fsrq12022

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

4 May 2022

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 contains a report of

the first quarter 2022 results of Equinor ASA.

Equinor first quarter 2022

Equinor reports adjusted earnings of USD 18.0 billion and USD 5.18 billion after tax in the first

quarter of 2022. IFRS net operating income was USD 18.4 billion and the IFRS net income

was USD 4.71 billion.

The first quarter of 2022 was characterised by:

●

The invasion of Ukraine impacting already tight energy markets,

increasing commodity prices and volatility.

●

Strong operational performance and increased

production of gas to Europe to support energy security.

●

Very strong adjusted earnings and free cash flow*

of USD 12.7 billion.

●

Announced process for exiting Russia leading to an impairment of USD 1.08 billion.

●

Continued progress on all strategic priorities with continued cost

focus and capital discipline.

●

Cash dividend of USD 0.20 per share, continued extraordinary cash dividend of USD 0.20 per share

and second tranche of share

buy-back of around USD 1.33 billion.

“The invasion of Ukraine stands as a dark moment for Europe and our thoughts are with all suffering the consequences

of the brutal

war. After having been in Russia for three decades, we saw the situation as untenable and acted decisively by stopping new

investments into Russia and by starting the process of exiting Equinor’s Russian joint

ventures. Exiting Russia will heavily impact our

employees, and it leads to impairments of our assets in the country this quarter“, says Anders Opedal,

president and CEO of Equinor

ASA.

“With an energy crisis in Europe, Equinor’s top priority is securing safe and reliable deliveries. Strong

operational performance and

good regularity gave high production in the quarter. We have optimised the gas production to deliver higher volumes, and Hammerfest

LNG is on track for a safe start-up on 17 May. Further, continued capital discipline and cost focus enabled us to deliver very strong

financial results and cash flow, strengthening the balance sheet”, says Opedal.

“Equinor is developing as a leading company in the energy transition with forceful industrial

progress within oil and gas, renewables,

as well as low-carbon portfolios. On the Norwegian continental shelf the fifth and final platform

at the Johan Sverdrup field is installed

and the turbines for the floating wind farm Hywind Tampen are currently being assembled. Equinor has been awarded licences and

operatorships for the development of two CO

storage sites, an important milestone in the work to make the Norwegian continental

shelf a leading province in Europe for CO

storage. In Brazil the production from the first wells for increased recovery at Roncador

on stream”, says Opedal.

Strong financial results from higher prices

Energy prices increased in the quarter, as Russia’s invasion of Ukraine added to the uncertainty in already tight markets, in particular

for European gas. Equinor realised higher prices for liquids and gas and delivered adjusted earnings*

of USD 18.0 billion in the

quarter, up from USD 4.09 billion in the same period in 2021. Adjusted earnings after tax* were USD 5.18 billion, up from USD 1.29

billion in the same period last year.

On 28 February Equinor announced its decision

to stop new investments into Russia and to start the process of exiting its Russian

joint ventures. We have recognised net impairments of USD 1.08 billion related to assets in Russia this quarter.

The Marketing, Midstream and Processing segment results were impacted by adverse effects of fair value accounting

of price risk

management derivatives.

The negative effects were partially offset by strong trading results including a strong result from Danske

Commodities.

IFRS net operating income was USD 18.4 billion in the quarter, up from USD 5.22 billion in the same period in 2021. IFRS net income

was USD 4.71 billion in the quarter, compared to USD 1.85 billion in the first quarter of 2021. The net impairment reversal

of USD 0.27

billion includes impairment reversals of USD 0.82 billion in the E&P Norway segment

and USD 0.53 billion in the E&P USA segments,

mainly due to the short-term commodity prices.

Strong operational performance with good regularity gave high production across all

segments.

Strong operational performance and high production, as well as optimised production to deliver more gas

to Europe, supported

increased value creation in the quarter.

Equinor delivered a total equity production of 2,106 mboe per day in the first quarter, down from 2,168 mboe per day in the same

period in 2021.

Equinor first quarter 2022

E&P Norway increased production by 4%, including an increase of gas to Europe

of 10%, supporting a gas share of Equinor’s equity

production of 50%. Production from Martin Linge and increased production from Gina Krog and

Gullfaks partially offset the effects of

expected decline and sale of Bakken in the US.

The Renewable segment delivered equity production of 511 GWh in the quarter, up from 451 GWh for the same period last year, due

to the production from the Guanizuil IIA solar plant in Argentina and the offshore wind farms benefitting from

higher wind speeds.

In the first quarter Equinor completed 4 exploration wells offshore with no commercial discoveries and 4 wells were ongoing

at quarter

end.

Very strong cash flow and continued capital discipline further strengthening the balance sheet

Cash flows provided by operating activities before taxes paid and changes in working capital amounted

to USD 20.1 billion for the first

quarter, compared to USD 6.62 billion for the same period in 2021. Organic capital expenditure* was USD 1.80 billion for

the quarter.

At the end of the quarter adjusted net debt to capital employed* was negative 22.2%, further down from negative

0.8% in the fourth

quarter of 2021. The one tax instalment of NCS taxes paid in the quarter relates to 2021 results. Including

the lease liabilities

according to IFRS 16, the net debt to capital employed*

was negative 10.7%.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.20 per share, and to continue the extraordinary

cash dividend of USD

0.20 per share for the first quarter of 2022, in line with communication at the Capital markets

update in February.

Based on the very strong first quarter results, the strength of the balance sheet, and the

outlook, the board has decided to initiate a

second tranche of the share buy-back programme of around USD 1.33 billion. This is in line with

communication at the Capital

markets update of executing a share buy-back programme for 2022 of up to USD 5 billion, and subject

to authorisation from the

Annual General Meeting on 11 May 2022. The second tranche will commence on 16 May and will end no later than 26 July 2022.

The first tranche of the share buy-back programme for 2022 was completed on 25 March

2022 with a total value of USD 1 billion.

The first quarter 2022 capital distribution is based on a continuation of high commodity prices from

second half of 2021 and strong

earnings into first quarter of 2022.

All share buyback amounts include shares to be redeemed by the Norwegian State.

Emissions and serious incidents frequency

Average CO

-emissions from Equinor’s operated upstream production, on a

100% basis, were 6.7 kg per boe in the first quarter,

compared to 7.0 kg per boe for the full year of 2021.

The twelve-month average serious incident frequency (SIF) was 0.5, unchanged from the first quarter in

2021.

Quarters

Change

(in USD million, unless stated otherwise)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Net operating income/(loss)

18,392

13,578

5,220

>100%

Adjusted earnings [5]

17,991

14,989

4,085

>100%

Net income/(loss)

4,714

3,370

1,854

>100%

Adjusted earnings after tax [5]

5,179

4,397

1,289

>100%

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

2,106

2,158

2,168

(3%)

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

97.1

75.9

56.4

72%

* 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.

Equinor first quarter 2022

GROUP REVIEW

First quarter 2022

Total equity liquids and gas production

[4] was 2,106 mboe per day in the first quarter of 2022,

compared to 2,168 mboe per day in

the first quarter of 2021. The decrease was mainly due to the divestment of an unconventional

US onshore asset in the second

quarter of 2021 and expected natural decline. The decrease was

partially offset by positive contribution from the new field Martin

Linge and effects from a change in short-term gas strategy for certain fields on the NCS.

Total entitlement liquids and gas production

[3] was 1,958 mboe per day in the first quarter of 2022, compared to 2,014 mboe

per

day in the first quarter of 2021. The production was influenced by the factors mentioned above in

addition to lower entitlement under

production sharing agreements (PSA) [4] as a result of higher prices.

The net effect of PSA and US royalties was in total 148 mboe

per day in the first quarter of 2022 compared to 154 mboe per day in the first quarter of 2021.

Condensed income statement under IFRS

Quarters

Change

(unaudited, in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

36,393

32,608

17,589

>100%

Purchases [net of inventory variation]

(13,510)

(11,543)

(7,166)

89%

Operating and administrative expenses

(2,271)

(2,504)

(2,160)

Depreciation, amortisation and net impairment losses

(2,017)

(4,777)

(2,797)

(28%)

Exploration expenses

(203)

(206)

(247)

(18%)

Net operating income/(loss)

18,392

13,578

5,220

>100%

Net income/(loss)

4,714

3,370

1,854

>100%

Net operating income

was USD 18,392 million in the first quarter of 2022, compared to USD 5,220 million

in the first quarter of 2021.

Revenues increased significantly compared to same quarter last year, driven by higher average prices for both gas and liquids. Net

impairment reversals due to changes to short term price assumptions added to the increase in Net

operating income, partially offset

by higher purchases.

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

36,712

31,836

15,945

>100%

Adjusted purchases [6]

(13,781)

(11,201)

(7,071)

95%

Adjusted operating and administrative expenses

(2,450)

(2,465)

(2,173)

13%

Adjusted depreciation, amortisation and net impairment

losses

(2,333)

(2,979)

(2,386)

(2%)

Adjusted exploration expenses

(157)

(202)

(230)

(32%)

Adjusted earnings [5]

17,991

14,989

4,085

>100%

Adjusted earnings after tax [5]

5,179

4,397

1,289

>100%

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Adjusted total revenues and other income

were USD 36,712 million in the first quarter of 2022, compared to USD 15,945 million

the first quarter of 2021. The increase was mainly due to significantly higher average prices for gas

and liquids, partially offset by

lower production rates.

