fsrq22021

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE

ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

28 July 2021

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50, N-4035, STAVANGER,

NORWAY

(Address of principal executive offices)

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

40-F:

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):_____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):_____

This report on Form 6-K is being filed for the purposes of incorporation by reference in the Registration Statements on Form

F-3 (File No. 333-

239808) and Form S-8 (File No. 333-168426). This report shall be deemed filed and incorporated by reference in

such Registration

Statements and shall be deemed to be a part thereof from the date on which this report is furnished, to the extent not superseded

documents or reports subsequently filed or furnished.

This document includes portions from the previously published results announcement of Equinor ASA as of, and

for the six months ended 30

June 2021, as revised to comply with the requirements of Item 10(e) of Regulation S-K regarding non-GAAP financial

information promulgated

by the U.S. Securities and Exchange Commission.

In addition, this document includes summarized financial information related to guaranteed

debt securities. This document does not update or otherwise supplement the information contained in the previously

published results

announcement.

Equinor

second

quarter

2021

results

Equinor reports IFRS net operating income of USD 5.30 billion and IFRS net income of USD 1.94 billion in the second

quarter

of 2021.

The second quarter of 2021 was characterised by:

●

Strong results due to higher prices, sustained value focus and strict capital discipline.

●

Solid operational performance and progress in the project portfolio, some projects impacted by

Covid-19.

●

Strong cash flow and significant improvement of net debt ratio of 23.2% and adjusted net debt

ratio

(1)

to 16.4%.

●

Cash dividend of USD 0.18 per share and launch of share buy-back programme.

“We deliver a strong result in the second quarter. Solid operational performance and continued focus on value creation have enabled

us to capture additional value from higher commodity prices. Strict capital discipline and a net cash flow of more than USD 4.5

billion,

reduce our adjusted net debt ratio to 16.4 percent and make us robust for volatility in commodity prices going forward,”

says Anders

Opedal, President and CEO of Equinor ASA.

“Systematic and sustained improvements on the NCS enable us to capture additional value in the quarter. We progressed our project

portfolio with the Norwegian government’s approval of the development plan for Breidablikk, start-up of Martin Linge on NCS and the

final investment decision on Bacalhau Phase 1 in Brazil. Projects in execution are progressing despite the impact of

Covid-19,” says

Opedal.

“We continue to accelerate within renewables through strategic positions and partnerships. In Poland we made significant progress

with the award of the support regime for Baltyk II & III with a potential total capacity at 1,440 megawatts. We continue our efforts to

reduce emissions. In this quarter we submitted the plan for development and operation of the Troll West electrification, and we have

made good progress on Hywind Tampen, the world’s first floating windfarm to power offshore oil and gas platforms”, says Opedal.

IFRS net operating income was USD 5.30 billion in the second quarter, up from negative USD 0.47 billion in the same period in 2020.

IFRS net income was USD 1.94 billion in the second quarter, compared to negative USD 0.25 billion in the second quarter of 2020.

Net operating income was impacted by higher prices for gas and liquids, and net reversals of impairments of USD 0.28 billion

including USD 0.11 billion impairment of exploration licences in the second quarter of 2021.

The results of all E&P segments are positively impacted by the higher commodity prices. Strong operational performance, continued

improvement focus and strict capital discipline supported additional value creation.

E&P Norway benefitted from improved prices and solid operational performance.

Combined with taxes paid based on the low 2020

results this contributed strongly to the group cash flow.

Results from the Marketing, midstream and processing segment were impacted by losses on hedges of gas forward sales, shut

down

of the Hammerfest LNG plant and weak refinery margins.

Compared to the same quarter last year the Renewables segment experienced lower winds for the offshore wind assets, partially

offset by improved availability.

Equinor delivered total equity production of 1,997 mboe per day in the second quarter, down from 2,011 mboe per day in the same

period in 2020. High planned maintenance, divestment of Bakken and shut down of the Hammerfest LNG plant were partially

offset by

higher flex gas volumes, to capture higher prices and increased production from Johan Sverdrup. Equity production of renewable

energy for the quarter was 282 GWh, down from 304 GWh for the same period last year, impacted by lower winds than the same

quarter last year.

This is a non-GAAP figure. Comparison numbers and reconciliation to IFRS are presented in the table

Calculation of capital employed and

net debt to capital employed ratio as shown under the Supplementary section in the report.

At the end of second quarter 2021, Equinor had completed 11 exploration wells with 5 commercial discoveries and 12 wells were

ongoing. Exploration expenses in the second quarter were USD 0.33 billion, compared to USD 0.39 billion in the same quarter

2020.

Cash flows provided by operating activities before taxes paid and changes in working capital amounted to USD 6.54 billion for

the

second quarter, compared to USD 2.36 billion for the same period in 2020. Organic capital expenditure [5] was USD 4.03 billion for

the first six months of 2021. At the end of the quarter adjusted net debt to capital employed

(1)

was 16.4%, down from 24.6% in the first

quarter of 2021. Including the lease liabilities according to IFRS 16, the net debt to capital employed

(1)

was 23.2%.

The board of directors has declared a cash dividend of USD 0.18 per share for the second quarter of 2021. 28 July Equinor

commence execution of the first tranche of around USD 300 million of the USD 600 million share buy-back program for

2021

announced 15 June.

The twelve-month average Serious Incident Frequency (SIF) for the period ending 30 June was 0.5 for 2021, and down from 0.6 in

2020. The twelve-month average Recordable Injury Frequency (TRIF) for the period ending at 30 June was 2.5, up from

2.2 in 2020.

On the Capital Markets Day on 15 June 2021 Equinor presented its updated strategy for accelerating its transition while growing

cash

flow and returns. Equinor’s ambition is to deliver a competitive capital distribution and presented an updated

programme for cash

dividend and share buy-back. Equinor has an ambition to reach a 40% reduction in net carbon intensity by 2035, on the

way towards

net zero by 2050, and interim ambitions to reduce net carbon intensity with 20% by 2030.

Equinor expects gross investments [5] in renewables of around USD 23 billion from 2021 to 2026, and to increase the share of

gross

investments for renewables and low carbon solutions from around 4% in 2020 to more than 50% by 2030. Based on early low-cost

access at scale, Equinor expects to reach an installed capacity of 12 – 16 GW (Equinor share) by 2030. Early access followed

targeted farm down is an integrated part of Equinor’s value creation proposition. So far, Equinor has divested assets for USD 2.3

billion and booked a capital gain of USD 1.7 billion.

By 2035, Equinor’s ambition is to develop the capacity to store 15 -30 million tonnes CO2 per year and

to provide clean hydrogen in 3-

5 industrial clusters.

Quarters

Change

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million, unless stated otherwise)

2021

2020

Change

5,298

5,220

(472)

N/A

Net operating income/(loss)

10,518

(414)

N/A

1,943

1,854

(251)

N/A

Net income/(loss)

3,797

(956)

N/A

1,997

2,168

2,011

(1%)

Total equity liquids

and gas production (mboe per day) [4]

2,082

2,122

(2%)

63.7

56.4

22.9

>100%

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

60.0

33.6

79%

GROUP REVIEW

Second quarter 2021 review

Total equity liquids and gas production

[4] was 1,997 mboe per day in the second quarter of 2021, down 1% compared to 2,011

mboe per

day in the second quarter of 2020 mainly due to planned turnarounds, expected natural decline, divestment

of an unconventional US onshore

asset in the second quarter of 2021, in addition to the shutdown at the Hammerfest LNG plant. Higher flexible

gas off-take and ramp-up of

fields on the Norwegian continental shelf partially offset the decrease.

Total entitlement liquids and gas

production [3] was 1,845 mboe per day in the second quarter of 2021, down 3% compared to 1,897 mboe

per day in the second quarter of 2020. The production was negatively influenced by the factors mentioned

above in addition to higher effects

from production sharing agreements (PSA) [4]. The net effect of PSA and US royalties was 152 mboe

per day in total in the second quarter of

2021 compared to 114 mboe per day in the

second quarter of 2020.

Quarters

Change

Condensed income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(unaudited, in USD million)

2021

2020

Change

17,462

17,589

7,603

>100%

Total revenues and

other income

35,052

22,733

54%

(7,399)

(7,166)

(2,750)

>100%

Purchases [net of inventory variation]

(14,565)

(10,146)

44%

(2,329)

(2,160)

(2,411)

(3%)

Operating and administrative expenses

(4,489)

(5,014)

(10%)

(2,111)

(2,797)

(2,522)

(16%)

Depreciation, amortisation and net impairment losses

(4,908)

(6,959)

(29%)

(326)

(247)

(393)

(17%)

Exploration expenses

(572)

(1,028)

(44%)

5,298

5,220

(472)

N/A

Net operating income/(loss)

10,518

(414)

N/A

(393)

(707)

(248)

(59%)

Net financial items

(1,101)

(225)

>(100%)

4,905

4,513

(720)

N/A

Income before tax

9,417

(640)

N/A

(2,962)

(2,659)

469

>(100%)

Income tax

(5,620)

(316)

>100%

1,943

1,854

(251)

N/A

Net income/(loss)

3,797

(956)

N/A

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 74,579 million at

30 June 2021, compared to USD 75,858 million at 30 June 2020.

Net operating income

was USD 5,298 million in the second quarter of 2021, compared to negative USD 472 million in the second

quarter of 2020. The increase was mainly due to higher average prices for liquids and gas, and net reversal of impairments

in the

second quarter of 2021 compared to net impairment losses in second quarter of 2020. Lower results from liquids trading

compared to

the second quarter of 2020 partially offset the increase in net operating income.

In the second quarter of 2021, net operating income was positively impacted by net reversal of impairments

of USD 276 million,

operational storage effects of USD 87 million, net overlifted volumes of USD 80 million, inventory hedge contracts of USD 67 million

and unrealised loss on gas derivatives of USD 60 million. In the second quarter of 2020, net operating income was negatively

impacted by impairments of USD 374 million.

Total revenues and other income

were USD 17,462 million in the second quarter of 2021, compared to USD 7,603 million in the

second quarter of 2020. The increase was mainly due to significantly higher average prices for liquids and gas, and higher

gas

production, partially offset by lower liquids production.

For more information, see note 2 Segments to the Condensed interim financial statements.

Purchases [net of inventory variation]

[6] were USD 7,399 million in the second quarter of 2021, compared to USD 2,750 million in

the second quarter of 2020. The increase was mainly due to significantly higher average prices for liquids and gas in addition

to higher

third party volumes for gas in Europe.

Operating and administrative expenses

were USD 2,329 million in the second quarter of 2021, compared to USD 2,411 million in

the second quarter of 2020. The decrease was mainly due to lower transportation costs, especially in the MMP segment, primarily

due

to lower freight rates on shipping of liquids in addition to lower volumes. The NOK/USD exchange rate development partially offset the

decrease.

Depreciation, amortisation and net impairment losses

were USD 2,111

million in the second quarter of 2021, compared to USD

2,522 million in the second quarter of 2020. The decrease was mainly due to net impairment reversals in the second quarter

of 2021

compared to impairment losses in the second quarter of 2020. Higher reserves estimates especially in the E&P International segment,

lower depreciation basis resulting from net impairments in previous periods, and a classification of a US onshore asset as held

for

sale, contributed to the decrease. The decrease was partially offset by higher investments and the NOK/USD exchange rate

development.

Exploration expenses

were USD 326 million in the second quarter of 2021, compared to USD 393 million in the second quarter of

2020. The decrease was mainly due to previously expensed wells being recapitalised this quarter due to related projects being

matured, and lower drilling and other costs. This is partially offset by a lower portion of wells being capitalized this quarter and higher

field development costs. For more information, see the table titled Exploration expenses in the Supplementary disclosures.

Net financial items

amounted to negative USD 393 million in the second quarter of 2021, compared to negative USD 248 million in

the second quarter of 2020. The decrease of USD 145 million was mainly due to a loss on derivatives related to the long-term debt

portfolio of USD 101 million in the second quarter of 2021, compared to a gain of USD 189 million in the second quarter of

2020, and

a gain of USD 27 million on financial investments in the second quarter of 2021, compared to a gain of USD 248 million in

the second

quarter of 2020. The decrease was partially offset by a loss of USD 43 million on net foreign exchange in the second quarter of 2021,

compared to a loss of USD 321 million in the second quarter of 2020, as well as effects from interest income and other financial items

and interest and other financial expenses, with a combined loss of USD 276 million in the second quarter of 2021, compared

to a

combined loss of USD 365 million in the second quarter of 2020.

