fsrq12023

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2023

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50, N-4035, STAVANGER,

NORWAY

(Address of principal executive offices)

Indicate by check mark whether the registrant files

or will file annual reports under cover of Form

20-F or Form 40-F:

Form 20-F

Form 40-F

This report on Form 6-K is being filed for the

purposes of incorporation by reference in the

Registration Statements on Form F-3 (File No.

333-

239808)

and Form S-8 (File No. 333-2626201). This report

shall be deemed filed and incorporated by

reference in such Registration

Statements and shall be deemed to be a part

thereof from the date on which this report is

furnished, to the extent not superseded by

documents or reports subsequently filed or furnished.

This document includes portions from the previously

published results announcement of Equinor ASA as

of, and for the three months ended

31 March 2023, as revised to comply with

the requirements of Item 10(e) of Regulation S-K

regarding non-GAAP financial information

promulgated by the U.S. Securities and Exchange Commission.

This document does not update or otherwise

supplement the information

contained in the previously published results announcement.

Equinor first quarter 2023

Equinor delivered IFRS net operating income of USD 12.5 billion

and IFRS net income of USD 5.0

billion in the first quarter of 2023.

The first quarter was characterised by:

●

Strong earnings and cash flow across the business

●

Solid operational performance and production growth

o

Continued high gas production from NCS to Europe

●

High value creation from marketing and trading

●

Maintaining cost and capital discipline

●

Ordinary cash dividend of USD 0.30 per share, extraordinary cash dividend of USD 0.60 per share

and commencement of

second tranche of share buy-back of USD 1.67 billion. Expected total capital distribution in 2023

is USD 17 billion.

Anders Opedal, president and CEO of Equinor ASA:

“Equinor delivered strong earnings and cash flow across the business and remains a safe and reliable provider of energy to

Europe. We continue to deliver competitive capital distribution to shareholders and invest in a profitable portfolio in oil and gas,

renewables, and low-carbon solutions.”

“We progressed on our strategy, optimising our oil and gas portfolio by acquiring Suncor Energy in the UK and continuing with

focused exploration. We developed our portfolio within renewables and low-carbon solutions by acquiring the solar project

developer BeGreen and collaborating with industry partners, aiming to build large-scale value chains for decarbonisation.”

Financial information

Quarter

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Net operating income/(loss)

12,517

16,584

18,392

(32%)

Net income/(loss)

4,966

7,897

4,714

Cash flows provided by operating activities

14,871

4,267

15,771

(6%)

Net cash flow*

4,201

1,669

12,689

(67%)

Quarter

Change

Operational data

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

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

73.8

80.4

97.1

(24%)

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

2,130

2,046

2,106

Total power generation (Gwh) Equinor share

1,163

1,332

511

>100%

Renewable power generation (GWh) Equinor share

524

517

511

Twelve months average per

Full year

Health, safety and the environment

Q1 2023

2022

Serious incident frequency (SIF)

0.4

First quarter

Health, safety and the environment

2023

2022

Upstream CO

intensity (kg CO

/boe)

6.6

6.7

Absolute scope 1+2 GHG emissions (million tonnes

2.9

2.8

31 March

31 December

%-point

Net debt to capital employed adjusted*

2023

2022

change

Net debt to capital employed adjusted*

(52.3%)

(23.9%)

(28.4)

Dividend

(USD per share)

Q1 2023

Q4 2022

Q1 2022

Ordinary cash dividend per share

0.30

0.20

Extraordinary cash dividend per share

0.60

0.20

In the first three months of 2023 Equinor settled shares in the market under the 2022 and 2023 share buy-back programmes

of USD

461 million.

These are non-GAAP figures. For a discussion of how we

use the and their calculation, for the periods shown,

see “Use and Reconciliation of Non-GAAP

Financial Measures” in this report.

Strong production and continued high deliveries of energy to Europe

Equinor delivered a total equity production of 2,130 mboe per day for the first quarter, up from 2,106 mboe per day in the same

quarter of 2022. The growth was driven by the ramp-up of new fields and wells,

and fields back in production, such as Johan Sverdrup

phase 2 and Snøhvit in Norway and Peregrino in Brazil. Short-term operational issues

at Johan Sverdrup early in the quarter impacted

the increase.

Gas production on the Norwegian continental shelf (NCS) remained high and stable, contributing

to European energy security.

Production from renewable energy sources was 524 GWh in the quarter, slightly up from the same quarter last year, driven by good

availability for the offshore wind farms and production from the floating wind farm Hywind Tampen on the NCS. Including gas-to-power

production in the UK, total power production for the quarter ended at 1,163 GWh.

Continued strategic and industrial progress

Since the start of the year, Equinor has brought the satellite field Bauge on stream in the Norwegian Sea. The partner-operated

Vito

field was put on stream in the US Gulf of Mexico.

Equinor continued to optimise the oil and gas portfolio, deepening in core areas by entering into

an agreement to acquire Suncor

Energy UK. An interest in the Statfjord area on the NCS was divested in the quarter.

Equinor completed nine exploration wells offshore with three commercial discoveries in the quarter, and three wells were ongoing at

the quarter end. Two of the discoveries were in the Troll area in the North Sea, where Equinor also agreed to acquire a further equity

interest in five discoveries. Equinor was awarded 26 new production licences on the NCS.

In the UK, the Dogger Bank offshore wind farm is progressing towards first power this summer. Together with SSE, Equinor is

exploring the option of developing a fourth phase, Dogger Bank D.

In the quarter, Equinor closed the acquisition of BeGreen, a leading solar project developer in Northwest Europe, with a project

pipeline of over 6 GW in the early to medium stages of maturity.

Equinor continued to develop low-carbon value chains in collaboration with industrial partners and

entered into a partnership with the

German energy company RWE aiming to develop large-scale value chains for low-carbon hydrogen.

Strong financial results and cash flow

Equinor realised a price for piped gas to Europe of USD 18.8 per mmbtu and realised

liquids prices were USD 73.8 per bbl, down by

37% and 24%, respectively, compared to the first quarter 2022.

Equinor delivers strong IFRS net operating income at USD 12.5 billion and IFRS net income USD

5.0 billion after tax. This is down

from the same quarter last year due to lower prices for liquids and gas but partly offset by production growth. The

Marketing,

Midstream & Processing (MMP) segment contributed with strong IFRS net operating income,

main driven by crude, products and

liquids trading.

Cash flow provided by operating activity before taxes paid and working capital items amounted to USD

15.3 billion for the first quarter.

Equinor paid the first of three equal NCS tax instalments of USD 5.42 billion in the quarter

and will pay the next two in the second

quarter. Organic capital expenditure* was USD 2.31 billion for the quarter, and total capital expenditures were USD 3.18 billion. After

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

4.20 billion for the first quarter.

Strong cash flow, a reduction in working capital and a reduction in collateral deposits resulted in a further strengthening of the financial

position. Adjusted net debt to capital employed ratio* was negative 52.3% at the end of the first quarter, from negative 23.9% at the

end of the fourth quarter of 2022.