Equinor first quarter 2022

Adjusted purchases

[6] were USD 13,781 million in the first quarter of 2022, compared to USD 7,071 million in the

first quarter of

2021. The increase was mainly due to significantly higher average prices for gas and liquids

in addition to higher third party

purchases.

Adjusted operating and administrative expenses

were USD 2,450 million in the first quarter of 2022, compared to USD 2,173

million in the first quarter of 2021. The increase was mainly due to higher operation and

maintenance cost. Higher transportation costs

and selling, general and administrative expenses added to the increase. The increase was partially

offset by the NOK/USD exchange

rate development.

Adjusted depreciation, amortisation and net impairment losses

were USD 2,333 million in the first quarter of 2022, compared to

USD 2,386 million in the first quarter of 2021. The reduction was due to increased reserves

and lower overall production, partially

offset by ramp-up of new field.

Adjusted exploration expenses

were USD 157 million in the first quarter of 2022, compared to USD 230 million in the first

quarter of

2021. Adjusted exploration expenses decreased mainly due to lower field development cost

and other costs, partially offset by higher

drilling cost. For more information, see the table titled Adjusted exploration expenses in the Supplementary

disclosures.

After total adjustments

of USD 401 million to net operating income,

Adjusted earnings

[5] were USD 17,991 million in the first

quarter of 2022, an increase of USD 13,906 million from the first quarter of 2021.

Adjusted earnings after tax

[5] were USD 5,179 million in the first quarter of 2022, which reflects an effective tax rate on adjusted

earnings of 71.2%, compared to 68.4% in the first quarter of 2021. The change in the

effective tax rate was mainly caused by high

share of adjusted earnings from the Norwegian continental shelf and lower effect of uplift deduction.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 69,910 million

31 March 2022, compared to USD 75,930 million at 31 March 2021.

Cash flows provided by operating activities

were USD 15,771 million in the first quarter of 2022, compared to USD 5,984 million in

the first quarter of 2021. The increase was mainly due to higher liquids and gas prices,

partially offset by increased tax payments.

Cash flows used in investing activities

were 4,465 million in the first quarter of 2022, compared to 613 million

in the first quarter of

2021. The increase was mainly due to increased financial investments and decreased proceeds

from sale of assets, partially offset by

increased cash flow from derivatives.

Cash flows used in financing activities

were 4,142 million in the first quarter of 2022, compared to 3,096 million

in the first quarter

of 2021. The increase was mainly due to increased

collateral payments, an increase in repayment of current finance debt, and

increased payments related to the share buy-back programme and dividends, partially offset by decreased repayment

of finance debt.

Total cash flows

were USD 7,165 million in the first quarter of 2022, compared to USD 2,274 million in the

first quarter of 2021.

Free cash flow

[5] in the first quarter of 2022 was USD 12,689 million compared to USD 5,170 million in

the first quarter of 2021. The

increase was mainly driven by higher operating cash flow mainly due to higher liquids and gas prices,

partially offset by increased tax

payments, decreased proceeds related to sale of assets and increased payments related to the share buy-back

programme and

dividends.

OUTLOOK

●

Organic capital expenditures

[5] are estimated at an annual average of around USD 10 billion for 2022-2023 and at an annual

average of around USD 12 billion for 2024-2025

●

Production

for 2022 is estimated to be around 2% above 2021 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 45 mboe per day for the full year of 2022.

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

to significant risks and

uncertainties because they relate to events and depend on circumstances that will

occur in the future. Deferral of production to create

future value, gas off-take, timing of new capacity coming on stream, operational regularity, the ongoing impact of Covid-19, Russia’s

invasion of Ukraine and our subsequent decision to stop new investments into Russia and

to start the process of exiting Russia

For items impacting net operating income, see Reconciliation

of net operating income/(loss) to adjusted

earnings,

and Use and reconciliation

of non-GAAP financial measures in the Supplementary

disclosures.

USD/NOK exchange rate assumption of 9.

Equinor first quarter 2022

represent the most significant risks related to the foregoing production guidance. Our future financial

performance, including

cash flow

and liquidity, will be affected by the extent and duration of the current market conditions, the development in realised prices, including

price differentials and other factors discussed elsewhere in the report. For further information, see section Forward-looking

statements.

Equinor first quarter 2022

EXPLORATION

& PRODUCTION NORWAY

First quarter 2022 review

Average daily production of liquids and gas

increased by 4% to 1,436 mboe per day in the first quarter of 2022, compared

to 1,384

mboe per day in the first quarter of 2021. The increase was mainly due to positive contribution

from the new field Martin Linge in

addition to effects from a change in short-term strategy from gas injection to gas export for Gina

Krog and Gullfaks, partially offset by

expected natural decline.

Income statement under IFRS

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

18,424

17,669

5,783

>100%

Operating and administrative expenses

(838)

(1,020)

(794)

Depreciation, amortisation and net impairment losses

(546)

(1,722)

(1,570)

(65%)

Exploration expenses

(106)

(69)

(70)

52%

Net operating income/(loss)

16,934

14,858

3,350

>100%

Net operating income

was USD 16,934 million in the first quarter of 2022 compared to USD 3,350 million in

the first quarter of 2021.

The increase was mainly due to higher gas transfer price and liquids price.

In the first quarter of 2022, net operating income was positively impacted by net reversal of impairments

of USD 817 million and

unrealised gain on derivatives of USD 154 million, partially offset by underlifted volumes of USD 295 million. In

the first quarter of

2021, net operating income was negatively impacted by impairments

of USD 276 million, partially offset by net overlifted volumes of

USD 65 million.

Adjusted operating and administrative expenses increased mainly due to higher transportation costs and

ramp-up of new fields.

Increased maintenance costs in addition to higher environmental taxes and electricity prices added

to the increase, partially offset by

the NOK/USD exchange rate development. Adjusted depreciation, amortisation and net impairment

losses increased mainly due to

ramp-up of new fields, higher field specific production and higher depreciation basis due to reversal

of impairment. Increased proved

reserves on several fields and the NOK/USD exchange rate development partially offset the increase. Adjusted exploration

expenses

increased mainly due to higher drilling costs and lower portion of exploration expenditure being

capitalised this quarter, partially offset

by lower field development costs.

After total adjustments of USD 676

million to net operating income,

Adjusted

earnings

[5] were USD 16,258 million in the first quarter

of 2022, compared to USD 3,563 million in the first quarter of 2021.

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

18,633

17,589

5,640

>100%

Adjusted operating and administrative expenses

(906)

(985)

(714)

27%

Equinor first quarter 2022

Adjusted depreciation, amortisation and net impairment

losses

(1,367)

(1,722)

(1,293)

Adjusted exploration expenses

(101)

(69)

(70)

46%

Adjusted earnings/(loss) [5]

16,258

14,813

3,563

>100%

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 35,200 million

31 March 2022, compared to USD 35,879 million at 31 March 2021.

Equinor first quarter 2022

EXPLORATION

& PRODUCTION INTERNATIONAL

First quarter 2022 review

Average daily equity production of liquids and gas

was 341 mboe per day in the first quarter of 2022 compared to 360 mboe per

day in the first quarter of 2021. The decrease was primarily due to natural decline in mature fields.

Equity production from Russia in

the first quarter of 2022 increased slightly compared to the first quarter of 2021 but reduced following Equinor’s

decision to start the

process of exiting Russia.

Average daily entitlement production of liquids and gas

was 239 mboe per day in the first quarter of 2022 compared to 267 mboe

per day in the first quarter of 2021. The decrease was mainly due to lower equity production

and higher effects from production

sharing agreements (PSA) as a result of higher prices. The net effects from PSA were 102 mboe per day in the first quarter

of 2022

compared to 93 mboe per day in the first quarter of 2021.

Income statement under IFRS

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

1,452

1,750

1,049

38%

Purchases [net of inventory variation]

(37)

(29)

>(100%)

Operating and administrative expenses

(399)

(410)

(252)

58%

Depreciation, amortisation and net impairment losses

(1,365)

(2,262)

(400)

>100%

Exploration expenses

(81)

(102)

(107)

(24%)

Net operating income/(loss)

(366)

(1,060)

261

N/A

Net operating income

was negative USD 366 million in the first quarter of 2022 compared to positive USD 261 million

in the first

quarter of 2021. The decrease was mainly due to impairments, change in fair value of derivatives and lower entitlement

production,

partially offset by increased liquids and gas prices in the first quarter of 2022.

In the first quarter of 2022, net operating income was negatively impacted by impairments of USD

1,080 million and a change in fair

value of derivative of USD 314 million. In the first quarter of 2021, net operating income was negatively impacted

by net underlifted

volumes of USD 66 million and impairments of USD 55 million.

Adjusted operating and administrative expenses increased mainly due to increased royalties and

production fees primarily driven by

higher prices, and higher operations and maintenance expenses. Adjusted depreciation, amortisation and net impairment losses

decreased mainly due to lower entitlement production from several fields, lower investment basis caused by impairment in a

period and portfolio change, partially offset by an increase in asset retirement obligation (ARO) estimates and change in reserve

estimates. Adjusted exploration expenses decreased mainly due to lower drilling cost, field development

cost and other costs, partially

offset by higher exploration expenditure capitalised in previous years being expensed in the first quarter of 2022.

