A.History and Development of the Company Equinor ASA was incorporated on 18 September 1972, is a public limited liability company organised under the laws of Norway and is subject to the provisions of the Norwegian Public Limited Liability Companies Act. Equinor’s head office is located at Forusbeen 50, 4035 Stavanger, Norway. The telephone number of its principal place of business is +47-5199-00 00. The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •Key events in 2025 on page 8; •Section 1.1 We are Equinor of Chapter 1 on pages 11 - 12; •Section 1.2 Our history: decades of progress of Chapter 1 on page 13; •The information under the sub-heading “Project pipeline” under the heading “The future of our oil and gas portfolio” in Section 2.1 of Chapter 2 on page 43; •How our operations contributed to our strategic progress in Section 2.1 of Chapter 2 on page 48; Equinor 2025 Annual Report on Form 20-F 10 •The information under the sub-heading “Investments” under the heading “Strategic Financial Framework” in Section 2.2 Financial performance of Chapter 2 on page 55; and •Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73. The information set forth in the third and fourth paragraphs of the section entitled “Introduction” of this 2025 Form 20-F is also incorporated herein by reference. See also notes 5 Segments and 6 Acquisitions and disposals to the Consolidated financial statements. B.Business Overview The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •The information set forth in the first paragraph under the sub-heading "Strengthening resilience through volatility" under the heading "A message from the Chair and CEO" on page 7; •Section 1.1 We are Equinor of Chapter 1 on pages 11 - 12; •Section 1.3 The world in which we operate of Chapter 1 on page 14; •Section 1.4 Our strategy and transition ambitions of Chapter 1 on pages 15-16; •Section 1.5 Our business of Chapter 1 on pages 17 - 23; •Section 2.1 Operational performance of Chapter 2 on pages 36 - 50; •The information under the sub-heading “Portfolio composition” under the heading “Financial framework ” in Section 2.2 of Chapter 2 on page 55; •Our market perspective in Section 2.2 of Chapter 2 on pages 56 - 57; •The graphic titled “E&P International financial results by country” under the sub-heading “E&P International” under the heading “Financial performance” in Section 2.2 of Chapter 2 on page 60; •The graphic titled “REN – Financial information” under the sub-heading “REN” under the heading “Financial performance” in Section 2.2 of Chapter 2 on page 63; •Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73; •Nature in Section 2.3 of Chapter 2 on page 74; •Human rights in Section 2.3 of Chapter 2 on page 75; •Health and safety in Section 2.3 of Chapter 2 on page 76; and •Security in Section 2.3 of Chapter 2 on page 77. See also notes 5 Segments and 7 Total revenues and other income to the Consolidated financial statements. The information about Equinor’s competitive position in the sections of the 2025 Annual Report that are incorporated by reference herein is based on several sources such as investment analyst reports, independent market studies, and internal assessments of market share based on publicly available information about the financial results and performance of market players. Applicable laws and regulations Equinor operates in more than 20 countries and is committed to compliance with numerous laws and regulations globally. The first graphic in Section 1.5 Our business on page 17 in Chapter 1 and the risks set forth under the heading “Policies and legislation” in Section 5.2 Risk factors on page 285 of Chapter 5 of the 2025 Annual Report are also incorporated herein by reference. This section gives a general description on the legal and regulatory framework in the various jurisdictions where Equinor operates and in particular in the countries of Equinor’s core activities. Regulatory framework for upstream oil and gas operations Currently, Equinor is subject to two main regimes applicable to petroleum activities worldwide: •Corporate income tax regimes; and •Production sharing agreements (PSAs) Equinor 2025 Annual Report on Form 20-F 11 Equinor is also subject to a wide variety of laws and regulations concerning its products, operations and activities, including without limitation laws and regulations relating to health, safety and environment (HSE). Relevant laws and regulations include inter alia jurisdiction specific laws and regulations, international regulations, conventions or treaties, as well as EU directives and regulations. Concession regimes Under a concession regime, companies are granted licences by the government to extract petroleum. This is similar to the Norwegian system described below. Typically, the licences are offered to pre-qualified companies following bidding rounds. The criteria for the evaluation of bidding offers under these regimes can be the level of offered signature bonus (bid amount), minimum exploration programme, and local content. In exchange for those commitments, the successful bidder(s) receive a right to explore, develop and produce petroleum within a specified geographical area for a limited period of time. The terms of the licences are usually not negotiable. The fiscal regime may entitle the relevant jurisdiction to royalties, profit tax or special petroleum tax. PSA regimes PSAs are normally awarded to the contractor parties after bidding rounds announced by the government. Main bid parameters are often minimum exploration programme and signature