timing of the removal

activities. It will also impact value-in-use calculations

for oil and gas assets, possibly affecting impairment

testing and the recognition of deferred tax assets.

Expected oil and gas reserves are the estimated

remaining, commercially recoverable quantities,

based on Equinor's judgement of future economic

conditions, from projects in operation or decided for

development. As per Equinor’s internal guidelines,

expected reserves are defined as the ‘forward looking

mean reserves’ when based on a stochastic prediction

approach. In some cases, a deterministic prediction

method is used, in which case the expected reserves

are the deterministic base case or best estimate.

Expected reserves are therefore typically larger than

proved reserves as defined by the SEC, which are

high confidence estimates with at least a 90%

probability of recovery when a probabilistic approach

is used. Expected oil and gas reserves have been

estimated by internal qualified professionals based on

industry standards and classified in accordance with

the Norwegian resource classification system issued

by the Norwegian Petroleum Directorate.

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(in USD million)	Machinery, equipment and transportation equipment	Production plants and oil and gas assets	Refining and manufacturing plants	Buildings and land	Assets under development	Right of use assets4)	Total

Cost at 1 January 2024	1,438	170,911	8,105	591	14,097	7,050	202,191

Additions through business acquisition7)	—	2,062	—	—	157	—	2,219
Additions and transfers6)	79	5,817	55	99	5,866	1,239	13,155
Changes in asset retirement obligations	—	(183)	—	—	110	—	(73)
Disposals at cost	(30)	(6,538)	(88)	(5)	(188)	(537)	(7,385)
Assets reclassified to held for sale8)	(1)	(6,679)	—	(8)	(1,831)	(66)	(8,585)
Foreign currency translation effects	(40)	(10,473)	(585)	(17)	(857)	(172)	(12,145)

Cost at 31 December 2024	1,446	154,917	7,486	660	17,354	7,514	189,377

Accumulated depreciation and impairment at 1 January 2024	(1,188)	(131,325)	(6,780)	(337)	(117)	(3,623)	(143,369)
Depreciation	(48)	(8,272)	(202)	(29)	—	(1,105)	(9,656)
Impairment	—	(64)	—	—	—	(7)	(71)
Reversal of impairment	2	158	7	—	25	—	191
Transfers6)	—	(2)	—	—	2	—	—
Accumulated depreciation and impairment on disposed assets	29	5,154	70	3	3	544	5,804
Accumulated depreciation and impairment on assets classified as held for sale8)	—	4,318	—	4	—	23	4,346
Foreign currency translation effects	30	8,372	435	9	10	82	8,939

Accumulated depreciation and impairment at 31 December 2024⁵⁾	(1,175)	(121,661)	(6,470)	(349)	(76)	(4,087)	(133,817)

Carrying amount at 31 December 2024	271	33,255	1,016	312	17,278	3,428	55,560

Estimated useful lives (years)	3 - 20	UoP1)	15 - 30	10 - 33²⁾		1 - 20³⁾

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(in USD million)	Machinery, equipment and transportation equipment	Production plants and oil and gas assets	Refining and manufacturing plants	Buildings and land	Assets under development	Right of use assets	Total

Cost at 1 January 2023	1,343	171,948	8,285	562	10,815	6,633	199,586

Additions through business acquisition7)	48	1,121	339	38	370	8	1,923
Additions and transfers6)	113	7,286	60	19	3,197	1,087	11,761
Changes in asset retirement obligations	—	772	—	—	55	—	827
Disposals at cost	(64)	(3,567)	(446)	(29)	(30)	(634)	(4,771)
Assets reclassified to held for sale8)	(1)	(3,944)	—	—	(245)	(8)	(4,198)
Foreign currency translation effects	—	(2,705)	(133)	1	(64)	(36)	(2,937)

Cost at 31 December 2023	1,438	170,911	8,105	591	14,097	7,050	202,191

Accumulated depreciation and impairment at 1 January 2023	(1,203)	(131,455)	(6,763)	(338)	(135)	(3,194)	(143,088)
Depreciation	(44)	(7,976)	(224)	(26)	—	(1,079)	(9,350)
Impairment	(2)	(844)	(323)	—	(18)	(1)	(1,188)
Reversal of impairment	—	288	—	—	3	—	290
Transfers6)	1	(11)	—	(1)	10	—	(2)
Accumulated depreciation and impairment on disposed assets	52	3,355	442	28	22	634	4,533
Accumulated depreciation and impairment on assets classified as held for sale8)	1	3,176	—	—	—	6	3,183
Foreign currency translation effects	7	2,142	88	—	3	10	2,251

Accumulated depreciation and impairment at 31 December 2023⁵⁾	(1,188)	(131,325)	(6,780)	(337)	(117)	(3,623)	(143,369)

Carrying amount at 31 December 2023	250	39,585	1,325	254	13,980	3,427	58,822

Estimated useful lives (years)	3 - 20	UoP1)	15 - 30	10 - 33²⁾		1 - 20³⁾

1) Depreciation according to unit of production method.
2) Land is not depreciated. Buildings include leasehold improvements.
3) Depreciation linearly over contract period.
4) Right of use assets at 31 December 2024 mainly consist of Land and buildings USD 1,328 million, Vessels USD 1,341 million and Drilling rigs USD 460 million.
5) See note 14 Impairments.
6) The carrying amount of assets transferred to Property plant and equipment from Intangible assets in 2024 and 2023 amounted to USD 240 million and USD 1,280 million, respectively.
7) For additions through business acquisition, see note 6 Acquisitions and disposals.
8) For assets reclassified to held for sale, see note 6 Acquisitions and disposals.

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Note 13. Intangible assets

Accounting policies

Intangible assets including goodwill

Intangible assets are measured at cost, less

accumulated amortisation and impairment. Intangible

assets include acquisition cost for oil and gas

prospects, expenditures on the exploration for and

evaluation of oil and natural gas resources, goodwill,

and other intangible assets. Intangible assets relating

to expenditures on the exploration for and evaluation

of oil and natural gas resources are not amortised.

When the decision to develop a particular area is

made, related intangible exploration and evaluation

assets are reclassified to Property, plant and

equipment.

Goodwill acquired in a business combination is

allocated to each cash generating unit (CGU), or

group of units, expected to benefit from the

combination’s synergies. Following initial recognition,

goodwill is measured at cost less any accumulated

impairment. In acquisitions made on a post-tax basis

according to the rules on the NCS, a provision for

deferred tax is reflected in the accounts based on the

difference between the acquisition cost and the tax

depreciation basis transferred from the seller. The

offsetting entry to such deferred tax amounts is

reflected as goodwill, which is allocated to the CGU or

group of CGUs on whose tax depreciation basis the

deferred tax has been computed.

Other intangible assets with a finite useful life, are

depreciated over their useful life using the straight-

line method.

Oil and gas exploration, evaluation and

development expenditures Equinor uses the

successful efforts method of accounting for oil and

gas exploration costs. Expenditures to acquire

mineral interests in oil and gas properties, including

signature bonuses, expenditures to drill and equip

exploratory wells and evaluation expenditures are

capitalised within Intangible assets as Exploration

expenditures and Acquisition costs - oil and gas

prospects. Geological and geophysical costs and

other exploration and evaluation expenditures are

expensed as incurred.

Exploration wells that discover potentially economic

quantities of oil and natural gas remain capitalised as

intangible assets during the evaluation phase of the

discovery. This evaluation is normally finalised within

one year after well completion. If, following the

evaluation, the exploratory well has not found

potentially commercial quantities of hydrocarbons,

the previously capitalised costs are evaluated for

derecognition or tested for impairment. Any

derecognition or impairment is classified as

Exploration expenses in the Consolidated statement

of income.

Capitalised exploration and evaluation expenditures

related to offshore wells that find hydrocarbon

resources, are transferred to Property, plant and

equipment at the time of sanctioning of the

development project. The timing from evaluation of a

discovery until a project is sanctioned could take

several years depending on the location and maturity,

including existing infrastructure, of the area of

discovery, whether a host government agreement is

in place, the complexity of the project and the

financial robustness of the project. For onshore wells

where no sanction is required, the transfer to

Property, plant and equipment occurs at the time

when a well is ready for production.

For exploration and evaluation asset acquisitions

(farm-in arrangements) in which Equinor has decided

to fund a portion of the selling partner's exploration

and/or future development expenditures (carried

interests), these expenditures are reflected in the

Consolidated financial statements as and when the

exploration and development work progresses.

Equinor reflects exploration and evaluation asset

disposals (farm-out arrangements) on a historical

cost basis with no gain or loss recognition.

Consideration from the sale of an undeveloped part

of an asset reduces the carrying amount of the asset.

If the consideration exceeds the carrying amount of

the asset, the excess amount is reflected in the

Consolidated statement of income under

Other income. Equal-valued exchanges (swaps) of

exploration and evaluation assets with only

immaterial cash considerations are accounted for at

the carrying amounts of the assets given up with no

gain or loss recognition.

Estimation uncertainty regarding exploration

activities

Exploratory wells that have found hydrocarbon

resources, but where classification of those resources

as reserves depends on whether a major capital

expenditure can be justified, will remain capitalised

during the evaluation phase for the findings on the

exploration wells. Thereafter it will be considered a

trigger for impairment evaluation of the well if no

development decision is planned for the near future,

and there moreover are no concrete plans for future

drilling in the licence. Judgements as to whether these

expenditures should remain capitalised, be

derecognised or impaired in the period may

materially affect the carrying values of these assets

and consequently, the operating income for the

period.

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The table below shows the ageing of capitalised exploration expenditures.


(in USD million)	2024	2023

Less than one year	366	345
Between one and five years	443	458
More than five years	338	366

Total capitalised exploration expenditures	1,147	1,169

The table below shows the components of the exploration expenses.


	Full year
(in USD million)	2024	2023	2022

Exploration expenditures	1,402	1,275	1,087
Expensed exploration expenditures previously capitalised	71	(53)	342
Capitalised exploration	(288)	(427)	(224)

Exploration expenses	1,185	795	1,205

Note 14. Impairments

Accounting policies

Impairment of property, plant and equipment,

right-of-use assets, intangible assets including

goodwill and equity accounted investments

Equinor assesses individual assets or groups of

assets for impairment when events or changes in

circumstances indicate that the carrying value may

not be recoverable. Assets are grouped into cash

generating units (CGUs), typically individual oil and

gas fields, plants, or equity accounted investments.

Each unconventional asset play is considered a

single CGU when no cash inflows from parts of the

play can be readily identified as being largely

independent of the cash inflows from other parts of

the play. In impairment assessments, the carrying

amounts of CGUs are determined on a basis

consistent with that of the recoverable amount.

Properties that are not yet classified as reserves

are assessed for impairment when facts and

circumstances suggest that the carrying amount of

the asset or CGU to which the unproved properties

belong may exceed its recoverable amount, and at

least once a year. Exploratory wells that have

found hydrocarbon resources, but where

classification of those resources as reserves

depends on whether major capital expenditure can

be justified or where the economic viability of that

major capital expenditure depends on the

successful completion of further exploration work,

will remain capitalised during the evaluation phase

for the exploratory finds. If, following evaluation, an

exploratory well has not found hydrocarbon

resources, the previously capitalised costs are

tested for impairment. After the initial evaluation

phase for a well, it will be considered a trigger for

impairment testing of a well if no development

decision is planned for the near future and there is

no firm plan for future drilling in the licence.

Goodwill is reviewed for impairment annually or

more frequently if events or changes in

circumstances indicate that the carrying value

might be impaired. Impairment is determined by

assessing the recoverable amount of the CGU, or

group of units, to which the goodwill relates. When

conducting impairment testing of goodwill initially

recognised as an offsetting item to the computed

deferred tax provision in a post-tax transaction on

the NCS, the remaining amount of the deferred tax

provision will factor into the impairment valuation.

Impairment and reversals of impairment are

presented in the Consolidated statement of income

as either Exploration expenses or Depreciation,

amortisation and net impairment losses. This

classification depends on the nature of the

impaired assets, whether they are as exploration

assets (intangible exploration assets)

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or development and producing assets (property,

plant and equipment and other intangible assets),

respectively.

Measurement

The recoverable amount applied in Equinor’s

impairment assessments is normally estimated value

in use. Equinor may also apply the assets’ fair value

less cost of disposal as the recoverable amount when

such a value is available, reasonably reliable, and

based on a recent and comparable transactions.