Competitive capital distribution

The board of directors has decided an ordinary cash dividend of USD 0.30 per share and an extraordinary

cash dividend of USD 0.60

per share for the first quarter of 2023, in line with communication at the Capital Markets

Update in February.

Expected total capital distribution for 2023 is USD 17 billion, including a share buy-back programme

of USD 6 billion. The board has

decided to initiate a second tranche of the share buy-back programme of USD 1.67 billion. The

second tranche will commence on 11

May, end no later than 25 July 2023 and is subject to authorisation from the annual general meeting on 10 May 2023.

The first tranche of the share buy-back programme for 2023 was completed on 20 March

2023 with a total value of USD 1 billion.

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

GROUP REVIEW

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total revenues and other income

29,224

34,321

36,393

(20%)

Total operating expenses

(16,707)

(17,737)

(18,001)

(7%)

Purchases [net of inventory variation]

(11,235)

(12,853)

(13,510)

(17%)

Operating and administrative expenses

(3,025)

(3,304)

(2,271)

33%

Depreciation, amortisation and net impairments

(2,200)

(1,184)

(2,017)

Exploration expenses

(246)

(396)

(203)

21%

Net operating income/(loss)

12,517

16,584

18,392

(32%)

Capital expenditures and Investments

2,303

2,376

2,616

(12%)

Cash flows provided by operating activities

14,871

4,267

15,771

(6%)

Quarters

Change

Operational information

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total equity liquid and gas production (mboe/day)

2,130

2,046

2,106

Total entitlement liquid and gas production (mboe/day)

2,011

1,919

1,958

Total Power generation (GWh) Equinor share

1,163

1,332

511

>100%

Renewable power generation (GWh) Equinor share

524

517

511

Average Brent oil price (USD/bbl)

81.3

88.7

101.4

(20%)

Group average liquids price (USD/bbl)

73.8

80.4

97.1

(24%)

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

17.36

27.22

29.77

(42%)

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

2.80

4.73

4.18

(33%)

Operations

Solid operational performance and production growth in the first quarter of 2023 provides strong

results despite a lower price

environment compared to 2022.

Snøhvit, which restarted in June 2022, and Johan Sverdrup phase two, which came on stream in

December 2022, were the main

drivers for increased production on the NCS relative to the same quarter last year. Peregrino in Brazil contributed significantly towards

increased production from the international portfolio. Improved levels from Caesar Tonga in the USA following technical

improvements, and a reduction in downtime compared to the prior year also added to the improvement

in production.

Secure gas production to Europe remains a continued focus in 2023, representing 55% of NCS production

for the quarter.

The overall production growth was impacted by short term operational challenges in the quarter

for Johan Sverdrup and turnaround

activity in Angola and Brazil. 2022 events relating to the exit from Russia, Ekofisk

area divestment and Martin Linge ownership share

reduction also partly offset the increase in production relative to the first quarter of 2022.

Price realisation in the quarter was lower than the extraordinary highs witnessed in the

prior year. This is evident through reduced

margins even with a stable production level. Additionally, there was a strong contribution to the overall business results from the

Midstream, Marketing and Processing segment for the first quarter of 2023. Strong

physical crude and products margins and solid

results from LNG and piped gas trading positively contributed to the first quarter results.

Increased operational capacity and activity in the quarter have contributed to an increased cost base.

In addition rising environmental

costs together with inflationary pressures were evidenced by an increase in upstream operating

expenditure compared to the prior

year. Depreciation, amortisation, and net impairments increased compared to the prior year, mainly driven by impairment reversals in

the first quarter of 2022 which were partially offset by a decrease in depreciation driven by an increase in

proved reserves. The

strengthening of the USD against the NOK impacts the visibility of these increases in the reported

costs.

In the first quarter of 2022, total operating expenses were negatively impacted by impairments of

USD 1,080 million related to

Equinor’s exit from Russia.

Taxes

The decrease in reported effective tax rate from 72.6% in the first quarter of 2022 to 63.8% in 2023

was mainly caused by a lower

relative share of income from the NCS. Net foreign currency exchange gains with a low tax

rate also contributed to this decrease in

effective tax rate for the quarter.

Cash flow, net debt and capital distribution

A strong cashflow provided by operating activities before taxes paid and working capital items of

USD 15,305 million was achieved

despite lower income before tax which resulted from lower commodity prices in the first quarter

of 2023.

Tax outflow of USD 5,589 million reduced by USD 8,599 million from the fourth quarter of 2022. The first of three equal instalments of

Norwegian corporate income tax were paid in the first quarter of 2023, whereas two instalments

were made in the prior quarter.

Due to reduced prices working capital decreased by USD 5,155 million in the first quarter

(USD 23 million in the first quarter of 2022)

positively contributing to a strong cashflow.

Net Cash and cash equivalents increased by USD 1,809 million compared to a decrease of USD 8,612 million

in the prior quarter

despite the lower price environment and continued increased dividend cash outflows (USD

2,861 million compared to USD 2,231

million).

Continued strong results have led to an increase in short term liquid assets in addition to a reduction

in net collateral deposits, further

strengthening the adjusted net debt to capital employed ratio* from negative 23.9% at the

end of December 2022 to negative 52.3% at

the end of March 2023.

Subject to approval at the AGM in May, the cash outflow to the Norwegian state in relation to the second, third, fourth tranche of the

2022, and first tranche of the 2023 share buy-back programme is expected to occur in the

second quarter of 2023, in addition to two

instalments of Norwegian corporate income tax.

The board of directors has decided an ordinary cash dividend of USD 0.30 per share, and an extraordinary

cash dividend of USD 0.60

per share for the first quarter of 2023, in line with communication at the Capital Markets

Update in February.

Expected total capital distribution for 2023 is around USD 17 billion, including a share buy-back programme

of USD 6 billion. The

board has decided to initiate a second tranche of the share buy-back programme of USD 1.67

billion. The second tranche will

commence on 11 May,

end no later than 25 July 2023 and is subject to authorisation from the annual general

meeting on 10 May

2023.

The first tranche of the share buy-back programme for 2023 was completed on 20 March

2023 with a total value of USD 1 billion.

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

OUTLOOK

●

Organic capital expenditures*

are estimated at USD 10-11 billion for 2023, and at an annual average of around USD 13 billion

for 2024-2026

●

Production

for 2023 is estimated to be around 3% above 2022 level [6].

●

Equinor’s ambition is to keep the

unit of production cost

in the top quartile of its peer group.

●

Scheduled maintenance activity

is estimated to reduce equity production by around 45 mboe per day for the full year

of 2023.

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

to significant risks and

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

occur in the future. Deferral of production to create

future value, gas off-take, timing of new capacity coming on stream and operational regularity and levels of industry

product supply,

demand and pricing represent the most significant risks related to the foregoing production guidance.

Our future financial

performance, including cash flow and liquidity, will be affected by the extent and duration of the current market conditions, the

development in realised prices, including price differentials and other factors discussed elsewhere in the report.

For further

information, see section Forward-looking statements.

USD/NOK exchange rate assumption of 10.