bonuses, allocation of profit oil and, in some cases, tax. Under a PSA, the host government typically retains the right to the hydrocarbons in place. The contractor receives a share of the production for services performed. Normally, the contractor carries the exploration and development costs and risk prior to a commercial discovery and is then entitled to recover those costs during the production phase. The remaining share of the production - the profit share, is split between the government and the contractor according to a mechanism set out in the PSA. The contractor is usually subject to income tax on its own share of the profit oil. Fiscal provisions in a PSA are to a large extent negotiable and are unique to each PSA. Norway Norway is not a member of the European Union (EU) but is a member of the European Free Trade Association (EFTA). The EU and the EFTA Member States have entered into the Agreement on the European Economic Area, referred to as the EEA Agreement, which provides for the inclusion of EU legislation in the national law of the EFTA Member States (except Switzerland). Equinor’s business activities are subject to both the EFTA Convention and EU laws and regulations adopted pursuant to the EEA Agreement. The principal laws governing Equinor’s petroleum activities in Norway and on the NCS are the Norwegian Petroleum Act of 29 November 1996 (the Petroleum Act) and the regulations issued thereunder, and the Norwegian Petroleum Taxation Act of 13 June 1975 (the Petroleum Taxation Act). Under the Petroleum Act, the Norwegian Ministry of Energy (“ME”) is responsible for resource management and for administering petroleum activities on the NCS. The main task of the ME is to ensure that petroleum activities are conducted in accordance with the applicable legislation, the policies adopted by the Norwegian Parliament and relevant decisions of the Norwegian State. The State’s role in relation to major policy issues in the petroleum sector can affect Equinor in two ways: first, when the Norwegian State acts in its capacity as majority owner of Equinor shares and, second, when the Norwegian State acts in its capacity as regulator: •The Norwegian State’s shareholding in Equinor is managed by the Ministry of Trade, Industry and Fisheries. The Ministry will normally decide how the Norwegian State will vote on proposals submitted to general meetings of the shareholders. However, in certain exceptional cases, it may be necessary for the Norwegian State to seek approval from the Norwegian Parliament (the Storting) before voting on a certain proposal. This will normally be the case if Equinor issues additional shares and such issuance would significantly dilute the Norwegian State’s holding, or if such issuance would require a capital contribution from the Norwegian State in excess of government mandates. A vote by the Norwegian State against an Equinor proposal to issue additional shares would prevent Equinor from raising additional capital in this manner and could adversely affect Equinor’s ability to pursue business opportunities. The information regarding the Norwegian State’s ownership in the information set forth under the heading “Major shareholders” in Section 5.1 Shareholder information and the risks set forth in “Ownership and actions by the Norwegian state” in Section 5.2 Risk factors of the 2025 Annual Report are also incorporated herein by reference. •The Norwegian State exercises important regulatory powers over Equinor, as well as over other companies and corporations on the NCS. As part of its business, Equinor or the partnerships to which Equinor is a party, frequently need to apply for licences and other approvals from the Norwegian State. Although Equinor is majority-owned by the Norwegian State, it does not receive preferential treatment with respect to licences granted by or under any other regulatory rules enforced by the Norwegian State. The Petroleum Act sets out the principle that the Norwegian State is the owner of all subsea petroleum on the NCS, that the exclusive right to resource management is vested in the Norwegian State and that the Norwegian State alone is authorised to award licences for petroleum activities as well as determine their terms. Licensees are required to submit a plan for development and Equinor 2025 Annual Report on Form 20-F 12 operation (PDO) to the ME for approval. For fields of a certain size, the Storting has to accept the PDO before it is formally approved by the ME. Equinor is dependent on the Norwegian State for approval of its NCS exploration and development projects and its applications for production rates for individual fields. Production licences are the most important type of licence awarded under the Petroleum Act. A production licence grants the holder an exclusive right to explore for and produce petroleum within a specified geographical area. The licensees become the owners of the petroleum produced from the field covered by the licence. Production licences are normally awarded for an initial exploration period, which is typically six years, but which can be shorter. The maximum period is ten years. During this exploration period, the licensees must meet a specified work obligation set out in the licence. If the licensees fulfil the obligations set out in the initial licence period, they are entitled to require that the licence be extended for a period specified at the time when the licence is awarded, typically 30 years. The terms of the production licences are decided by the ME. Production licences are awarded to groups of