Value in use is determined using a discounted cash

flow model. The estimated future cash flows are

based on Equinor’s most recently approved forecasts

by management, which are based on reasonable and

supportable assumptions and represent

management’s best estimates of the range of

economic conditions that will exist over the remaining

useful life of the assets. Assumptions and economic

conditions in establishing the forecasts are reviewed

by management on a regular basis and updated at

least annually. For assets and CGUs with an expected

useful life or timeline for production of expected oil

and natural gas reserves extending beyond five

years, including planned onshore production from

shale assets with a long development and production

horizon, the forecasts reflect expected production

volumes, and the related cash flows include project or

asset specific estimates reflecting the relevant period.

Such estimates are established based on Equinor's

principles and assumptions and are consistently

applied.

The estimated future cash flows are adjusted for risks

specific to the asset or CGU and discounted using a

real post-tax discount rate based on Equinor's post-

tax weighted average cost of capital (WACC).

Country risk specific to a project is included as a

monetary adjustment to the projects’ cashflow.

Equinor considers country risk primarily as an

unsystematic risk. The cash flow is adjusted for risk

that influences the expected cash flow of a project

and which is not part of the project itself. The use of

post-tax discount rates in determining value in use

does not result in a materially different determination

of the need for, or the amount of, impairment that

would be required if pre-tax discount rates had been

used.

Impairment reversals

A previously recognised impairment is reversed only if

there has been a change in the estimates used to

determine the asset’s recoverable amount.

Impairments of goodwill are not reversed in future

periods.

Estimation uncertainty regarding impairment

Evaluating whether an asset is impaired or if an

impairment should be reversed requires a high

degree of judgement and may largely depend on the

selection of key assumptions about future conditions.

In Equinor's business context, judgement is necessary

in determining what constitutes a CGU. Development

in production, infrastructure solutions, markets,

product pricing, management actions and

other factors may over time lead to changes in CGUs

such as splitting one original CGU into multiple CGUs.

The key assumptions used are subject to change due

to the inherently volatile nature of macro- economic

factors such as future commodity prices and discount

rates, as well as uncertainty in asset specific factors

like reserve estimates and operational decisions

impacting the production profile or activity levels.

Fluctuations in foreign currency exchange rates will

also affect value in use, especially for assets on the

NCS, where the functional currency is NOK. When

estimating the recoverable amount, the expected

cash flow approach is applied to reflect uncertainties

in timing and amounts inherent in the assumptions

used in the estimated future cash flows. For example,

climate-related matters (see also Note 3 Climate

change and energy transition) are expected to have

a pervasive impact on the energy industry, affecting

not only supply, demand and commodity prices, but

also technology changes, increased emission-related

levies, and other matters with mainly mid-term and

long-term effects. These effects have been factored

into the price assumptions used for estimating future

cash flows through probability-weighted scenario

analyses.

Estimating future cash flows involves complexity, as it

requires considering assumptions from Equinor’s,

market participants’ and other external sources’

assumptions about the future and discounting them

to present value. In order to

establish relevant future cash flows, impairment

testing requires long-term assumptions to be made

concerning a number of economic factors such as

future market prices, refinery margins, foreign

currency exchange rates, future output, discount

rates, impact of the timing of tax incentive regulations,

and political and country risk among others. These

long-term assumptions for major economic factors

are made at a group level, and involve a high degree

of reasoned judgement. This judgement is also

required, in determining other relevant factors such

as forward price curves, in estimating production

outputs, and in determining the ultimate terminal

value of an asset.

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Exploration & Production Norway

In 2023, the net impairment mainly related to

reduced expected reserves on a producing asset on

the Norwegian Continental Shelf. In 2022, the net

impairment reversal was mainly caused by increased

price estimates and changed gas export strategy.

Exploration & Production USA - onshore

The impairment reversal in 2022 was caused by

increased gas price assumptions.

Exploration & Production USA - offshore

In 2023, impairment reversals mainly related to

increased expected reserves on a producing asset,

while in 2022, the impairment reversal was caused by

increased price assumptions and higher reserves

estimates.

Exploration & Production International - Europe and

Asia

In 2023, the impairment related to the held for sale

reclassification of Azerbaijan assets. In 2022, the net

impairment was mainly caused by the decision to exit

Russia. This was to a large extent offset by a reversal

on Mariner in the UK mainly due to optimisation of the

production profile and higher prices, supported by a

slight increase in reserves estimates.

Marketing, Midstream & Processing

In 2023, the net impairment mainly related to

expectations of stabilizing refinery margins at a lower

level than the margins consumed in recent periods,

while in 2022 the net impairment reversal was mainly

related to increased refinery margin assumptions.

Renewables USA – Offshore

In 2023, Equinor’s offshore wind projects on the US

North East Coast were facing increased costs due to

inflation and supply chain constraints. In October

2023, the New York State Public Service Commission

(PSC) rejected price increase petitions related to

offtake agreements from several offshore and

onshore wind farm developers, including Equinor’s

joint ventures. As a consequence, an impairment of

USD 300 million was recognised. The recoverable

amount was established applying a fair value

approach. These investments are accounted for using

the equity method.

Accounting assumptions

Management’s future commodity price assumptions

and currency assumptions are used for value in use

impairment testing. While there are inherent

uncertainties in the assumptions, the commodity price

assumptions as well as currency assumptions reflect

management’s best estimate of the price and

currency development over the life of the Group’s

assets based on its view of relevant current

circumstances and the likely future development of

such circumstances, including energy demand

development, energy and climate change policies, as

well as the speed of the energy transition population

and economic growth, geopolitical risks, technology,

and cost development among other factors.

Management’s best estimate also takes into

consideration a range of external forecasts.

Equinor has performed a thorough and broad

analysis of the expected development in drivers for

the different commodity markets and exchange rates.

Significant uncertainty exists regarding future

commodity price development due to the transition to

a lower carbon economy, future supply actions by

OPEC+, and other factors. Such analysis resulted in

changes in the long- term price assumptions with

effect from the second quarter of 2024. The main

price assumptions applied in impairment and

impairment reversal assessments are disclosed in the

table below as price-points on price curves. Previous

price-points applied from the third quarter of 2023

and up to and including the first quarter of 2024 are

provided in brackets.


Year
Prices in real terms1)	2030		2040		2050

Brent Blend (USD/bbl)	80	(80)	75	(75)	70	(70)
European gas (USD/MMBtu) - TTF	8.3	(9.4)	9.5	(9.8)	9.5	(9.8)
Henry Hub (USD/MMBtu)	4.3	(4.5)	4.5	(4.4)	4.5	(4.4)
Electricity Germany (EUR/MWh)	71	(80)	74	(73)	74	(73)
EU ETS (EUR/tonne)	101	(107)	136	(131)	165	(153)

1) Basis year 2024. The prices in the table are price-points on price-curves.

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Further, with effect from the second quarter of 2024,

Equinor revised the long-term exchange rates. The

USD/NOK rate was revised to 10.0 (previously 8.5),

the EUR/NOK rate was revised to 11.5 (previously

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

(previously 1.35). This conclusion was supported by

the historical 5-year average and forward spot

prices in the currency market.

Climate considerations are included in the impairment

calculations directly by estimating the CO₂ taxes in

the cash flows. Indirectly, the expected effect of

climate change is also included in the estimated

commodity prices where supply and demand are

considered. The prices also have an effect on the

estimated production profiles and economic cut-off

of the projects. Furthermore, climate considerations

are a part of the investment decisions following

Equinor’s strategy and commitments to the energy

transition.

The CO₂-tax assumptions used for impairment

calculations of Norwegian upstream assets are based

on Norway’s Climate Action Plan for the period

2021-2030 (Meld. St 13 (2020-2021)), assuming a

gradually increased CO₂ tax (the total of EU ETS +

Norwegian CO₂ tax) in Norway to 2,000 NOK/tonne

(real 2020) in 2030.

We apply carbon price assumptions for all Equinor’s

assets, also for assets in countries outside EU where

CO2 is not already subject to taxation or where

Equinor has not established specific estimates.

The base discount rate applied in value in use

calculations has been revised from 5.0% applied in

2023 to 5.5% real after tax following our regular

annual review of discount rates. The discount rate is

derived from Equinor’s weighted average cost of

capital. For projects, mainly within the REN segment in

periods with fixed low risk income, a lower discount

rate will be considered. A pre-tax discount rate is

derived based on the asset’s characteristics, such as

specific tax treatments, cash flow profiles, and

economic life. The pre-tax rates for 2023 were 24%

for E&P Norway, 6% for E&P USA and 7% for MMP.

Sensitivities

Significant downward adjustments in Equinor's

commodity price assumptions would result in

impairment losses on certain producing and

development assets, including intangible assets

subject to impairment assessment, while an opposite

adjustment could lead to impairment-reversals.

Assuming a reasonably possible 30% decline in

commodity price forecasts over the assets' lifetime

could result in an illustrative impairment recognition of

approximately USD 6 billion before tax effects. See

note 3 Climate change and energy transition for

possible effect of using the prices in a 1.5ºC

compatible Net Zero Emission by 2050 scenario and

the Announced Pledges scenario as estimated by the

International Energy Agency (IEA).

Similarly, for illustrative purposes, Equinor assessed

the sensitivity of the discount rate used in the value in

use calculations for upstream producing assets and

certain related intangible assets. An increase in the

discount rate from 5.5% to 6.5% real after tax, in

isolation, would have no material impact on the

recognised impairment amount before tax effects.

The illustrative impairment sensitivities above are

based on a simplified method, which assumes no

changes to other input factors. However, Equinor

notes that a price reduction of 30% or those

representing Net Zero Emission scenario and

Announced Pledges Scenario would likely impact

business plans and other factors used in estimating

an asset’s recoverable amount. The correlated

changes reduce the stand-alone impact of the price

sensitivities. Changes in such input factors would likely

include a reduction in the cost level in the oil and gas

industry and offsetting foreign currency effects, which

has historically occurred following significant changes

in commodity prices.

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Note 15. Joint arrangements and associates

Accounting policies

Joint operations and similar arrangements,

joint ventures and associates

A joint arrangement is a contractual arrangement

whereby Equinor and other parties undertake an

activity subject to joint control, i.e. when decisions

about the relevant activities require the unanimous

consent of the parties sharing control. Such joint

arrangements are classified as either joint

operations or joint ventures. In determining the

appropriate classification, Equinor considers the

nature of products and markets of the

arrangements and whether the substance of the

agreements is that the parties involved have rights

to substantially all the arrangement's assets and

obligations for the liabilities, or whether the parties

involved have rights to the net assets of the

arrangement. Equinor accounts for its share of

assets, liabilities, revenues and expenses in joint

operations in accordance with the principles

applicable to those particular assets, liabilities,

revenues and expenses.

Those of Equinor's exploration and production

licence activities that are within the scope of IFRS

11 Joint Arrangements have been classified as joint

operations. A considerable number of Equinor's

unincorporated joint exploration and production

activities are conducted through arrangements

that are not jointly controlled, either because

unanimous consent is not required among all parties

involved, or no single group of parties has joint

control over the activity. Licence activities where

control can be achieved through agreement between

more than one combination of involved parties are

considered to be outside the scope of IFRS 11, and

these activities are accounted for on a pro-rata basis

using Equinor's ownership share. Currently, Equinor

uses IFRS 11 by analogy for all such unincorporated

licence arrangements whether these are in scope of

IFRS 11 or not. Reference is made to note 5 Segments

for financial information related to Equinor’s

participation in joint operations within upstream

activities.

Joint ventures, in which Equinor has rights to the net

assets currently include the majority of Equinor’s

investments in the Renewables (REN) operating and

reporting segment. Equinor’s participation in joint

arrangements that are joint ventures and

investments in companies in which Equinor has neither

control nor joint control but has the ability to exercise

significant influence over operating and financial

policies, are classified and accounted for as equity

accounted investments.

Under the equity method, the investment is carried on

the Consolidated balance sheet at cost plus post-

acquisition changes in Equinor’s share of net

assets of the entity, less distributions received and

less any impairment in value of the investment.

Equinor also reflects its share of the investment’s

other comprehensive income (OCI) arisen after the

acquisition. The part of an equity accounted

investment’s dividend distribution exceeding the

entity’s carrying amount in the Consolidated balance

sheet is reflected as income from equity accounted

investments in the Consolidated statement of income.

Equinor will subsequently only reflect the share of net

profit in the investment that exceeds the dividend

already reflected as income.