Income tax

was USD 2,962 million in the second quarter of 2021. The effective tax rate was 60.4%. In the second quarter of 2020,

income tax was negative USD 469 million and the effective tax rate was 65.2%. For more information, see note

Income taxes

to the

Condensed interim financial statements.

Net income

in the second quarter of 2021 was USD 1,943 million, compared to negative USD 251 million in the second quarter of

2020. The increase was mainly due to positive changes in net operating income as discussed above, partially offset by negative

changes for net financial items and higher income tax.

Cash flows provided by operating activities

increased by USD 6,275 million compared to the second quarter of 2020. The increase was

mainly due to higher liquids and gas prices, decreased tax payments and a change in working capital.

Cash flows used in investing activities

increased by USD 918 million compared to the second quarter of 2020. The increase was mainly

due to increased financial investments, partially offset by increased proceeds from sale

of assets.

Cash flows used in financing activities

increased by USD 6,985 million compared to the second quarter of 2020. The increase was mainly

due to bonds issued in the second quarter of 2020, partially offset by increased short-term debt and decreased

dividend paid.

Total cash flows

decreased by USD 1,628 million compared to the second quarter of 2020.

Free cash flow

[5] in the second quarter of 2021 was USD 4,510 million compared to negative USD 1,853 million in the second quarter

2020. The increase was mainly due to higher operating cash flow mainly due to higher liquids and gas prices,

decreased tax payments,

increased proceeds from sale of assets and decreased dividend paid.

First half 2021 review

Net operating income

was USD 10,518 million in the first half of 2021, compared to negative USD 414 million in the first half

of 2020. The

increase was mainly due to higher liquids and gas prices, lower net impairments in the first half of 2021 compared to the

first half of 2020, and

lower transportation and exploration costs. In the first half of 2021, net operating income was positively

impacted by inventory hedge contracts

of USD 354 million, operational storage effects of USD 191 million and net overlifted volumes

of USD 79 million, partially offset by net

impairments of USD 152 million. In the first half of 2020, net operating income was negatively impacted mainly

by net impairments of USD

2,825 million.

Total revenues and other income

were USD 35,052 million in the first half of 2021 compared to USD 22,733 million in the first half of 2020.

The increase was mainly due to significantly higher average prices for liquids and gas, and higher gas production, partially

offset by lower

liquids production.

Purchases

[6]

were USD 14,565 million in the first half of 2021 compared to USD 10,146 million in the first half of 2020. The increase

was

mainly due to significantly higher average prices for liquids and gas, partially offset by lower volumes

for liquids and third party sales.

Operating and administrative expenses

were

USD 4,489 million in the first half of 2021, compared to USD 5,014 million in the first half of

2020. The decrease was mainly due to lower transportation costs, especially in the MMP segment, primarily

due to lower freight rates on

shipping of liquids in addition to lower volumes. The NOK/USD exchange rate development partially offset

the decrease.

Depreciation, amortisation and net impairment losses

were USD 4,908 million in the first half of 2021, compared to USD 6,959 million in

the first half of 2020. The decrease was mainly due to lower net impairment losses in the first half of 2021 compared

to the first half of 2020.

Higher reserves estimates especially in the E&P International segment, lower depreciation basis resulting from net impairments

in previous

periods, and a classification of a US onshore asset as held for sale added to the decrease. The decrease was partially

offset by higher

investments and the NOK/USD exchange rate development.

Exploration expenses

were

USD 572 million in the first half of 2021, compared to USD 1,028 million in the first half of 2020. The decrease

was mainly due to lower impairment losses in the first half of 2021 compared to the first half of 2020, in addition

to lower drilling and other

costs, a lower portion of exploration expenditure capitalized in earlier years being expensed this year,

and wells expensed in earlier years

being recapitalised this year due to related projects on NCS being matured. The decrease is partially

offset by a lower portion of exploration

expenditure being capitalized this year, and higher field

development costs. For more information, see the table titled Exploration expenses in

the Supplementary disclosures.

Net financial items

amounted to negative USD 1,101 million in the first half of 2021, compared to negative USD 225 million in the first

half of 2020. The decrease of USD 876 million was mainly due to a loss of USD 462 million on derivatives related to a

long-term debt

portfolio in the first half of 2021 compared to a gain of USD 382 million in the first half of 2020. A lower gain of USD 72 million

Interest income and other financial items in the first half of 2021 compared to a gain of USD 238 million in the first half of

2020, and a

loss on financial investments of USD 123 million in the first half of 2021 compared to a loss of USD 98 million in the first

half of 2020,

added to the decrease. The decrease was partially offset by a gain of USD 27 million on net foreign exchange in the first half of 2021

compared to a loss of USD 24 million in the first half of 2020, and a reduction in interest and other financial expenses by a negative

USD 616 million in the first half of 2021 compared to a negative USD 723 million in the first half of 2020.

Income tax

was USD 5,620 million in the first half of 2021 and the effective tax rate was 59.7%. Income tax in the first half of 2020

was negative USD 316 million and the effective tax rate was negative 49,5%. For more information, see note 5 Income tax to the

Condensed interim financial statements.

Net income

in the first half of 2021 was USD 3,797 million compared to negative USD 956 million in the first half of 2020. The

increase was mainly due to the positive changes in net operating income as discussed above, partially offset by negative changes for

net financial items and higher income tax.

Cash flows provided by operating activities

increased by USD 7,216 million compared to the first half of 2020. The increase was

mainly due to higher liquids and gas prices and decreased tax payments, partially offset by a change in working capital and decreased

cash flow from derivatives.

Cash flows used in investing activities

decreased by USD 244 million compared to the first half of 2020. The decrease was mainly

due to increased proceeds from sale of assets, partially offset by increased financial investments.

Cash flows provided by financing activities

increased by USD 8,824 million compared to the first half of 2020. The increase was

mainly due to bonds issued in the first half of 2020 and increased repayment of finance debt, partially offset by decreased dividend

paid.

Total cash flows

decreased by USD 1,364 million compared to the first half of 2020.

Free cash flow

[5]

for the first half of 2021 was USD 9,683 million, compared to negative USD 1,492 million in the first half of 2020.

The increase was mainly due to higher operating cash flow mainly due to higher liquids and gas prices, decreased tax payments,

increased proceeds from sale of assets and decreased dividend paid, partially offset by decreased cash flow from derivatives.

For information related to guaranteed debt securities

, see Summarized financial information related to guaranteed debt securities

in the Supplementary information

OUTLOOK

●

Organic capital expenditures

[5]

are estimated at an annual average of USD 9-10 billion for 2021-2022 and around USD 12

billion annual average for 2023-2024

●

Production

for 2021 is estimated to be around 2% above 2020 level

[7].

●

Equinor’s ambition is to keep the

unit of production cost

in the top quartile of its peer group

●

Scheduled maintenance activity

is estimated to reduce equity production by around 50 mboe per day for the full year of 2021.

These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risks

and

uncertainties because they relate to events and depend on circumstances that will occur in the future. We continue to monitor the

impact of Covid-19 on our operations. Deferral of production to create future value, production cuts, gas off-take, timing of new

capacity coming on stream, operational regularity, the ongoing impact of Covid-19 and activity level in the US onshore represent the

most significant risks related to the foregoing production guidance. There has been considerable uncertainty created by

the Covid-19

pandemic and we are still unable to predict the ultimate impact of this event, including impact on general economic conditions

worldwide. Our future financial performance, including cash flow and liquidity, will be impacted by the extent and duration of the

current market conditions, the development in realised prices, including price differentials and the effectiveness of actions taken in

response to the pandemic. For further information, see section Forward-looking statements

USD/NOK exchange rate assumption of 9.

Adjusted for portfolio measures.

EXPLORATION

& PRODUCTION NORWAY

Second quarter 2021 review

Average daily production of liquids and gas

decreased by 2% to 1,257 mboe per day in the second quarter of 2021, compared to

1,281 mboe per day in the second quarter of 2020. The decrease was mainly due to planned turnarounds, expected natural

decline

and shutdown at the Hammerfest LNG plant, partially offset by higher flexible gas off-take and ramp-up on Johan Sverdrup.

Net operating income

was USD 4,418 million in the second quarter of 2021 compared to negative USD 104 million in the second

quarter of 2020. The increase was mainly due to higher liquids price and gas transfer price in addition to net reversal of impairments.

In the second quarter of 2021, net operating income was was positively impacted by net reversal of impairments of assets

of USD 396

million, net underlifted volumes of USD 38 million and unrealised gain on derivatives of USD 19 million. In the second quarter

of 2020,

net operating income was negatively impacted by net underlifted volumes of USD 19 million.

Total revenues and other income

increased mainly due to higher liquids price and gas transfer price.

Operating and administrative expenses

increased mainly due to the NOK/USD exchange rate development, partially offset by lower

Gassled removal costs and lower transportation costs.

Depreciation, amortisation and net impairment losses

decreased mainly due to reversal of impairments in the second quarter of 2021.

The decrease was partially offset by the NOK/USD exchange rate development, decreased proved reserves on several fields and

higher investments.

Exploration expenses

decreased mainly due to previously expensed wells being recapitalised this quarter due to related projects

being matured. Higher drilling and field development costs partially offset the decrease.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 35,533 million at

30 June 2021, compared to USD 30,549 million at 30 June 2020.

Quarters

Change

Income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

6,210

5,783

1,659

>100%

Total revenues and

other income

11,992

5,196

>100%

(828)

(794)

(706)

17%

Operating and administrative expenses

(1,622)

(1,341)

21%

(908)

(1,570)

(992)

(8%)

Depreciation, amortisation and net impairment losses

(2,478)

(2,833)

(13%)

(55)

(70)

(65)

(15%)

Exploration expenses

(125)

(160)

(22%)

4,418

3,350

(104)

N/A

Net operating income/(loss)

7,767

863

>100%

First half 2021 review

Net operating income

for E&P Norway was USD 7,767 million in the first half of 2021 compared to USD 863 million in the first half of

2020. The increase was mainly due to higher gas transfer price and liquids price in addition to net reversal of impairments.

In the first half of 2021, net operating income was positively impacted by net reversal of impairments of assets of

USD 120 million, net

underlifted volumes of USD 103 million and unrealised gain on derivatives of USD 19 million. In the first half of 2020, net operating

income was negatively impacted by impairment of assets of USD 859 million and net underlifted volumes of USD 50 million.

Total revenues and other income

increased in the first half of 2021 compared to the first half of 2020, mainly due to higher gas

transfer price and liquids price.

Operating and administrative expenses

increased mainly due to the NOK/USD exchange rate development, partially offset by lower

Gassled removal costs and lower transportation costs.

Depreciation, amortisation and net impairment losses

decreased in the first half of 2021 compared to the first half of 2020, mainly due

to net reversal of impairments in the first half of 2021 compared to impairment losses in the first half of 2020. The

decrease was

partially offset by the NOK/USD exchange rate development, decreased proved reserves on several fields, increased depreciation of

the asset retirement obligation (ARO) assets and higher investments.

Exploration expenses

decreased mainly due to previously expensed wells being recapitalised due to related projects being matured.

Higher drilling and field development costs partially offset the decrease.

EXPLORATION

& PRODUCTION INTERNATIONAL

Second quarter 2021 review

Average daily equity production of liquids and gas

was 349 mboe per day in the second quarter of 2021 compared to 325 mboe

per day in the second quarter of 2020. The increase was primarily due to higher gas nominations, field specific production on the

continental shelf and in Russia, partially offset by natural decline in mature fields.

Average daily entitlement production of liquids and gas

was 252 mboe per day in the second quarter of 2021 compared to 266

mboe per day in the second quarter of 2020. The decrease was due to higher effects from production sharing agreements (PSA)

partially offset by higher equity production. The net effects from PSA were 97 mboe per day in the second quarter of 2021 compared

to 59 mboe per day in the second quarter of 2020.

Net operating income

was positive USD 591 million in the second quarter of 2021 compared to negative USD 548 million in the

second quarter of 2020. The increase was mainly due to higher liquids and gas prices, lower depreciation and lower exploration

expenses, in addition to net impairment reversals in the second quarter of 2021 compared to net impairment losses in the

second

quarter of 2020. The increase was partially offset by lower entitlement production in the second quarter of 2021.