After total adjustments of USD 1,447 million to net operating income,

Adjusted earnings

[5] were positive USD 1,081 million in the

first quarter of 2022, up from positive USD 382 million in the first quarter of 2021.

Equinor first quarter 2022

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

1,851

1,700

1,198

55%

Adjusted purchases

(37)

(29)

>(100%)

Adjusted operating and administrative expenses

(432)

(388)

(335)

29%

Adjusted depreciation, amortisation and net impairment

losses

(326)

(484)

(349)

(7%)

Adjusted exploration expenses

(40)

(102)

(103)

(61%)

Adjusted earnings/(loss) [5]

1,081

688

382

>100%

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 15,444 million

31 March 2022, compared to USD 18,707 million at 31 March 2021.

Equinor first quarter 2022

EXPLORATION

& PRODUCTION USA

First quarter 2022 review

Average daily equity production of liquids and gas

was 329 mboe per day in the first quarter of 2022 compared to 423 mboe per

day in the first quarter of 2021. The decrease was mainly due to a divestment of an unconventional US onshore

asset in the second

quarter of 2021 as well as natural decline.

Average daily entitlement production of liquids and gas

decreased to 284 mboe per day in the first quarter of 2022 compared to

362 mboe per day in the first quarter of 2021. The production was influenced by the factors mentioned

above in addition to lower

entitlements due to US royalties which has been impacted by a divestment of an unconventional US onshore

asset in the second

quarter of 2021. The net effect of US royalties was in total 45 mboe per day in the first quarter of

2022 compared to 61 mboe per day

in the first quarter of 2021.

Income statement under IFRS

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

1,269

1,302

993

28%

Operating and administrative expenses

(220)

(232)

(335)

(34%)

Depreciation, amortisation and net impairment losses

212

(486)

(436)

N/A

Exploration expenses

(16)

(34)

(70)

(77%)

Net operating income/(loss)

1,245

550

152

>100%

Net operating income

was USD 1,245 million in the first quarter of 2022 compared to USD

152 million in the first quarter of 2021.

The increase was mainly due to higher commodity prices and reversal of impairments.

In the first quarter of 2022, net operating income was positively impacted by net impairment reversal

of USD 532 million relating to

assets in the Gulf of Mexico, mainly driven by higher short-term price assumptions. In the first quarter

of 2021, net operating income

was negatively impacted by net impairments of USD 40 million, relating to the unconventional US

onshore assets.

Adjusted operating and administrative expenses decreased mainly due to the divestment of an unconventional US

onshore asset in

the second quarter of 2021. Adjusted depreciation, amortisation and net impairment losses decreased

mainly due to lower production

in the US offshore and unconventional assets as well as increased proved reserves estimates. Adjusted exploration expenses

decreased mainly due to a higher portion of exploration expenditure being capitalised and a lower portion of exploration

expenditure

capitalised in earlier years being expensed this quarter.

After total adjustments of USD 532 million to net operating income,

Adjusted earnings

[5] were USD 713 million in the first quarter of

2022, up from USD 192 million in the first quarter of 2021.

Equinor first quarter 2022

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

1,269

1,302

993

28%

Adjusted operating and administrative expenses

(221)

(228)

(335)

(34%)

Adjusted depreciation, amortisation and net impairment

losses

(320)

(456)

(408)

(21%)

Adjusted exploration expenses

(15)

(30)

(58)

(73%)

Adjusted earnings/(loss) [5]

713

587

192

>100%

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 11,591 million at

31 March 2022, compared to USD 12,164 million at 31 March 2021.

Equinor first quarter 2022

MARKETING, MIDSTREAM & PROCESSING

First quarter 2022 review

Natural gas sales volumes

amounted to 16.5 billion standard cubic meters (bcm) in the first quarter of 2022,

up 0.9 bcm compared

to the first quarter of 2021. Of the total gas sales in the first quarter of 2022, entitlement gas

was 14.1 bcm, up 0.5 bcm from the first

quarter of 2021. The increase was mainly due to higher E&P Norway volumes.

Liquids sales volumes

amounted to 185.5 million barrels (mmbl) in the first quarter of 2022, down 11.8

mmbl compared to the first

quarter of 2021 mainly due to decreased purchase from third party, partially offset by increased volumes from E&P Norway equity

production.

Average invoiced European natural gas sales price

was 345% higher compared to the first quarter of 2021 due to low gas stocks

in Europe, high demand and tight supply.

Average invoiced North American piped gas sales price

increased by 70% in the same

period mainly due to increased market price driven by colder weather that impacted both supply and

demand.

Income statement under IFRS

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

35,909

31,811

15,789

>100%

Purchases [net of inventory variation] [6]

(34,289)

(30,959)

(14,176)

>100%

Operating and administrative expenses

(1,059)

(1,106)

(1,069)

(1%)

Depreciation, amortisation and net impairment losses

(78)

(74)

(152)

(48%)

Net operating income/(loss)

483

(327)

392

23%

Net operating income

was USD 483 million in the first quarter of 2022 compared to USD 392 million in the

first quarter of 2021. The

increase was mainly due to strong results from Danske Commodities and from US gas

trading, partially offset by weak results from

LNG trading.

In the first quarter of 2022, net operating income was positively impacted by inventory hedging effects of USD 247 million

and

operational storage of USD 181 million due to increase

in market prices, partially offset by unrealised derivatives loss of USD 45

million. In the first quarter of 2021, net operating income was positively impacted by inventory hedging

effects of USD 287 million and

operational storage of USD 105 million, partially offset by impairment losses of USD 57 million related to

infastructure assets.

Adjusted purchases [6] increased mainly due to higher prices for both gas and liquids in

addition to higher gas volumes. Adjusted

operating and administrative expenses were higher in the first quarter of 2022 compared to the

first quarter of 2021, mainly due to

higher operating plant and selling, general and administration cost. Adjusted depreciation, amortisation and net impairment

losses

were lower in the first quarter of 2022, mainly

due to the sale of a refinery asset and a lower depreciation basis for some assets.

After total adjustments of USD 461 million to net operating income,

Adjusted earnings

[5] were USD 22 million in the first quarter of

2022, compared to USD 61 million in the first quarter of 2021.

Equinor first quarter 2022

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

35,708

31,171

15,518

>100%

Adjusted purchases [6]

(34,470)

(30,956)

(14,281)

>100%

Adjusted operating and administrative expenses

(1,137)

(1,139)

(1,081)

Adjusted depreciation, amortisation and net impairment

losses

(78)

(82)

(95)

(17%)

Adjusted earnings [5]

(1,007)

(65%)

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 2,967 million

31 March 2022, compared to USD 4,143 million at 31 March 2021.

Equinor first quarter 2022

RENEWABLES

First quarter 2022 review

Power generation

was 511 GWh in the first quarter of 2022, compared to 451 GWh in the first quarter of 2021. The increase was

mainly due to start-up of production from the Guanizuil IIA solar plant in Argentina and offshore wind farms benefitting from higher

wind speeds.

Income statement under IFRS

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Total revenues and other income

119

1,381

(91%)

Operating and administrative expenses

(41)

(58)

(40)

Depreciation, amortisation and net impairment losses

(1)

(0)

>100%

Net operating income/(loss)

(38)

1,341

(94%)

Net operating income

was USD 77 million in the first quarter of 2022 compared to USD 1,341 million in the first quarter

of 2021. The

decrease was driven by lower gain on divestments in the first quarter of 2022 compared to

the first quarter of 2021. The decrease was

partially offset by higher results from equity accounted investments driven by higher power prices for assets in operation,

and reduced

project development costs after the Empire Wind asset started capitalising expenditures in the first quarter

of 2021.

In the first quarter of 2022, net operating income was impacted by a gain of USD 87 million

related to the divestment of a 10% stake in

the Dogger Bank C wind farm project. In the first quarter of 2021, net operating income was

impacted by gains of USD 1.4 billion

related to the divestments of a 10% stake in the Dogger Bank A and B wind farm

projects and of a 50% stake in the Empire Wind and

Beacon Wind assets.

Adjusted operating and administrative expenses remain at the same level compared to the first

quarter of 2021. Increased business

development costs driven by higher activity level in the US, the UK and in Asia were offset by lower

costs due to changed ownership

and consolidation method for the Empire Wind and Beacon Wind assets.

After total adjustments of USD 87 million to net operating income,

Adjusted earnings

[5] were negative USD 10 million in the first

quarter of 2022 compared to negative USD 38 million in the first quarter of 2021.

Adjusted earnings

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Adjusted total revenues and other income

>100%

Adjusted operating and administrative expenses

(41)

(58)

(40)

Adjusted depreciation, amortisation and net impairment

losses

(1)

(0)

>100%

Adjusted earnings [5]

(10)

(38)

74%

Equinor share.

Equinor first quarter 2022

For items impacting net operating income/(loss), see Use and reconciliation of non-GAAP financial measures

in the Supplementary

disclosures.