The Consolidated statement of income reflects

Equinor’s share of the results after tax of an equity

accounted entity, adjusted to account for

depreciation, amortisation and any impairment of the

equity accounted entity’s assets based on their fair

values at the date of acquisition. In case of material

differences in accounting policies, adjustments are

made in order to bring the accounts of the equity

accounted investment in line with Equinor’s

accounting policies. Net income/loss from equity

accounted investments is presented on a separate

line as part of Total revenues and other income, as

investments in and participation with significant

influence in other companies engaged in energy-

related business activities is considered to be part of

Equinor’s main operating activities.

Acquisition of ownership shares in joint ventures

and other equity accounted investments in which

the activity constitutes a business, are accounted

for in accordance with the requirements applicable

to business combinations. Please refer to note 6

Acquisitions and disposals for more details on

acquisitions.

Equinor as operator of joint operations and

similar arrangements

Indirect operating expenses such as personnel

expenses are accumulated in cost pools. These

costs are allocated on an hours’ incurred basis to

business areas and Equinor-operated joint

operations under IFRS 11 and to similar

arrangements (licences) outside the scope of IFRS

11. Costs allocated to the other partners' share of

operated joint operations and similar

arrangements are reimbursed and only Equinor's

share of the statement of income and balance

sheet items related to Equinor-operated joint

operations and similar arrangements are reflected

in the Consolidated statement of income and the

Consolidated balance sheet.

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Joint ventures and other equity accounted investments
(in USD million)	2024	2023

Net investments at 1 January	2,508	2,758
Net income/(loss) from equity accounted investments	49	(1)
Impairment1)	(6)	(363)
Acquisitions and increase in capital	573	926
Dividend and other distributions	(152)	(286)
Other comprehensive income/(loss)	(109)	(10)
Divestments, derecognition and decrease in paid in capital2)	(391)	(517)

Net investments at 31 December	2,471	2,508

1) Impairment for 2023 is mainly related to renewable offshore wind industry in the US, see also note 14 Impairments.
2) For 2024 this is mainly related to swap of US Offshore Wind assets, see also note 6 Acquisitions and disposals. For 2023 this is mainly related to change in accounting treatment for Bandurria Sur (proportionally consolidated from 1st of April 2023).

Equity accounted investments consist of several investments, none above USD 0.5 billion. None of the investments are

significant on an individual basis. Voting rights correspond to ownership share.

For information on Net investments per 1 January and 31 December as well as Net income/(loss) from equity

accounted investments per segment, please see note 5 Segments. For information on committed investments or

funding of equity accounted entities as well as guarantees on behalf of such entities, please see note 26 Other

commitments, contingent liabilities and contingent assets. For transactions with, receivables from and payables to

equity accounted investments, see note 27 Related parties.

Note 16. Financial investments and financial receivables


Non-current financial investments
	At 31 December
(in USD million)	2024	2023
Bonds	2,090	1,863
Listed equity securities	2,947	1,035
Non-listed equity securities	579	543

Financial investments	5,616	3,441

Bonds and equity securities mainly relate to investment portfolios held by Equinor’s captive insurance company and

other listed and non-listed equities held for long-term strategic purposes, mainly accounted for using fair value

through profit or loss.

In 2024, Equinor has acquired 42,038,108 shares in Ørsted A/S, corresponding to 10% of the shares and votes in the

company, but does not have a board representative. The fair value of the investment, amounting to USD 1.9 billion, is

included in listed equity securities at 31 December 2024. Ørsted A/S, a leading developer and operator in

renewables, is a Danish listed company. Equinor’s ownership position has been built over time, through a combination

of market purchases and a block trade.


Non-current prepayments and financial receivables
	At 31 December
(in USD million)	2024	2023

Interest-bearing receivables	919	381
Prepayments and other non-interest-bearing receivables	1,261	910
Assets classified as held for sale1)	(801)	—

Prepayments and financial receivables	1,379	1,291
1) For assets reclassified to held for sale, see note 6 Acquisitions and disposals

Interest-bearing receivables primarily relate to loans to employees and equity accounted companies. Prepayments

and other non-interest-bearing receivables mainly relate to sales of licenses and lease prepayments.

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Current financial investments
	At 31 December
(in USD million)	2024	2023

Time deposits	9,715	17,846
Interest-bearing securities	5,620	11,378

Financial investments	15,335	29,224

Financial investments mainly relate to investments held by Equinor ASA as part of liquidity management. At 31

December 2024, USD 366 million relates to investment portfolios held by Equinor’s captive insurance company. The

corresponding balance at 31 December 2023 was USD 458 million. For information about financial instruments by

category, see note 28 Financial instruments and fair value measurement.


Current prepayments and financial receivables
	At 31 December
(in USD million)	2024	2023

Interest-bearing financial receivables and accrued interest	614	802
Collateral receivables1)	2,037	2,186
Total current financial receivables	2,651	2,988

Prepayments and other non-financial receivables	1,216	740

Prepayments and financial receivables	3,867	3,729

1) Collateral receivables is related to cash paid as security for counterparties credit exposure towards Equinor.

With effect from 2024, and to provide additional information to enhance the users understanding of the composition

of current receivables, the balance sheet line-item Trade and other receivables has been disaggregated into Trade

and other receivables (see note 18) and Prepayments and financial receivables detailed in the table above.

Note 17. Inventories

Accounting policies

Inventories

Commodity inventories not held for trading purposes are measured at the lower of cost and net realisable

value. The cost of inventories is based on the first-in first-out allocation method and comprises direct purchase

costs, cost of production, transportation, and manufacturing expenses.

Commodity inventories held for trading purposes are measured at fair value less cost to sell (FVLCS), with

subsequent changes in fair value recognised in the Consolidated statement of income as part of Revenues.

These inventories are categorised within level 2 of the fair value hierarchy.




	At 31 December
(in USD million)	2024	2023

Crude oil	2,696	2,051
Petroleum products	482	380
Natural gas	50	54
Commodity inventories at the lower of cost and net realisable value	3,227	2,485

Natural gas held for trading purposes measured at fair value	391	810
Other	413	520

Total inventories	4,031	3,814

Inventories held for trading purposes consist mainly of natural gas storages held by Danske Commodities.

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Note 18. Trade and other receivables


	At 31 December
(in USD million)	2024	2023

Trade receivables from contracts with customers1)	11,216	10,706
Other current trade receivables	1,510	971
Receivables from participation in joint operations and similar arrangements	529	471
Receivables from equity accounted companies and other related parties	335	1,056

Trade and other receivables	13,590	13,204

1) Trade receivables from contracts with customers are shown net of an immaterial provision for expected losses.

With effect from 2024, and to provide additional information to enhance the users understanding of the composition

of current receivables, the balance sheet line-item Trade and other receivables has been disaggregated into

Prepayments and financial receivables (see note 16) and Trade and other receivables detailed in the table above.

For currency sensitivities and more information about the credit quality of Equinor's counterparties, see note 4

Financial risk and capital management. For further information on receivables from equity accounted companies and

other related parties, see note 27 Related parties.

Note 19. Cash and cash equivalents


	Accounting policies
	Cash and cash equivalents include cash in hand, bank deposits, and short-term highly liquid investments with original maturity of three months or less. These are readily convertible to known amounts of cash and subject to insignificant risk of changes in fair value.		Cash and cash equivalent items are mainly accounted for at amortised cost except for money market funds that are accounted for at fair value. Contractually mandatory deposits in escrow bank accounts, including collateral deposits, are included as restricted cash and cash equivalents if the deposits are provided as part of the Group’s operating activities and therefore are deemed as held for the purpose of meeting short-term cash commitments, and the deposits can be released from the escrow account without undue expenses.




	At 31 December
(in USD million)	2024	2023

Cash at bank available	3,524	2,295
Time deposits	244	1,337
Money market funds	1,278	1,875
Interest-bearing securities	857	2,563
Collateral deposits1)	2,217	1,572

Cash and cash equivalents	8,120	9,641

1) Collateral deposits are related to certain requirements of exchanges where Equinor is trading. The terms and conditions related to these requirements are determined by the respective exchanges.

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Note 20. Shareholders' equity, capital distribution and earnings per share


	Number of shares	NOK per value	NOK	USD

Share capital at 1 January 2024	3,003,104,605	2.5	7,507,761,512.50	1,100,516,941
Capital reduction	(210,323,375)	2.5	(525,808,437.50)	(48,823,935)

Share capital at 31 December 2024	2,792,781,230	2.5	6,981,953,075.00	1,051,693,006


	Number of shares	NOK per value	Common stock

Authorised and issued	2,792,781,230	2.5	6,981,953,075.00
Treasury shares
Share buy-back programme	(56,267,027)	2.5	(140,667,567.50)
Employees share saving plan	(8,987,375)	2.5	(22,468,437.50)

Total outstanding shares	2,727,526,828	2.5	6,818,817,070.00

Equinor ASA has only one class of shares and all

shares have voting rights. The holders of shares are

entitled to receive dividends as and when declared

and are entitled to one vote per share at the annual

general meeting of the company.

Dividend

During 2024, dividend for the third and for the fourth

quarter of 2023 and dividend for the first and second

quarter of 2024 were settled. Dividend declared but

not yet settled is presented as dividends payable in

the Consolidated balance sheet. The Consolidated

statement of changes in equity shows declared


	At 31 December
(in USD million)	2024	2023

Dividends declared	7,802	10,783
USD per share or ADS	2.8000	3.6000

Dividends paid	8,578	10,906
USD per share or ADS	3.0000	3.6000
NOK per share	32.1645	37.8522

dividend in the period (retained earnings). Dividend

declared in 2024 relates to the fourth quarter of

2023 and to the first three quarters of 2024.

On 4 February 2025, the board of directors

proposed to the annual general meeting on 14 May

2025 a cash dividend for the fourth quarter of 2024

of USD 0.37 per share. The Equinor share will trade

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

2025 for ADR holders on New York Stock Exchange.

Record date will be 16 May 2025 and payment date

will be 28 May 2025.

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Accounting policies

Share buy-back

Where Equinor has either acquired own shares

under a share buy-back programme or has

placed an irrevocable order with a third party

for Equinor shares to be acquired in the market,

such shares are reflected as a reduction in

equity as treasury shares. The amount

exceeding nominal share capital is recognised

as reduction in additional paid-in capital until nil

and thereafter as reduction in retained

earnings. Treasury shares are not included in

the weighted average number of ordinary

shares outstanding in the calculation of Earnings

per share. The remaining outstanding part of an

irrevocable order to acquire shares is accrued

for and classified as Trade and other payables.

Share buy-back programme

The purpose of the share buy-back programme is to

reduce the issued share capital of the company. All

shares repurchased as part of the programme will be

cancelled. According to an agreement between

Equinor and the Norwegian state, the state will

participate in share buy-backs on a proportionate

basis, ensuring that its ownership interest in Equinor

remains unchanged at 67%.

On 4 February 2025, the board of directors decided

to announce share buy-backs for 2025 of up to USD

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

programme for 2024-2025 of USD 10-12 billion in

total as announced February 2024. The share buy-

back programme will be subject to market outlook

and balance sheet strength.

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

share buy-back programme will commence on 6

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

tranche of the 2025 share buy-back programme is

based on the authorisation from the annual general

meeting in May 2024, valid until the next annual

general meeting, but no later than 30 June 2025.

Commencement of new share buy-back tranches

after the first tranche in 2025 will be decided by the

board of directors on a quarterly basis in line with the

company’s dividend policy and will be subject to

board authorisations for share buy-back from the

company’s annual general meeting and agreement

with the Norwegian state regarding share buy-back.


Number of shares	2024	2023

Share buy-back programme at 1 January	49,486,793	42,619,172
Purchase	76,186,948	63,748,254
Cancellation	(69,406,714)	(56,880,633)

Share buy-back programme at 31 December	56,267,027	49,486,793

Equity impact of share buy-back programmes

(in USD million)	2024	2023

First tranche	396	330
Second tranche	528	550
Third tranche	528	550
Fourth tranche	528	550
Total open market share	1,980	1,980

Norwegian state share1)	3,956	3,705

Total	5,936	5,685

1) Relates to second to fourth tranche of previous year programme and first tranche of current year programme.

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Based on the authorisation from the annual general

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

on a quarterly basis, decided on share buy-back

tranches. The 2024 programme was up to USD 6

billion, including shares to be redeemed from the

Norwegian state.

During 2024, four tranches of in total USD 6 billion

were launched, including shares to be redeemed from

the Norwegian state. The market execution of the

fourth tranche was completed in January 2025. As of

31 December 2024, USD 405 million of the fourth

tranche had been purchased in the market, of which

USD 377 million had been settled.