companies forming a joint venture at the ME’s discretion. The members of the joint venture are jointly and severally liable to the Norwegian State for obligations arising from petroleum operations carried out under the licence. The ME decides the form of the joint operating agreements and accounting agreements. The ME uses the same standard form of joint operating agreement and accounting agreement for all licenses. The governing body of the joint venture is the management committee. In licences awarded since 1996 where the State’s direct financial interest (SDFI) holds an interest, the Norwegian State, acting through Petoro AS, may veto decisions made by the joint venture management committee, which, in the opinion of the Norwegian State, would not be in compliance with the obligations set forth in the licence with respect to the Norwegian State’s exploitation policies or financial interests. This power of veto has never been used. Interests in production licences may be transferred directly or indirectly subject to the consent of the ME and the approval of the tax treatment by the Ministry of Finance. In most licences, there are no pre-emption rights in favour of the other licensees. However, the SDFI, or the Norwegian State, as appropriate, still hold pre-emption rights in all licences. The day-to-day management of a field is the responsibility of an operator appointed by the ME. The operator is in practice always a member of the joint venture holding the production licence, although this is not legally required. The terms of engagement of the operator are set out in the joint operating agreement. If important public interests are at stake, the Norwegian State may instruct the operators on the NCS to reduce the production of petroleum. An example of this occurred in May 2020, when the Norwegian State imposed a reduction in oil production for the rest of the year, due to the Covid-19 pandemic that led to a lower demand for oil and gas. The reduction in production was distributed between all fields on a pro rata basis. A licence from the ME is also required in order to establish facilities for the transportation and utilisation of petroleum. Ownership of most facilities for the transportation and utilisation of petroleum in Norway and on the NCS is organised in the form of joint ventures. The participants’ agreements are similar to joint operating agreements for production. Licensees are required to prepare a decommissioning plan before a production licence or a licence to establish and use facilities for the transportation and utilisation of petroleum expires or is relinquished, or the use of a facility ceases. On the basis of the decommissioning plan, the ME makes a decision as to the disposal of the facilities. The information regarding Equinor’s activities and shares in Equinor’s production licences on the NCS, set forth under the headings “EPN at a glance” in Section 1.5 of Chapter 1 on page 19, “Liquids and gas production” in Section 2.1 of Chapter 2 on page 41 and “The future of our oil and gas portfolio” in Section 2.1 of Chapter 2 on page 43 “of the 2025 Annual Report and the tables entitled “E&P Norway Equinor operated fields, average daily entitlement production” and “E&P Norway - Partner fields, average daily entitlement production” under the heading “Production per field” in Item 4.D of this 2025 Form 20-F are incorporated herein by reference. On 1 July 2022, the ME decided that parts of the Norwegian Security Act would apply to Equinor. This enabled Equinor to receive and handle classified information from the authorities. In 2023, the MTIF and the ME notified that the Security Act will apply in its entirety to Equinor as an undertaking engaging in activities which are of vital importance to fundamental national functions. The Security Act entered into force 1 January 2019 and is designed to protect national security interests. The National Security Authority supervises undertakings which are subject to the act. Gas sales and transportation from the NCS Equinor markets gas from the NCS on its own behalf and on the Norwegian State’s behalf. Dry gas is mainly transported through the Norwegian gas transport system (Gassled) to customers in the UK and mainland Europe, while liquified natural gas is transported by vessels to worldwide destinations. Equinor 2025 Annual Report on Form 20-F 13 The Norwegian gas transport system, consisting of the pipelines and terminals through which licensees on the NCS transport their gas, is owned by a joint venture called Gassled. The Norwegian Petroleum Act of 29 November 1996 and the associated Petroleum Regulation establish the basis for non- discriminatory third-party access to the Gassled transport system. The tariffs for the use of capacity in the transport system are determined by applying a formula set out in separate tariff regulations stipulated by the MPE. The tariffs are paid for booked capacity rather than the volumes actually transported. The information regarding MMP’s activities set forth under the headings “MMP at a glance” in Section 1.5 of Chapter 1 on page 21, “Midstream, marketing and processing” in Section 2.1 of Chapter 2 on page 39 and “Sold volumes in MMP” in Section 2.1 of Chapter 2 on page 42 of the 2025 Annual Report is also incorporated herein by reference. The Norwegian State's participation In 1985, the Norwegian State established the State’s direct financial interest (SDFI) through which the Norwegian State has direct participating interests in licences and petroleum facilities on the NCS. As a result, the Norwegian