In the second quarter of 2021, net operating income was positively impacted by net impairment reversals of USD 94 million, revenues

related to a redetermination process of USD 57 million and net overlifted volumes of USD 41 million. In the second quarter of

2020,

net operating income was negatively impacted by net impairment losses of USD 146 million.

Total revenues and other income

increased mainly due to higher liquids and gas prices.

Operating and administrative expenses

increased mainly due to increased royalties and production fees driven by higher prices.

Depreciation, amortisation and net impairment losses

decreased mainly due to net impairment reversals in the second quarter of 2021

compared to impairment losses in the second quarter of 2020, increased reserve estimates and lower entitlement

production from

mature fields. Reduced ARO asset estimates and lower depreciation basis resulting from net impairments in previous periods added

to the decrease, partially offset by higher investments and increased production from specific fields.

Exploration expenses

decreased mainly due to lower drilling and other costs, partially offset by a lower portion of exploration

expenditure being capitalised in the second quarter of 2021.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 18,662 million at

30 June 2021, compared to USD 20,278 million at 30 June 2020.

Quarters

Change

Income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

1,475

1,049

555

>100%

Total revenues and

other income

2,525

1,903

33%

(29)

(26)

>(100%)

Purchases [net of inventory variation]

(15)

(68)

(78%)

(439)

(252)

(281)

57%

Operating and administrative expenses

(691)

(779)

(11%)

(228)

(400)

(509)

(55%)

Depreciation, amortisation and net impairment losses

(627)

(1,380)

(55%)

(231)

(107)

(288)

(20%)

Exploration expenses

(338)

(536)

(37%)

591

261

(548)

N/A

Net operating income/(loss)

853

(860)

N/A

First half 2021 review

Net operating income

for E&P International was positive USD 853 million in the first half of 2021, compared to negative USD 860

million in the first half of 2020. The positive development was mainly due to higher liquids and gas prices, lower depreciation,

and

lower exploration expenses, in addition to net impairment reversals in the first half of 2021 compared to net impairment losses

in the

first half of 2020. The increase was partially offset by lower entitlement production in the first half of 2021.

In the first half of 2021, net operating income was positively impacted by net impairment reversals of USD 39 million. In

the first half of

2020, net operating income was negatively impacted by net impairment losses of USD 529 million.

Total revenues and other income

increased mainly due to higher liquids and gas prices.

Operating and administrative expenses

decreased mainly due to overlifted volumes in the first half of 2021 compared to underlifted

volumes in the first half of 2020. The decrease was partially offset by increased royalties and production fees, primarily driven by

increased prices.

Depreciation, amortisation and net impairment losses

decreased mainly due to net impairment reversals in the first half of 2021

compared to net impairment losses in the first half of 2020, increased reserves estimates and lower entitlement production from

mature fields. The decrease was partially offset by higher investments and increased production from certain fields.

Exploration expenses

decreased mainly due to lower drilling and other costs, lower exploration expenditure capitalized in earlier

years

being expensed in the first half of 2021, and lower impairment losses in the first half of 2021 compared to the first half of

2020. The

decrease was partially offset by a lower portion of exploration expenditure being capitalized in the first half of 2021.

EXPLORATION

& PRODUCTION USA

Second quarter 2021 review

Average daily equity production of liquids and gas

was 391 mboe per day in the second quarter of 2021 compared to 405 mboe

per day in the second quarter of 2020. The decrease is due to divestment of an unconventional US onshore asset in the second

quarter of 2021 and slightly lower US offshore production due natural decline offset slightly by increase in remaining unconventional

US onshore assets.

Average daily entitlement production of liquids and gas

decreased slightly to 337 mboe per day in the second quarter of 2021

compared to 350 mboe per day in the second quarter of 2020. The decrease is due to divestment of an unconventional US onshore

asset in the second quarter of 2021 and slightly lower US offshore production due natural decline offset slightly by increase in

remaining unconventional US onshore assets.

Net operating income

was positive USD 204 million in the second quarter of 2021 compared to negative USD 332 million in the

second quarter of 2020. The increase was mainly due to higher commodity prices in the second quarter of 2021.

In the second quarter of 2021, net operating income was negatively impacted by net impairments of USD 11 million, relating to the US

offshore leaseholds. In the second quarter of 2020, there were no impairments.

Total revenues and other income

increased mainly due to higher commodity prices.

Operating and administrative expenses

decreased mainly due to the divestment of an unconventional US onshore asset.

Depreciation, amortisation and net impairment losses

decreased mainly due to lower depreciation basis resulting from classification of

an unconventional US onshore asset as held for sale in the fourth quarter of 2020, where no depreciation expense has been

recognised for the period up to the asset was divested in the second quarter of 2021.

Exploration expenses

decreased mainly due to lower drilling costs offset by a lower portion of exploration expenditure being

capitalized.

Balance sheet information

: The sum of equity accounted investments and non-current segment assets was USD 11,811 million at

30 June 2021, compared to USD 15,557 million at 30 June 2020.

Quarters

Change

Income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

968

993

475

>100%

Total revenues and

other income

1,961

1,360

44%

(287)

(335)

(293)

(2%)

Operating and administrative expenses

(622)

(664)

(6%)

(438)

(436)

(475)

(8%)

Depreciation, amortisation and net impairment losses

(873)

(1,711)

(49%)

(39)

(70)

(40)

(2%)

Exploration expenses

(109)

(332)

(67%)

204

152

(332)

N/A

Net operating income/(loss)

356

(1,347)

N/A

First half 2021 review

Net operating income

for E&P USA was positive USD 356 million in the first half of 2021 compared to negative USD 1,347 million in

the first half of 2020. The positive development was mainly due to higher liquids and gas prices in the first half of 2021 compared

the first half of 2020 and lower impairments related to unconventional US onshore and US offshore assets in the first half of 2021

compared to the first half of 2020.

In the first half of 2021, net operating income was negatively impacted by net impairment losses of USD 51 million, mainly due

reduced fair value related to an asset held for sale in the first quarter of 2021. In the first half of 2020, net operating income was

negatively impacted by net impairments of USD 1,014 million, mainly due to lower commodity price assumptions for the

unconventional US onshore and US offshore assets.

Total revenues and other income

increased mainly due to higher liquids and gas prices.

Operating and administrative expenses

decreased mainly due to lower activity for unconventional US onshore as well as the

divestment of an unconventional US onshore asset.

Depreciation, amortisation and net impairment losses

decreased mainly due to lower depreciation basis resulting from classification of

an unconventional US onshore asset as held for sale in the fourth quarter of 2020, where no depreciation expense has been

recognised for the period up to the asset was divested in the second quarter of 2021.

Exploration

decreased mainly due to lower impairment losses in the first half of 2021 compared to the first half of 2020, in addition

lower drilling costs. The decrease was partially offset

by a lower portion of exploration expenditure being capitalised and a higher

portion of exploration expenditure capitalised in earlier years being expensed this year.

MARKETING, MIDSTREAM & PROCESSING

Second quarter 2021 review

Natural gas sales volumes

amounted to 14.2 billion standard cubic meters (bcm) in the second quarter of 2021, up 0.6 bcm

compared to the second quarter of 2020. Of the total gas sales in the second quarter of 2021, entitlement gas was 12.6 bcm,

up 0.6 bcm from the second quarter of 2020. The increase was mainly due to higher E&P International entitlement volumes, partially

offset by the absence of equity LNG volumes as a result of the outage at the Hammerfest LNG plant due to shutdown.

Liquids sales volumes

amounted to 180.6 million barrels (mmbl) in the first quarter of 2021, down by 14.3 mmbl compared to the

second quarter of 2020 mainly due to decreased purchase from third party partially offset by increased volumes from E&P

International.

Average invoiced European natural gas sales price

was 237% higher in the second quarter of 2021 compared to the second

quarter of 2020 following the post-Covid-19 economic recovery, higher demand for heating combined with low storage levels.

Average invoiced North American piped gas sales price

increased by 53% in the same period mainly due to increased Henry Hub

price resulting from higher export and increased demand for gas-fired power as a result of warm weather.

Net operating income

was USD 152 million in the second quarter of 2021 compared to USD 610 million in the second quarter of

2020. The decrease was mainly driven by lower results from liquids trading in the second quarter of 2021 compared to strong

liquids

trading results in the second quarter of 2020. In addition, absence of LNG sales due to the outage at the Hammerfest LNG plant

and

negative results from a weak refinery margin contributed to a lower gross margin. The decrease in net operating income was partially

offset by lower impairment losses and lower operating expenses compared to the second quarter in 2020. The net operating income

in the second quarter of 2021 includes significant gains related to derivatives connected to our bilateral contracts. The effect of these

derivative gains is offset by a loss on gas price hedges in the second quarter of 2021.

In the second quarter of 2021, net operating income was negatively impacted by impairment losses and net provisions of

USD 211

million, compared to USD 377 million in the second quarter of 2020. Unrealised gain on derivatives of USD 41 million positively

impacted net on operating income in the second quarter of 2021, compared to a loss on derivatives of USD 36

million in the second

quarter of 2020.

Total revenues and other income

and

Purchases [net of inventory variation]

increased mainly due to higher prices for both liquids and

gas, partially offset by lower third party volumes for liquids.

Operating and administrative expenses

decreased mainly due to lower transportation costs caused by lower freight rates on shipping

of liquids in addition to lower volumes. The decrease was partially offset by higher costs at operating plants.

Depreciation, amortisation and net impairment losses

decreased mainly due to lower impairment losses in the second quarter of 2021

compared to the second quarter of 2020.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 3,668 million at 30

June 2021, compared to USD 4,337 million at 30 June 2020.

Quarters

Change

Income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

16,981

15,789

7,486

>100%

Total revenues and

other income

32,770

22,289

47%

(15,448)

(14,176)

(5,127)

>100%

Purchases [net of inventory variation] [6]

(29,625)

(18,627)

59%

(1,097)

(1,069)

(1,423)

(23%)

Operating and administrative expenses

(2,166)

(2,767)

(22%)

(284)

(152)

(326)

(13%)

Depreciation, amortisation and net impairment losses

(436)

(607)

(28%)

152

392

610

(75%)

Net operating income/(loss)

544

288

89%

First half 2021 review

Net operating income

for MMP was USD 544 million in the first half of 2021 compared to USD 288 million in the first half of 2020.

The increase was mainly driven by a gain on liquids inventory hedging effects and operational storage of USD 545 million in the first

half of 2021, compared to a loss of USD 422 million in the first half of 2020.

The increase was partially offset by absence of LNG sales

due to the outage at the Hammerfest LNG plant, and negative result from weaker refinery results. The net operating income

in the first

half of 2021 includes significant gains related to derivatives connected to our bilateral contracts. The effect of these derivative gains is

offset by a loss on gas price hedges in the first half of 2021.

In the first half of 2021, net operating income was negatively impacted by impairment losses and provisions of USD 256 million

compared to USD 604 million in the first half of 2020. Unrealised gain on derivatives of USD 24 million positively impacted net

operating income in the first half of 2021, compared to a loss on derivatives of USD 83 million in the first half of

2020.

Total revenues and other income

and

Purchases [net of inventory variation]

increased mainly due to higher prices for all products,

partially offset by lower volumes for liquids.

Operating and administrative expenses

decreased mainly due to lower transportation costs caused by lower freight rates on shipping

of liquids, in addition to lower volumes. The decrease was partially offset by higher costs at operating plants.

Depreciation, amortisation and net impairment losses

decreased mainly due to lower impairment losses in the first half of 2021

compared to the first half of 2020.

RENEWABLES

As from the first quarter of 2021, Equinor changed its reporting as REN became a separate reporting segment. Previously the

activities in REN were reported in the segment “Other”. The change has its basis in the increased strategic importance of

the

renewable business for Equinor and that the information is regarded useful for the readers of the financial statements.

Following the

change, Equinor has determined the adjusted earnings item of gain or loss from sales of assets is not applicable to

REN, as the

management considers presentation of the segment operations result, including the presentation of the gain or loss from divestments,

as being reflective of the performance of the segment at this point of time. See Use and reconciliation of non-GAAP financial

measures in the Supplementary disclosures for more information.

Second quarter 2021 review

Power generation

was 282 GWh in the second quarter of 2021, compared to 304 GWh in the second quarter of 2020. The decrease

was due to wind being below seasonal average in the second quarter of 2021. The availability has been high in the second

quarter of

2021.