Balance sheet information:

The sum of equity accounted investments and non-current segment assets was USD 1,249 million

31 March 2022, compared to USD 1,116 million at 31 March 2021.

Equinor first quarter 2022

CONDENSED INTERIM FINANCIAL STATEMENTS

First quarter 2022

CONSOLIDATED STATEMENT

OF INCOME

Quarters

Full year

(unaudited, in USD million)

Note

Q1 2022

Q4 2021

Q1 2021

2021*

Revenues

36,050

32,125

16,129

88,744

Net income/(loss) from equity accounted investments

138

259

Other income

244

345

1,431

1,921

Total revenues and other income

36,393

32,608

17,589

90,924

Purchases [net of inventory variation]

(13,510)

(11,543)

(7,166)

(35,160)

Operating expenses

(1,989)

(2,281)

(1,941)

(8,598)

Selling, general and administrative expenses

(282)

(222)

(218)

(780)

Depreciation, amortisation and net impairment losses

(2,017)

(4,777)

(2,797)

(11,719)

Exploration expenses

(203)

(206)

(247)

(1,004)

Total operating expenses

(18,001)

(19,030)

(12,369)

(57,261)

Net operating income/(loss)

18,392

13,578

5,220

33,663

Interest expenses and other financial expenses

(266)

(299)

(312)

(1,223)

Other financial items

(903)

(143)

(396)

(857)

Net financial items

(1,169)

(443)

(707)

(2,080)

Income/(loss) before tax

17,223

13,135

4,513

31,583

Income tax

(12,509)

(9,765)

(2,659)

(23,007)

Net income/(loss)

4,714

3,370

1,854

8,576

Equinor first quarter 2022

Attributable to equity holders of the company

4,710

3,368

1,851

8,563

Attributable to non-controlling interests

Basic earnings per share (in USD)

1.46

1.04

0.57

2.64

Diluted earnings per share (in USD)

1.46

1.04

0.57

2.63

Weighted average number of ordinary shares outstanding

(in millions)

3,228

3,238

3,248

3,245

Weighted average number of ordinary shares outstanding

diluted (in millions)

3,237

3,249

3,256

3,254

* Audited

Equinor first quarter 2022

CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

Quarters

Full year

(unaudited, in USD million)

Q1 2022

Q4 2021

Q1 2021

2021*

Net income/(loss)

4,714

3,370

1,854

8,576

Actuarial gains/(losses) on defined benefit pension

plans

(419)

(114)

117

147

Income tax effect on income and expenses recognised

in OCI

(25)

(35)

Items that will not be reclassified to the Consolidated

statement of income

(326)

(88)

111

Foreign currency translation effects

173

(374)

(46)

(1,052)

Items that may be subsequently reclassified to

the Consolidated statement of income

173

(374)

(46)

(1,052)

Other comprehensive income/(loss)

(153)

(462)

(940)

Total comprehensive income/(loss)

4,561

2,908

1,899

7,636

Attributable to the equity holders of the company

4,557

2,906

1,896

7,622

Attributable to non-controlling interests

* Audited

1) Other comprehensive income (OCI).

Equinor first quarter 2022

CONSOLIDATED BALANCE SHEET

At 31 March

At 31 December

At 31 March

(unaudited, in USD million)

Note

2022

2021*

2021

ASSETS

Property, plant and equipment

62,475

62,075

65,405

Intangible assets

5,725

6,452

8,151

Equity accounted investments

1,710

2,686

2,374

Deferred tax assets

7,097

6,259

4,880

Pension assets

1,218

1,449

1,437

Derivative financial instruments

728

1,265

1,573

Financial investments

3,300

3,346

3,922

Prepayments and financial receivables

1,089

1,087

774

Total non-current assets

83,342

84,618

88,516

Inventories

3,504

3,395

2,917

Trade and other receivables

19,938

17,927

8,692

Derivative financial instruments

6,776

5,131

1,096

Financial investments

23,689

21,246

10,922

Cash and cash equivalents

20,882

14,126

8,992

Total current assets

74,790

61,826

32,619

Assets classified as held for sale

788

676

1,100

Total assets

158,919

147,120

122,235

EQUITY AND LIABILITIES

Shareholders' equity

43,233

39,010

35,764

Non-controlling interests

Total equity

43,251

39,024

35,782

Finance debt

24,984

27,404

27,991

Equinor first quarter 2022

Lease liabilities

2,509

2,449

3,006

Deferred tax liabilities

14,421

14,037

11,440

Pension liabilities

4,586

4,403

4,363

Provisions and other liabilities

18,414

19,899

20,061

Derivative financial instruments

1,093

767

550

Total non-current liabilities

66,007

68,959

67,411

Trade, other payables and provisions

14,372

14,310

10,592

Current tax payable

21,955

13,119

3,249

Finance debt

5,481

5,273

2,784

Lease liabilities

1,168

1,113

1,131

Dividends payable

582

Derivative financial instruments

6,236

4,609

1,014

Total current liabilities

49,212

39,005

18,770

Liabilities directly associated with the assets classified

as held for sale

450

132

271

Total liabilities

115,668

108,096

86,453

Total equity and liabilities

158,919

147,120

122,235

* Audited

Equinor first quarter 2022

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 1 January 2021*

1,164

6,852

30,050

(4,194)

33,873

33,892

Net income/(loss)

1,851

1,854

Other comprehensive income/(loss)

(46)

Total comprehensive income/(loss)

1,899

Dividends

(0)

Share buy-back

Other equity transactions

(4)

(8)

At 31 March 2021

1,164

6,848

31,992

(4,240)

35,764

35,782

At 1 January 2022*

1,164

6,408

36,683

(5,245)

39,010

39,024

Net income/(loss)

4,710

4,714

Other comprehensive income/(loss)

(326)

173

(153)

Total comprehensive income/(loss)

4,561

Dividends

Share buy-back

(330)

Other equity transactions

(4)

(3)

At 31 March 2022

1,164

6,074

41,068

(5,073)

43,233

43,251

* Audited

For more information see note 8 Capital distribution.

Equinor first quarter 2022

CONSOLIDATED STATEMENT

OF CASH FLOWS

Quarters

Full year

(unaudited, in USD million)

Note

Q1 2022

Q4 2021

Q1 2021

2021*

Income/(loss) before tax

17,223

13,135

4,513

31,583

Depreciation, amortisation and net impairment losses

2,017

4,777

2,797

11,719

Exploration expenditures written off

171

(Gains)/losses on foreign currency transactions and

balances

284

(70)

(47)

(Gains)/losses on sale of assets and businesses

(89)

(156)

(1,383)

(1,519)

(Increase)/decrease in other items related to operating

activities

(300)

684

222

106

(Increase)/decrease in net derivative financial instruments

953

(315)

577

539

Interest received

Interest paid

(118)

(212)

(141)

(698)

Cash flows provided by operating activities before

taxes paid and working capital

items

20,055

17,988

6,617

41,950

Taxes paid

(4,307)

(6,658)

(84)

(8,588)

(Increase)/decrease in working capital

(3,180)

(549)

(4,546)

Cash flows provided by operating activities

15,771

8,151

5,984

28,816

Cash used in business combinations

(111)

Capital expenditures and investments

(2,182)

(2,225)

(2,151)

(8,040)

(Increase)/decrease in financial investments

(2,850)

(6,387)

699

(9,951)

(Increase)/decrease in derivative financial instruments

424

151

(305)

(1)

(Increase)/decrease in other interest-bearing items

189

(3)

Proceeds from sale of assets and businesses

140

1,146

1,864

Cash flows used in investing activities

(4,465)

(8,200)

(613)

(16,211)

Repayment of finance debt

(1,250)

(1,424)

(2,675)

Repayment of lease liabilities

(317)

(319)

(302)

(1,238)

Equinor first quarter 2022

Dividends paid

(582)

(565)

(355)

(1,797)

Share buy-back

(439)

(222)

(321)

Net current finance debt and other financing activities

(2,804)

2,713

(1,015)

1,195

Cash flows provided by/(used in) financing activities

(4,142)

357

(3,096)

(4,836)

Net increase/(decrease) in cash and cash equivalents

7,165

307

2,274

7,768

Effect of exchange rate changes on cash and cash equivalents

(270)

(106)

(174)

(538)

Cash and cash equivalents at the beginning

of the period (net of overdraft)

13,987

13,785

6,757

Cash and cash equivalents at the end of the

period (net of overdraft)

20,882

13,987

8,857

13,987

* Audited

The line Increase (decrease) in other items related

to operating activities included payment of

USD 189 million which represent the

accretion related to the payment of the acquisition and

disposal of the interests in the Bacalhau field

as described below.

Net after cash and cash equivalents acquired.

The line Capital expenditures and investments for

the first quarter 2022 includes USD 336 million which

represents the net of an USD

769 million payment of a contingent consideration

related to the acquisition of interests in the

Bacalhau field in 2016 and 2017, and a

corresponding receipt of USD 433 million for the

simultaneous payment of contingent consideration related

to disposal of parts of the

acquired interests in 2018.

At 31 March 2022 and 31 March 2021 cash

and cash equivalents net overdraft were zero.

At 31 December 2021 cash and cash

equivalents included a net overdraft of USD 140

million.

Equinor first quarter 2022

Notes to the Condensed interim financial statements

1 Organisation and basis of preparation

Organisation and principal activities

Equinor ASA 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 of

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).

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

oil and gas activities and net

assets on the Norwegian continental shelf, is co-obligor or guarantor of certain debt

obligations of Equinor ASA.

Equinor's condensed interim financial statements for the first quarter of 2022 were authorised for

issue by the board of directors on 3

May 2022.

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 2021. 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 2021.