SUPPLEMENTARY

OPERATIONAL

DISCLOSURES

Operational data

Quarters

Change

Operational data

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Prices

Average Brent oil price (USD/bbl)

81.3

88.7

101.4

(20%)

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

77.5

83.8

100.3

(23%)

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

70.7

77.2

96.3

(27%)

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

61.3

68.6

82.5

(26%)

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

73.8

80.4

97.1

(24%)

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

756

819

859

(12%)

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

[8]

17.36

27.22

29.77

(42%)

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

[8]

2.80

4.73

4.18

(33%)

Realised piped gas price Europe (USD/mmbtu)

[7]

18.79

29.80

29.60

(37%)

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

3.24

5.40

4.62

(30%)

Refining reference margin (USD/bbl) [2]

11.3

15.5

5.8

97%

Entitlement production (mboe per day)

E&P Norway entitlement liquids production

641

610

638

E&P International entitlement liquids production

231

228

201

15%

E&P USA entitlement liquids production

129

100

114

13%

Group entitlement liquids production

1,001

938

953

E&P Norway entitlement gas production

806

791

798

E&P International entitlement gas production

(10%)

E&P USA entitlement gas production

171

160

170

Group entitlement gas production

1,010

981

1,005

Total entitlement liquids and gas production [3]

2,011

1,919

1,958

Equity production (mboe per day)

E&P Norway equity liquids production

641

610

638

E&P International equity liquids production

286

293

287

(0%)

E&P USA equity liquids production

144

112

127

14%

Group equity liquids production

1,071

1,015

1,051

E&P Norway equity gas production

806

791

798

E&P International equity gas production

(6%)

E&P USA equity gas production

203

190

203

Group equity gas production

1,059

1,031

1,055

Total equity liquids and gas production [4]

2,130

2,046

2,106

Power generation

Power generation (GWh) Equinor share

1,163

1,332

511

>100%

Renewable power generation (GWh) Equinor share

524

517

511

1) Restated. Restatement due to change in

the definition of the price marker. For more information see 'End notes'.

Health, safety and the environment

Twelve months

average per

Full year

Q1 2023

2022

Total recordable injury frequency (TRIF)

2.7

2.5

Serious Incident Frequency (SIF)

0.4

Oil and gas leakages (number of)

First quarter

2023

2022

Upstream CO

intensity (kg CO

/boe)

6.6

6.7

Absolute scope 1+2 GHG emissions (million tonnes

2.9

2.8

Number of leakages with rate above 0.1 kg/second during

the past 12 months.

Operational control, total scope 1 emissions of CO

from exploration and production, divided by total

production (boe).

Operational control, total scope 1 and 2 emissions

of CO

and CH

EXPLORATION

& PRODUCTION NORWAY

Financial information

Quarter

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total revenues and other income

12,044

16,729

18,454

(35%)

Total operating expenses

(2,229)

(2,343)

(1,521)

47%

Operating and administrative expenses

(977)

(1,020)

(816)

20%

Depreciation, amortisation and net impairments

(1,115)

(1,222)

(600)

86%

Exploration expenses

(137)

(101)

(106)

30%

Net operating income/(loss)

9,816

14,386

16,933

(42%)

Additions to PP&E, intangibles and equity accounted

investments

1,317

1,422

1,072

23%

Operational information

Quarters

Change

E&P Norway

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

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

1,448

1,401

1,436

Average liquids price (USD/bbl)

77.5

83.8

100.3

(23%)

Average internal gas price (USD/mmbtu)

17.36

27.22

29.77

(42%)

Production & Revenues

Increased production supported by the ramp-up of new fields and continued high gas deliveries to Europe

were somewhat offset by

temporary operational issues at Johan Sverdrup. This delivered solid results for the years’ first quarter, even in a lower-price

environment.

Continued high focus on gas production maintained reliable energy deliveries to Europe. Gas volumes

represented over 55% of the

total production and contributed to a slight increase in volume from the first quarter of 2022. Johan Sverdrup

Phase 2 and Snøhvit

contributed to a 1% increase in gas volume and a 0.6% increase in liquids compared to the first

quarter of 2022.

There was high exploration activity in the quarter with 3 commercial discoveries and activity in

10 wells.

Operating expenses and financial results

Lower gas prices primarily drove the decrease in net operating income in the first quarter of 2023

compared to the same period last

year. Realised gas prices were 33% lower in the first quarter of 2023 compared to the same quarter in 2022.

In the first quarter of 2023, high environmental costs and higher operations and maintenance costs were

the main drivers for the

increase in operating and administrative expenses compared to the same period last year. An increase in proved reserves during the

year 2022 contributed towards a downward trend in depreciation, partially offsetting the increase in operating

expenditure. The

development of the USD/NOK exchange rate had a significant positive effect on the total operating

expenses.

The divestment of a 19% ownership share in Martin Linge in the fourth quarter of last year and the

USD/NOK exchange rate

developments led to a decrease in depreciation, amortisation, and net impairments in the first quarter

compared to the first quarter of

2022.

EXPLORATION

& PRODUCTION INTERNATIONAL

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total revenues and other income

1,548

2,373

1,453

Total operating expenses

(1,167)

(551)

(1,822)

(36%)

Purchases [net of inventory variation]

(85)

(39%)

Operating and administrative expenses

(659)

(511)

(390)

69%

Depreciation, amortisation and net impairments

(461)

310

(1,378)

(67%)

Exploration expenses

(64)

(266)

(81)

(21%)

Net operating income/(loss)

382

1,822

(369)

>(100%)

Additions to PP&E, intangibles and equity accounted

investments

451

584

626

(28%)

Operational information

Quarters

Change

E&P International

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

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

336

343

341

(1%)

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

264

258

239

11%

Production sharing agreements (PSA) effects

102

(29%)

Average liquids price (USD/bbl)

70.7

77.2

96.3

(27%)

Production & Revenues

The restart of production at the Peregrino field in Brazil in July 2022 and the start-up of phase 2

in October 2022 positively impacted

the production in the first quarter of 2023. This was offset mainly by Equinor’s exit from Russia,

natural decline in several mature fields

and the effect of turnarounds, resulting in slightly lower equity production than in the first quarter

of 2022. The lower effects from

production sharing agreements (PSA) were driven by a decrease in production from several

fields with PSAs in combination with

lower prices.

Lower liquids and gas prices negatively impacted revenues in the first quarter of 2023

compared to the same period last year. This

was partially offset by increased entitlement production. The fair value of derivatives positively impacted reported total

revenues by

USD 89 million in the first quarter of 2023 (2022: negative USD 314 million) resulting in

a 7% increase overall in total revenues.

Operating expenses and financial results

Restart of production at the Peregrino field drove higher operations and maintenance

expenses and increased royalties in the first

quarter of 2023 compared to the same quarter last year. This was also a major contributor to the increase in depreciation, together

with new investments in several fields and the effect of an impairment reversal in the first quarter of 2022.

In the first quarter of 2023, total reported operating expenses were negatively impacted by a loss

of USD 258 million from the sale of

the Corrib field in Ireland, compared to a negative impact of USD 1,080 million

related to Equinor’s exit from Russia in the same period

last year.