Employees' share saving plan

Number of shares	2024	2023

Share saving plan at 1 January	8,884,668	10,908,717
Purchase	3,237,233	2,204,207
Allocated to employees	(3,134,526)	(4,228,256)

Share saving plan at 31 December	8,987,375	8,884,668

In 2024 and 2023 treasury shares were purchased to

employees participating in the share saving plan for

USD 85 million and USD 68 million, respectively. For

further information, see note 8 Salaries and personnel

expenses.

Due to an irrevocable agreement with a third party,

the total market execution of the fourth tranche of

USD 528 million has been recognised as reduction in

equity.

In order to maintain the Norwegian state’s ownership

share in Equinor, a proportionate share of the

second, third and fourth tranche of the 2023

programme as well as the first tranche of the 2024

programme was redeemed and cancelled through a

capital reduction by the annual general meeting on 14

May 2024. The Norwegian state’s share of

USD 3,956 million (NOK 42.8 billion) following the

capital reduction was settled in July 2024. A

proportionate share of the second, third and fourth

tranche of the 2024 programme as well as the first

tranche of the 2025 programme will be redeemed

and cancelled at the annual general meeting in May

2025.


Earnings per share

Number of shares	2024	2023

Basic earnings per share
Net income (loss) attributable to shareholders of the company	8,806	11,885
Weighted average number of ordinary shares outstanding	2,821	3,021

Basic earnings per share (in USD)	3.12	3.93

Diluted earnings per share
Net income (loss) attributable to shareholders of the company	8,806	11,885
Weighted average number of ordinary shares outstanding, diluted	2,827	3,027

Diluted earnings per share (in USD)	3.11	3.93

Basic and diluted earnings per share amounts are

calculated by dividing the Net income (loss) for the

year attributable to shareholders by relevant

weighted average number of ordinary shares

outstanding during the year. Shares purchased to

employees participating in the share saving plan is

the only diluting element.

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Note 21. Finance debt


Non-current finance debt
Finance debt measured at amortised cost
	Weighted average interest rates in %1)		Carrying amount in USD millions at 31 December		Fair value in USD millions at 31 December²⁾
	2024	2023	2024	2023	2024	2023

Unsecured bonds
United States Dollar (USD)	3.93%	3.82%	13,288	15,705	12,169	15,037
Euro (EUR)	1.51%	1.51%	6,239	6,633	5,856	6,177
Great Britain Pound (GBP)	6.08%	6.08%	1,721	1,747	1,863	2,013
Norwegian Kroner (NOK)	4.27%	4.18%	88	295	87	302

Total unsecured bonds			21,336	24,380	19,975	23,529

Unsecured loans
Brazilian real (BRL)	10.05%	10.10%	136	179	136	179
Japanese Yen (JPY)	4.30%	4.30%	64	71	72	83

Total unsecured loans			200	250	208	262

Total			21,536	24,630	20,183	23,791
Non-current finance debt due within one year			2,175	2,400	2,191	2,415

Non-current finance debt			19,361	22,230	17,992	21,376

1) Weighted average interest rates are calculated based on the contractual rates on the loans per currency at 31 December and do not include the effect of swap agreements
2) Fair values are determined from external calculation models based on market observations from various sources, classified at level 2 in the fair value hierarchy. For more information regarding fair value hierarchy, see note 28 Financial instruments and fair value measurement

Unsecured bonds amounting to USD 13,288 million are

denominated in USD and unsecured bonds

denominated in other currencies amounting to

USD 7,270 million are swapped into USD. One bond

denominated in EUR amounting to USD 778 million is

not swapped. The table does not include the effects

of agreements entered into to swap the various

currencies into USD. For further information see note

28 Financial instruments and fair value measurement.

Substantially all unsecured bonds and unsecured

bank loan agreements contain provisions restricting

future pledging of assets to secure borrowings

without granting a similar secured status to the

existing bondholders and lenders.

No new bonds were issued in 2024.

Out of Equinor's total outstanding unsecured bond

portfolio, 31 bond agreements contain provisions

allowing Equinor to call the debt prior to its final

redemption at par or at certain specified premiums if

there are changes to the Norwegian tax laws. The

carrying amount of these agreements is USD 21,248

million at the 31 December 2024 closing currency

exchange rate.

For more information about the revolving credit

facility, maturity profile for undiscounted cash flows

and interest rate risk management, see note 4

Financial risk and capital management.

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Note 22. Pensions

Accounting policies

Equinor offers pension plans that provide either a

defined benefit upon retirement or a pension

based on defined contributions and returns. A

portion of the contributions are provided for as

notional contributions, for which the liability

increases with a promised notional return, set

equal to the actual return of assets invested

through the ordinary defined contribution plan. For

defined benefit plans, the benefit to be received by

employees generally depends on many factors

including length of service, retirement date and

future salary levels.

Equinor's proportionate share of multi-employer

defined benefit plans is recognised as liabilities in

the Consolidated balance sheet as sufficient

information is considered available, and a reliable

estimate of the obligation can be made.

The cost of pension benefit plans is expensed over

the period that the employees render services and

become eligible to receive benefits. The calculation

is performed by an external actuary. Equinor's net

obligation from defined benefit pension plans is

calculated separately for each plan by estimating

the amount of future benefit that employees have

earned in return for their services in the current

and prior periods. That benefit is discounted to

determine its present value, and the fair value of

any plan assets is deducted.

The recognition of a net surplus for the funded

plan is based on the assumption that the net assets

represent a future value for Equinor, either as a

possible distribution to premium fund which can be

used for future funding of new liabilities, or as

disbursement of equity in the pension fund.

Contributions to defined contribution schemes are

recognised in the Consolidated statement of

income as pension costs in the period in which the

contribution amounts are earned by the

employees.

Notional contribution plans, reported in the parent

company Equinor ASA, are recognised as Pension

liabilities with the actual value of the notional

contributions and promised return at reporting

date. Notional contributions are recognised in the

Consolidated statement of income as periodic

pension cost, while changes in fair value of the

employees’ notional assets are reflected in the

Consolidated statement of income under Net

financial items.

Periodic pension cost is accumulated in cost pools

and allocated to business areas and Equinor’s

operated joint operations (licences) on an hours’

incurred basis and recognised in the Consolidated

statement of income based on the function of the

cost.

Pension plans in Equinor

The main pension plans for Equinor ASA and its most

significant subsidiaries are defined contribution plans

which includes certain unfunded elements (notional

contribution plans). In addition, several employees

and former employees of the Equinor group is a

member of certain defined benefit plans. The benefit

plan in Equinor ASA was closed in 2015 for new

employees and for employees with more than 15

years to regular retirement age. Equinor's defined

benefit plans are generally based on a minimum of 30

years of service and 66% of the final salary level,

including an assumed benefit from the Norwegian

National Insurance Scheme. The Norwegian

companies in the group are subject to, and complies

with, the requirements of the Norwegian Mandatory

Company Pensions Act.

The defined benefit plans in Norway are managed

and financed through Equinor Pensjon (Equinor's

pension fund - hereafter Equinor Pension). Equinor

Pension is an independent pension fund that covers

the employees in Equinor's Norwegian companies.

The pension fund's assets are kept separate from the

company's and group companies' assets. Equinor

Pension is supervised by the Financial Supervisory

Authority of Norway ("Finanstilsynet") and is licenced

to operate as a pension fund.

Equinor has more than one defined benefit plan, but

the disclosure is made in total since the plans are not

subject to materially different risks. Pension plans

outside Norway are not material and as such not

disclosed separately. In this note pension costs are

presented on a gross basis before allocation to

licence partners. In the Consolidated statement of

income, the pension costs in Equinor ASA are

presented net of costs allocated to licence partners.

Equinor is also a member of a Norwegian national

agreement-based early retirement plan (“AFP”), and

the premium is calculated based on the employees'

income but limited to 7.1 times the basic amount in the

National Insurance scheme (7.1 G). The premium is

payable for all employees until age 62. Pension from

the AFP scheme will be paid from the AFP plan

administrator to employees for their full lifetime.

Net pension cost

Total pension costs amount to USD 495 million in

2024, USD 441 million in 2023 and USD 459 million in

2022. In addition, interest cost and interest income

related to defined benefit plans are included in the

Consolidated statement of income within Net financial

items.

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Changes in pension liabilities and plan assets during the year
(in USD million)	2024	2023

Pension liabilities at 1 January	8,328	7,664
Current service cost	153	145
Interest cost	376	318
Actuarial (gains)/losses and currency effects	(1,348)	338
Other changes in notional contribution liability and other effects	61	56
Benefits paid	(284)	(284)
Losses/(gains) from curtailment, settlement or plan amendment	—	91
Pension liabilities at 31 December	7,286	8,328

Fair value of plan assets at 1 January	5,664	5,213
Interest income	204	190
Return on plan assets (excluding interest income)	259	202
Company contributions	129	211
Benefits paid	(148)	(141)
Losses (gains) from curtailment, settlement or plan amendment	—	113
Other effects	—	—
Foreign currency translation effects	(587)	(124)

Fair value of plan assets at 31 December	5,522	5,664

Net pension liability at 31 December	1,765	2,664

Represented by:
Asset recognised as non-current pension assets (funded plan)	1,717	1,260
Liability recognised as non-current pension liabilities (unfunded plans)	3,482	3,925

Pension liabilities specified by funded and unfunded pension plans	7,286	8,328

Funded	3,808	4,404
Unfunded	3,478	3,925

Equinor recognised an actuarial gain from changes in financial assumptions in 2024. The interest rate increased by

50 basis points compared to year end 2023. An actuarial loss was recognised in 2023.


Actuarial assumptions
	Assumptions used to determine benefit obligations in %
Rounded to the nearest quartile	2024	2023

Discount rate	4.25	3.75
Rate of compensation increase	4.00	4.00
Expected rate of pension increase	3.25	3.25
Expected increase of social security base amount (G-amount)	3.75	3.75

Weighted-average duration of the defined benefit obligation	13.00	13.25

The assumptions presented are for the Norwegian companies in Equinor which are members of Equinor's pension

fund. The defined benefit plans of other subsidiaries are immaterial to the consolidated pension assets and liabilities.

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Sensitivity analysis

The table below presents an estimate of the potential

effects of changes in discount rate and expected rate

of pension increase for the defined benefit plans. The

following estimates are based on facts and

circumstances as of 31 December 2024.


	Discount rate		Expected rate of pension increase
(in USD million)	0.50%	(0.50)%	0.50%	(0.50)%

Effect on:
Defined benefit obligation at 31 December 2024	(409)	458	396	(362)

The sensitivity of the financial results to each of the

key assumptions has been estimated based on the

assumption that all other factors would remain

unchanged. The estimated effects on the financial

result would differ from those that would actually

appear in the Consolidated financial statements

because the Consolidated financial statements would

also reflect the relationship between these

assumptions.

Pension assets

The plan assets related to the defined benefit plans

were measured at fair value. Equinor Pension invests

in both financial assets and real estate.

In 2024, 98% of the equity securities and 6% of bonds

had quoted market prices in an active market. 2% of

the equity securities, 94% of bonds and 100% of

money market instruments had market prices based

on inputs other than quoted prices. If quoted market

prices are not available, fair values are determined

from external calculation models based on market

observations from various sources.

In 2023, 100% of the equity securities and 13% of

bonds had quoted market prices in an active market.


(in %)	2024	2023	Target portfolio weight

Equity securities	34.1	33.6	29 - 37
Interest bearing investments	61.7	61.7	53 - 66
Real estate	4.2	4.7	5 - 10

Total	100.0	100.0

87% of bonds and 100% of money market instruments

had market prices based on inputs other than quoted

prices.

For definition of the various levels, see note 28

Financial instruments and fair value measurement.

Estimated company contributions to be made to

Equinor Pension in 2025 is approximately USD 71

million.

The table below presents the portfolio weighting as

approved by the board of Equinor Pension for 2024.

The portfolio weight during a year will depend on the

risk capacity.

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Note 23. Provisions and other liabilities

Accounting policies

Asset retirement obligations (ARO)

Provisions for asset retirement obligations (ARO)

are recognised when Equinor has an obligation

(legal or constructive) to dismantle and remove a

facility or an item of property, plant and equipment

and to restore the site on which it is located, and

when a reliable estimate of that liability can be

made. Normally an obligation arises for a new

facility, such as an oil and natural gas production or

transportation facility, upon construction or

installation. An obligation may also arise during the

period of operation of a facility through a change in

legislation or through a decision to terminate

operations or be based on commitments associated

with Equinor's ongoing use of pipeline

transport systems where removal obligations rest

with the volume shippers.