State holds interests in a number of licences and petroleum facilities in which Equinor also holds interests. Petoro AS, a company wholly owned by the Norwegian State, was formed in 2001 to manage the SDFI assets. The Norwegian State has a coordinated ownership strategy aimed at maximising the aggregate value of its ownership interests in Equinor and the Norwegian State’s oil and gas. This is reflected in the Owner’s Instruction described below, which contains a general requirement that, Equinor, in its activities on the NCS, take account of these ownership interests in decisions that may affect the execution of this marketing arrangement. SDFI oil and gas marketing and sale Equinor markets and sells the Norwegian State’s oil and gas together with Equinor’s own production. The arrangement has been implemented by the Norwegian State through a separate instruction (the Owner’s Instruction) adopted by an extraordinary shareholder meeting in 2001, with the Norwegian State as sole shareholder at the time. The Owner’s Instruction sets out the specific terms for the marketing and sale of the Norwegian State’s oil and gas. Equinor is obliged under the Owner’s Instruction to jointly market and sell the Norwegian State’s oil and gas as well as Equinor’s own oil and gas. The overall objective of the marketing arrangement is to obtain the highest possible total value for Equinor’s oil and gas and the Norwegian State’s oil and gas, and to ensure an equitable distribution of the total value creation between the Norwegian State and Equinor. The Norwegian State may at any time utilise its position as majority shareholder of Equinor to withdraw or amend the Owner’s Instruction. US Petroleum activities in the US are extensively regulated by multiple agencies in the US federal government, and by tribal, state and local regulation. The US government directly regulates development of hydrocarbons on federal lands, in the US Gulf of America, and in other offshore areas. Different federal agencies directly regulate portions of the industry, and other general regulations related to environmental, safety, and physical controls apply to all aspects of the industry. In addition to regulation by the US federal government, any activities on US tribal lands (indigenous persons’ semi-sovereign territory) are regulated by governments and agencies in those areas. Significantly for Equinor’s US onshore interests, each individual state has its own regulations of all aspects of hydrocarbon development within its borders. A recent trend also includes local municipalities adopting their own hydrocarbon regulations. In the US, hydrocarbon interests are considered a private property right. In areas owned by the US government, that means that the government owns the minerals in its capacity as landowner. The federal government, and each tribal and state government, establishes the terms of its own leases, including the length of time of the lease, the royalty rate, and other terms. The vast majority of onshore minerals, including hydrocarbons, in every US state in which Equinor has onshore interests, belong to private individuals. In order to explore for or develop hydrocarbons, a company must enter into a lease agreement with the applicable governmental agency for federal, state or tribal land, and for private lands, with each owner of the minerals the company wishes to develop. In each lease, the lessor retains a royalty interest in the production (if any) from the leased area. The lessee owns a working interest and has the right to explore and produce oil and gas. The lessee incurs all the costs and liabilities but will share only the portion of the revenue that is net of costs and expenses and not reserved to the lessor through its royalty interest. Leases typically have a primary term for a specified number of years (from one to ten years) and a conditional secondary term that is tied to the production life of the properties. If oil and gas is being produced in paying quantities at the end of the primary term, Equinor 2025 Annual Report on Form 20-F 14 or the operator satisfies other obligations specified in the agreement, the lease typically continues beyond the primary term (Held by Production). Leases typically involve paying the lessor both a signing bonus based on the number of leased acres and a royalty payment based on the production. Each US state has its own agencies that regulate the development, exploration, and production of oil and gas activities. These state agencies issue drilling permits and control pipeline transportation within state boundaries. The state agencies particularly relevant to Equinor’s US onshore activities include: (a) Pennsylvania Department of Environmental Protection’s Office of Oil and Gas Management, and (b) West Virginia Department of Environmental Protection. In addition, some state utility departments handle pipeline transportation within state boundaries, and each state also has its own department regulating environmental, health, and safety issues arising from oil and gas operations. Brazil In Brazil, licences are mainly awarded according to a concession regime or a production sharing regime (the latter specifically for areas within the pre-salt polygon area or strategic areas) by the Federal Government. All state-owned and private oil companies may participate in the bidding rounds provided they follow the bidding rules and meet the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP)’s qualification criteria. The tender protocol issued for each bidding round contains the