Net operating income

was negative USD 31 million in the second quarter of 2021 compared to USD 0 million in the second quarter

of 2020. The reduction was mainly due to increased activity level and higher costs due to the progressing of projects, mainly related

the Empire Wind and Beacon Wind assets on the US east coast. Increased business development costs driven by higher activity level

in the US, UK and in Asia also added to the decrease in net operating income. The decrease in Net operating income was partially

offset by higher net income from assets in operation compared to the second quarter of 2020.

Lower power generation this quarter compared to same quarter last year was offset by increased power prices and higher availability.

Net income from assets in operation was positive both in the second quarter of 2021 and the second quarter of 2020.

Total revenue and other income

decreased by USD 36 million compared to the second quarter of 2020 due to lower net income from

equity accounted investments. Reduced net result from equity accounted investments were mainly due to higher costs related

to the

progressing of the Empire Wind and Beacon Wind assets on the US east coast. These assets have changed consolidation method

from proportional to equity accounted investments in 2021, following the farm-down of 50% of the owner share in the first quarter

2021.

Operating and administrative expenses

decreased compared to the second quarter of 2020. The decrease was mainly driven by

changed consolidation method for the Empire Wind and Beacon Wind assets. The decrease was partially offset by higher business

development costs driven by higher activity level in the US, the UK and in Asia.

Depreciation, amortisation and net impairment losses

were slightly up compared to the second quarter of 2020 due to depreciation of

certain water permits acquired in 2021.

Quarters

Change

Income statement under IFRS

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

1,381

(96%)

Total revenues and

other income

1,383

>100%

(32)

(40)

(38)

(16%)

Operating and administrative expenses

(72)

(71)

(1)

(0)

>100%

Depreciation, amortisation and net impairment losses

(1)

(0)

>100%

(31)

1,341

(0)

>(100%)

Net operating income/(loss)

1,310

>100%

Equinor share.

First half 2021 review

Net operating income

was USD 1,310 million in the first half of 2021 compared to USD 11 million in the first half of 2020. The

increase was due to gain on divestments completed in the first quarter of 2021 of around USD 1.4 billion. Net operating income in the

first half of 2021 was impacted by lower net income from equity accounted investments compared to the first half of 2020.

This was

mainly driven by lower net income from equity accounted investments under development which contributed negatively to

the result as

expected due to increased activity level and higher costs compared to the first half of 2020 due to the progressing of projects.

Total revenue and other income

increased due to gain on divestments in the first half of 2021. The increase was partially offset by

lower result from equity accounted investments which is included in this line item, mainly due to Empire Wind and Beacon Wind

assets in development not accounted for as equity accounted investment in 2020.

Operating and administrative expenses

remain at same level. Increase due to higher project activity and business development costs

in the US, the UK and in Asia was offset by lower operating expenses due to change in ownership and consolidation method related

to Empire Wind and Beacon Wind in the US, following the farm-down of 50% of the owner share in the first quarter of 2021.

Depreciation, amortisation and net impairment losses

were slightly up compared to the first half of 2020 due to depreciation of certain

water permits acquired in 2021.

CONDENSED INTERIM FINANCIAL STATEMENTS

Second quarter 2021

CONSOLIDATED STATEMENT

OF INCOME

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(unaudited, in USD million)

Note

2021

2020

2020*

17,380

16,129

7,563

Revenues

33,508

22,627

45,753

Net income/(loss) from equity accounted investments

104

1,431

Other income

1,497

17,462

17,589

7,603

Total revenues and

other income

35,052

22,733

45,818

(7,399)

(7,166)

(2,750)

Purchases [net of inventory variation]

(14,565)

(10,146)

(20,986)

(2,134)

(1,941)

(2,234)

Operating expenses

(4,076)

(4,639)

(8,831)

(195)

(218)

(177)

Selling, general and administrative expenses

(413)

(374)

(706)

(2,111)

(2,797)

(2,522)

Depreciation, amortisation and net impairment losses

(4,908)

(6,959)

(15,235)

(326)

(247)

(393)

Exploration expenses

(572)

(1,028)

(3,483)

(12,164)

(12,369)

(8,075)

Total operating expenses

(24,534)

(23,147)

(49,241)

5,298

5,220

(472)

Net operating income/(loss)

10,518

(414)

(3,423)

(304)

(312)

(379)

Interest expenses and other financial expenses

(616)

(723)

(1,392)

(90)

(396)

130

Other financial items

(485)

498

556

(393)

(707)

(248)

Net financial items

(1,101)

(225)

(836)

4,905

4,513

(720)

Income/(loss) before tax

9,417

(640)

(4,259)

(2,962)

(2,659)

469

Income tax

(5,620)

(316)

(1,237)

1,943

1,854

(251)

Net income/(loss)

3,797

(956)

(5,496)

1,938

1,851

(254)

Attributable to equity holders of the company

3,789

(961)

(5,510)

Attributable to non-controlling interests

0.60

0.57

(0.08)

Basic earnings per share (in USD)

1.17

(0.29)

(1.69)

0.60

0.57

(0.08)

Diluted earnings per share (in USD)

1.16

(0.29)

(1.69)

3,247

3,248

3,276

Weighted average number of ordinary shares outstanding (in millions)

3,248

3,290

3,269

3,257

3,256

3,284

Weighted average number of ordinary shares outstanding diluted (in

millions)

3,257

3,298

3,277

* Audited

CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(unaudited, in USD million)

2021

2020

2020*

1,943

1,854

(251)

Net income/(loss)

3,797

(956)

(5,496)

107

117

Actuarial gains/(losses) on defined benefit pension plans

224

163

(106)

(24)

(25)

(8)

Income tax effect on income and expenses recognised in OCI

(50)

Items that will not be reclassified to the Consolidated statement of

income

174

113

(87)

119

(46)

1,560

Foreign currency translation effects

(2,622)

1,064

119

(46)

1,560

Items that may be subsequently reclassified to the Consolidated

statement of income

(2,622)

1,064

202

1,593

Other comprehensive income/(loss)

247

(2,509)

977

2,144

1,899

1,342

Total comprehensive

income/(loss)

4,044

(3,464)

(4,519)

2,140

1,896

1,340

Attributable to the equity holders of the company

4,036

(3,470)

(4,533)

Attributable to non-controlling interests

* Audited

1) Other comprehensive income (OCI).

CONSOLIDATED BALANCE SHEET

At 30 June

At 31 March

At 31 December

At 30 June

(unaudited, in USD million)

Note

2021

2020*

2020

ASSETS

Property, plant and equipment

65,373

63,161

65,672

63,941

Intangible assets

6,829

8,150

8,148

10,317

Equity accounted investments

2,377

2,374

2,262

1,599

Deferred tax assets

5,231

4,880

4,974

3,794

Pension assets

1,552

1,437

1,310

963

Derivative financial instruments

1,691

1,573

2,476

1,630

Financial investments

3,895

3,922

4,083

3,157

Prepayments and financial receivables

934

774

861

1,311

Total non-current

assets

87,882

86,272

89,786

86,711

Inventories

2,548

2,917

3,084

2,974

Trade and other receivables

8,564

8,692

8,232

5,489

Derivative financial instruments

2,251

1,096

886

589

Financial investments

15,152

10,922

11,865

9,319

Cash and cash equivalents

9,912

8,992

6,757

9,700

Total current assets

38,426

32,619

30,824

28,072

Assets classified as held for sale

950

1,100

1,362

Total assets

127,259

119,991

121,972

114,783

EQUITY AND LIABILITIES

Shareholders' equity

37,023

35,764

33,873

35,587

Non-controlling interests

Total equity

37,041

35,782

33,892

35,610

Finance debt

28,112

27,991

29,118

28,632

Lease liabilities

2,796

3,006

3,220

3,016

Deferred tax liabilities

12,306

11,440

11,224

8,907

Pension liabilities

4,411

4,363

4,292

3,572

Provisions and other liabilities

18,890

17,817

19,731

18,097

Derivative financial instruments

606

550

676

967

Total non-current

liabilities

67,120

65,167

68,260

63,191

Trade, other payables and provisions

10,022

10,592

10,510

8,620

Current tax payable

5,156

3,249

1,148

674

Finance debt

3,463

2,784

4,591

4,324

Lease liabilities

1,113

1,131

1,186

1,139

Dividends payable

487

357

297

Derivative financial instruments

2,247

1,014

1,710

928

Total current liabilities

22,488

18,770

19,502

15,982

Liabilities directly associated with the assets classified as

held for sale

610

271

318

Total liabilities

90,218

84,209

88,081

79,173

Total equity and liabilities

127,259

119,991

121,972

114,783

* Audited

1) Lease liabilities are separated from the line item Finance debt and 2020 has been reclassified.

CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

(unaudited, in USD million)

capital

Additional

paid-in

capital

Retained

earnings

Foreign

currency

translation

reserve

Share-

holders'

equity

Non-

controlling

interests

Total equity

At 31 December 2019*

1,185

7,732

37,481

(5,258)

41,139

41,159

Net income/(loss)

(961)

(956)

Other comprehensive income/(loss)

113

(2,622)

(2,509)

Total comprehensive

income/(loss)

(3,464)

Dividends

(1,189)

Share buy-back

(890)

Other equity transactions

(4)

(0)

(4)

(2)

(6)

At 30 June 2020

1,185

6,838

35,443

(7,879)

35,587

35,610

At 31 December 2020*

1,164

6,852

30,050

(4,194)

33,873

33,892

Net income/(loss)

3,789

3,797

Other comprehensive income/(loss)

174

247

Total comprehensive

income/(loss)

4,044

Dividends

(877)

Other equity transactions

(8)

(9)

(18)

At 30 June 2021

1,164

6,844

33,136

(4,121)

37,023

37,041

* Audited

CONSOLIDATED STATEMENT

OF CASH FLOWS

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(unaudited, in USD million)

Note

2021

2020

2020*

4,905

4,513

(720)

Income/(loss) before tax

9,417

(640)

(4,259)

2,111

2,797

2,522

Depreciation, amortisation and net impairment losses

4,908

6,959

15,235

125

Exploration expenditures written off

560

2,506

(70)

321

(Gains)/losses on foreign currency transactions and balances

(27)

646

(1,383)

(15)

(Gains)/losses on sale of assets and businesses

(1,367)

(1)

(565)

222

257

(Increase)/decrease in other items related to operating activities

(343)

492

918

170

577

(Increase)/decrease in net derivative financial instruments

746

(264)

(451)

Interest received

108

162

(199)

(141)

(198)

Interest paid

(340)

(380)

(730)

6,543

6,617

2,360

Cash flows provided by operating activities before taxes paid and

working capital items

13,161

6,859

14,045

(344)

(84)

(1,744)

Taxes paid

(428)

(2,631)

(3,134)

444

(549)

(248)

(Increase)/decrease in working capital

(106)

1,183

(524)

6,643

5,984

368

Cash flows provided by operating activities

12,627

5,411

10,386

(111)

Cash used in business combinations

(111)

(1,747)

(2,151)

(1,899)

Capital expenditures and investments

(3,897)

(4,249)

(8,476)

(4,224)

699

(2,730)

(Increase)/decrease in financial investments

(3,525)

(2,131)

(3,703)

(65)

(305)

(45)

(Increase)/decrease in derivatives financial instruments

(370)

(71)

(620)

(134)

(3)

(Increase)/decrease in other interest-bearing items

(137)

202

692

1,146

Proceeds from sale of assets and businesses

1,839

505

(5,589)

(613)

(4,671)

Cash flows used in investing activities

(6,202)

(6,446)

(12,092)

8,347

New finance debt

8,347

(1)

(1,424)

Repayment of finance debt

(1,425)

(2,055)

(308)

(302)

(318)

Repayment of lease liabilities

(610)

(623)

(1,277)

(389)

(355)

(904)

Dividends paid

(744)

(1,750)

(2,330)

Share buy-back

(58)

(1,059)

687

(1,015)

(150)

Net current finance debt and other financing activities

(327)

(198)

1,365

(10)

(3,096)

6,975

Cash flows provided by/(used in) financing activities

(3,107)

5,717

2,991

1,044

2,274

2,672

Net increase/(decrease) in cash and cash equivalents

3,318

4,682

1,285

(174)

162

Effect of exchange rate changes on cash and cash equivalents

(170)

(159)

294

8,857

6,757

6,866

Cash and cash equivalents at the beginning of the period (net of

overdraft)

6,757

5,177

9,904

8,857

9,700

Cash and cash equivalents at the end of the period (net of

overdraft)

9,904

9,700

6,757

* Audited

1) Second quarter 2021 includes redetermination settlement for the

Agbami field. For more information see note 7 Provisions, commitments,

contingent liabilities and contingent assets for more information.