EXPLORATION

& PRODUCTION USA

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total revenues and other income

1,015

1,083

1,269

(20%)

Total operating expenses

(675)

(262)

(24)

>100%

Operating and administrative expenses

(273)

(220)

24%

Depreciation, amortisation and net impairments

(357)

(13)

212

N/A

Exploration expenses

(46)

(29)

(16)

>100%

Net operating income/(loss)

340

821

1,245

(73%)

Additions to PP&E, intangibles and equity accounted

investments

262

281

126

>100%

Operational information

Quarters

Change

E&P USA

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

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

347

302

329

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

299

260

284

Royalties

Average liquids price (USD/bbl)

61.3

68.6

82.5

(26%)

Average internal gas price (USD/mmbtu)

2.80

4.73

4.18

(33%)

Production & Revenues

The Caesar Tonga field in the US Gulf of Mexico back in production with new flow lines, combined with additional wells online in the

Appalachian basin, were the main drivers for increased production in the first quarter of 2023

compared to the prior year. The increase

was partially offset by a natural decline in the Appalachian basin and several mature fields in the Gulf

of Mexico.

Increased entitlement production helped to mitigate some of the downward impacts on revenue

caused by the lower price

environment.

Operating expenses and financial results

Reduced downtime in certain Gulf of Mexico assets, the start-up of the Vito platform combined with

increased maintenance activity in

the Appalachian basin, contributed to higher operations and maintenance expenses. Depreciation

and amortisation increased in the

first quarter of 2023 compared to the same period in 2022 due to increased production and

added offshore and onshore capital

expenditures. The improved proved reserves partially offset the increase.

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

of USD 532 million related to assets

in the Gulf of Mexico.

MARKETING, MIDSTREAM & PROCESSING

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Total revenues and other income

28,889

33,591

35,917

(20%)

Total operating expenses

(26,771)

(33,842)

(35,425)

(24%)

Purchases [net of inventory variation]

(25,358)

(31,996)

(34,289)

(26%)

Operating and administrative expenses

(1,178)

(1,614)

(924)

28%

Depreciation, amortisation and net impairments

(234)

(233)

(212)

10%

Net operating income/(loss)

2,118

(251)

492

>100%

Additions to PP&E, intangibles and equity accounted

investments

219

349

265

(17%)

Operational information

Quarters

Change

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Liquids sales volumes (mmbl)

217.3

212.1

211.6

Natural gas sales Equinor (bcm)

15.7

15.8

16.5

(5%)

Natural gas entitlement sales Equinor (bcm)

14.3

14.2

14.1

Power generation (GWh) Equinor share

639

815

N/A

Realised piped gas price Europe (USD/mmbtu)

18.79

29.80

29.60

(37%)

Realised piped gas price US (USD/mmbtu)

3.24

5.40

4.62

(30%)

1) Restated. Restatement due to a change in

the definition of the price marker for realised gas price

and improved methodology for calculating

liquids sales volumes. For more information, see 'End notes'.

Volumes, Pricing & Revenues

Liquids sales volumes increased compared to the first quarter of 2022. This was mainly

due to an increase in sales of international

equity volumes and purchases from third parties, partially offset by a decrease in sales volume from NCS.

Compared to the first quarter of 2022, the restarted deliveries from Hammerfest LNG

partially offset a reduction in gas sales volumes

and third-party volumes.

The realised piped gas price Europe decreased compared to the first quarter last year due to

a drop in market prices caused by

reduced demand amid mild winter temperatures, high LNG imports and healthy storage levels.

The realised US piped gas price decreased compared to the first quarter last year as market

prices fell steadily throughout the quarter,

driven by a mild winter season, driving down residential and commercial heating demand.

Financial Results

Net operating income

was USD 2,118 million in the first quarter of 2023 compared to USD 492 million in the first quarter of 2022.

The increase was mainly due to solid results driven by LNG and piped gas trading as well as

strong physical crude and gasoline

margins.

In the first quarter of 2023, net operating income was positively impacted by changes in fair value

of mark to market derivatives on gas

and LNG amounting to USD 809 million

In the first quarter of 2022, net operating income was positively impacted by change in fair value

of mark to market derivatives on gas

and LNG amounting to net of USD 256 million and operational storage of USD 181 million due

to increase in market prices.

Purchases decreased mainly due to lower prices for both gas and liquids and currency effect, partially

offset by higher liquids

volumes.

RENEWABLES

Financial information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Revenues third party, other revenue and other income

(94%)

Net income/(loss) from equity accounted investments

(7)

N/A

Total revenues and other income

(2)

119

N/A

Total operating expenses

(87)

(102)

(41)

>100%

Operating and administrative expenses

(86)

(101)

(40)

>100%

Depreciation, amortisation and net impairments

(1)

36%

Net operating income/(loss)

(89)

(63)

N/A

Additions to PP&E, intangibles and equity accounted

investments

851

103

>100%

Operational information

Quarters

Change

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

Renewables power generation (GWh) Equinor

511

509

511

Renewables power generation

Power generation comes mainly from offshore wind assets, and remained stable in the first quarter of 2023 compared to

the same

quarter last year.

Results from equity accounted investments

Net income from equity-accounted investments decreased compared to same quarter in

the prior year. Producing assets contributed

positively to net income, however, the contribution was somewhat lower than in the first quarter of last year due to lower prices. Net

income from producing assets was more than offset by net losses from projects under development. Project

expenses have increased

compared to the first quarter of 2022 due to higher activity levels as projects progress.

Operating expenses and financial results

In the first quarter of 2023, the decrease in net operating income compared to the same period last

year was driven by increased

business development costs due to higher activity levels in the US, the UK and Asia. In

the first quarter of 2022, net operating income

included divestment gains of USD 87 million from the Dogger Bank C wind farm project.

The acquisition of BeGreen which closed in the first quarter of 2023 and investment related to

projects in the US significantly

contributed to the additions to PP&E, intangibles and equity accounted investments for

the first quarter of 2023 compared to last year.

CONDENSED INTERIM FINANCIAL STATEMENTS

First quarter 2023

CONSOLIDATED STATEMENT

OF INCOME

Quarters

(unaudited, in USD million)

Note

Q1 2023

Q4 2022

Q1 2022

Revenues

29,210

33,841

36,050

Net income/(loss) from equity accounted investments

395

Other income

(30)

244

Total revenues and other income

29,224

34,321

36,393

Purchases [net of inventory variation]

(11,235)

(12,853)

(13,510)

Operating expenses

(2,722)

(3,026)

(1,989)

Selling, general and administrative expenses

(304)

(278)

(282)

Depreciation, amortisation and net impairments

(2,200)

(1,184)

(2,017)

Exploration expenses

(246)

(396)

(203)

Total operating expenses

(16,707)

(17,737)

(18,001)

Net operating income/(loss)

12,517

16,584

18,392

Interest expenses and other financial expenses

(463)

(450)

(266)

Other financial items

1,652

(1,664)

(903)

Net financial items

1,189

(2,115)

(1,169)

Income/(loss) before tax

13,707

14,469

17,223

Income tax

(8,741)

(6,572)

(12,509)

Net income/(loss)

4,966

7,897

4,714

Attributable to equity holders of the company

4,962

7,895

4,710

Attributable to non-controlling interests

Basic earnings per share (in USD)