draft of the concession agreement or the production sharing agreement that the winners must adhere to without the possibility of negotiating its terms, i.e., all the agreements signed under a certain bidding round contain the same general provisions and only differ in the particular items presented in the offers. There is no restriction on foreign participation, provided that the foreign investor incorporates a company under Brazilian law for signing the agreement and complies with the requirements established by the ANP. Concession Regime In the concession regime, the concessionary company assumes the risk of investing and finding – or not finding – oil or natural gas. The winning company has ownership of the oil and gas discovery in the conceded area. Through this model of contract, the company pays and the government takes, such as the signature bonus, payment for the occupation or retention of the area (in the case of onshore blocks), royalties and, in the case of fields that produce large volumes, a special participation. The contracts are signed by the ANP on behalf of the Federal Union. In past bidding rounds the participants also had to offer a local content percentage as a firm commitment. Generally, concessions are granted for a total period of 35 years and typically the exploration phase lasts from two to eight years, while the production phase may last 27 years from the declaration of commerciality. Concessionaires are entitled to request the extension of each of these phases, subject to ANP approval. Production Sharing Regime In bidding rounds involving the production sharing regime, applicable to areas located in the pre-salt polygon and other areas considered to be strategic, the law grants to the Brazilian government-controlled company Petroleo Brasileiro S.A. – Petrobras, a right of preference to be the sole operator in such areas, with a minimum 30% of participating interest. If this right is exercised, Petrobras may still participate in the bidding round and present offers for the remaining 70% under the same conditions applicable to other participants. As in the concession bidding rounds, companies may bid individually or together with other companies. The winners are required to form a consortium with Pre-Sal Petroleo S.A. (PPSA), a Brazilian state-owned company, which is responsible for managing the production sharing agreement and selling the production allocated to the Government under the profit oil. PPSA appoints 50% of the members of the operating committee, including the chairperson, in addition to certain veto rights and casting vote. The current criteria for the evaluation of bidding offers under the production sharing regime is the offered percentage of oil and natural gas (that is, the largest portion of the exceeding oil). The winner will be the company which offers the highest percentage to the Government in accordance with the technical and economic parameters established for each block in the tender documents under a certain bidding round. Production sharing contracts are signed by the Ministry of Mines and Energy on behalf of the Federal Government. Generally, the contracts are valid for a period of 35 years which, by law, cannot be extended. Of the two phases of the contract – exploration and production – the exploration phase may be extended provided that the total period of the contract remains as 35 years. In order to perform the exploration and exploitation of oil and gas reserves, companies must obtain an environmental license granted by the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), which, together with ANP, is responsible for the safety and environmental regulations regarding upstream activities. HSE regulation relevant for the Norwegian upstream oil and gas activities in Norway Equinor’s oil and gas operations in Norway must be conducted in compliance with a reasonable standard of care, taking into consideration the safety of workers, the environment and the economic values of installations and vessels. The Petroleum Act Equinor 2025 Annual Report on Form 20-F 15 specifically requires that petroleum operations are carried out in such a manner that a high level of safety is maintained and developed in step with technological developments. Equinor is also required at all times to have a plan to deal with emergency situations in Equinor’s petroleum operations. During an emergency, the Norwegian Ministry of Labour and Social Inclusion/Norwegian Ministry of Transport/Norwegian Coastal Administration may decide that other parties should provide the necessary resources, or otherwise adopt measures to obtain the necessary resources, to deal with the emergency for the licensees’ account. Liability for pollution damage The Norwegian Petroleum Act imposes strict liability for pollution damage regardless of fault. Accordingly, as a holder of petroleum licences on the NCS,Equinor is subject to statutory strict liability under the Petroleum Act as a result of pollution caused by spills or discharges of petroleum from petroleum facilities in any of Equinor’s licences. A claim against the license holders for compensation relating to pollution damage shall initially be directed to the operator, which in accordance with the terms of the joint operating agreement, will distribute the claim to the other licensees in accordance with their participating interest in the licences. Discharge permits Emissions and discharges from Norwegian petroleum activities are regulated through several acts, including the Petroleum Act, the CO2 Tax Act, the Sales