2) Net after cash and cash equivalents acquired.

3) Includes sale of Lundin shares in the second quarter of 2020.

4) Repayment of lease liabilities are separated from the line

item Repayment of finance debt and 2020 has been reclassified.

5) At 30 June 2021 cash and cash equivalents included a net overdraft

of USD 7 million. At 31 December 2020 and at 30 June 2020 cash

and cash equivalents net overdraft were zero.

Notes to the Condensed interim financial statements

1 Organisation and basis of preparation

Organisation and principal activities

Equinor ASA, originally Den Norske Stats Oljeselskap AS, was founded in 1972 and is incorporated and domiciled in Norway. The

address of its registered office is Forusbeen 50, N-4035 Stavanger, Norway.

The Equinor group’s (Equinor’s) business consists principally of the exploration, production, transportation, refining and marketing

petroleum and petroleum-derived products, and other forms of energy. Equinor ASA is listed on the Oslo Børs (Norway) and the New

York Stock Exchange (USA).

All of Equinor's oil and gas activities and net assets on the Norwegian continental shelf are owned by Equinor Energy AS, a 100%

owned operating subsidiary of Equinor ASA. Equinor Energy AS is co-obligor or guarantor of certain debt obligations of Equinor

ASA.

Following changes in Equinor's internal reporting to management, the composition of Equinor's operating and reporting segments

changed as of the first quarter 2021. Segment information for prior periods has been reclassified to align with the new segment

presentation. Certain further changes to Equinor’s operating segments took effect on 1 June 2021, but this did not impact

the

reporting segments, and no reclassifications were required. For more information, see note 2 Segments to these condensed interim

financial statements.

Equinor's condensed interim financial statements for the second quarter of 2021 were authorised for issue by the board of directors

27 July 2021.

Basis of preparation

These condensed interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial

Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU).

The

condensed interim financial statements do not include all the information and disclosures required by International Financial

Reporting

Standards (IFRS) for a complete set of financial statements, and these condensed interim financial statements should be read in

conjunction with the Consolidated annual financial statements for 2020. IFRS as adopted by the EU differs in certain respects from

IFRS as issued by the IASB, but the differences do not impact Equinor's financial statements for the periods presented. A description

of the significant accounting policies applied in preparing these condensed interim financial statements is included

in Equinor's

Consolidated annual financial statements for 2020.

There have been no changes to the significant accounting policies during 2021 compared to the Consolidated annual

financial

statements for 2020.

The condensed interim financial statements reflect all adjustments which are, in the opinion of management, necessary

for a fair

presentation of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim

period

results are not necessarily indicative of results of operations or cash flows for an annual period. Certain amounts in the comparable

periods in the note disclosures have been reclassified to conform to current period presentation. The subtotals and totals in some

the tables may not equal the sum of the amounts shown due to rounding.

The condensed interim financial statements are unaudited.

Use of estimates

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and

assumptions

that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated

assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances,

the results of which form the basis for making the judgments about carrying values of assets and liabilities that are not readily

apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed

on an on-going basis, considering

current and expected future market conditions. A change in an accounting estimate is recognised in

the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if

the revision affects both current and future periods. The ongoing Covid-19 pandemic creates additional estimation uncertainties and

impacts key assumptions applied by Equinor in the valuation of our assets and the measurement of our liabilities. Reference

is made

to note 2 Significant accounting policies in Equinor’s Consolidated annual financial statements for 2020

and to note 8 Impact of the

Covid-19 pandemic to these condensed interim financial statements for further information.

2 Segments

As from 1 June 2021 Equinor’s operations are managed through the following operating segments

(business areas): Exploration &

Production Norway (EPN), Exploration & Production International (EPI), Exploration & Production USA (EPIUSA), Marketing,

Midstream & Processing (MMP), Renewables (REN), Projects, Drilling and Procurement (PDP) and Technology, Digital & Innovation

(TDI) and Corporate staff and functions.

The main change in the organisational corporate structure compared to previous periods is that the operating segment Development

& Production Brazil is merged into the operating segment Exploration & Production International. In addition, the operating segment

Exploration is divided and merged into Exploration & Production Norway, Exploration & Production International and Exploration &

Production USA. Global Strategy & Business development is divided and merged into the functions for Chief Financial Officer and

Safety, Security and Sustainability. The operating segment Technol

ogy, Projects & Drilling is split into Technology,

Digital &

Innovation and Projects, Drilling & Procurement. The new organisational corporate structure has not implied any changes in

the

reportable segments.

The reporting 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) consist

of the

business areas EPN, EPI, EPIUSA, MMP and REN respectively. The operating segments, PDP, TDI and corporate staffs and

functions are aggregated into the reporting segment “Other” due to the immateriality of these operating segments. The

majority of the

costs within the operating segments PDP and TDI are allocated to the E&P Norway, E&P International, E&P USA, MMP and REN

reporting segments.

The changes have no material effect on comparable figures.

As from the first quarter of 2021, Equinor changed its reporting as REN became a separate reporting segment. Previously the

activities in REN were reported in the segment “Other”. The new reporting structure has been applied retrospectively with comparable

figures reclassified. The change has its basis in the increased strategic importance of the renewable business for Equinor and that

the

information is regarded useful for the readers of the financial statements.

Inter-segment sales and related unrealised profits, mainly from the sale of crude oil and products, are eliminated in the Eliminations

column below. Inter-segment revenues are based upon estimated market prices.

The reported measure of segment profit is net operating income/(loss)

Deferred tax assets, pension assets and non-current financial

assets are not allocated to the segments.

The measurement basis for segments is IFRS as applied by the group with the exception of IFRS 16 Leases and the line item

Additions to PP&E, intangibles and equity accounted investments. All IFRS 16 leases are presented within the Other

segment. The

lease costs for the period are allocated to the different segments based on underlying lease payments, with a corresponding credit in

the Other segment. Lease costs allocated to licence partners are recognised as other revenues in the Other

segment. Additions to

PP&E, intangible assets and equity accounted investments in the E&P and MMP segments include the period’s allocated lease costs

related to activity being capitalised with a corresponding negative addition in the Other segment. The line item Additions to

PP&E,

intangibles and equity accounted investments excludes movements related to changes in asset retirement obligations.

Second quarter 2021

E&P

Norway

E&P

Internationa

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

287

101

16,892

117

17,446

Revenues inter-segment

6,167

1,170

867

(8,287)

Net income/(loss) from equity accounted

investments

(6)

(4)

Total revenues and

other income

6,210

1,475

968

16,981

114

(8,287)

17,462

Purchases [net of inventory variation]

(0)

(15,448)

(0)

8,035

(7,399)

Operating, selling, general and

administrative expenses

(828)

(439)

(287)

(1,097)

(32)

298

(2,329)

Depreciation, amortisation and net

impairment losses

(908)

(228)

(438)

(284)

(1)

(252)

(2,111)

Exploration expenses

(55)

(231)

(39)

(326)

Total operating expenses

(1,792)

(884)

(764)

(16,829)

(33)

(195)

8,333

(12,164)

Net operating income/(loss)

4,418

591

204

152

(31)

(82)

5,298

Additions to PP&E, intangibles and equity

accounted investments

1,368

429

180

156

2,243

First quarter 2021

E&P

Norway

E&P

Internationa

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

221

121

15,697

1,382

111

17,559

Revenues inter-segment

5,755

805

872

(7,517)

Net income/(loss) from equity accounted

investments

(1)

Total revenues and

other income

5,783

1,049

993

15,789

1,381

111

(7,517)

17,589

Purchases [net of inventory variation]

(29)

(0)

(14,176)

(0)

7,040

(7,166)

Operating, selling, general and

administrative expenses

(794)

(252)

(335)

(1,069)

(40)

277

(2,160)

Depreciation, amortisation and net

impairment losses

(1,570)

(400)

(436)

(152)

(0)

(240)

(2,797)

Exploration expenses

(70)

(107)

(70)

(247)

Total operating expenses

(2,433)

(788)

(841)

(15,397)

(40)

(187)

7,317

(12,369)

Net operating income/(loss)

3,350

261

152

392

1,341

(76)

(200)

5,220

Additions to PP&E, intangibles and equity

accounted investments

1,308

396

157

128

(13)

(0)

2,014

Second quarter 2020

E&P

Norway

E&P

Internationa

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

7,392

(0)

7,570

Revenues inter-segment

1,649

515

408

(2,661)

Net income/(loss) from equity accounted

investments

(11)

Total revenues and

other income

1,659

555

475

7,486

(2,661)

7,603

Purchases [net of inventory variation]

(26)

(5,127)

(0)

2,403

(2,750)

Operating, selling, general and

administrative expenses

(706)

(281)

(293)

(1,423)

(38)

163

166

(2,411)

Depreciation, amortisation and net

(992)

(509)

(475)

(326)

(0)

(220)

(2,522)

impairment losses

Exploration expenses

(65)

(288)

(40)

(393)

Total operating expenses

(1,762)

(1,103)

(808)

(6,877)

(38)

(56)

2,569

(8,075)

Net operating income/(loss)

(104)

(548)

(332)

610

(0)

(6)

(92)

(472)

Additions to PP&E, intangibles and equity

accounted investments

1,118

484

268

382

(0)

2,307

1) Reclassified

First half 2021

E&P

Norway

E&P

Internationa

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

508

222

32,589

1,389

227

35,005

Revenues inter-segment

11,923

1,975

1,739

166

(15,804)

Net income/(loss) from equity accounted

investments

(6)

(4)

Total revenues and

other income

11,992

2,525

1,961

32,770

1,383

225

(15,804)

35,052

Purchases [net of inventory variation]

(15)

(0)

(29,625)

(1)

15,076

(14,565)

Operating, selling, general and

administrative expenses

(1,622)

(691)

(622)

(2,166)

(72)

110

574

(4,489)

Depreciation, amortisation and net

impairment losses

(2,478)

(627)

(873)

(436)

(1)

(492)

(4,908)

Exploration expenses

(125)

(338)

(109)

(572)

Total operating expenses

(4,225)

(1,672)

(1,605)

(32,226)

(73)

(383)

15,650

(24,534)

Net operating income/(loss)

7,767

853

356

544

1,310

(157)

(154)

10,518

Additions to PP&E, intangibles and equity

accounted investments

2,676

825

337

284

4,257

Balance sheet information

Equity accounted investments

1,181

1,067

(0)

2,377

Non-current segment assets

35,530

17,481

11,811

3,572

141

3,668

72,202

Non-current assets not allocated to

segments

13,303

Total non-current

assets

87,882

First half 2020

E&P

Norway

E&P

Internationa

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

218

208

22,087

22,629

Revenues inter-segment

5,179

1,680

1,152

184

(8,197)

Net income/(loss) from equity accounted

investments

104

Total revenues and

other income

5,196

1,903

1,360

22,289

100

(8,197)

22,733

Purchases [net of inventory variation]

(68)

(18,627)

(0)

8,549

(10,146)

Operating, selling, general and

administrative expenses

(1,341)

(779)

(664)

(2,767)

(71)

255

353

(5,014)

Depreciation, amortisation and net

impairment losses

(2,833)

(1,380)

(1,711)

(607)

(0)

(429)

(6,959)

Exploration expenses

(160)

(536)

(332)

(1,028)

Total operating expenses

(4,333)

(2,763)

(2,707)

(22,001)

(72)

(174)

8,902

(23,147)

Net operating income/(loss)

863

(860)

(1,347)

288

(74)

705

(414)

Additions to PP&E, intangibles and equity

accounted investments

2,407

1,225

694

107

484

(0)

4,922

Balance sheet information

Equity accounted investments

563

925

1,599

Non-current segment assets

30,547

19,715

15,557

4,350

189

3,901

74,259

Non-current assets not allocated to

segments

10,853

Total non-current

assets

86,711

1) Reclassified

In the second quarter of 2021 Equinor recognised net impairment reversals of USD 276 million of which USD 113 million was

impairments of acquisition cost and signature bonuses classified as exploration expenses. The line item Exploration expenses

in the

Consolidated statement of income also includes impairment of capitalised exploration well cost. For information regarding impairment

of capitalised exploration cost, see note 6 Property, plant and equipment and intangible assets.