1.59

2.52

1.46

Diluted earnings per share (in USD)

1.59

2.51

1.46

Weighted average number of ordinary shares outstanding

(in millions)

3,118

3,131

3,228

Weighted average number of ordinary shares outstanding

diluted (in millions)

3,124

3,141

3,237

CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

Quarters

(unaudited, in USD million)

Q1 2023

Q4 2022

Q1 2022

Net income/(loss)

4,966

7,897

4,714

Actuarial gains/(losses) on defined benefit pension

plans

895

(419)

Income tax effect on income and expenses recognised

in OCI

(16)

(208)

Items that will not be reclassified to the Consolidated

statement of income

687

(326)

Foreign currency translation effects

(1,426)

4,116

173

Share of OCI from equity accounted investments

(65)

424

Items that may be subsequently reclassified to

the Consolidated statement of income

(1,491)

4,540

173

Other comprehensive income/(loss)

(1,453)

5,228

(153)

Total comprehensive income/(loss)

3,512

13,125

4,561

Attributable to the equity holders of the company

3,508

13,123

4,557

Attributable to non-controlling interests

1) Other comprehensive income (OCI).

CONSOLIDATED BALANCE SHEET

At 31 March

At 31 December

(unaudited, in USD million)

Note

2023

2022

ASSETS

Property, plant and equipment

55,161

56,498

Intangible assets

5,535

5,158

Equity accounted investments

3,084

2,758

Deferred tax assets

8,417

8,732

Pension assets

1,182

1,219

Derivative financial instruments

526

691

Financial investments

2,857

2,733

Prepayments and financial receivables

868

2,063

Total non-current assets

77,632

79,851

Inventories

3,192

5,205

Trade and other receivables

16,229

22,452

Derivative financial instruments

2,836

4,039

Financial investments

34,576

29,876

Cash and cash equivalents

17,915

15,579

Total current assets

74,749

77,152

Assets classified as held for sale

109

1,018

Total assets

152,491

158,021

EQUITY AND LIABILITIES

Shareholders' equity

57,165

53,988

Non-controlling interests

Total equity

57,170

53,989

Finance debt

22,403

24,141

Lease liabilities

2,459

2,410

Deferred tax liabilities

11,925

11,996

Pension liabilities

3,617

3,671

Provisions and other liabilities

14,236

15,633

Derivative financial instruments

2,194

2,376

Total non-current liabilities

56,834

60,226

Trade, other payables and provisions

10,410

13,352

Current tax payable

18,926

17,655

Finance debt

4,995

4,359

Lease liabilities

1,275

1,258

Dividends payable

2,808

Derivative financial instruments

2,597

4,106

Total current liabilities

38,204

43,539

Liabilities directly associated with the assets classified

as held for sale

283

268

Total liabilities

95,321

104,032

Total equity and liabilities

152,491

158,021

1) Audited

2) Of which Trade receivables of USD 12.0 billion 31 March 2023

and USD 17.3 billion 31 December 2022

3) Includes collateral deposits of USD 2.450 billion

for 31 March 2023 related to certain requirements

set out by exchanges where Equinor is

participating. The corresponding figure for 31 December

2022 is USD 6.128 billion.

CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

(unaudited, in USD million)

capital

Additional

paid-in

capital

Retained

earnings

Foreign

currency

translation

reserve

OCI from

equity

accounted

investments

Share-

holders'

equity

Non-

controlling

interests

Total equity

At 1 January 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

At 1 January 2023

1,142

3,041

58,236

(8,855)

424

53,988

53,989

Net income/(loss)

4,962

4,966

Other comprehensive

income/(loss)

(1,426)

(65)

(1,453)

Total comprehensive

income/(loss)

3,512

Dividends

Share buy-back

(331)

Other equity transactions

At 31 March 2023

1,142

2,710

63,236

(10,281)

359

57,165

57,170

1) For more information see note 8 Capital distribution.

CONSOLIDATED STATEMENT

OF CASH FLOWS

Quarters

(unaudited, in USD million)

Note

Q1 2023

Q4 2022

Q1 2022

Income/(loss) before tax

13,707

14,469

17,223

Depreciation, amortisation and net impairment

2,200

1,184

2,017

Exploration expenditures written off

183

(Gains)/losses on foreign currency transactions and

balances

(955)

2,140

284

(Gains)/losses on sale of assets and businesses

233

(87)

(89)

(Increase)/decrease in other items related to operating

activities

(324)

2,923

(300)

(Increase)/decrease in net derivative financial instruments

327

217

953

Interest received

277

216

Interest paid

(251)

(258)

(118)

Cash flows provided by operating activities before

taxes paid and working capital items

15,305

20,988

20,055

Taxes paid

(5,589)

(14,188)

(4,307)

(Increase)/decrease in working capital

5,155

(2,532)

Cash flows provided by operating activities

14,871

4,267

15,771

Capital expenditures and investments

(2,303)

(2,376)

(2,616)

(Increase)/decrease in financial investments

(5,108)

(6,990)

(2,850)

(Increase)/decrease in derivative financial instruments

(803)

(374)

424

(Increase)/decrease in other interest-bearing items

Proceeds from sale of assets and businesses

574

Cash flows provided by/(used in) investing activities

(8,104)

(9,687)

(4,465)

Repayment of finance debt

(2,176)

(250)

Repayment of lease liabilities

(332)

(365)

(317)

Dividends paid

(2,861)

(2,231)

(582)

Share buy-back

(461)

(577)

(439)

Net current finance debt and other financing activities

873

230

(2,804)

Cash flows provided by/(used in) financing activities

(4,958)

(3,193)

(4,142)

Net increase/(decrease) in cash and cash equivalents

1,809

(8,612)

7,165

Effect of exchange rate changes on cash and cash equivalents

(8)

844

(270)

Cash and cash equivalents at the beginning

of the period (net of overdraft)

15,579

23,348

13,987

Cash and cash equivalents at the end of the period

(net of overdraft)

17,380

15,579

20,882

The line item includes a fair value loss related to inventory

of USD 2,408 million in the fourth quarter 2022.

The corresponding amount in

the first quarter 2023 is immaterial.

Cash inflow of USD 433 million received in

the first quarter 2022 related to the disposal of

parts of the interests in the Bacalhau field in

2018 (contingent consideration) has been reclassified

from Capital expenditures and investments to

Proceeds from sale of assets and

businesses.

The line item includes cash consideration net of

cash disposed of related to the disposal of

Equinor Energy Ireland Limited at closing date

31 March 2023. See note 3 Acquisitions and disposals

for more information.

At 31 March 2023 cash and cash equivalents net overdraft

was USD 535 million. At 31 December

2022 and March 2022, cash and cash

equivalents net overdrafts

were zero.

Notes to the Condensed interim financial statements

1 Organisation and basis of preparation

Organisation and principal activities

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

and domiciled in Norway and

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

4035 Stavanger, Norway.

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

products and services, as well as

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

other companies. Equinor Energy

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

gas activities and net assets on the

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

Equinor's condensed interim financial statements for the first quarter of 2023 were authorised for

issue by the board of directors on 3

May 2023.