The amount recognised is the present value of the

estimated future expenditures determined in

accordance with local conditions and requirements.

The cost is estimated based on current regulations

and technology, considering relevant risks and

uncertainties. The discount rate used in the

calculation of the ARO is a market-based risk-free

rate based on the applicable currency (mainly USD)

and time horizon of the underlying cash flows. The

provisions are classified under Provisions in the

Consolidated balance sheet.

When a provision for ARO is recognised, a

corresponding amount is recognised as an increase

of the related asset within property, plant and

equipment and is subsequently depreciated over the

useful life of the asset. Any change in the present

value of the estimated expenditure is reflected as an

adjustment to the provision and the corresponding

adjustment to the carrying value of the property,

plant and equipment. When a decrease in the ARO

related to a producing asset exceeds the carrying

amount of the asset, the excess is recognised as a

reduction of Depreciation, amortisation and net

impairment in the Consolidated statement of income.

When an asset has reached the end of its useful life,

all subsequent changes to the ARO are recognised as

they occur in Operating expenses in the Consolidated

statement of income.

Removal provisions associated with Equinor's role as

shipper of volumes through third party transport

systems are expensed as incurred.

Estimation uncertainty regarding asset retirement

obligations

Establishing the appropriate estimates for such

obligations are based on historical knowledge

combined with knowledge of ongoing technological

developments, expectations about future regulatory

and technological development and involve the

application of judgement and an inherent risk of

significant adjustments. The costs of decommissioning

and removal activities require revisions due to

changes in current regulations and technology while

considering relevant risks and uncertainties. Most of

the removal activities are many years into the future,

and the removal technology and costs are constantly

changing. The speed of the transition to renewable

energy sources may also influence the production

period, hence the timing of the removal activities. The

estimates include assumptions of norms, rates and

time required which can vary considerably depending

on the assumed removal complexity. Moreover,

changes in the discount rate and foreign currency

exchange rates may impact the estimates

significantly. As a result, the initial recognition of ARO

and subsequent adjustments involve the application

of significant judgement.

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(in USD million)	Asset retirement obligations	Other provisions and liabilities	Total

Non-current portion at 31 December 2023	12,171	3,134	15,304
Current portion at 31 December 2023¹⁾	190	452	642

Provisions and other liabilities at 31 December 2023	12,360	3,586	15,946

New or increased provisions and other liabilities	443	572	1,014
Change in estimates	938	(962)	(24)
Amounts charged against provisions and other liabilities	(244)	(235)	(479)
Effects of change in the discount rate	(1,419)	(52)	(1,470)
Reduction due to divestments	(428)	(151)	(580)
Accretion expenses	511	19	530
Reclassification, transfer and other	(315)	45	(269)
Foreign currency translation effects	(918)	(118)	(1,036)

Provisions and other liabilities at 31 December 2024	10,928	2,704	13,632

Non-current portion at 31 December 2024	10,777	2,150	12,927
Current portion at 31 December 2024¹⁾	151	554	706
1) Included in the line item Current provisions and other liabilities in the Consolidated Balance sheet, further detailed below.

Equinor's estimated asset retirement obligations

(ARO) have decreased by USD 1,432 million to USD

10,928 million at 31 December 2024 compared to

year-end 2023. Changes in ARO are reflected within

Property, plant and equipment and Provisions and

other liabilities in the Consolidated balance sheet.

In certain production sharing agreements (PSA),

Equinor’s estimated share of asset retirement

obligation (ARO) is paid into an escrow account over

the producing life of the field. These payments are

considered down-payments of the liabilities and

included in the line item Amounts charged against

provisions and other liabilities.

Claims and litigations mainly relate to expected

payments for unresolved claims. The timing and

amounts of potential settlements in respect of these

claims are uncertain and dependent on various

factors that are outside management's control. For

further information on provisions and contingent

liabilities, see note 26 Other commitments, contingent

liabilities and contingent assets.

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The timing of cash outflows of asset retirement

obligations depends on the expected cease of

production at the various facilities.

The undiscounted value of the total ARO amounts to

USD 17,475 million at year end.

Sensitivities with regards to discount rate on the total

ARO portfolio

The discount rate sensitivity has been calculated by

assuming a reasonably possible change of 1.0

percentage points.


Expected timing of cash outflows

(in USD million)	Asset retirement obligations	Other provisions and liabilities	Total

2025 - 2029	1,813	1,938	3,752
2030 - 2034	879	281	1,160
2035 - 2039	2,945	11	2,956
2040 - 2044	2,612	36	2,648
Thereafter	2,679	437	3,117

At 31 December 2024	10,928	2,704	13,632

An increase in the discount rate of 1.0 percentage

points would reduce the ARO liability by USD 1,290

million. A corresponding reduction would increase the

liability by USD 1,671 million.

See note 3 Climate change and energy transition for

sensitivity with regards to change in the removal year.

The interest rates used to calculate the net present

value (NPV) of ARO are shown in the “USD Risk free

rate table.


USD Risk free rate	31 December 2024
2 years	4.2%
5 years	4.4%
10 years	4.6%
20 years	4.9%
30 years	4.8%


Current provisions and other liabilities

	At 31 December
(in USD million)	2024	2023

Accrued expenses and other financial liabilities	1,385	1,495
Provisions	706	642
Other non-financial liabilities	293	176

Current provisions and other liabilities	2,384	2,314

Certain provisions are further described in note 26

Other commitments, contingent liabilities and

contingent assets.

With effect from 2024, and to provide additional

information to enhance the users understanding of

the composition of current liabilities, the balance

sheet line-item Trade, other payables and provisions

has been disaggregated into Trade and other

payables (see note 24) and Provisions and other

liabilities detailed in the table above.

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Note 25. Leases

Accounting policies

Leases

A lease is defined as a contract that conveys the right

to control the use of an identified asset for a period of

time in exchange for consideration. At the date at

which the underlying asset is made available for

Equinor, the present value of future lease payments

(including extension options considered reasonably

certain to be exercised) is recognised as a lease

liability. The present value is calculated using

Equinor’s incremental borrowing rate. A

corresponding right-of-use (RoU) asset is recognised,

including lease payments and direct costs incurred at

the commencement date. Lease payments are

reflected as interest expense and a reduction of lease

liabilities. The RoU assets are depreciated over the

shorter of each contract’s term and the assets’ useful

life.

Short term leases (12 months or less) and leases of

low value assets are expensed or (if appropriate)

capitalised as incurred, depending on the activity in

which the leased asset is used.

Many of Equinor’s lease contracts, such as rig and

vessel leases, involve several additional services and

components, including personnel cost, maintenance,

drilling related activities, and other items. For a

number of these contracts, the additional services

represent a not inconsiderable portion of the total

contract value. Non-lease components within lease

contracts are accounted for separately for all

underlying classes of assets and reflected in the

relevant expense category or (if appropriate)

capitalised as incurred, depending on the activity

involved.

Accounting judgement regarding leases

In the oil and gas industry, where activity frequently is

carried out through joint arrangements or similar

arrangements, the application of IFRS 16 Leases

requires evaluations of whether the joint arrangement

or its operator is the lessee in each lease agreement

and consequently whether such contracts should be

reflected gross (100%) in the operator’s financial

statements, or according to each joint operation

partner’s proportionate share of the lease.

In many cases where an operator is the sole signatory

to a lease contract of an asset to be used in the

activities of a specific joint operation, the operator

does so implicitly or explicitly on behalf of the joint

arrangement. In certain jurisdictions, and importantly

for Equinor as this includes the Norwegian continental

shelf (NCS), the concessions granted by the authorities

establish both a right and an obligation for the

operator to enter into necessary agreements in the

name of the joint operations (licences).

As is the customary norm in upstream activities

operated through joint arrangements, the operator will

manage the lease, pay the lessor, and subsequently re-

bill the partners for their share of the lease costs.

In each such instance, it is necessary to determine

whether the operator is the sole lessee in the external

lease arrangement, and if so, whether the billings to

partners may represent sub-leases, or whether it is in

fact the joint arrangement which is the lessee, with

each participant accounting for its proportionate

share of the lease. Where all partners in a licence are

considered to share the primary responsibility for lease

payments under a contract, Equinor’s proportionate

share of the related lease liability and RoU asset will be

recognised net by Equinor. When Equinor is considered

to have the primary responsibility for the full external

lease payments, the lease liability is recognised gross

(100%).

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Equinor leases certain assets, notably drilling rigs,

transportation vessels, storages and office facilities

for operational activities. Equinor has the primary

responsibility for the full external lease payments in

the majority of the lease contracts, and the use of

leases serves operational purposes rather than as a

tool for financing.

Equinor recognised revenues of USD 269 million in

2024 and USD 337 million in 2023 related to lease

costs recovered from licence partners related to

lease contracts being recognised gross by Equinor.

Commitments relating to lease contracts which had

not yet commenced at year-end are included within

note 26 Other commitments, contingent liabilities and

contingent assets.

A maturity profile based on undiscounted contractual

cash flows for lease liabilities is disclosed in note 4

Financial risk and capital management.


Information related to lease payments and lease liabilities
(in USD million)		2024		2023

Lease liabilities at 1 January		3,570		3,668
New leases, including remeasurements and cancellations		1,595		1,379
Gross lease payments	(1,682)		(1,590)
Lease interest	167		139
Lease repayments	(1,515)	(1,515)	(1,452)	(1,452)
Foreign currency translation effects		(141)		(25)

Lease liabilities at 31 December		3,510		3,570

Current lease liabilities		1,249		1,279
Non-current lease liabilities		2,261		2,290


Non-current lease liabilities maturity profile
	At 31 December
(in USD million)	2024	2023

Year 2 and 3	1,165	1,343
Year 4 and 5	431	470
After 5 years	665	478

Total repayment of non-current lease liabilities	2,261	2,290

The Right of use assets are included within the line

item Property, plant and equipment in the

Consolidated balance sheet. See also note 12

Property, plant and equipment.

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Note 26. Other commitments, contingent liabilities and contingent assets

Accounting policies

Estimation uncertainty regarding levies

Equinor’s global business activities are subject

to different indirect taxes (levies) in various

jurisdictions around the world. In these

jurisdictions, governments can respond to

global or local development, including climate

related matters and public fiscal balances, by

issuing new laws or other regulations stipulating

changes in value added tax, tax on emissions,

customs duties or other levies which may affect

profitability and even the viability of Equinor’s

business in that jurisdiction. Equinor mitigates

this risk by using local legal representatives and

staying up to date with the legislation in the

jurisdictions where activities are carried out.

Occasionally, legal disputes arise from

difference in interpretations. Equinor’s legal

department, together with local legal

representatives, estimate the outcome from

such legal disputes based on first-hand

knowledge. Such estimates may differ from the

actual results.

Contractual commitments

Equinor had contractual commitments of USD 11,841

million as of 31 December 2024. The contractual

commitments reflect Equinor's proportional share and

mainly comprise construction and acquisition of

property, plant and equipment as well as committed

investments or funding to equity accounted entities of

USD 1,090 million.

Equinor also had estimated expenditures related to

commitments to drill a certain number of wells, which

sometimes can be a prerequisite to be awarded oil

and gas exploration and production licences. At the

end of 2024, Equinor was committed to participate in

29 wells, with an average ownership interest of

approximately 44%. Equinor's share of estimated

expenditures to drill these wells amounts to USD 428

million. Additional wells that Equinor may become

committed to participating in depending on future

discoveries in certain licences are not included in

these numbers.

Other long-term commitments

Equinor has entered into various long-term

agreements for pipeline transportation as well as

terminal use, processing, storage and entry/exit

capacity commitments and commitments related to

specific purchase agreements.

The agreements ensure the rights to the capacity or

volumes in question, but also impose on Equinor the

obligation to pay for the agreed-upon service or

commodity, irrespective of actual use. The contracts'

terms vary, with durations of up to 2060.

For assets (such as pipelines) that are included in the

Equinor accounts through joint operations or similar

arrangements, and where consequently Equinor’s

share of assets, liabilities, income and expenses

(capacity costs) are reflected on a line-by-line basis

in the Consolidated financial statements, the amounts

in the table include the net commitment payable by

Equinor (i.e. Equinor’s proportionate share of the

commitment less Equinor's ownership share in the

applicable entity).

The table below also includes USD 5,738 million as the

non-lease components of lease agreements reflected

in the accounts according to IFRS 16, as well as leases

not yet commenced. For commenced leases, please

refer to note 25 Leases.