In the E&P International segment the net impairment reversal was USD 93 million. Impairments of USD 95 million related to

exploration licenses in South America and were classified as exploration expenses. Net impairment reversal of other

assets of USD

188 million were mainly related to an asset in the Europe and Asia area caused by positive change in the short-term

price

assumptions and a North America offshore asset valued at fair value less cost to sell following the reclassification to held for sale.

In the E&P Norway segment the net impairment reversal was USD 396 million mainly related to an offshore asset caused by a positive

change in the short-term price assumptions.

In the MMP segment the impairments were USD 185 million mainly related to a refinery valued at fair value less cost to

sell following

the reclassification to held for sale.

In addition, in the segments Other and E&P USA total impairments of USD 29 million have been recognized.

For information on group impairment losses and reversals, see note 6 Property, plant and equipment and intangible assets.

For information regarding acquisition and disposal of interests, see note 3 Acquisitions and disposals.

See also note 8 Impact of the Covid-19 pandemic.

Revenues from contracts with customers by geographical areas

When attributing the line item Revenues third party, other revenues and other income to the country of the legal entity executing the

sale for the second quarter of 2021, Norway constitutes 76% and USA constitutes 16% of such revenues. For the second quarter

2020, Norway and USA constituted 79% and 16% of such revenues, respectively.

For the first half of 2021, Norway constitutes 78% and the US constitutes 16% of such revenues. For the first half of

2020, Norway and

the US constituted 80% and 15% of such revenues respectively.

Non-current assets by country

At 30 June

At 31 March

At 31 December

At 30 June

(in USD million)

2021

2020

Norway

41,342

40,261

42,192

36,383

USA

12,667

12,867

13,172

16,524

Brazil

8,339

8,226

8,203

8,796

4,222

4,256

4,398

4,913

Azerbaijan

1,674

1,670

1,683

1,696

Canada

1,478

1,445

1,527

1,435

Russia

1,012

974

973

427

Angola

914

897

725

1,331

Algeria

772

794

808

866

Denmark

568

918

953

887

Other countries

1,592

1,378

1,447

2,601

Total non-current

assets

74,579

73,686

76,082

75,858

1) Excluding deferred tax assets, pension assets and non-current financial assets.

Revenues from contracts with customers and other revenues

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(in USD million)

2021

2020

9,060

8,714

4,018

Crude oil

17,774

11,858

24,509

3,443

3,298

1,188

Natural gas

6,741

3,358

7,213

2,908

2,661

923

- European gas

5,569

2,691

5,839

319

422

196

- North American gas

741

486

1,010

215

216

- Other incl. Liquefied natural gas

431

181

363

2,682

2,373

1,258

Refined products

5,055

3,287

6,534

1,672

1,910

839

Natural gas liquids

3,582

2,288

5,069

205

256

286

Transportation

461

615

1,083

341

112

Other sales

454

225

681

17,402

16,664

7,677

Revenues from contracts with customers

34,067

21,631

45,088

(9)

Taxes paid in-kind

158

294

(159)

152

Physically settled commodity derivatives

135

251

209

(471)

(523)

(318)

Gain/(loss) on commodity derivatives

(994)

594

108

Other revenues

143

113

256

(23)

(536)

(114)

Total other revenues

(558)

996

665

17,380

16,129

7,563

Revenues

33,508

22,627

45,753

3 Acquisitions and disposals

Divestments

Bakken onshore unconventional field

On 26 April 2021, Equinor closed the transaction to divest its interests in the Bakken field in the US states of North Dakota and

Montana to Grayson Mill Energy, backed by EnCap Investments for an estimated total consideration of USD 819 million, including

interim period settlement, for which payment has been received in the first half 2021. Post-closing settlement adjustments are

ongoing, and the consideration will be final in early 2022. The asset was impaired in the first quarter 2021. In the second quarter

2021,

an insignificant loss was recorded and is presented in the line item Operating expenses in the Consolidated statement of

income in

the E&P USA segment.

Divestment of 10% of Dogger Bank Farm A and B

On 26 February 2021, Equinor closed the transaction with Eni to sell a 10% equity interest in the Dogger Bank Wind Farm A and

assets in the UK for a total consideration of GBP 206.4 million (USD 285 million), resulting in a gain of GBP 202.8 million (USD

280

million). After closing, the new overall shareholdings in Dogger Bank A and Dogger Bank B are SSE Renewables (40%),

Equinor

(40%), and Eni (20%). Equinor will continue to equity account for the remaining investment as a joint venture. The gain is presented

the line item Other income in the Consolidated statement of income in the REN segment.

Divestment of non-operated interest in the Empire Wind and Beacon Wind assets on the US east coast

On 29 January 2021, Equinor closed the transaction with BP to sell 50% of the non-operated interests in the Empire Wind and

Beacon

Wind assets for a preliminary total consideration after interim period adjustments of USD 1.2 billion, resulting in a gain of USD 1.1

billion for the divested part, of which USD 500 million had been prepaid at the end of December 2020. Through this transaction,

the

two companies have established a strategic partnership for further growth within offshore wind in the USA. Following the transaction,

Equinor remains the operator with a 50% interest. Equinor consolidated the assets until transaction closing, and thereafter

the

investments are classified as joint ventures and accounted for using the equity method. The gain is presented in the line item Other

income in the Consolidated statement of income in the REN segment.

Acquisitions

Acquisition of Wento

On 5 May 2021, Equinor completed a transaction to acquire 100% of the shares in Polish onshore renewables developer Wento from

the private equity firm Enterprise Investors for a cash consideration of EUR 98 million (USD 117 million) after net cash adjustments. In

addition, Equinor acquired a receivable of USD 3 million from Enterprise Investors towards investees. The assets and

liabilities related

to the acquired business have been recognised under the acquisition method. The acquisition resulted in an increase of Equinor’s

intangible assets of USD 46 million, goodwill of USD 59 million, deferred tax liability of USD 9 million and other net assets

of USD 21

million. The goodwill reflects the expected synergies, competence and access to the Polish renewables market obtained in the

acquisition. The transaction has been accounted for in the REN reporting segment.

Held for sale

On 10 June 2021, Equinor entered into an agreement with the Klesch Group to sell 100% of the shares in Equinor Refining Denmark

A/S. Equinor Refining Denmark A/S consists of the Kalundborg refinery and terminal in the northwest of Zealand, the Hedehusene

terminal near Copenhagen as well as associated infrastructure and industrial property. The assets and liabilities related to this entity

are classified as held for sale and presented in the reporting segment MMP at 30 June 2021. Closing of the transaction is subject

customary approvals and contractual condition precedents. Closing is expected in the second half of 2021. Equinor has recognised

impairment loss based on the estimated fair value less costs to sell, see note 2 Segments.

In the second quarter 2021 Equinor has reached an agreement on commercial terms to sell its share of an asset in offshore North

America. The assets and liabilities related to this entity are classified as held for sale and presented in the E&P International

segment

at 30 June 2021. The net carrying amount of the interests to be disposed of is immaterial. Equinor has recognised an

impairment

reversal based on the estimated fair value less costs to sell, see note 2 Segments.

4 Financial items

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(in USD million)

2021

2020

(43)

(321)

Net foreign currency exchange gains/(losses)

(24)

(646)

Interest income and other financial items

238

248

(150)

248

Gains/(losses) on financial investments

(123)

(98)

506

(101)

(360)

189

Gains/(losses) other derivative financial instruments

(462)

382

448

(304)

(312)

(379)

Interest and other finance expenses

(616)

(723)

(1,392)

(393)

(707)

(248)

Net financial items

(1,101)

(225)

(836)

Gains/(losses) on derivative financial instruments is a loss of USD 101 million in the second quarter of 2021,

compared to a gain of

USD 189 million in the second quarter of 2020, mainly due to increased interest rates.

Equinor has a US Commercial paper programme available with a limit of USD 5 billion of which USD 950 million has been utilized

30 June 2021.

In the first half of 2021, Equinor recorded total lease payments of USD 663 million, of which USD 54 million were payment of

interest

and USD 610 million were down-payment of lease liabilities.

5 Income taxes

Quarters

First half

Full year

Q2 2021

Q1 2021

Q2 2020

(in USD million)

2021

2020

4,905

4,513

(720)

Income/(loss) before tax

9,417

(640)

(4,259)

(2,962)

(2,659)

469

Income tax

(5,620)

(316)

(1,237)

60.4%

58.9%

65.2%

Effective tax rate

59.7%

(49.5%)

(29.0%)

The tax rate for the second quarter of 2021 and for the first half of 2021 was primarily influenced by positive operating income

countries with unrecognised deferred tax assets.

The tax rate for the second quarter of 2021 was also influenced by currency effects in entities that are taxable in other currencies than

the functional currency.

The tax rate for the second quarter of 2020 and for the first half of 2020 was primarily influenced by the temporary changes

Norway’s petroleum tax system and changes in best estimates for uncertain tax positions.

The tax rate for the first half of 2020 was also influenced by losses including impairments recognised in countries with unrecognised

deferred tax assets or in countries with lower than average tax rates and currency effects in entities that are taxable in other

currencies than the functional currency.

The tax rate for the full year 2020 was primarily influenced by losses including net impairments recognised in countries

with

unrecognised deferred taxes or in countries with lower than average tax rates. The tax rate was also influenced by currency

effects in

entities that are taxable in other currencies than the functional currency, partially offset by the temporary changes to Norway’s

petroleum tax system and changes in best estimates for uncertain tax positions.

6 Property, plant

and equipment and intangible assets

(in USD million)

Property, plant and

equipment

Intangible

assets

Carrying amount at 31 December 2020

65,672

8,148

Additions through business combinations

106

Additions

3,429

166

Transfers

1,467

(1,467)

Disposals and reclassifications

(12)

Transferred to assets classified as held for sale

(281)

(0)

Expensed exploration expenditures and net impairment losses

(89)

Depreciation, amortisation and net impairment losses

(4,890)

(18)

Foreign currency translation effects

(73)

(5)

Carrying amount at 30 June 2021

65,373

6,829

Right-of-use (RoU) assets are included within property, plant and equipment with a net book value of USD 3,618 million per

30 June 2021. Additions to RoU assets amount to USD 167 million. Gross depreciation and impairment of RoU assets amount

to USD

636 million in the first half of 2021, of which depreciation costs of USD 158 million have been allocated to exploration and

development activities and are presented net on the Depreciation, amortisation and net impairment losses and Additions lines

in the

table above.

Net impairments/(reversal) of impairments

For information on impairment losses and reversals per reporting segment, see note 2 Segments.

Second quarter

Property, plant and

equipment

Intangible assets

Total

(in USD million)

2021

2020

2021

2020

2021

2020

Producing and development assets

(390)

263

(390)

263

Goodwill

Other intangible assets

Acquisition costs related to oil and gas prospects

113

111

113

111

Total net impairment

loss/(reversal) recognised

(390)

263

114

111

(276)

374

First half

Property, plant and

equipment

Intangible assets

Total

(in USD million)

2021

2020

2021

2020

2021

2020

Producing and development assets

2,379

277

2,656

Goodwill

Other intangible assets

Acquisition costs related to oil and gas prospects

117

170

117

170

Total net impairment

loss/(reversal) recognised

2,379

131

448

152

2,827

The net impairments have been recognised in the Consolidated statement of income as Depreciation, amortisation

and net

impairment losses and Exploration expenses based on the impaired assets’ nature of property, plant and equipment and intangible

assets, respectively.

The recoverable amounts in the second quarter and first half of 2021 were mainly based on value in use.

Value in use estimates and discounted cash flows used to determine the recoverable amount of assets tested for impairment are

based on internal forecasts on costs, production profiles and commodity prices.

7 Provisions, commitments, contingent liabilities and contingent assets

Asset retirement obligation

Equinor’s estimated asset retirement obligations (ARO) have decreased by USD 548 million to USD 16,743 million

compared to year-

end 2020, mainly due to the increase in discount rates and divestments, partially offset by increase in cost estimates and additions.

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

sheet.