There have been no changes to the significant accounting policies during 2022 compared to the Consolidated annual

financial

statements for 2021. When determining fair value, there have been no changes to the valuation

techniques or models and Equinor

applies the same sources of input and the same criteria for categorisation in the fair value hierarchy

as disclosed in the Consolidated

annual financial statements for 2021.

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 of 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 reviewed on an on-going basis and are based on historical experience and various other

factors that are believed to

be reasonable under the circumstances, 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.

2 Segments

Equinor’s operations are managed through operating segments (business areas). The

reportable segments Exploration & Production

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

Production USA (E&P USA)

Marketing, Midstream & Processing (MMP) and Renewables (REN) correspond to the operating

segments. The operating segments

Projects, Drilling & Procurement (PDP), Technology,

Digital & Innovation (TDI) and Corporate staff and functions are aggregated into

the reportable segment Other based on materiality. The majority of the costs in PDP and TDI are allocated to the three Exploration &

Production segments, MMP and REN.

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.

Equinor first quarter 2022

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.

First quarter 2022

E&P

Norway

E&P

International

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

179

35,818

36,294

Revenues inter-segment

18,245

1,324

1,191

(20,849)

Net income/(loss) from equity accounted

investments

Total revenues and other income

18,424

1,452

1,269

35,909

119

(20,849)

36,393

Purchases [net of inventory variation]

(34,289)

20,752

(13,510)

Operating, selling, general and

administrative expenses

(838)

(399)

(220)

(1,059)

(41)

188

(2,271)

Depreciation, amortisation and net

impairment losses

(546)

(1,365)

212

(78)

(1)

(240)

(2,017)

Exploration expenses

(106)

(81)

(16)

(203)

Total operating expenses

(1,490)

(1,818)

(24)

(35,427)

(41)

(141)

20,940

(18,001)

Net operating income/(loss)

16,934

(366)

1,245

483

(71)

18,392

Additions to PP&E, intangibles and equity

accounted investments

1,132

478

126

358

(0)

2,188

Balance sheet information

Equity accounted investments

458

115

1,086

(0)

1,710

Non-current segment assets

35,197

14,986

11,591

2,852

163

3,411

68,200

Non-current assets not allocated to

segments

13,432

Total non-current assets

83,342

Equinor first quarter 2022

Fourth quarter 2021

E&P

Norway

E&P

International

E&P

USA

MMP

REN

Other

Eliminations

Total

(in USD million)

Revenues third party, other revenue and

other income

130

359

31,736

163

32,470

Revenues inter-segment

17,539

1,280

1,224

(0)

(20,116)

(0)

Net income/(loss) from equity accounted

investments

111

138

Total revenues and other income

17,669

1,750

1,302

31,811

170

(20,116)

32,608

Purchases [net of inventory variation]

(0)

(37)

(30,959)

(0)

19,452

(11,543)

Operating, selling, general and

administrative expenses

(1,020)

(410)

(232)

(1,106)

(58)

(2)

324

(2,504)

Depreciation, amortisation and net

impairment losses

(1,722)

(2,262)

(486)

(74)

(1)

(233)

(4,777)

Exploration expenses

(69)

(102)

(34)

(206)

Total operating expenses

(2,812)

(2,811)

(752)

(32,138)

(59)

(235)

19,776

(19,030)

Net operating income/(loss)

14,858

(1,060)

550

(327)

(38)

(65)

(340)

13,578

Additions to PP&E, intangibles and equity

accounted investments

1,303

559

179

(0)

2,243

Equinor first quarter 2022

First quarter 2021

E&P

Norway

E&P

International

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

Balance sheet information

Equity accounted investments

1,154

1,097

(0)

2,374

Non-current segment assets

35,876

17,553

12,164

4,053

3,892

73,556

Non-current assets not allocated to

segments

12,586

Total non-current assets

88,516

In the first quarter of 2022 Equinor recognised net impairment reversal of USD 266 million of which USD

832 million was impairment

of equity accounted investments and USD 46 million was impairment of acquisition cost

and signature bonuses classified as

exploration expenses. The line-item Exploration expenses in the Consolidated statement of income also includes impairment

capitalised exploration well cost. For information regarding impairment of capitalised exploration well cost, see

note 6 Property, plant

and equipment and intangible assets.

In the E&P Norway segment the impairment reversal were USD 817 million mainly caused by increased

short term commodity prices

and changed gas export strategy.

In the E&P International segment the impairments of USD 1,083 million were related to Equinor’s

decision to exit Russia. See note 3

Acquisitions and disposals.

Equinor first quarter 2022

In the E&P USA segment the net impairment reversal was USD 532 million in the E&P

USA – offshore Gulf of Mexico. The impairment

reversals were mainly caused by increased short term commodity prices.

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

Equinor first quarter 2022

Non-current assets by country

At 31 March

At 31 December

At 31 March

(in USD million)

2022

2021

Norway

40,244

40,564

42,280

USA

12,564

12,323

13,047

Brazil

8,890

8,751

8,359

2,022

2,096

4,331

Azerbaijan

1,633

1,654

1,692

Canada

1,385

1,403

1,480

Angola

954

948

942

Algeria

678

708

794

Denmark

522

536

918

Argentina

512

474

420

Other

505

1,757

1,667

Total non-current assets

69,910

71,213

75,930

Excluding deferred tax assets, pension assets and non-current financial assets

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 first quarter of 2022, Norway constitutes 86% and USA constitutes 10% of such revenues.

For the first quarter of 2021,

Norway and USA constituted 79% and 16% of such revenues,

respectively.

Revenues from contracts with customers and other revenues

Quarters

Full year

(in USD million)

Q1 2022

Q4 2021

Q1 2021

2021

Crude oil

15,034

10,784

8,714

38,307

Natural gas

15,538

15,199

3,298

28,050

- European gas

14,350

13,990

2,661

24,900

- North American gas

621

611

422

1,783

- Other incl. Liquefied natural gas

567

598

216

1,368

Refined products

2,904

3,507

2,373

11,473

Natural gas liquids

2,576

2,675

1,910

8,490

Transportation

282

239

256

921

Other sales

1,117

425

112

1,006

Revenues from contracts with customers

37,451

32,828

16,664

88,247

Taxes paid in-kind

105

345

Physically settled commodity derivatives

(1,348)

(1,453)

(159)

(1,075)

Gain/(loss) on commodity derivatives

(220)

584

(523)

951

Other revenues

276

Total other revenues

(1,401)

(703)

(536)

497

Revenues

36,050

32,125

16,129

88,744

Equinor first quarter 2022

3 Acquisitions and disposals

Disposals

10% of Dogger Bank C

On 10 February 2022, Equinor closed the transaction with Eni to sell a 10% equity interest in

the Dogger Bank C project in the UK for

a total consideration of GBP 68 million (USD 91 million), resulting in a gain of GBP 65 million

(USD 87 million).

After closing, the new

overall shareholdings in Dogger Bank C 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 in the line

item Other income in the Consolidated

statement of income in the REN segment.

Held for sale

Equinor Energy Ireland Limited

In the fourth quarter of 2021, Equinor entered into an agreement with Vermilion Energy Inc (Vermilion) to sell Equinor’s non-operated

equity position in the Corrib gas project in Ireland. The transaction covers a sale of 100% of

the shares in Equinor Energy Ireland

Limited (EEIL). EEIL owns 36.5% of the Corrib field alongside the operator Vermilion (20%) and Nephin Energy (43.5%). Equinor

and

Vermilion have agreed a consideration of USD 434 million before closing adjustments and contingent consideration linked to 2022

production level and gas prices. The effective date for the transaction is 1 January 2022. Closing is expected

during 2022.

Exit Russia

Equinor has certain investments in Russia. Following Russia’s invasion of Ukraine, Equinor has announced that it

has decided to stop

new investments in Russia and start the process of exiting Equinor’s joint

arrangements. Based on this decision, Equinor has

evaluated its assets in Russia and recognised net impairments of USD 1,083 million in the

first quarter, of which USD 251 million is

related to property, plant and equipment and intangible assets and USD 832 million is related to investments accounted for using the

equity method. The impairments are net of contingent consideration from the time of acquiring the

assets. The impairments are

recognised in the line items Depreciation, amortisation and net impairment losses and Exploration

expenses in the Consolidated

statement of income based on the nature of the impaired assets and are reflected in the E&P International

segment.

Equinor has stopped trading in Russian oil. This means that Equinor will not enter into any new

trades or engage in new transport of

oil and oil products from Russia. Equinor has assessed the accounting impact of certain commitments

arising from such contracts

entered into prior to the invasion and deem the impact to be immaterial.

4 Financial items

Quarters

Full year

(in USD million)

Q1 2022

Q4 2021

Q1 2021

2021

Net foreign currency exchange gains/(losses)

(284)

(68)

Interest income and other financial items

114

152

Gains/(losses) on financial investments

(134)

(16)

(150)

(348)

Gains/(losses) other derivative financial instruments

(599)

(96)

(360)

(708)

Interest and other finance expenses

(266)

(299)

(312)

(1,223)

Net financial items

(1,169)

(443)

(707)

(2,080)

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

1,305 million has been utilised as of 31

March 2022, compared to USD 2,600 million utilised as of 31 December 2021.