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 2022. IFRS as adopted by the EU

differs in certain respects from

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

description of the material accounting policies applied in preparing these condensed interim financial

statements is included in

Equinor`s consolidated annual financial statements for 2022.

There have been no changes to the material accounting policies during 2023 compared to the consolidated

annual financial

statements for 2022.

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. 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 2022.

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 identified on the

basis of those components of Equinor that are

regularly reviewed by the chief operating decision maker, Equinor's Corporate Executive Committee (CEC). The reportable segments

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

International), Exploration & Production

USA E&P USA), Marketing, Midstream & Processing (MMP) and Renewables (REN)

correspond to the operating segments. The

operating segments Projects, Drilling & Procurement (PDP), Technology, Digital & Innovation (TDI) and Corporate staff and functions

are aggregated into the reportable segment Other based on materiality. The majority of the costs in PDP and TDI is allocated to the

three Exploration & Production segments, MMP and REN.

The accounting policies of the reporting segments equal those described in these Consolidated

financial statements, except for the

line-item Additions to PP&E, intangibles and equity accounted investments in which movements

related to changes in asset retirement

obligations are excluded as well as provisions for onerous contracts which reflect only obligations

towards group external parties. The

measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension

assets, non-current financial assets,

total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the

sale of

crude oil, gas, and related products, are performed at defined internal prices which have been derived from market

prices. The

transactions are eliminated upon consolidation.

First quarter 2023

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

(48)

329

28,767

29,181

Revenues inter-segment

12,092

1,209

954

(14,346)

Net income/(loss) from equity accounted

investments

(7)

Total revenues and other income

12,044

1,548

1,015

28,889

(2)

(14,346)

29,224

Purchases [net of inventory variation]

(0)

(25,358)

(0)

14,107

(11,235)

Operating, selling, general and

administrative expenses

(977)

(659)

(273)

(1,178)

(86)

(133)

281

(3,025)

Depreciation and amortisation

(1,115)

(461)

(357)

(232)

(1)

(33)

(2,198)

Net impairment losses/(reversals)

(2)

Exploration expenses

(137)

(64)

(46)

(246)

Total operating expenses

(2,229)

(1,167)

(675)

(26,771)

(87)

(166)

14,388

(16,707)

Net operating income/(loss)

9,816

382

340

2,118

(89)

(91)

12,517

Additions to PP&E, intangibles and equity

accounted investments

1,317

451

262

219

851

3,179

Balance sheet information

Equity accounted investments

560

675

1,771

3,084

Non-current segment assets

27,167

15,992

11,241

4,469

763

1,064

60,696

Non-current assets not allocated to

segments

13,852

Total non-current assets

77,632

Assets held for sale

109

Fourth 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

720

32,965

33,926

Revenues inter-segment

16,652

1,623

1,014

254

(19,570)

Net income/(loss) from equity accounted

investments

(0)

372

(16)

395

Total revenues and other income

16,729

2,373

1,083

33,591

(19,570)

34,321

Purchases [net of inventory variation]

(0)

(85)

(0)

(31,996)

(0)

19,228

(12,853)

Operating, selling, general and

administrative expenses

(1,020)

(511)

(220)

(1,614)

(100)

(153)

314

(3,304)

Depreciation and amortisation

(1,219)

(436)

(363)

(236)

(1)

(26)

(2,281)

Net impairment losses/(reversals)

(3)

747

350

(0)

1,097

Exploration expenses

(101)

(266)

(29)

(396)

Total operating expenses

(2,343)

(551)

(262)

(33,843)

(101)

(179)

19,542

(17,737)

Net operating income/(loss)

14,386

1,822

821

(252)

(63)

(103)

(29)

16,584

Additions to PP&E, intangibles and equity

accounted investments

1,422

584

281

349

103

2,828

Balance sheet information

Equity accounted investments

550

688

1,452

2,758

Non-current segment assets

28,510

15,868

11,311

4,619

316

1,031

61,656

Non-current assets not allocated to

segments

15,437

Total non-current assets

79,851

Assets held for sale

1,018

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

209

35,825

36,294

Revenues inter-segment

18,245

1,324

1,191

(20,859)

Net income/(loss) from equity accounted

investments

Total revenues and other income

18,454

1,453

1,269

35,917

119

(20,859)

36,393

Purchases [net of inventory variation]

(34,289)

20,752

(13,510)

Operating, selling, general and

administrative expenses

(816)

(390)

(220)

(923)

(41)

(78)

197

(2,271)

Depreciation and amortisation

(1,421)

(336)

(320)

(212)

(1)

(39)

(2,330)

Net impairment losses/(reversals)

821

(1,042)

533

312

Exploration expenses

(106)

(81)

(16)

(203)

Total operating expenses

(1,521)

(1,822)

(24)

(35,425)

(41)

(116)

20,949

(18,001)

Net operating income/(loss)

16,933

(369)

1,245

492

(76)

18,392

Additions to PP&E, intangibles and equity

accounted investments

1,072

626

126

265

2,188

Non-current assets by country

At 31 March

At 31 December

(in USD million)

2023

2022

Norway

31,779

33,242

USA

12,624

12,343

Brazil

9,493

9,400

3,739

3,688

Azerbaijan

1,396

1,401

Canada

1,160

1,171

Denmark

935

497

Angola

893

895

Argentina

625

615

Algeria

584

622

Other

553

541

Total non-current assets

63,780

64,414

1) Excluding deferred tax assets, pension assets

and non-current financial assets.

3 Acquisitions and disposals

Acquisitions

Acquisition of BeGreen

On 26 January 2023, Equinor closed a transaction with the Bregentved Group and members

of the executive board of BeGreen Solar

Aps to acquire 100% of the shares in the Danish solar developer BeGreen Solar Aps. The cash

consideration amounted to USD 252

million (EUR 235 million),

in addition to a consideration contingent on the successful delivery of future solar projects

above an agreed

megawatt threshold. The transaction has been accounted for within the REN segment

as a business combination, resulting in an

increase of Equinor’s intangible assets of USD 423 million. The purchase

price and the purchase price allocation are preliminary.

Acquisition of Suncor Energy UK Limited

On 3 March 2023, Equinor entered into an agreement to acquire 100% of Suncor Energy UK

Limited for a total consideration of USD

850 million before adjustments for working capital and net cash. USD 250 million is contingent

on a final investment decision on the

Rosebank field. The transaction includes a non-operated interest in the producing Buzzard oil field (29.89%)

and an additional interest

in the operated Rosebank development (40%). Closing of the transaction is expected to take place

in the second quarter of 2023

subject to relevant regulatory approvals and will be recognised in the E&P International segment.

Disposals

Equinor Energy Ireland Limited

On 31 March 2023, Equinor closed the transaction with Vermilion Energy Inc (Vermillion) to sell Equinor’s non-operated equity

position in the Corrib gas project in Ireland, covering 100% of the shares in Equinor Energy

Ireland Limited (EEIL). Prior to closing,

Equinor received an extraordinary dividend of USD 371 million from EEIL. Total consideration amounted to USD 362 million, including

cash settlement of contingent consideration. A loss of USD 258 million has been recognised

and presented in the line item Operating

expenses in the Consolidated statement of income within the E&P International segment.