Supreme Court decision related to ICMS indirect tax (Imposto sobre Circulaçao de Mercadorias - Tax on the Circulation of

Goods and Certain Services)

In Brazil, the State of Rio de Janeiro in 2015 published a law whereby crude oil extraction would be subject to a 18% ICMS indirect

tax

(Imposto sobre Circulaçao de Mercadorias - Tax on the Circulation of Goods and Certain Services). The Brazilian Industry Association

filed a suit with the Federal Supreme Court of Brazil challenging the law’s constitutionality, and in March 2021 the plenary of Brazil’s

Supreme Court declared the State of Rio de Janeiro’s law to be unconstitutional. The decision became final in May 2021. As a result,

Equinor requested that the Supreme Court’s decision is reflected in the ICMS related legal proceedings which previously were

initiated by Equinor and which currently are ongoing for the Roncador and Peregrino fields in in the legal system of

the State of Rio de

Janeiro. During the second quarter, developments in these state-level legal proceedings regarding the Peregrino field resulted in a

reduction in Equinor’s overall maximum exposure, which at the end of the second quarter 2021 is estimated

at USD 428 million.

Following the Supreme Court’s decision, Equinor evaluates the probability of any cash outflow in these cases to be remote. As no

provisions have previously been made in the matter, the Brazilian Supreme Court’s decision does not impact Equinor’s condensed

interim financial statements for the second quarter or first half of 2021.

Redetermination process for Agbami field

Through its ownership in OML 128 in Nigeria, Equinor is a party to an ownership interest redetermination process for the Agbami field,

which will reduce Equinor’s ownership interest. A non-binding agreement for settlement of

the redetermination was reached during the

fourth quarter of 2018. The parties to the non-binding agreement have thereafter continued to work towards a final settlement

and

agreed-upon ownership percentage adjustment. In June 2021, Equinor paid a total of USD 822 million to two of the partners

in the

Agbami Unit. The payment covered outstanding amounts between the three parties as of 31 March 2021. Following the payment,

adjustment to the previous provision by USD 57 million has been reflected in the E&P International segment under Other

Revenue.

The remaining Agbami redetermination related provision reflected in Trade and other payables in the Consolidated balance sheet at

second quarter end is immaterial.

Mineral rights dispute along the Missouri riverbank

Equinor produces minerals from wells in spacing units along the Missouri River in which ownership of the mineral rights associated

with the near shore region up to the ordinary high-water mark have been disputed. As operator of wells in those units,

Equinor has a

right to part of the proceeds, and a responsibility to distribute the remainder of the proceeds from the production to

the owners of the

mineral rights. As the riverbank has moved continuously over time, updated river-surveys have resulted in interest

claims from several

parties, including the State of North Dakota, the United States, and private parties. During the second quarter of 2021,

Equinor has

received updated title opinions reflecting the latest State survey that resulted in clarification among the main parties. Certain limited

procedural matters remain, but Equinor’s maximum exposure in the case has been significantly reduced and at

this stage is minor.

Amounts reflected in the matter in the Consolidated balance sheet at 30 June 2021 and in the Consolidated statement

of income

during the second quarter and for the first half of 2021 are immaterial.

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

currently outstanding. The ultimate liability or asset in respect of such litigation and claims, cannot be determined now. Equinor has

provided in its Condensed interim financial statements for probable liabilities related to litigation and claims based on the company's

best judgement. Equinor does not expect that its financial position, results of operations or cash flows will be materially affected by the

resolution of these legal proceedings.

8 Impact of the Covid-19 pandemic

In 2021, the Covid-19 pandemic continues to impact worldwide economic growth and energy demand, and the uncertainties with

regard to recovery from the effects of the pandemic remain. During the first half of 2021, oil prices rebounded after an unprecedented

collapse and increased volatility in 2020. Developments related to the ongoing pandemic, such as new or continued lockdowns

other measures implemented by various countries, new outbreaks, and the success of ongoing vaccination efforts, will continue to

impact energy demand, energy prices, and related volatilities in 2021 and beyond. At the same time, markets are currently

showing

signs of increased demand relative to supply, reflected in higher price levels for oil and gas in the near term.

On 19 March 2021, Equinor published its 2020 Annual Report and Form 20-F. The impact of the Covid-19 pandemic for the Equinor

group, including the impact for future energy price levels and demand, is discussed and reflected in a number of

notes to those 2020

annual consolidated financial statements. The Covid-19 pandemic related information with a reach beyond 2020 continue, in all

material aspects, to apply for the first half of 2021.

During the first half of 2021, Equinor has only experienced immaterial effects of the pandemic from assets in operation, due to

measures taken to maintain and secure safe production. The Covid-19 pandemic continues to impact Equinor’s

maintenance and

development project portfolio world-wide with personnel limitation issues causing schedule delays and cost increases.

The situation

continues to be unpredictable and may have additional consequences for the progress and costs of our projects.

Within the group, some projects in the portfolio continue to be impacted by the Covid-19 pandemic, and especially related

to Equinor’s

Brazilian organization and the Peregrino field projects and some of the Norwegian development projects.

9 Subsequent events

On 27 July 2021, the board of directors resolved to declare a dividend for the second quarter of 2021 of USD 0.18 per share.

The

Equinor shares will trade ex-dividend 11 November 2021 on the Oslo Børs and 10 November 2021 for ADR holders on the New York

Stock Exchange. Record date will be 12 November 2021 and payment date will be 24 November 2021.

On 27 July 2021, the board of directors resolved the commencement of the first tranche of the share buy-back programme

for a total

of USD 300 million, including shares to be redeemed from the Norwegian State. 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. The first tranche

will end no later than 28 September 2021.

Supplementary disclosures

Operational data

Quarters

Change

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

Operational data

2021

2020

Change

Prices

68.8

60.9

29.2

>100%

Average Brent oil price (USD/bbl)

64.9

39.7

63%

64.9

57.3

23.5

>100%

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

60.8

34.0

79%

65.3

58.6

24.4

>100%

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

62.3

36.4

71%

56.7

50.5

19.0

>100%

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

53.5

29.5

81%

63.7

56.4

22.9

>100%

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

60.0

33.6

79%

533

480

229

>100%

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

507

327.5

55%

7.08

5.46

0.91

>100%

E&P Norway average internal gas price (USD/mmbtu) [9]

6.23

1.82

>100%

1.82

2.28

1.26

44%

E&P USA average internal gas price (USD/mmbtu) [9]

1.99

1.41

41%

7.54

6.65

2.24

>100%

Average invoiced gas prices - Europe (USD/mmbtu) [8]

7.07

3.23

>100%

2.25

2.71

1.47

53%

Average invoiced gas prices - North America (USD/mmbtu) [8]

2.50

1.68

49%

3.4

1.5

3.9

(13%)

Refining reference margin (USD/bbl) [2]

2.4

2.8

(13%)

Entitlement production (mboe per day)

604

662

637

(5%)

E&P Norway entitlement liquids production

633

643

(2%)

212

235

(10%)

E&P International entitlement liquids production

212

250

(15%)

138

150

172

(20%)

E&P USA entitlement liquids production

144

179

(19%)

954

1,024

1,044

(9%)

Group entitlement liquids production

989

1,072

(8%)

652

723

644

E&P Norway entitlement gas production

687

694

(1%)

26%

E&P International entitlement gas production

199

212

179

12%

E&P USA entitlement gas production

206

177

17%

891

990

854

Group entitlement gas production

940

915

1,845

2,014

1,897

(3%)

Total entitlement liquids

and gas production [3]

1,929

1,987

(3%)

Equity production (mboe per day)

604

662

637

(5%)

E&P Norway equity liquids production

633

643

(2%)

295

299

291

E&P International equity liquids production

297

322

(8%)

153

169

195

(22%)

E&P USA equity liquids production

161

204

(21%)

1,052

1,130

1,123

(6%)

Group equity liquids production

1,091

1,169

(7%)

652

723

644

E&P Norway equity gas production

687

694

(1%)

57%

E&P International equity gas production

13%

239

254

210

13%

E&P USA equity gas production

246

208

18%

945

1,037

888

Group equity gas production

991

953

1,997

2,168

2,011

(1%)

Total equity liquids

and gas production [4]

2,082

2,122

(2%)

REN power generation

282

450

304

(7%)

Power generation (GWh)

732

862

(15%)

Exchange rates

Quarters

Change

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

Exchange rates

2021

2020

Change

0.1195

0.1174

0.1000

20%

NOK/USD average daily exchange rate

0.1184

0.1027

15%

0.1168

0.1173

0.1026

14%

NOK/USD period-end exchange rate

0.1168

0.1026

14%

8.3697

8.5146

10.0023

(16%)

USD/NOK average daily exchange rate

8.4445

9.7382

(13%)

8.5592

8.5249

9.7446

(12%)

USD/NOK period-end exchange rate

8.5592

9.7446

(12%)

1.2058

1.2048

1.1008

10%

EUR/USD average daily exchange rate

1.2053

1.1015

1.1884

1.1725

1.1198

EUR/USD period-end exchange rate

1.1884

1.1198

Health, safety and the environment

Twelve months average per

First half

Q2 2021

Q2 2020

Health, safety and the environment

2021

2020

Injury/incident frequency

2.5

2.2

Total recordable

injury frequency (TRIF)

2.5

2.0

0.5

0.6

Serious Incident Frequency (SIF)

0.3

0.5

Oil spills

125

165

Accidental oil spills (number of)

8,968

Accidental oil spills (cubic metres)

129

First half

Full year

Climate

2021

2020

Upstream CO2 intensity (kg CO2/boe)

7.4

8.0

1) Total

scope 1 emissions of CO2 (kg CO2) from exploration and production, divided by total production (boe).

Exploration expenses

Quarters

Change

Exploration expenses

First half

Q2 2021

Q1 2021

Q2 2020

Q2 on Q2

(in USD million)

2021

2020

Change

186

114

92%

E&P Norway exploration expenditures

300

227

32%

127

133

234

(46%)

E&P International exploration expenditures

260

455

(43%)

(61%)

E&P USA exploration expenditures

121

(62%)

342

264

407

(16%)

Group exploration expenditures

606

802

(24%)

(88)

N/A

Expensed, previously capitalised exploration expenditures

(41)

113

N/A

(42)

(81)

(140)

(70%)

Capitalised share of current period's exploration activity

(123)

(334)

(63%)

113

111

Impairment (reversal of impairment)

130

447

(71%)

326

247

393

(17%)

Exploration expenses according to IFRS

572

1,028

(44%)

1) 18 wells with activity with 6 completed in the second quarter of 2021 compared to 27 wells with 10 completed

in the second quarter of

2020.

2) 23 wells with activity with 11 completed in

the first half of 2021 compared to 32 wells with activity with 15 completed in the first half of

2020.

Summarized financial information related to guaranteed debt securities

The following summarized 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 as at 30 June 2021 is USD

29,366 million, all of which is either guaranteed by Equinor Energy AS (USD 27,205 million), or for which Equinor Energy AS is

co-

obligor (USD 2,161 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

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 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 summarized financial information as at and for the six months ended 30 June 2021 and as at and for the

year ended 31

December 2020 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.

Intercompany balances and transactions between the 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 includes 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 policies as described

Equinor group accounts in note 2, Significant accounting policies, to the Consolidated Financial Statements for the year ended 31

December 2020..

COMBINED PROFIT AND LOSS STATEMENT

First half 2021

Full year 2020

(unaudited, in USD million)

Revenues and other income

30,552

31,560

External

26,055

36,467

Non-guarantor subsidiaries

4,651

(4,940)

Related parties

(154)

Operating expenses

(20,252)

(34,762)

External (incl depreciation)

(11,239)

(20,707)

Non-guarantor subsidiaries

(4,186)

(8,028)

Related parties

(4,827)

(6,027)

Net operating income

10,300

(3,202)

Net financial items

(963)

(478)

External

(1,351)

(546)

Non-guarantor subsidiaries

388

190

Related parties

(122)

Income before tax

9,337

(3,680)

Income tax

(5,548)

(1,830)

Net income

3,789

(5,510)

COMBINED BALANCE SHEET

At 30 June

At 31 December

(unaudited, in USD million)

2021

2020

Non-current assets

57,651

59,794

External

45,450

47,224

Non-guarantor subsidiaries

12,021

12,344

Related parties

180

226

Current assets

34,323

25,430

External

30,077

23,620

Non-guarantor subsidiaries

4,092

1,758

Related parties

154

Non-current liabilities

59,861

60,628

External

59,314

60,024

Non-guarantor subsidiaries

141

Related parties

406

463

Current liabilities

30,605

24,619

External

14,832

12,307

Non-guarantor subsidiaries

15,008

11,787

Related parties

765

525

Calculation of capital employed and net debt to capital employed ratio

The table below reconciles the net interest-bearing debt adjusted, the capital employed, the net debt to capital employed ratio

adjusted including lease liabilities and the net debt to capital employed adjusted ratio with the most directly comparable financial

measure or measures calculated in accordance with IFRS.