Equinor first quarter 2022

5 Income taxes

Quarters

Full year

(in USD million)

Q1 2022

Q4 2021

Q1 2021

2021

Income/(loss) before tax

17,223

13,135

4,513

31,583

Income tax

(12,509)

(9,765)

(2,659)

(23,007)

Effective tax rate

72.6%

74.3%

58.9%

72.8%

The tax rate for the first quarter of 2022 was primarily influenced by high share of operating income

from the Norwegian continental

shelf and losses including impairments recognised in countries with lower effective tax rates, partially offset by positive income in

countries with unrecognised deferred tax assets. The tax rate is also influenced by currency

effects in entities that are taxable in other

currencies than the functional currency.

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

countries with unrecognised deferred

tax assets.

6 Property, plant and equipment and intangible assets

(in USD million)

Property, plant and

equipment

Intangible

assets

Carrying amount at 31 December 2021

62,075

6,452

Additions

571

Transfers

731

(731)

Disposals and reclassifications

(1)

Transferred to assets classified as held for sale

Expensed exploration expenditures and net impairment

losses

(73)

Depreciation, amortisation and net impairment losses

(1,180)

(6)

Foreign currency translation effects

272

Carrying amount at 31 March 2022

62,475

5,725

Net impairments/(reversal) of impairments

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

and note 3 Acquisitions and

disposals.

First quarter

Property, plant and

equipment

Intangible assets

Total

(in USD million)

2022

2021

2022

2021

2022

2021

Producing and development assets

(1,144)

410

(1,144)

423

Goodwill

Acquisition costs related to oil and gas prospects

Total net impairment loss/(reversal) recognised

(1,144)

410

(1,098)

428

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.

Equinor first quarter 2022

The recoverable amounts in the first quarter of 2022 were based on value in use except for the Russian

assets, see note 3

Acquisitions and disposals.

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 1,407 million to USD

16,010 million compared to

year-end 2021, mainly due to increased discount rates. Changes in ARO are reflected within

Property, plant and equipment and

Provisions and other liabilities in the Consolidated balance sheet.

Litigation and claims

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

and several unresolved claims are

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

cannot be determined at this time. Equinor

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

and claims based on the

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

flows will be materially

affected by the resolution of these legal proceedings.

8 Capital distribution

In February 2022, Equinor launched the first tranche of USD 1 billion of the share buy-back programme

for 2022, totaling up to USD 5

billion. For the first tranche Equinor entered into an irrevocable agreement with a third party for

up to USD 330 million of shares to be

purchased in the market, while up to USD 670 million of shares from the Norwegian State will

in accordance with an agreement with

the Ministry of Petroleum and Energy be redeemed at the annual general meeting in May 2022

in order for the Norwegian State to

maintain its ownership percentage in Equinor. As of 31 March 2022, the USD 330 million order has been acquired in the open market

and the full amount has been settled.

On 3 May 2022, the board of directors resolved to declare a cash dividend for the first quarter of 2022 of USD

0.20 per share and an

extraordinary cash dividend of USD 0.20 per share. The Equinor shares will be traded ex-dividend

11 August 2022 on the Oslo Børs

and for ADR holders on the New York Stock Exchange. Record date will be 12 August 2022 and payment date will be 26 August

2022.

On 3 May 2022, the board of directors resolved the commencement of the second tranche of the

share buy-back programme for 2022

of a total of around USD 1.33 billion, including shares to be redeemed from the Norwegian

State (subject to annual general meeting

approval). The second tranche will end no later than 26 July 2022.

9 Subsequent events

As part of the ongoing management of Equinor’s portfolio on the Norwegian

Continental Shelf (NCS), Equinor has minor interests that

have met the requirements for held for sale after the reporting period. During the period from

the end of March and up to the date

when these financial statements were authorised for issue, the uncertainty related to an ongoing

process of divesting these interests

through a sales transaction has been significantly reduced. The interests are included in the

E&P Norway segment.

Equinor first quarter 2022

Supplementary disclosures

Operational data

Quarters

Change

Operational data

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Prices

Average Brent oil price (USD/bbl)

101.4

79.7

60.9

67%

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

100.3

77.7

57.3

75%

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

96.3

76.1

58.6

64%

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

82.5

67.5

50.5

63%

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

97.1

75.9

56.4

72%

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

859

663

480

79%

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

[9]

29.77

28.52

5.46

>100%

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

[9]

4.18

4.84

2.28

83%

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

29.60

28.76

6.65

>100%

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

[8]

4.62

4.97

2.71

70%

Refining reference margin (USD/bbl) [2]

5.8

6.0

1.5

>100%

Entitlement production (mboe per day)

E&P Norway entitlement liquids production

638

656

662

(4%)

E&P International entitlement liquids production

201

200

212

(5%)

E&P USA entitlement liquids production

114

127

150

(24%)

Group entitlement liquids production

953

983

1,024

(7%)

E&P Norway entitlement gas production

798

813

723

10%

E&P International entitlement gas production

(33%)

E&P USA entitlement gas production

170

179

212

(20%)

Group entitlement gas production

1,005

1,029

990

Total entitlement liquids and gas production [3]

1,958

2,012

2,014

(3%)

Equity production (mboe per day)

E&P Norway equity liquids production

638

656

662

(4%)

E&P International equity liquids production

287

283

299

(4%)

E&P USA equity liquids production

127

137

169

(25%)

Group equity liquids production

1,051

1,076

1,130

(7%)

E&P Norway equity gas production

798

813

723

10%

Equinor first quarter 2022

E&P International equity gas production

(12%)

E&P USA equity gas production

203

213

254

(20%)

Group equity gas production

1,055

1,082

1,037

Total equity liquids and gas production [4]

2,106

2,158

2,168

(3%)

REN power generation

Power generation (GWh) Equinor share

511

526

451

13%

Exchange rates

Quarters

Change

Exchange rates

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

NOK/USD average daily exchange rate

0.1130

0.1146

0.1174

(4%)

NOK/USD period-end exchange rate

0.1143

0.1134

0.1173

(3%)

USD/NOK average daily exchange rate

8.8483

8.7245

8.5146

USD/NOK period-end exchange rate

8.7479

8.8194

8.5249

EUR/USD average daily exchange rate

1.1216

1.1433

1.2048

(7%)

EUR/USD period-end exchange rate

1.1101

1.1326

1.1725

(5%)

Equinor first quarter 2022

Health, safety and the environment

Twelve months

average per

Full year

Health, safety and the environment

Q1 2022

2021

Total recordable injury frequency (TRIF)

2.4

Serious Incident Frequency (SIF)

0.5

0.4

Oil and gas leakages (number of)

First quarter

Full year

Climate

2022

2021

Upstream CO2 intensity (kg CO2/boe)

6.7

7.0

Number of leakages with rate above 0.1 kg/second during the past 12 months.

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

Equinor first quarter 2022

Reconciliation of net operating income/(loss) to adjusted

earnings

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

in the net operating income/(loss) subtotal.

Items impacting net operating income/(loss)

in the first quarter of 2022

Equinor

group

Exploration

Production

Norway

Exploration

Production

International

Exploration

Production

USA

Marketing,

Midstream

Processing

Renewables

Other

(in USD million)

Net operating income/(loss)

18,392

16,934

(366)

1,245

483

Total revenues and other income

319

209

400

(202)

(87)

(1)

Changes in fair value of derivatives

205

(154)

314

Periodisation of inventory hedging effect

(247)

Over-/underlift

449

363

Gain/loss on sale of assets

(88)

(87)

(1)

Purchases [net of inventory variation]

(272)

(181)

(90)

Operational storage effects

(181)

Eliminations

(90)

Operating and administrative expenses

(179)

(68)

(33)

(0)

(78)

Over-/underlift

(101)

(68)

(33)

Provisions

(78)

Depreciation, amortisation and net

impairment losses

(315)

(821)

1,039

(533)

Impairment

1,039

Reversal of Impairment

(1,354)

(821)

(533)

Exploration expenses

Impairment

Sum of adjustments to net operating

income/(loss)

(401)

(676)

1,447

(532)

(461)

(87)

(91)

Adjusted earnings/(loss) [5]

17,991

16,258

1,081

713

(10)

(72)

Tax on adjusted earnings

(12,812)

(12,602)

(234)

(13)

Adjusted earnings/(loss) after tax [5]

5,179

3,656

846

700

(7)

(43)

Equinor first quarter 2022

Items impacting net operating income/(loss)

in the first quarter of 2021

Equinor

group

Exploration &

Production

Norway

Exploration &

Production

International

Exploration &

Production

USA

Marketing,

Midstream &

Processing

Renewables

Other

(in USD million)

Net operating income/(loss)

5,220

3,350

261

152

392

1,341

(276)

Total revenues and other income

(1,645)

(143)

149

(271)

(1,379)

Changes in fair value of derivatives

Periodisation of inventory hedging effect

(287)

Impairment from associated companies

Over-/underlift

(143)

149

Gain/loss on sale of assets

(1,382)

Purchases [net of inventory variation]

(105)

200

Operational storage effects

(105)

Eliminations

200

Operating and administrative expenses

(14)

(82)

(11)

Over-/underlift

(5)

(82)

Other adjustments

Provisions

(11)

Depreciation, amortisation and net

impairment losses

411

276

Impairment

411

276

Exploration expenses

Impairment

Sum of adjustments to net operating

income/(loss)

(1,135)

213

121

(330)

(1,379)

200

Adjusted earnings/(loss) [5]