4 Revenues

Revenues from contracts with customers by geographical areas

When attributing the line item Revenues from contracts with customers for the first quarter of 2023 to

the country of the legal entity

executing the sale, Norway constitutes 84% and USA constitutes 12% of such revenues. For the

first quarter of 2022, Norway and

USA constituted 86% and 10% of such revenues, respectively.

Revenues from contracts with customers and other revenues

Quarters

(in USD million)

Q1 2023

Q4 2022

Q1 2022

Crude oil

12,112

12,994

15,034

Natural gas

10,457

15,479

15,538

- European gas

9,228

13,326

14,350

- North American gas

397

651

621

- Other incl. Liquefied natural gas

832

1,502

567

Refined products

2,477

2,892

2,904

Natural gas liquids

2,383

1,896

2,576

Transportation

453

480

282

Other sales

959

1,469

1,117

Revenues from contracts with customers

28,841

35,209

37,451

Total other revenues

370

(1,368)

(1,401)

Revenues

29,210

33,841

36,050

1) Principally relates to commodity derivatives and

change in fair value less cost to sell for commodity inventories

held for trading purposes.

5 Financial items

Quarters

(in USD million)

Q1 2023

Q4 2022

Q1 2022

Net foreign currency exchange gains/(losses)

955

(2,140)

(284)

Interest income and other financial items

590

482

114

Gains/(losses) on financial investments

(134)

Gains/(losses) other derivative financial instruments

(15)

(599)

Interest and other finance expenses

(463)

(450)

(266)

Net financial items

1,189

(2,115)

(1,169)

Equinor reports significant unrealised foreign currency gains in the first quarter, mainly related to strengthening of USD versus NOK.

These effects are mainly due to a large part of Equinor’s operations having NOK as functional

currency, and the effects are offset

within equity as OCI effects arising on translation from functional currency to presentation currency USD.

The increase in Interest income and other financial items in first quarter compared to the previous quarter

and same quarter prior year

mainly relates to higher interest rates and increased Cash and cash equivalents and Current financial

investments.

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

31 March 2023, USD 1.4 billion were

utilised compared to USD 0.2 billion utilised as of 31 December 2022.

6 Income taxes

Quarters

(in USD million)

Q1 2023

Q4 2022

Q1 2022

Income/(loss) before tax

13,707

14,469

17,223

Income tax

(8,741)

(6,572)

(12,509)

Effective tax rate

63.8%

45.4%

72.6%

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

the Norwegian continental

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

The effective 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.

7 Provisions, commitments, contingent items and related parties

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.

Related parties

The line-item Prepayments and Financial Receivables includes USD 213 million which represent

a gross receivable from the

Norwegian state under the Marketing Instruction in relation to the state’s (SDFI) expected participation in the gas sales

activities of a

foreign subsidiary of Equinor. At year-end 2022, the corresponding amount was USD 1,461 million. The decrease is mainly related

reduced gas storage volumes due to gas sales. A corresponding non-current liability of USD

213 million has been recognised,

representing SDFI's estimated interest in the gas sales activities in the foreign subsidiary. Total non-current liabilities to SDFI amounts

to USD 770 million at 31 March 2023 (USD 2,072 million at year end 2022).

8 Capital distribution

Dividend for the first quarter

On 3 May 2023, the Board of Directors resolved to declare an ordinary cash dividend for the first

quarter of 2023 of USD 0.30 per

share and an extraordinary cash dividend of USD 0.60 per share. The Equinor shares will be

traded ex-dividend 14 August 2023

the Oslo Børs and for ADR holders on the New York Stock Exchange. Record date will be 15 August 2023 and payment date will be

25 August 2022.

Share buy- back programme 2023

The purpose of the share buy-back programme is to reduce the issued share capital, and

all shares repurchased will be cancelled.

According to agreement between Equinor and the Norwegian State, a proportionate share of the Norwegian

State's shares will be

redeemed and annulled at the annual general meeting, ensuring that the State's ownership interest

in Equinor remains unchanged at

67%. The Board of Directors has proposed an annual buy-back programme for 2023 with up to

USD 6 billion, including shares to be

redeemed from the Norwegian State, subject to authorisation from the annual general meeting.

On 7 February 2023, Equinor launched the first tranche of USD 1 billion. USD 330 million order

has been acquired in the open market

and the full amount has been settled, while USD 670 million of shares from the Norwegian

State will be redeemed at the annual

general meeting in May 2023. On 3 May 2023, the Board of Directors resolved the commencement

of the second tranche of the share

buy-back programme for 2023 of a total of around USD 1.67 billion, including shares to be redeemed

from the Norwegian State. The

second tranche is subject to approval at the general meeting and will end no later than 25 July 2023.

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

Q1 2023

Q1 2022

First tranche

330

Total

330

SUPPLEMENTARY

DISCLOSURES

Exchange rates

Quarters

Change

Exchange rates

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

NOK/USD average daily exchange rate

0.0976

0.0981

0.1130

(14%)

NOK/USD period-end exchange rate

0.0954

0.1014

0.1143

(17%)

USD/NOK average daily exchange rate

10.2439

10.1925

8.8483

16%

USD/NOK period-end exchange rate

10.4772

9.8573

8.7479

20%

EUR/USD average daily exchange rate

1.0728

1.0195

1.1216

(4%)

EUR/USD period-end exchange rate

1.0875

1.0666

1.1101

(2%)

Exploration expenses

Quarters

Change

(in USD million)

Q1 2023

Q4 2022

Q1 2022

Q1 on Q1

E&P Norway exploration expenditures

148

144

127

16%

E&P International exploration expenditures

114

40%

E&P USA exploration expenditures

38%

Group exploration expenditures

278

307

221

26%

Expensed, previously capitalised exploration expenditures

183

>100%

Capitalised share of current period's exploration

activity

(122)

(95)

(91)

34%

Impairment (reversal of impairment)

(82%)

Exploration expenses according to IFRS

246

396

203

21%

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:

●

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. In Equinor’s view, net debt ratio provides useful information about Equinor’s

capital structure

and financial strength.

●

Organic capital expenditures (organic investments/capex)

– 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 3.2

billion in Q1 2023 (Q1 2022: USD 2.2 billion). Organic capital expenditures are capital expenditures

excluding acquisitions,

recognised lease assets (RoU assets) and other investments with significant different cash flow pattern. In Q1 2023,

a total of

USD 0.9 billion (Q1 2022: 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. Organic capital expenditure is a measure which Equinor believes gives relevant information about

Equinor’s investments in maintenance and development of the company’s assets.

●

Gross investments/capex

– 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.