Calculation of capital employed and net debt to capital employed ratio

At 30 June

At 31 March

At 31

December

At 30 June

(in USD million)

2021

2020

Shareholders' equity

37,023

35,764

33,873

35,587

Non-controlling interests

Total equity

37,041

35,782

33,892

35,610

Current finance debt and lease liabilities

4,576

3,915

5,777

5,463

Non-current finance debt and lease liabilities

30,908

30,997

32,338

31,647

Gross interest-bearing debt

35,484

34,913

38,115

37,110

Cash and cash equivalents

9,912

8,992

6,757

9,700

Current financial investments

15,152

10,922

11,865

9,319

Cash and cash equivalents and financial investment

25,063

19,914

18,621

19,020

Net interest-bearing debt [10]

B1 = B-C

10,421

14,998

19,493

18,091

Other interest-bearing elements

777

773

627

832

Normalisation for cash-build up before tax payment (50% of Tax

Payment)

Net interest-bearing debt adjusted normalised for tax payment, including

lease liabilities [5]

11,198

15,811

20,121

18,923

Lease liabilities

3,909

4,137

4,405

4,154

Net interest-bearing debt adjusted [5]

7,289

11,674

15,716

14,768

Calculation of capital employed [5]

Capital employed

A+B1

47,461

50,781

53,385

53,700

Capital employed adjusted, including lease liabilities

A+B2

48,238

51,593

54,012

54,532

Capital employed adjusted

A+B3

44,330

47,456

49,608

50,378

Calculated net debt to capital employed [5]

Net debt to capital employed

(B1)/(A+B1)

22.0%

29.5%

36.5%

33.7%

Net debt to capital employed adjusted, including lease liabilities

(B2)/(A+B2)

23.2%

30.6%

37.3%

34.7%

Net debt to capital employed adjusted

(B3)/(A+B3)

16.4%

24.6%

31.7%

29.3%

1) 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.

2) Adjustment

to net interest-bearing debt for cash build-up in the first quarter and the third quarter before tax payment on 1

April and

1 October. This is to exclude 50% of the cash build-up to have a more

even allocation of tax payments between the four quarters and

hence a more representative net interest-bearing debt.

USE AND RECONCILIATION

OF NON-GAAP FINANCIAL

MEASURES

Non-GAAP financial measures are defined as numerical measures that either exclude or include amounts or certain accounting

items

that are not excluded or included in the comparable measures calculated and presented in accordance with GAAP (i.e. IFRS).

Management considers adjusted earnings and adjusted earnings after tax together with other non-GAAP financial measures as

defined below, to provide a better indication of the underlying operational and financial performance in the period (excluding

financing), and therefore better facilitate comparisons between periods.

The following financial measures may be considered non-GAAP financial measures:

●

Net debt to capital employed, Net debt to capital employed adjusted,

including lease liabilities and

Net debt to capital

employed ratio adjusted

– Following implementation of IFRS 16 Equinor presents a “net debt to capital employed adjusted”

excluding lease liabilities from the gross interest-bearing debt. Comparable numbers are presented in the table Calculation of

capital employed and net debt to capital employed ratio in the report include Finance lease according to IAS17, adjusted for

marketing instruction agreement

●

Organic capital expenditures

– Capital expenditures, defined as Additions to PP&E, intangibles and equity accounted

investments in note 2 Segments to the Condensed interim financial statements, amounted to USD 2.2 billion in the second

quarter of 2021. Organic capital expenditures are capital expenditures excluding acquisitions, recognised lease assets

(RoU

assets) and other investments with significant different cash flow pattern. In the second quarter of 2021, a total of USD 0.2 billion

are excluded in the organic capital expenditures. Forward-looking organic capital expenditures included in this report are

not

reconcilable to its most directly comparable IFRS measure without unreasonable efforts, because the amounts excluded from

such IFRS measure to determine organic capital expenditures cannot be predicted with reasonable certainty.

●

Gross capital expenditures –

Capital expenditures, defined as Additions to PP&E, intangibles and equity accounted

investments in the financial statements, including Equinor’s proportionate share of capital expenditures in

equity accounted

investments not included in additions to equity accounted investments. Forward-looking gross capital expenditures

included in

this report are not reconcilable to its most directly comparable IFRS measure without unreasonable efforts, because the amounts

excluded from such IFRS measure to determine gross capital expenditures cannot be predicted with reasonable certainty.

●

Free cash flow for the second quarter 2021

includes the following line items in the Consolidated statement of cash flows: Cash

flows provided by operating activities before taxes paid and working capital items (USD 6.5 billion), taxes paid (negative USD 0.3

billion), cash used in business combinations (negative USD 0.1 billion), capital expenditures and investments (negative USD 1.7

billion), (increase)/decrease in other items interest-bearing (negative USD 0.1 billion), proceeds from sale of assets and

businesses (USD 0.7 billion), dividend paid (negative USD 0.4 billion) and share buy-back (USD 0.0 billion), resulting in a

free

cash flow of USD 4.5 billion in the second quarter of 2021.

●

Free cash flow for the first half of 2021

ncludes the following line items in the Consolidated statement of cash flows: Cash

flows provided by operating activities before taxes paid and working capital items (USD 13.2 billion), taxes paid (negative USD

0.4 billion), cash used in business combinations (negative USD 0.1 billion), capital expenditures and investments (negative USD

3.9 billion), (increase)/decrease in other items interest-bearing (negative USD 0.1 billion), proceeds from sale of assets and

businesses (USD 1.8 billion), dividend paid (negative USD 0.7 billion) and share buy-back (USD 0.0 billion), resulting in a

free

cash flow of USD 9.7 billion in the first half of 2021.

FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such

"ambition", "continue", "could", "estimate", "intend", "expect", "believe", "likely", "may", "outlook", "plan", "strategy",

"will", "guidance",

"targets", and similar expressions to identify forward-looking statements. Forward-looking statements include all statements other

than

statements of historical fact, including, among others, statements regarding Equinor's plans, intentions, aims, ambitions

and

expectations, including with respect to the Covid-19 pandemic and its impacts, consequences and risks; Equinor's

response to the

Covid-19 pandemic, including measures to protect people, operations and value creation, operating costs and assumptions;

the

ambition to reduce net carbon intensity and be a net-zero energy company by 2050; the commitment to develop as a broad

energy

company; the ambition to be a leader in the energy transition; future financial performance, including cash flow and liquidity;

accounting policies; plans to develop fields; plans for renewables production capacity, development of related projects and

investments in renewables; expectations regarding development of CCUS and hydrogen businesses; ambitions regarding capex

for

renewables and low carbon solutions; market outlook and future economic projections and assumptions, including commodity

price

assumptions; organic capital expenditures through 2024; estimates regarding production; ambition to keep unit of

production cost in

the top quartile of our peer group; scheduled maintenance activity and the effects on equity production thereof; completion and results

of acquisitions and disposals; expected amount and timing of dividend payments and the implementation of our share buy-back

programme; and provisions and contingent liabilities. You should not place undue reliance on these forward-looking statements. Our

actual results could differ materially from those anticipated in the forward-looking statements for many reasons.

These forward-looking statements reflect current views about future events 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 the uncertainty regarding demand

created by the Covid-19 pandemic and oil price volatility triggered, among other things, by the changing dynamic among OPEC+

members; levels and calculations of reserves and material differences from reserves estimates; natural disasters, adverse weather

conditions, climate change, and other changes to business conditions; regulatory stability and access to attractive renewable

opportunities; unsuccessful drilling; operational problems, in particular in light of quarantine rules and social distancing requirements

triggered by the Covid-19 pandemic; health, safety and environmental risks; impact of the Covid-19 pandemic; the effects of climate

change; regulations on hydraulic fracturing; security breaches, including breaches of our digital infrastructure (cybersecurity);

ineffectiveness of crisis management systems; the actions of competitors; the development and use of new technology, particularly in

the renewable energy sector; inability to meet strategic objectives; the difficulties involving transportation infrastructure; political and

social stability and economic growth in relevant areas of the world; reputational damage; exercise of ownership by the Norwegian

state; an inability to attract and retain personnel; risks related to implementing a new corporate structure; inadequate

insurance

coverage; changes or uncertainty in or non-compliance with laws and governmental regulations; the actions of the Norwegian state

majority shareholder; failure to meet our ethical and social standards; the political and economic policies of Norway and other

oil-

producing countries; non-compliance with international trade sanctions; the actions of field partners; adverse changes in tax

regimes;

exchange rate and interest rate fluctuations; factors relating to trading, supply and financial risk; general economic conditions;

and

other factors discussed elsewhere in this report. Additional information, including information on factors that

may affect Equinor's

business, is contained in Equinor's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the

U.S. Securities

and Exchange Commission (including section 2.12 Risk review - Risk factors thereof). Equinor's 2020 Annual Report

and Form 20-F

is available at Equinor's website www.equinor.com.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that

our

future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person

assumes responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks

only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update

any of these statements after the date of this report, either to make them conform to actual results or changes in our expectations.

We use certain terms in this document, such as "resource" and "resources" that the SEC's rules prohibit us from including in our filings

with the SEC. U.S. investors are urged to closely consider the disclosures in our Form 20-F, SEC File No. 1-15200. This form is

available on our website or by calling 1-800-SEC-0330 or logging on to www.sec.gov.

END NOTES

1. The group's

average liquids price

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

(NGL).

2. The

refining reference margin

is a typical average gross margin of our two refineries, Mongstad and Kalundborg. The reference margin

will differ from the actual margin, due to variations in type of crude and other feedstock,

throughput, product yields, freight cost, inventory,

etc.

Liquids volumes

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

Equity volumes

represent produced volumes under a

production sharing agreement (PSA)

that correspond to Equinor’s ownership

share in a field.

Entitlement volumes

, on the other hand, represent Equinor’s share of the volumes distributed to the partners in the field,

which are subject to deductions for, among other things, royalty

and the host government's share of profit oil. Under the terms of a PSA,

the amount of profit oil deducted from equity volumes will normally increase with the cumulative return on

investment to the partners

and/or production from the licence. Consequently,

the gap between entitlement and equity volumes will likely increase in times of high

liquids prices. The distinction between equity and entitlement is relevant to most PSA regimes, whereas it is

not applicable in most

concessionary regimes such as those in Norway, the

UK, the US, Canada and Brazil.

5. These are

non-GAAP figures.

See Use and reconciliation of non-GAAP financial measures in the report for more details.

6. Transactions with the

Norwegian State.

The Norwegian State, represented by the Ministry of Petroleum and Energy (MPE), is the

majority shareholder of Equinor and it also holds major investments in other entities. This ownership structure means

that Equinor

participates in transactions with many parties that are under a common ownership structure and therefore meet the

definition of a related

party. Equinor purchases liquids and natural gas from

the Norwegian State, represented by SDFI (the State's Direct Financial Interest). In

addition, Equinor sells the State's natural gas production in its own name, but for the Norwegian State's

account and risk as well as

related expenditures are refunded by the State.

7. The production guidance reflects our estimates of

proved reserves

calculated in accordance with US Securities and Exchange

Commission (SEC) guidelines and additional production from other reserves not included in proved reserves

estimates.

8. The group's

average invoiced gas prices

include volumes sold by the MMP segment.

9. The internal

transfer price

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

10.

Since different legal entities in the group lend to projects and others borrow from banks, project financing through external bank

or similar institutions is not netted in the balance sheet and results in over-reporting of the debt stated in the balance

sheet

compared to the underlying exposure in the group. Similarly, certain net interest-bearing debt incurred from activities pursuant to

the Marketing Instruction of the Norwegian government are offset against receivables on the SDFI. Some interest-bearing

elements are classified together with non-interest bearing elements and are therefore included when calculating the net interest-

bearing debt.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this

report to be signed on its behalf by

the undersigned, thereunto duly authorised.

EQUINOR ASA

(Registrant)

Dated: 28 July, 2021

By: ___/s/ Ulrica Fearn

Name: Ulrica Fearn

Title: Chief Financial Officer

EXHIBITS

The following exhibit is filed as part of this quarterly report:

EXHIBIT 101 Interactive Data Files (formatted in XBRL (Extensible Business Reporting Language)). Submitted electronically

with this report

on Form 6-K.