Nominal minimum other long-term commitments at

31 December 2024:


(in USD million)

2025	3,112
2026	2,571
2027	1,898
2028	1,475
2029	1,177
Thereafter	4,655

Total other long-term commitments	14,888

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Guarantees

Equinor has guaranteed for its proportionate share

of some of our equity accounted companies’ long-

term bank debt and other contractual obligations.

The total amount guaranteed at year-end 2024 is

USD 1,053 million. The book value of the guarantees is

immaterial.

Contingent liabilities and contingent assets

Claim from Petrofac regarding multiple variation

order requests performed in Algeria (In Salah)

Petrofac International (UAE) LLC (“PIUL”) was

awarded the EPC Contract to execute the ISSF

Project (the In Salah Southern Fields Project in central

Algeria). Following a suspension of activity in 2013,

PIUL issued multiple Variation Order Requests

(“VoRs”) related to the costs incurred for stand-by

and remobilization costs. Several VoRs have been

paid, but the settlement of the remaining has been

unsuccessful. PIUL initiated arbitration in August 2020

claiming an estimated amount of USD 532 million, of

which Equinor holds a 31.85% share. The arbitration

process has progressed during 2024. Equinor's

maximum exposure amounts to USD 169 million.

Equinor has provided for its best estimate in the

matter.

Withholding tax dispute regarding remittances

from Brazil to Norway

Remittances made from Brazil for services are

normally subject to withholding income tax. In 2012,

Equinor’s subsidiaries in Brazil filed a lawsuit to avoid

paying this tax on remittances made to Equinor ASA

and Equinor Energy AS under the Double Tax Treaty

Brazil had with Norway until 2024. The lawsuit relates

to services without transfer of technology on fields

where Equinor is a partner. Court proceedings

through several levels in the legal system have been

ongoing

and a final verdict has not yet been reached.

Withholding tax has not been paid since 2014 based

on a court ruling. Equinor's share of maximum

exposure in the case at year end 2024 is estimated at

approximately USD 184 million. Although Equinor

continues to be of the view that all applicable tax

regulations have been applied in the case,

developments in similar litigation in Brazil led to an

updated evaluation of the likelihood of loss, and

Equinor has provided for the best estimate in the

case as income tax expense.

Suit for an annulment of Petrobras’ sale of the

interest in BM-S-8 to Equinor

In March 2017, an individual connected to the Union of

Oil Workers of Sergipe (Sindipetro) filed a class

action suit against Petrobras, Equinor, and ANP - the

Brazilian Regulatory Agency - to seek annulment of

Petrobras’ sale of the interest and operatorship in

BM-S-8 to Equinor, which was closed in November

2016 after approval by the partners and authorities.

During the last years, court decisions that confirm

Equinor’s position have been issued at the first and

second court instance levels. The plaintiff still has the

possibility of a narrower scope appeal. At the end of

2024, the acquired interest remains on Equinor’s

balance sheet, where the assets related to phase 1

have been reclassified to property, plant and

equipment and the assets related to phase 2 are

presented as intangible assets, all of which are part of

the Exploration & Production International (E&P

International) segment.

Brazilian law creating uncertainty regarding

certain tax incentives

Equinor is currently part in legal matters in the state

of Rio de Janeiro in Brazil related to a law requiring

taxpayers that benefit from ICMS tax incentives (i.e.

Repetro) to deposit 10% of the savings

made from such benefits into a state fund. Equinor is

of the opinion that specific incentives so far relevant

for the Roncador and Peregrino fields are not in

scope of the law, while the state of Rio de Janeiro

requires deposits to be paid with the addition of fines

and interest. While legal developments in 2023

included clarification from the Supreme Court that

the law is constitutional, subject to a final ruling,

Equinor’s litigation in the matter continues, mainly

related to the law’s impact specifically for Repetro

and other state tax incentives. Equinor believes that

our view in the matter will ultimately be upheld by the

courts, and no amounts have consequently been

provided for in the financial statements. At year-end

2024, the maximum exposure for Equinor in the

matter has been estimated to be a total of

USD 96 million.

KKD oil sands partnership

Canadian tax authorities have issued a notice of

reassessment for 2014 for Equinor's Canadian

subsidiary which was party to Equinor's divestment of

40% of the KKD Oil Sands partnership at that time.

The reassessment adjusts the allocation of the

proceeds of disposition of certain Canadian resource

properties from the partnership. Maximum exposure

is estimated to be approximately USD 350 million.

Following an administrative appeal process with

Canadian tax authorities, Equinor commenced court

proceedings in the matter in 2023. While the court

process may take several years, the reassessment will

impact Equinor’s tax paying position while the

proceedings are ongoing. Equinor is of the view that

all applicable tax regulations have been applied in the

case and that Equinor has a strong position. No

amounts have consequently been provided for in the

financial statements.

Other claims

During the normal course of its business, Equinor is

involved in legal proceedings, and several other

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 Consolidated financial statements

for probable liabilities related to litigation and claims

based on its best estimate. 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. Equinor is actively pursuing

the above disputes through the contractual and legal

means available in each case, but the timing of the

ultimate resolutions and related cash flows, if any,

cannot at present be determined with sufficient

reliability.

Provisions related to claims other than those related

to income tax are reflected within note 23 Provisions

and other liabilities. Uncertain income tax related

liabilities are reflected as current tax payables or

deferred tax liabilities as appropriate, while uncertain

tax assets are reflected as current or deferred tax

assets.

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Note 27. Related parties

Transactions with the Norwegian state

The Norwegian state is the majority shareholder of

Equinor and also holds major investments in other

Norwegian companies. As of 31 December 2024, the

Norwegian state had an ownership interest in Equinor

of 67.0% (excluding Folketrygdfondet, the Norwegian

national insurance fund, of 4.0%). 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 markets and sells the Norwegian state's

share of oil and gas production from the Norwegian

continental shelf (NCS). The Norwegian state's

participation in petroleum activities is organised

through the Norwegian State’s Direct Financial

Interests (SDFI).

For accounting policies and accounting judgement

related to transactions with the SDFI, see note 7 Total

revenues and other income. Total purchases of crude

oil, natural gas liquids (NGL), and liquified natural gas

(LNG) from the Norwegian state amounted to

USD 10.2 billion, USD 10.1 billion and USD 12.6 billion in

2024, 2023 and 2022, respectively. Payables to

equity accounted companies and other related

parties specified in note 24 Trade and other payables

are mostly related to these purchases, and is included

in the below table within Trade and other payables.

In addition, Equinor sells in its own name, but for the

SDFI’s account and risk, the SDFI’s share of natural

gas volumes.

Transactions with the Norwegian state related to

Equinor’s share buy-back programme are presented

in note 20 Shareholders’ equity, capital distribution

and earnings per share.

Other transactions

In its ordinary business operations, Equinor enters into

contracts such as pipeline transport, gas storage and

processing of petroleum products, with companies in

which Equinor has ownership interests.

Gassled and certain other infrastructure assets are

operated by Gassco AS, which is an entity under

common control by the Norwegian Ministry of Energy.

Gassco’s activities are performed on behalf of and

for the risk and reward of pipeline and terminal

owners, and capacity payments flow through Gassco

to the respective owners. Equinor payments that

flowed through Gassco in this respect amounted to

USD 0.9 billion in 2024, USD 1.0 billion and

USD 1.2 billion in 2023 and 2022 respectively. The

stated amounts represent Equinor’s capacity

payment net of Equinor’s own ownership interests in

Gassco operated infrastructure. In addition, Equinor

manages, in its own name, but for the Norwegian

state’s account and risk, the Norwegian state’s share

of the Gassco costs. These transactions are

presented net.

Equinor has had transactions with other associated

companies and joint ventures in the course of its

ordinary business, for which amounts have not been

disclosed due to materiality. In addition, Equinor has

had transactions with joint operations and similar

arrangements where Equinor is operator. Indirect

operating expenses incurred as operator are

charged to the joint operation or similar arrangement

based on the “no-gain/no-loss” principle.

Related party transactions with management are

presented in note 8 Salaries and personnel expenses.

Related party transactions due to Equinor’s share

buy-back programme are presented in note 20

Shareholders’ equity, capital distribution and earnings

per share. Outstanding balances to related parties

split on SDFI and other related parties are presented

in the below table. All related party transactions are

carried out on market terms.

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At 31 December 2024	Norwegian State's Direct Financial Interests	Equity accounted companies and other related parties	Third parties	Total amount
(in USD million)	Norwegian State's Direct Financial Interests	Equity accounted companies and other related parties	Third parties	Total amount

Assets
Non-current prepayments and financial receivables	—	294	1,085	1,379
Trade and other receivables	229	106	13,255	13,590
Current prepayments and financial receivables		5	3,862	3,867

Liabilities
Non-current provisions and other liabilities	274	—	12,652	12,927
Trade and other payables	1,547	46	9,517	11,110
Current provisions and other liabilities			2,384	2,384
Current finance debt	257	—	6,966	7,223

Following the disaggregation of Trade and other receivables, see note 16 and 18 for details, a new line item Current

prepayments and financial receivables has been added to the tables above. Similarly, the disaggregation of Trade,

other payables and provisions, see note 23 and 24 for details, a new line item Current provisions and other liabilities

has been added to the tables above.


At 31 December 2023	Norwegian State's Direct Financial Interests	Equity accounted companies and other related parties	Third parties	Total amount
(in USD million)	Norwegian State's Direct Financial Interests	Equity accounted companies and other related parties	Third parties	Total amount

Assets
Non-current prepayments and financial receivables	—	103	1,188	1,291
Trade and other receivables	1,007	49	12,148	13,204
Current prepayments and financial receivables			3,729	3,729

Liabilities
Non-current provisions and other liabilities	850	—	14,455	15,304
Trade and other payables	1,195	47	8,315	9,556
Current provisions and other liabilities			2,314	2,314
Current finance debt	893	—	5,102	5,996

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Note 28. Financial instruments and fair value measurement

4.1 Consolidated financial statements

Accounting policies

Financial assets

Financial assets are initially recognised at fair value

when Equinor becomes a party to the contractual

provisions of the asset. Financial assets are

presented as current if they contractually will

expire or otherwise are expected to be recovered

within 12 months after the balance sheet date, or if

they are held for trading purposes.

Short-term highly liquid investments with original

maturity of more than 3 months are classified as

current financial investments, primarily accounted

for at amortised cost.

Trade receivables are carried at the original

invoice amount less a provision for doubtful

receivables which represent expected losses

computed on a probability-weighted basis.

A portion of Equinor's financial investments is

managed together as an investment portfolio of

Equinor's captive insurance company and is held in

order to comply with specific regulations for capital

retention. The investment portfolio is managed and

evaluated on a fair value basis in accordance with

an investment strategy and is accounted for at fair

value through profit or loss. Financial assets and

financial liabilities are shown separately in the

Consolidated balance sheet, unless Equinor has

both a legal right and intention to net settle certain

balances payable to and receivable from the same

counterparty.

Gains and losses arising on the sale, settlement

or cancellation of financial assets are recognised

within Net financial items.

Financial liabilities

Financial liabilities are initially recognised at fair

value when Equinor becomes a party to the

contractual provisions of the liability. Subsequent

measurements depend on classification either at

fair value through profit or loss, or at amortised

cost using the effective interest method. The

latter applies to Equinor's non- current bank

loans and bonds.

Financial liabilities are presented as current if

they are expected to be settled within Equinor’s

normal operating cycle, due to be settled within

12 months after the balance sheet date, if

Equinor does not have the right to defer

settlement more than 12 months after the

balance sheet date, or if the liabilities are held

for trading purposes.

Gains and losses arising from the repurchase,

settlement or cancellation of liabilities are

recognised within Net financial items.

Derivative financial instruments

Equinor uses derivative financial instruments to

manage certain exposures to fluctuations in

foreign currency exchange rates, interest rates

and commodity prices. These instruments are

initially recognised at fair value on the contract

date and subsequently remeasured at fair value

through profit and loss. The impact of

commodity- based derivatives is recognised in

the Consolidated statement of income as part of

Revenues, as such derivatives are related to

sales contracts or revenue-related risk

management for all significant purposes. The

impact of other derivatives is reflected under

Net financial items.

Derivatives are carried as assets when the fair

value is positive and as liabilities when the fair

value is negative. Derivative assets or liabilities

expected to be settled, or with the legal right to

be settled more than 12 months after the

balance sheet date, are classified as non-

current. Derivative financial instruments held for

trading purposes are always classified as

current.