4,085

3,563

382

192

(38)

(76)

Tax on adjusted earnings

(2,796)

(2,586)

(206)

(0)

(31)

Adjusted earnings/(loss) after tax [5]

1,289

977

176

192

(34)

(53)

Equinor first quarter 2022

Items impacting net operating income/(loss)

in the fourth quarter of 2021

Equinor

group

Exploration

Production

Norway

Exploration

Production

International

Exploration

Production

USA

Marketing,

Midstream

Processing

Renewables

Other

(in USD million)

Net operating income/(loss)

13,578

14,858

(1,060)

550

(327)

(38)

(405)

Total revenues and other income

(772)

(80)

(50)

(640)

(0)

(1)

Changes in fair value of derivatives

(173)

(81)

(128)

Periodisation of inventory hedging effect

(346)

Impairment from associated companies

(0)

Over-/underlift

(85)

(86)

Gain/loss on sale of assets

(168)

(167)

(1)

Purchases [net of inventory variation]

342

340

Operational storage effects

Eliminations

340

Operating and administrative expenses

(33)

Over-/underlift

Other adjustments

(21)

(25)

Gain/loss on sale of assets

Provisions

(8)

Depreciation, amortisation and net

impairment losses

1,798

1,777

(9)

(0)

Impairment

1,798

1,777

(9)

(0)

Exploration expenses

Impairment

Sum of adjustments to net operating

income/(loss)

1,411

(45)

1,749

(680)

(0)

350

Adjusted earnings/(loss) [5]

14,989

14,813

688

587

(1,007)

(38)

(54)

Tax on adjusted earnings

(10,592)

(11,315)

(180)

(14)

911

(2)

Adjusted earnings/(loss) after tax [5]

4,397

3,498

508

574

(96)

(30)

(57)

Equinor first quarter 2022

Adjusted earnings after tax by reporting segment

Quarters

Q1 2022

Q4 2021

Q1 2021

(in USD million)

Adjusted

earnings

Tax on

adjusted

earnings

Adjusted

earnings

after tax

Adjusted

earnings

Tax on

adjusted

earnings

Adjusted

earnings

after tax

Adjusted

earnings

Tax on

adjusted

earnings

Adjusted

earnings

after tax

E&P Norway

16,258

(12,602)

3,656

14,813

(11,315)

3,498

3,563

(2,586)

977

E&P International

1,081

(234)

846

688

(180)

508

382

(206)

176

E&P USA

713

(13)

700

587

(14)

574

192

(0)

192

MMP

(1,007)

911

(96)

(31)

REN

(10)

(7)

(38)

(30)

(38)

(34)

Other

(72)

(43)

(54)

(2)

(57)

(76)

(53)

Total Equinor consolidation

17,991

(12,812)

5,179

14,989

(10,592)

4,397

4,085

(2,796)

1,289

Effective tax rates on adjusted

earnings

71.2%

70.7%

68.4%

Reconciliation of adjusted earnings after tax to net income

Quarters

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Net operating income/(loss)

18,392

13,578

5,220

Income tax less tax on net financial items

12,572

10,033

2,863

Net operating income after tax

C = A-B

5,820

3,545

2,358

Items impacting net operating income

(401)

1,411

(1,135)

Tax on items impacting net operating income

239

559

(67)

Adjusted earnings after tax [5]

F = C+D-E

5,179

4,397

1,289

Net financial items

(1,169)

(443)

(707)

Tax on net financial items

267

204

Net income/(loss)

I = C+G+H

4,714

3,370

1,854

1) Represents the total adjustments to net operating

income made to arrive at adjusted earnings

(i.e., adjusted purchases, adjusted operating

Equinor first quarter 2022

and administrative expenses, adjusted depreciation,

amortisation and impairment expenses and adjusted

exploration expenses, each of which

are presented and reconciled to the relevant

related IFRS figure for the periods

presented in this report).

Equinor first quarter 2022

Adjusted earnings MMP break down

Adjusted earnings break down

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

Natural Gas Europe

(383)

(1,274)

(30)

>(100%)

Natural Gas US

123

(31)

>100%

Liquids

235

(15)

156

51%

Other

313

(66)

N/A

Adjusted earnings MMP

(1,007)

(65%)

Adjusted exploration expenses

Quarters

Change

(in USD million)

Q1 2022

Q4 2021

Q1 2021

Q1 on Q1

E&P Norway exploration expenditures

127

114

11%

E&P International exploration expenditures

133

(67%)

E&P USA exploration expenditures

>100%

Group exploration expenditures

222

269

264

(16%)

Expensed, previously capitalised exploration expenditures

(2)

(44%)

Capitalised share of current period's exploration

activity

(91)

(65)

(81)

13%

Impairment (reversal of impairment)

>100%

Exploration expenses according to IFRS

203

206

247

(18%)

Items impacting net operating income/(loss)

(46)

(4)

(17)

>100%

Adjusted exploration expenses

157

202

230

(32%)

1) Activity on 15 wells in the first quarter

of 2022 where 11 were completed, compared to activity on 16

wells in the first quarter of 2021

where 5 were completed.

2) For items impacting net operating income/(loss),

see Reconciliation of net operating income/(loss)

to adjusted earnings in the

Supplementary disclosures.

Equinor first quarter 2022

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 31

March

At 31

December

At 31 March

(in USD million)

2022

2021

Shareholders' equity

43,233

39,010

35,764

Non-controlling interests

Total equity

43,251

39,024

35,782

Current finance debt and lease liabilities

6,649

6,386

3,915

Non-current finance debt and lease liabilities

27,493

29,854

30,997

Gross interest-bearing debt

34,142

36,239

34,913

Cash and cash equivalents

20,882

14,126

8,992

Current financial investments

23,689

21,246

10,922

Cash and cash equivalents and financial investment

44,571

35,372

19,914

Net interest-bearing debt [10]

B1 = B-C

(10,429)

867

14,998

Other interest-bearing elements

4,152

2,369

773

Normalisation for cash-build up before tax payment

(50% of Tax Payment)

2,087

Net interest-bearing debt adjusted normalised for

tax payment, including lease liabilities

[5]

(4,190)

3,236

15,811

Lease liabilities

3,677

3,562

4,137

Net interest-bearing debt adjusted [5]

(7,867)

(326)

11,674

Calculation of capital employed [5]

Capital employed

A+B1

32,823

39,891

50,781

Equinor first quarter 2022

Capital employed adjusted, including lease liabilities

A+B2

39,062

42,259

51,593

Capital employed adjusted

A+B3

35,384

38,697

47,456

Calculated net debt to capital employed [5]

Net debt to capital employed

(B1)/(A+B1)

(31.8%)

2.2%

29.5%

Net debt to capital employed adjusted, including

lease liabilities

(B2)/(A+B2)

(10.7%)

7.7%

30.6%

Net debt to capital employed adjusted

(B3)/(A+B3)

(22.2%)

-0.8%

24.6%

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.

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.

Equinor first quarter 2022

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:

●

Adjusted earnings

are based on net operating income/(loss) and adjusts for certain items affecting the income for the period in

order to separate out effects that management considers may not be well correlated to Equinor’s

underlying operational

performance in the individual reporting period. Management considers adjusted earnings to be

a supplemental measure to

Equinor’s IFRS measures, which provides an indication of Equinor’s underlying

operational performance in the period and

facilitates an alternative understanding of operational trends between the periods. Adjusted earnings

include adjusted revenues

and other income, adjusted purchases, adjusted operating expenses and selling, general and administrative

expenses, adjusted

depreciation expenses and adjusted exploration expenses.

●

Adjusted earnings after tax

– equals the sum of net operating income/(loss) less income tax in business areas and adjustments

to operating income taking the applicable marginal tax into consideration. Adjusted earnings after tax

excludes net financial items

and the associated tax effects on net financial items. It is based on adjusted earnings less the tax

effects on all elements included

in adjusted earnings (or calculated tax on operating income and on each of the adjusting items

using an estimated marginal tax

rate). In addition, tax effect related to tax exposure items not related to the individual reporting

period is excluded from adjusted

earnings after tax. Management considers adjusted earnings after tax, which reflects a normalised tax

charge associated with its

operational performance excluding the impact of financing, to be a supplemental measure to Equinor’s

net income. Certain net

USD denominated financial positions are held by group companies that have a USD functional

currency that is different from the

currency in which the taxable income is measured. As currency exchange rates change between

periods, the basis for measuring

net financial items for IFRS will change disproportionally with taxable income which includes

exchange gains and losses from

translating the net USD denominated financial positions into the currency of the applicable tax

return. Therefore, the effective tax

rate may be significantly higher or lower than the statutory tax rate for any given period. Adjusted taxes

included in adjusted

earnings after tax should not be considered indicative of the amount of current or total tax

expense (or taxes payable) for the

period.

Adjusted earnings and adjusted earnings after tax should be considered additional measures rather

than substitutes for net operating

income/(loss) and net income/(loss), which are the most directly comparable IFRS measures. There

are material limitations

associated with the use of adjusted earnings and adjusted earnings after tax compared with the

IFRS measures as such non-GAAP

measures do not include all the items of revenues/gains or expenses/losses of Equinor that are

needed to evaluate its profitability on

an overall basis. Adjusted earnings and adjusted earnings after tax are only intended to be

indicative of the underlying developments

in trends of our on-going operations for the production, manufacturing and marketing of our

products and exclude pre-and post-tax

impacts of net financial items. Equinor reflects such underlying development in our operations by eliminating the

effects of certain

items that may not be directly associated with the period's operations or financing. However, for that reason, adjusted earnings and

adjusted earnings after tax are not complete measures of profitability. These measures should therefore not be used in isolation.