●

Net cash flow (previously named free cash flow) for the first quarter of 2023 and the first and

fourth 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 (2023: USD 15.3 billion | Q1 2022: USD 20.1 billion | Q4

2022: USD 21.0 billion), taxes paid

(2023: negative USD 5.6 billion | Q1 2022: negative USD 4.3 billion | Q4 2022: negative USD

14.2 billion), cash used/received in

business combinations (2023: USD 0.0 billion | Q1 2022: USD 0.0 billion | Q4 2022: USD

0.0 billion), capital expenditures and

investments (2023: negative USD 2.3 billion | Q1 2022: negative USD 2.6 billion | Q4 2022:

negative USD 2.4 billion),

increase/decrease in other items interest-bearing (2023: USD 0.1 billion | Q1 2022: USD

0.0 billion | Q4 2022: USD 0.0 billion),

proceeds from sale of assets and businesses (2023: USD 0.0 billion | Q1 2022: USD

0.6 billion | Q4 2022: USD 0.0 billion),

dividend paid (2023: negative USD 2.9 billion | Q1 2022: negative USD 0.6 billion |

Q4 2022: negative USD 2.2 billion) and share

buy-back (2023: negative USD 0.5 billion | Q1 2022: negative USD 0.4 billion | Q4

2022: negative USD 0.6 billion), resulting in a

net cash flow of 4.2 billion in the first quarter of 2023 (Q1 2022: 12.7 billion | Q4 2022:

1.7 billion). Net cash flow represents, and

is used by management to evaluate, cash generated from operational and investing activities

available for debt servicing and

distribution to shareholders. The name of the measure was updated in the first quarter

of 2023, but no changes have been made

to the definition.

See “Use and Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form

20-F for the year ended 31 December

2022 for additional information on our definition and use of these non-GAAP financial measures.

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

(in USD million)

2023

2022

Shareholders' equity

57,165

53,988

Non-controlling interests

Total equity

57,170

53,989

Current finance debt and lease liabilities

6,271

5,617

Non-current finance debt and lease liabilities

24,862

26,551

Gross interest-bearing debt

31,132

32,168

Cash and cash equivalents

17,915

15,579

Current financial investments

34,576

29,876

Cash and cash equivalents and financial investment

52,491

45,455

Net interest-bearing debt [9]

B1 = B-C

(21,359)

(13,288)

Other interest-bearing elements

2,845

6,538

Normalisation for cash-build up before tax payment

(50% of Tax Payment)

2,625

Net interest-bearing debt adjusted normalised for

tax payment, including lease liabilities*

(15,889)

(6,750)

Lease liabilities

3,734

3,668

Net interest-bearing debt adjusted*

(19,623)

(10,417)

Calculation of capital employed*

Capital employed

A+B1

35,811

40,701

Capital employed adjusted, including lease liabilities

A+B2

41,281

47,239

Capital employed adjusted

A+B3

37,547

43,571

Calculated net debt to capital employed*

Net debt to capital employed

(B1)/(A+B1)

(59.6%)

(32.6%)

Net debt to capital employed adjusted, including

lease liabilities

(B2)/(A+B2)

(38.5%)

(14.3%)

Net debt to capital employed adjusted

(B3)/(A+B3)

(52.3%)

(23.9%)

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.

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; the commitment to develop as a broad energy company; the ambition to be a leading company

in the energy transition

and reduce net group-wide greenhouse gas emissions; our ambitions to decarbonise; future financial

performance, including cash

flow and liquidity; accounting policies; the ambition to grow cash flow and returns; expectations regarding

progress on the energy

transition plan; expectations regarding cash flow and returns from Equinor’s oil and gas

portfolio; plans to develop fields and increase

gas exports; intention to optimise our portfolio; expectations and plans for renewables production capacity

and investments in

renewables and low carbon solutions; expectations and plans regarding development of renewables

projects, CCUS and hydrogen

businesses; future worldwide economic trends, market outlook and future economic projections

and assumptions, including

commodity price and refinery assumptions; organic capital expenditures through 2026; expectations

and estimates regarding

production and execution of projects; expectations regarding growth in oil and gas and renewable

power production; estimates

regarding tax payments; 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, are based on management’s current expectations and

assumptions and are, by their nature, subject to significant risks and uncertainties because they

relate to events and depend on

circumstances that will occur in the future. There are a number of factors that could cause actual

results and developments to differ

materially from those expressed or implied by these forward-looking statements, including levels

of industry product supply, demand

and pricing, in particular in light of significant oil price volatility and the uncertainty created by Russia’s invasion of Ukraine;

unfavorable macroeconomic conditions and inflationary pressures; exchange rate and interest rate fluctuations; levels

and

calculations of reserves and material differences from reserves estimates; regulatory stability and access to resources, including

attractive low carbon opportunities; the effects of climate change and changes in stakeholder sentiment and regulatory requirements

regarding climate change; changes in market demand and supply for renewables; inability to meet

strategic objectives; the

development and use of new technology; social and/or political instability, including as a result of Russia’s invasion of Ukraine; failure

to manage digital and cyber threats; operational problems; unsuccessful drilling; availability of adequate

infrastructure; the actions of

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

of the Norwegian state as majority

shareholder and exercise of ownership by the Norwegian state; changes or uncertainty in or non-compliance with laws and

governmental regulations; adverse changes in tax regimes; the political and economic policies of

Norway and other oil-producing

countries; regulations on hydraulic fracturing and low-carbon value chains; liquidity, interest rate, equity and credit risks; risks relating

to trading and commercial supply activities; an inability to attract and retain personnel; ineffectiveness of crisis management systems;

inadequate insurance coverage; health, safety and environmental risks; physical security risks; failure to meet

our ethical and social

standards; non-compliance with international trade sanctions; and other factors discussed elsewhere

in this report and in Equinor's

Annual Report on Form 20-F for the year ended December 31, 2022, filed with the U.S. Securities

and Exchange Commission

(including the risks described in the risk factors incorporated in Item 3.D thereof). Equinor's 2022

Annual Report on 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.

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. The 2022 liquid volumes have been restated

due to a

change in the calculation methodology. See table below for further information.

Equity volumes

represent produced volumes under a

production sharing agreement (PSA)

that correspond to Equinor’s

ownership share in a field.

Entitlement volumes

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

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

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

with the cumulative return

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

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

relevant to most PSA regimes,

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

Transactions with the

Norwegian State.

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

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

structure means that

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

therefore meet the

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

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

production in its own name, but for the

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

The production guidance reflects our estimates of

proved reserves

calculated in accordance with US Securities and Exchange

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

proved reserves estimates.

The group's

average realised piped gas prices

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

paper positions. The realised piped gas price Europe for 2022 has been restated due to

a change in the definition and exclusion

of LNG. This is done to report a realised European gas price that is comparable to relevant European

piped gas

references/market prices. See table below for further information.

The internal

transfer price

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

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

external bank

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

stated in the balance sheet

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

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

interest-bearing

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

calculating the net interest-

bearing debt.

Liquid sales volume restatement (mmbl)

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Full year

2022

Liquid sales volume (old)

185.5

180.5

182.9

191.2

740.1

Liquid sales volume (new)

211.6

195.4

196.8

212.1

815.9

Achieved invoiced gas price restatement (mmbtu)

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Full year

2022

Average invoice gas price - Europe (old)

29.60

27.18

43.65

29.80

32.46

Realised piped gas price Europe (new)

30.25

27.43

44.37

29.84

32.84

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, 2023

By: ___/s/ Torgrim Reitan

Name: Torgrim Reitan

Title:

Chief Financial Officer