Contracts to buy or sell a non-financial item that

can be settled net in cash or another financial

instrument are accounted for as financial

instruments. However, contracts that are

entered into and continue to be held for the

purpose of the receipt or delivery of a non-

financial item in accordance with Equinor's

expected purchase, sale or usage requirements,

also referred to as own-use, are not accounted

for as financial instruments. Such sales and

purchases of physical commodity volumes and

power are reflected in the Consolidated

statement of income as Revenue from contracts

with customers and Purchases [net of inventory

variation], respectively. This is applicable to a

significant number of contracts for the purchase

or sale of crude oil and natural gas, as well as for

some contracts for the purchase or sale of

power.

For contracts to sell a non-financial item that

can be settled net in cash, but are ultimately

physically settled without qualifying as own use

prior to settlement, the changes in fair value are

included in Gain/loss on commodity derivatives.

When these derivatives are physically settled,

the previously recognised unrealised gain/loss is

included in Physically settled commodity

derivatives. Both these elements are included as

part of Revenues. The physical deliveries made

through such contracts are included in Revenue

from contracts with customers at contract price.

Derivatives embedded in host contracts which

are not financial assets within the scope of IFRS 9

are recognised as separate derivatives and are

measured at fair value with subsequent changes

through profit and loss. This occurs, when their

risks and economic characteristics are not

closely related to those of the host contracts,

and the host contracts are not carried at fair

value. Where there is an active market for a

commodity or other non-financial item

referenced in a purchase or sale contract, a

pricing formula based on this active market will,

for instance, be considered to be closely related

to the host purchase or sales contract. However

a price formula with indexation to other markets

or products will result in the recognition of a

separate derivative. In Equinor, this mainly

relates to certain natural gas sales contracts

where the pricing formula references power.

Where there is no active market for the

commodity or other non-financial item in

question, Equinor assesses the characteristics of

such a price related embedded derivative to be

closely related to the host contract if the price

formula is based on relevant indexations

commonly used by other market participants.

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Financial instruments by category

The following tables present Equinor's classes of

financial instruments and their carrying amounts by

the categories as they are defined in IFRS 9 Financial

Instruments. Information on fair value of finance debt

measured at amortised cost is presented in note 21.

For other financial current and non-current balance

sheet items at amortised cost, the difference between

amortised cost and fair value is not material.


At 31 December 2024
(in USD million)	Note	Amortised cost	Fair value through profit or loss	Non-financial assets	Total carrying amount

Assets
Non-current derivative financial instruments			648		648
Non-current financial investments	16	98	5,519		5,616
Non-current prepayments and financial receivables	16	743		636	1,379

Trade and other receivables	18	13,590			13,590
Current prepayments and financial receivables	16	2,651		1,216	3,867
Current derivative financial instruments			1,024		1,024
Current financial investments	16	14,991	344		15,335
Cash and cash equivalents	19	6,842	1,278		8,120

Total		38,915	8,813	1,852	49,580


At 31 December 2023
(in USD million)	Note	Amortised cost	Fair value through profit or loss	Non-financial assets	Total carrying amount

Assets
Non-current derivative financial instruments			559		559
Non-current financial investments	16	75	3,366		3,441
Non-current prepayments and financial receivables	16	341		950	1,291

Trade and other receivables	18	13,204			13,204
Current prepayments and financial receivables	16	2,988		740	3,729
Current derivative financial instruments			1,378		1,378
Current financial investments	16	28,822	402		29,224
Cash and cash equivalents	19	7,767	1,875		9,641

Total		53,197	7,579	1,691	62,467
Following the disaggregation of Trade and other receivables, see note 16 and 18 for details, a new line item Current prepayments and financial receivables has been added to the tables above.

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At 31 December 2024
(in USD million)	Note	Amortised cost	Fair value through profit or loss	Non-financial liabilities	Total carrying amount

Liabilities
Non-current finance debt	21	19,361			19,361
Non-current derivative financial instruments			1,958		1,958

Trade and other payables	24	11,110			11,110
Current provisions and other liabilities	23	1,385		999	2,384
Current finance debt	21	7,223			7,223
Dividend payable		1,906			1,906
Current derivative financial instruments			833		833

Total		40,985	2,791	999	44,775


At 31 December 2023
(in USD million)	Note	Amortised cost	Fair value through profit or loss	Non-financial liabilities	Total carrying amount

Liabilities
Non-current finance debt	21	22,230			22,230
Non-current derivative financial instruments			1,795		1,795

Trade and other payables	24	9,556			9,556
Current provisions and other liabilities	23	1,495		819	2,314
Current finance debt	21	5,996			5,996
Dividend payable		2,649			2,649
Current derivative financial instruments			1,619		1,619

Total		41,927	3,414	819	46,159

Measurement of fair values

Quoted prices in active markets represent the best

evidence of fair value and are used by Equinor in

determining the fair values of assets and liabilities to

the extent possible. Financial instruments quoted in

active markets will typically include financial

instruments with quoted market prices obtained from

the relevant exchanges or clearing houses. The fair

values of quoted financial assets, financial liabilities

and derivative instruments are determined by

reference to mid-market prices, at the close of

business on the balance sheet date.

When there is no active market, fair value is

determined using valuation techniques. These

techniques include recent arm's-length market

transactions, reference to other instruments that are

substantially the same, discounted cash flow analysis,

and pricing models and related internal assumptions.

In the valuation techniques, Equinor also takes into

consideration the counterparty’s credit risk and its

own credit risk. This consideration is either reflected in

the discount rate used or through direct adjustments

to the calculated cash flows. For elements of long-

term physical delivery commodity contracts, fair value

estimates, to the extent possible, are based on

quoted forward prices in the market and underlying

indexes in the contracts, as well as assumptions of

forward prices and margins where observable

market prices are unavailable. Similarly, the fair

values of interest and currency swaps are estimated

based on relevant quotes from active markets,

quotes of comparable instruments, and other

appropriate valuation techniques.

Following the disaggregation of Trade, other

payables and provisions, see note 23 and 24 for

details, the line item has changed name to Trade and

other payables and a new line item Current provisions

and other liabilities has been added to the tables

above.

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Fair value hierarchy

The following table summarises each class of financial instruments which are recognised in the Consolidated balance sheet at fair value, split by Equinor's basis for fair value measurement.


(in USD million)	Non-current financial investments	Non-current derivative financial instruments - assets	Current financial investments	Current derivative financial instruments - assets	Cash equivalents	Non-current derivative financial instruments liabilities	Current derivative financial instruments - liabilities	Net fair value

At 31 December 2024
Level 1	3,178	—	—	2		—	—	3,180
Level 2	1,762	105	344	904	1,278	(1,942)	(775)	1,676
Level 3	579	543	—	118		(17)	(58)	1,167

Total fair value	5,519	648	344	1,024	1,278	(1,958)	(833)	6,022

At 31 December 2023
Level 1	1,294	—	—	6		—	—	1,300
Level 2	1,528	104	402	1,195	1,875	(1,754)	(1,577)	1,773
Level 3	543	455		177		(42)	(41)	1,092

Total fair values	3,366	559	402	1,378	1,875	(1,795)	(1,619)	4,165

Level 1, fair value based on prices quoted in an active

market for identical assets or liabilities, includes

financial instruments actively traded and for which

the values recognised in the Consolidated balance

sheet are determined based on observable prices on

identical instruments. For Equinor this category will, in

most cases, only be relevant for investments in listed

equity securities and government bonds.

Level 2, fair value based on inputs other than quoted

prices included within level 1, which are derived from

observable market transactions, includes Equinor's

non-standardised contracts for which fair values are

determined on the basis of price inputs from

observable market transactions. This will typically be

when Equinor uses forward prices on crude oil,

natural gas, interest rates and foreign currency

exchange rates as inputs to the valuation models to

determine the fair value of its derivative financial

instruments.

Level 3, fair value based on unobservable inputs,

includes financial instruments for which fair values are

determined on the basis of input and assumptions

that are not from observable market transactions.

The fair values presented in this category are mainly

based on internal assumptions. The internal

assumptions are only used in the absence of quoted

prices from an active market or other observable

price inputs for the financial instruments subject to

the valuation.

The fair value of certain earn-out agreements and

embedded derivative contracts are determined by

the use of valuation techniques with price inputs from

observable market transactions as well as internally

generated price assumptions and volume profiles.

The discount rate used in the valuation is a risk-free

rate based on the applicable currency and time

horizon of the underlying cash flows adjusted for a

credit premium to reflect either Equinor's credit

premium, if the value is a liability, or an estimated

counterparty credit premium if the value is an asset.

In addition, a risk premium for risk elements not

adjusted for in the cash flow may be included when

applicable. The fair values of these derivative

financial instruments have been classified in their


Consolidated companies
(in USD million)	Norway	Eurasia excluding Norway	Africa	USA	Americas excluding USA	Total

Full year 2024
Sales	80	14	495	114	73	776
Transfers	33,271	1,113	2,277	3,610	2,502	42,773
Other revenues	291	6	820	233	32	1,382

Total revenues	33,642	1,133	3,592	3,957	2,607	44,931

Exploration expenses	(513)	(15)	(33)	(219)	(443)	(1,223)
Production costs	(2,867)	(306)	(455)	(495)	(759)	(4,882)
Depreciation, amortisation and net impairment losses	(4,954)	(529)	(553)	(1,607)	(983)	(8,626)
Other expenses	(745)	(185)	12	(649)	(303)	(1,870)

Total costs	(9,079)	(1,035)	(1,029)	(2,970)	(2,488)	(16,601)

Results of operations before tax	24,563	98	2,563	987	119	28,330
Tax expense	(19,013)	469	(800)	(206)	(1,099)	(20,650)

Results of operations	5,550	567	1,763	781	(980)	7,680

Net income/(loss) from equity accounted investments	0	13	0	0	0	13


Consolidated companies
(in USD million)	Norway	Eurasia excluding Norway	Africa	USA	Americas excluding USA	Total

Full year 2023
Sales	62	107	533	127	92	921
Transfers	37,892	1,121	2,242	3,954	2,646	47,855
Other revenues	387	129	57	238	76	887

Total revenues	38,341	1,357	2,832	4,319	2,814	49,663

Exploration expenses	(476)	(20)	(37)	(322)	30	(825)
Production costs	(2,898)	(250)	(482)	(494)	(593)	(4,717)
Depreciation, amortisation and net impairment losses	(5,017)	(840)	(567)	(1,489)	(1,026)	(8,939)
Other expenses	(862)	(456)	19	(691)	(446)	(2,436)

Total costs	(9,253)	(1,566)	(1,067)	(2,996)	(2,035)	(16,917)

Results of operations before tax	29,088	(209)	1,765	1,323	779	32,746
Tax expense	(22,543)	34	(961)	(358)	(106)	(23,934)

Results of operations	6,545	(175)	804	965	673	8,812

Net income/(loss) from equity accounted investments	0	(13)	0	0	41	28


Consolidated companies
(in USD million)	Norway	Eurasia excluding Norway	Africa	USA	Americas excluding USA	Total

Full year 2022
Sales	155	554	615	166	88	1,578
Transfers	74,468	1,252	3,019	5,168	1,853	85,760
Other revenues	1,308	(203)	(1)	213	57	1,374

Total revenues	75,931	1,603	3,633	5,547	1,998	88,712

Exploration expenses	(366)	(249)	(69)	(220)	(320)	(1,224)
Production costs	(2,916)	(202)	(470)	(399)	(518)	(4,505)
Depreciation, amortisation and net impairment losses	(4,167)	(623)	(530)	(361)	(579)	(6,260)
Other expenses	(866)	(201)	3	(533)	(413)	(2,010)

Total costs	(8,315)	(1,275)	(1,066)	(1,513)	(1,830)	(13,999)

Results of operations before tax	67,616	328	2,567	4,034	168	74,713
Tax expense	(52,070)	(152)	(1,043)	2,458	361	(50,446)

Results of operations	15,546	176	1,524	6,492	529	24,267

Net income/(loss) from equity accounted investments	0	52	0	0	120	172


COMBINED BALANCE SHEET FOR EQUINOR ASA AND EQUINOR ENERGY AS
	At 31 December
(unaudited, in USD millions)	2024

Non-current assets	42,376
External	34,526
Non-guarantor subsidiaries	7,796
Related parties	55

Current assets	38,301
External	32,700
Non-guarantor subsidiaries	5,387
Related parties	214