●

Capital employed adjusted –

this measure is defined as Equinor's total equity (including non-controlling interests) and

net

interest-bearing debt adjusted.

●

Net interest-bearing debt adjusted

– this measure is defined as Equinor's interest bearing financial liabilities less cash

and cash

equivalents and current financial investments, adjusted for collateral deposits and balances held

by Equinor's captive insurance

company and balances related to the SDFI.

●

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 first quarter of

2022. Organic capital expenditures are capital expenditures excluding acquisitions, recognised lease

assets (RoU assets) and

other investments with significant different cash flow pattern. In the first quarter of 2022, a total

of USD 0.4 billion is 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.

Equinor first quarter 2022

●

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 first quarter of 2022

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 20.1 billion), taxes

paid (negative USD 4.3

billion), capital expenditures and investments (negative USD 2.2 billion), (increase)/decrease in other

items interest-bearing (USD

0.0 billion), proceeds from sale of assets and businesses (USD 0.1 billion), dividend

paid (negative USD 0.6 billion) and share

buy-back (negative USD 0.4 billion), resulting in a free cash flow of USD 12.7 billion in the first quarter

of 2022.

Adjusted earnings

adjust for the following items:

●

Changes in fair value of derivatives:

Certain gas contracts are, due to pricing or delivery conditions, deemed to contain

embedded derivatives, required to be carried at fair value. Also, certain transactions related to

historical divestments include

contingent consideration, are carried at fair value. The accounting impacts of changes in fair

value of the aforementioned are

excluded from adjusted earnings. In addition, adjustments are also made for changes in the unrealised

fair value of derivatives

related to some natural gas trading contracts. Due to the nature of these gas sales contracts, these

are classified as financial

derivatives to be measured at fair value at the balance sheet date. Unrealised gains and losses

on these contracts reflect the

value of the difference between current market gas prices and the actual prices to be realised under the gas sales

contracts. Only

realised gains and losses on these contracts are reflected in adjusted earnings. This presentation best reflects

the underlying

performance of the business as it replaces the effect of temporary timing differences associated with the re-measurements of the

derivatives to fair value at the balance sheet date with actual realised gains and losses for

the period.

●

Periodisation of inventory hedging effect:

Commercial storage is hedged in the derivatives market and is accounted for using

the lower of cost or market price. If market prices increase above cost price, the inventory will

not reflect this increase in value.

There will be a loss on the derivative hedging the inventory since the derivatives always

reflect changes in the market price. An

adjustment is made to reflect the unrealised market increase of the commercial storage. As

a result, loss on derivatives is

matched by a similar adjustment for the exposure being managed. If market prices decrease below

cost price, the write-down of

the inventory and the derivative effect in the IFRS income statement will offset each other and no adjustment is made.

●

Over/underlift

: Over/underlift is accounted for using the sales method and therefore revenues were reflected

in the period the

product was sold rather than in the period it was produced. The over/underlift position

depended on several factors related to our

lifting programme and the way it corresponded to our entitlement share of production. The effect on income for the

period is

therefore adjusted, to show estimated revenues and associated costs based upon the production

for the period to reflect

operational performance and comparability with peers.

●

The

operational storage

is not hedged and is not part of the trading portfolio. Cost of goods sold is measured

based on the

FIFO (first-in, first-out) method, and includes realised gains or losses that arise due to

changes in market prices. These gains or

losses will fluctuate from one period to another and are not considered part of the underlying

operations for the period.

●

Impairment and reversal of impairment

are excluded from adjusted earnings since they affect the economics of an asset for

the lifetime of that asset, not only the period in which it is impaired, or the impairment

is reversed. Impairment and reversal of

impairment can impact both the exploration expenses and the depreciation, amortisation and impairment

line items.

●

Gain or loss from sales of assets

is eliminated from the measure since the gain or loss does not give an indication

of future

performance or periodic performance; such a gain or loss is related to the cumulative value creation

from the time the asset is

acquired until it is sold.

●

Eliminations (Internal unrealised profit on inventories)

Volumes derived from equity oil inventory will vary depending on

several factors and inventory strategies, i.e.,

level of crude oil in inventory, equity oil used in the refining process and level of in-

transit cargoes. Internal profit related to volumes sold between entities within the group, and still

in inventory at period end, is

eliminated according to IFRS (write down to production cost). The proportion of realised versus unrealised

gain will fluctuate from

one period to another due to inventory strategies and consequently impact net

operating income/(loss). Write-down to production

cost is not assessed to be a part of the underlying operational performance, and elimination

of internal profit related to equity

volumes is excluded in adjusted earnings.

●

Other items of income and expense

are adjusted when the impacts on income in the period are not reflective of Equinor’s

underlying operational performance in the reporting period. Such items may be unusual

or infrequent transactions, but they may

also include transactions that are significant which would not necessarily qualify as either

unusual or infrequent. Other items are

carefully assessed and can include transactions such as provisions related to reorganisation,

early retirement, etc.

●

Change in accounting policy

are adjusted when the impacts on income in the period are unusual or infrequent,

and not

reflective of Equinor’s underlying operational performance in the reporting

period.

For more information on our use of non-GAAP financial measures, see section 5.2 Use and reconciliation

of non-GAAP financial

measures in Equinor's 2021 Annual Report and Form 20-F.

Equinor first quarter 2022

FORWARD

-LOOKING STATEMENTS

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

we use words such as

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

"plan", "strategy", "will", "guidance",

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

statements include all statements other than

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

ambitions and

expectations, including with respect to the Covid-19 pandemic, its impacts, consequences

and risks and Equinor's response to it; the

decision to stop new investments into Russia and trading in Russian oil, and start the process

of exiting Equinor’s Russian joint

ventures; the commitment to develop as a broad energy company; the ambition to be a leader in the

energy transition and reduce net

group-wide greenhouse gas emissions by 50% by 2030; future financial performance, including cash flow

and liquidity; accounting

policies; the ambition to grow cash flow and returns; plans to improve return on average capital

employed (ROACE) and competitive

capital distribution; expectations regarding returns from Equinor’s

oil and gas portfolio; plans to develop fields and increase gas

exports; plans for renewables production capacity and investments in renewables; expectations regarding

development of renewables

projects, CCUS and hydrogen businesses; market outlook and future economic projections and assumptions, including

commodity

price assumptions; organic capital expenditures through 2025; estimates regarding production; the ambition

to keep unit of production

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

completion and

results of acquisitions and disposals; 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 recent significant oil price volatility

triggered, among other things, by the changing dynamic among OPEC+ members, the pressure

on US shale oil companies from their

shareholders to use their higher cashflow to pay debt and dividends rather than increase drilling

and production and the uncertainty

regarding demand created by the Covid-19 pandemic; Russia’s invasion of Ukraine and our subsequent decision to

stop new

investments into Russia and start the process of exiting our Russian joint ventures; 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, travel restrictions, manpower shortage, supply chain disruptions

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 as 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, 2021, filed

with the U.S. Securities and Exchange Commission (including section 2.13 Risk review - Risk factors thereof). Equinor's

2021 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.

Equinor first quarter 2022

END NOTES

The group's

average liquids price

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

liquids (NGL).

The

refining reference margin

is a typical gross margin and will differ from the actual margin, due to variations in type of crude

and other feedstock, throughput, product yields, freight cost, inventory, etc

Liquids volumes

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

Equity volumes

represent produced volumes under a

production sharing agreement (PSA)

that correspond to Equinor’s

ownership share in a field.

Entitlement volumes

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

partners in the field, which are subject to deductions for, among other things, royalty and the host government's share of profit oil.

Under the terms of a PSA, the amount of profit oil deducted from equity volumes will

normally increase with the cumulative return

on investment to the partners and/or production from the licence. Consequently, the gap between entitlement and equity volumes

will likely increase in times of high liquids prices. The distinction between equity and entitlement

is relevant to most PSA regimes,

whereas it is not applicable in most concessionary regimes such as those in Norway, the UK, the US, Canada and Brazil.

These are

non-GAAP figures.

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

details.

Transactions with the

Norwegian State.

The Norwegian State, represented by the Ministry of Trade, Industry and Fisheries, is

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

structure means that

Equinor participates in transactions with many parties that are under a common ownership structure

and therefore meet the

definition of a related party. Equinor purchases liquids and natural gas from the Norwegian State, represented by SDFI (the

State's Direct Financial Interest). In addition, Equinor sells the State's natural gas production

in its own name, but for the

Norwegian State's account and risk, and related expenditures are refunded by the State.

The production guidance reflects our estimates of

proved reserves

calculated in accordance with US Securities and Exchange

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

proved reserves estimates. The

growth percentage is based on historical production numbers, adjusted for portfolio measures.

The group's

average invoiced gas prices

include volumes sold by the MMP segment.

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

the undersigned, thereunto duly authorised.

EQUINOR ASA

(Registrant)

Dated: 4 May, 2022

By: ___/s/

Ulrica Fearn

Name: Ulrica Fearn

Title:

Chief Financial Officer