Non-current liabilities	46,976
External	46,403
Non-guarantor subsidiaries	123
Related parties	450

Current liabilities	39,128
External	25,774
Non-guarantor subsidiaries	11,868
Related parties	1,487


Exhibit no	Description
Exhibit 1	Articles of Association of Equinor ASA, as amended, effective from 14 May 2024 (English Translation).
Exhibit 2.1	Description of Securities registered under Section 12 of the Exchange Act.
Exhibit 2.2	Form of Indenture among Equinor ASA (formerly known as Statoil ASA and StatoilHydro ASA), Equinor Energy AS (formerly known as Statoil Petroleum AS and StatoilHydro Petroleum AS) and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.1 of Equinor ASA's (formerly known as Statoil ASA) and Equinor Energy AS's (formerly known as Statoil Petroleum AS) Post - Effective Amendment No.1 to their Registration Statement on Form F-3 (File No. 333-143339) filed with the Commission on 2 April 2009).
Exhibit 2.3	Supplemental Indenture No. 3 (incorporated by reference to Exhibit 4.1 of Equinor ASA’s Report on Form 6-K (File No. 001-15200) filed with the Commission on 10 September 2018)
Exhibit 2.4	Form of Supplemental Indenture No. 4 (incorporated by reference to Exhibit 4.1 of Equinor ASA’s Report on Form 6-K (File No. 001-15200) filed with the Commission on 13 November 2019)
Exhibit 2.5	Amended and Restated Agency Agreement, dated as of 30 April 2024, by and among Equinor ASA, as Issuer, Equinor Energy AS, as Guarantor, the Bank of New York Mellon, London Branch, as Agent and the Bank of New York Mellon SA/NV, Luxembourg Branch, as Paying Agent in respect of a €20,000,000 Euro Medium Term Note Programme.
Exhibit 2.6	Deed of Covenant, dated as of 13 May 2020, of Equinor ASA in respect of a €20,000,000 Euro Medium Term Notes Programme. (incorporated by reference to Exhibit 2.6 of Equinor ASA’s 2020 Form 20-F (File no. 001-15200) filed with the Commission on March 19, 2021)
Exhibit 2.7	Deed of Guarantee, dated as of 13 May 2020, of Equinor Energy AS in respect of a €20,000,000 Euro Medium Term Notes Programme (incorporated by reference to Exhibit 2.7 of Equinor ASA’s 2020 Form 20-F (File no. 001-15200) filed with the Commission on March 19, 2021).
Exhibit 4(a)(i)	Technical Services Agreement between Gassco AS and Equinor Energy AS (formerly known as Statoil Petroleum AS), dated November 24, 2010 (incorporated by reference to Exhibit 4(a)(i) of Equinor's (formerly known as Statoil) 2016 Form 20-F (File no. 001-15200) filed with the Commission on March 17, 2017).
Exhibit 4(a)(ii)	Amendment no. 1, 2, 3, 4, 5 and 6, dated 17 October 2010, 19 February 2013, 15 December 2012, 17 September 2014, 15 December 2017 and 22 December 2017, respectively, to Technical Services Agreement between Gassco AS and Equinor Energy AS (formerly known as Statoil Petroleum AS), dated November 24, 2010 (incorporated by reference to Exhibit 4(a)(ii) of Equinor's (formerly known as Statoil) 2017 Form 20-F (File no. 001-15200) filed with the Commission on March 23, 2018).
Exhibit 4(c)	Employment agreement with Anders Opedal as of 9 August 2020 (incorporated by reference to Exhibit 4(c) of Equinor ASA’s 2020 Form 20-F (File no. 001-15200) filed with the Commission on March 19, 2021).
Exhibit 8	List of subsidiaries
Exhibit 11	Code of Conduct
Exhibit 12.1	Rule 13a-14(a) Certification of the Chief Executive Officer
Exhibit 12.2	Rule 13a-14(a) Certification of Chief Financial Officer
Exhibit 13.1	Rule 13a-14(b) Certification of the Chief Executive Officer1)
Exhibit 13.2	Rule 13a-14(b) Certification of the Chief Financial Officer1)
Exhibit 15.1	Consent of EY AS
Exhibit 15.2	Consent of DeGolyer and MacNaughton
Exhibit 15.3	Report of DeGolyer and MacNaughton
Exhibit 15.4	Equinor 2024 Annual Report
Exhibit 15.5	Oil and gas reserves report
Exhibit 15.6	Remuneration report
Exhibit 15.7	Remuneration policy
Exhibit 15.8	Clawback policy
Exhibit 15.9	Board statement on corporate governance
Exhibit 16	Insider trading policies
Exhibit 17	List of guarantor subsidiaries
Exhibit 101	Interactive Data Files (formatted in Inline XBRL (Extensible Business Reporting Language)). Submitted electronically with the 2024 Form 20-F.
Exhibit 104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
1)Furnished only.


E&P Norway - Partner operated fields, average daily entitlement production
Field	Geographical area	Equinor's equity interest in %	Operator	On stream	Licence expiry date	Average production in 2024 mboe/day
Skarv	The Norwegian Sea	36.17	Aker BP ASA	2013	2029-2036	48
Ormen Lange	The Norwegian Sea	25.35	A/S Norske Shell	2007	2040-2041	34
Ivar Aasen	The North Sea	41.47	Aker BP ASA	2016	2029-2036	10
Goliat	The Barents Sea	35.00	Vår Energi ASA	2016	2042	8
Hanz	The North Sea	50.00	Aker BP ASA	2024	2036	4
Ærfugl Nord	The Norwegian Sea	30.00	Aker BP ASA	2021	2033	2
Marulk	The Norwegian Sea	33.00	DNO Norge AS	2012	2030	2
Enoch	The North Sea	11.78	Repsol Sinopec North Sea Ltd.	2007	2030	0

Total partner operated fields						108

Total E&P Norway						1,386


COMBINED PROFIT AND LOSS STATEMENT FOR EQUINOR ASA AND EQUINOR ENERGY AS
(unaudited, in USD millions)	Full year 2024

Revenues and other income	84,765
External	79,092
Non-guarantor subsidiaries	5,380
Related parties	293

Operating expenses	(54,695)
External (incl depreciation)	(32,020)
Non-guarantor subsidiaries	(11,552)
Related parties	(11,122)

Net operating income	30,070

Net financial items	(983)
External	(1,074)
Non-guarantor subsidiaries	91
Related parties	0

Income before tax	29,087

Income tax	(20,281)

Net income	8,806


Consolidated statement of income	80
Consolidated statement of comprehensive income	81
Consolidated balance sheet	82
Consolidated statement of changes in equity	83
Consolidated statement of cash flows	84
Notes to the consolidated financial statements	85


2023 (in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total group

Revenues third party	230	993	277	105,242	20	85	-	106,848
Revenues and other income inter-segment	37,999	6,009	4,009	633	12	33	(48,695)	-
Net income/(loss) from equity accounted investments	-	28	-	12	(33)	(8)	-	(1)
Other income	111	1	32	23	18	142	-	327

Total revenues and other income	38,340	7,032	4,319	105,908	17	253	(48,695)	107,174

Purchases [net of inventory variation]	-	(70)	-	(95,769)	-	(1)	47,665	(48,175)
Operating, selling, general and administrative expenses	(3,759)	(2,176)	(1,178)	(4,916)	(462)	(201)	893	(11,800)
Depreciation and amortisation	(4,429)	(2,123)	(1,779)	(897)	(12)	(133)	-	(9,373)
Net impairment (losses)/reversals	(588)	(310)	290	(343)	(300)	(10)	-	(1,260)
Exploration expenses	(476)	(20)	(299)	-	-	-	-	(795)

Total operating expenses	(9,253)	(4,700)	(2,966)	(101,925)	(774)	(345)	48,558	(71,404)

Net operating income/(loss)	29,087	2,332	1,353	3,984	(757)	(92)	(137)	35,770

Additions to PP&E, intangibles and equity accounted investments	5,939	4,376	1,206	844	2,007	128	—	14,500

Balance sheet information
Equity accounted investments	3	-	-	783	1,665	57	-	2,508
Non-current segment assets	28,915	17,977	11,049	3,997	1,575	1,018	-	64,530
Non-current assets not allocated to segments								14,487

Total non-current assets								81,525


2022 (in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total group

Revenues third party	304	1,099	305	147,164	16	115	—	149,004
Revenues and other income inter-segment	74,631	6,124	5,217	527	—	55	(86,554)	—
Net income/(loss) from equity accounted investments	—	172	—	406	58	(16)	—	620
Other income	994	35	—	9	111	33	—	1,182

Total revenues and other income	75,930	7,431	5,523	148,105	185	187	(86,554)	150,806

Purchases [net of inventory variation]	—	(116)	—	(139,916)	—	—	86,227	(53,806)
Operating, selling, general and administrative expenses	(3,782)	(1,698)	(938)	(4,591)	(265)	(223)	904	(10,593)
Depreciation and amortisation	(4,986)	(1,445)	(1,422)	(881)	(4)	(142)	—	(8,878)
Net impairment (losses)/reversals	819	(286)	1,060	895	—	—	—	2,487
Exploration expenses	(366)	(638)	(201)	—	—	—	—	(1,205)

Total operating expenses	(8,315)	(4,183)	(1,501)	(144,493)	(269)	(365)	87,131	(71,995)

Net operating income/(loss)	67,614	3,248	4,022	3,612	(84)	(178)	577	78,811

Additions to PP&E, intangibles and equity accounted investments	4,922	2,623	764	1,212	298	176	—	9,994

Balance sheet information
Equity accounted investments	3	550	—	688	1,452	65	—	2,758
Non-current segment assets	28,510	15,868	11,311	4,619	316	1,031	—	61,656
Non-current assets not allocated to segments								15,437

Total non-current assets								79,851


(in USD million)	Exploration expenses	Acquisition costs - oil and gas prospects	Goodwill2)	Other	Total

Cost at 1 January 2024	1,169	2,036	1,733	1,072	6,010
Additions through business acquisition3)	—	504	71	—	574
Additions	299	151	29	202	681
Disposals at cost	(6)	(103)	—	(4)	(113)
Transfers	(145)	(94)	(1)	—	(240)
Assets reclassified to held for sale4)	—	(7)	(276)	—	(282)
Expensed exploration expenditures previously capitalised	(76)	5	—	—	(71)
Foreign currency translation effects	(94)	(54)	(113)	(64)	(326)

Cost at 31 December 2024	1,147	2,438	1,443	1,206	6,234

Accumulated amortisation and impairment at 31 December 2024¹⁾				(580)	(580)

Carrying amount at 31 December 2024	1,147	2,438	1,443	626	5,654


Net impairments/(reversal of impairments)
	Full year
(in USD million)	2024	2023	2022

Property, plant and equipment	(120)	897	(3,313)
Intangible assets	(5)	61	62
Equity accounted investments	6	363	832

Total net impairments/(reversals) including exploration expenses	(119)	1,321	(2,419)


Non-current finance debt maturity profile
	At 31 December
(in USD million)	2024	2023

Year 2 and 3	4,462	4,683
Year 4 and 5	2,463	4,511
After 5 years	12,436	13,035

Total repayment of non-current finance debt	19,361	22,230

Weighted average maturity (years - including current portion)	9	9
Weighted average annual interest rate (% - including current portion)	3.44%	3.41%


Reconciliation of cash flows from financing activities to finance line items in balance sheet
(in USD million)	Non-current finance debt	Current finance debt	Dividend payable	Lease liabilities1)	Accrued trade expenses and other payables2)	Collateral receivables3)	Other balance sheet items	Total

At 1 January 2024	22,230	5,996	2,649	3,570	715	(2,186)

Repayment of finance debt	(2,592)							(2,592)
Repayment of lease liabilities				(1,491)				(1,491)
Dividend paid			(8,578)					(8,578)
Share buy-back		(4,023)			(1,990)			(6,013)
Net current finance debt and other finance activities		868				144	(79)	933

Net cash flow from financing activities	(2,592)	(3,155)	(8,578)	(1,491)	(1,990)	144	(79)	(17,741)

Transfer to current portion	225	(225)
Dividend declared			7,802
Share buy back committed		3,956			1,980
Debt in RIO Energy	—
New leases				1,595
Effect of exchange rate changes	(450)	(20)		(141)	(20)	4
Other changes	(52)	671	33	(23)	180

Net other changes	(278)	4,382	7,835	1,432	2,140	4

At 31 December 2024	19,361	7,223	1,906	3,510	866	(2,037)