Tax Act, the Greenhouse Gas Emission Trading Act and the Pollution Control Act. Discharge of oil and chemicals in relation to exploration, development and production of oil and natural gas are regulated under the Pollution Control Act. In accordance with the provisions of this Act, an operator must apply for a discharge permit from relevant authorities on behalf of the licence group in order to discharge any pollutants into water. Further, the Petroleum Act states that burning of gas in flares beyond what is necessary for safety reasons to ensure normal operations is not permitted without approval from the ME. All operators on the NCS have an obligation to, and are responsible, for establishing sufficient procedures for the monitoring and reporting of any discharge into the sea. The Norwegian Environment Agency, the Norwegian Offshore Directorate and Offshore Norge, the Norwegian industry association, have established a joint database for reporting emissions to air and discharges to sea from petroleum activities, the Environmental Web (EW). All operators on the NCS report emission and discharge data directly into the database. Regulations on reduction of carbon emissions and CO2 storage Equinor’s operations in Norway are subject to emissions taxes as well as emissions allowances granted for Equinor’s larger European operations under the emissions trading scheme. The agreed strengthening of the EU’s emission trading scheme is expected to affect energy and industry installations, which include Equinor’s installations at the NCS. The price of emissions allowances has increased significantly since the reforms to the EU Emission Trading Scheme in 2018 and is expected to increase further towards 2030. The Norwegian Climate Act sets legally binding targets for a low-emission society by 2050, including a minimum 55% reduction in GHG emissions by 2030 compared to 1990 levels and a long-term goal of 90–95% reduction by 2050. The government has also proposed an interim target of 70–75% by 2035. This act may influence our activities through plans and actions implemented by the state to achieve these targets. Norway’s Climate Action Plan for 2021–2030 emphasises stronger carbon pricing. For offshore oil and gas, the carbon tax is expected to rise to about NOK 2,000 per tonne CO₂ by 2030. Norway participates in the EU Emissions Trading System (ETS), where allowance prices are projected to continue increasing, reinforcing the cost of carbon compliance. EU directive 2009/31/EC on the geological storage of CO2 is implemented in the Pollution Control regulations, the regulations related to the Petroleum Act and in a separate Storage regulation adopted under the 1963 Act relating to scientific research and exploration for and exploitation of subsea natural resources other than petroleum resources. The CO2 capture and storage at Equinor’s Sleipner and Snøhvit fields are governed by the Petroleum Act and the Pollution Control regulations, and the CO2 storage at Northern Lights JV DA and Smeaheia projects are governed by the Storage regulations and the Pollution Control regulations. HSE regulation of upstream oil and gas activities in the US Equinor’s upstream activities in the US are heavily regulated at multiple levels, including federal, state, and local municipal regulation. Equinor is subject to those regulations as a part of its activities in the US onshore (including Equinor’s assets in Pennsylvania and West Virginia), and in the US Gulf of America. The National Environmental Policy Act of 1969 is an umbrella procedural statute that requires federal agencies to consider the environmental impacts of their actions. Several substantive US federal statutes specifically cover certain potential environmental effects of hydrocarbon extraction activities. Those include: the Clean Air Act, which regulates air quality and emissions; the Federal Water Pollution Control Act (commonly known as the Clean Water Act), which regulates water quality and discharges; the Safe Drinking Water Act, which establishes drinking water standards for tap water and underground injection rules; the Resource Conservation and Recovery Act of 1976, which regulates hazardous and solid waste management; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, which addresses remediation of legacy disposal sites and release reporting; and the Oil Pollution Act, which provides for oil spill prevention and response. Equinor 2025 Annual Report on Form 20-F 16 Other US federal statutes are resource-specific. The Endangered Species Act of 1973 protects listed endangered and threatened species and critical habitat. Other statutes protect certain species, including the Migratory Bird Treaty Act, the Bald and Golden Eagle Protection Act and the Marine Mammal Protection Act of 1972. Other statutes govern natural resource planning and development on federal lands onshore and on the Outer Continental Shelf (OCS), including: the Mineral Leasing Act; the Outer Continental Shelf Lands Act; the Federal Land Policy and Management Act of 1976; the Mining Law of 1872; the National Forest Management Act of 1976; the National Park Service Organic Act; the Wild and Scenic Rivers Act; the National Wildlife Refuge System Administration Act of 1966; the Rivers and Harbors Appropriation Act; and the Coastal Zone Management Act of 1972. The federal government regulates offshore exploration and production for the OCS, which extends from the edge of state waters (either 3 or 9 nautical miles from the coast, depending on the state) out to the edge of national jurisdiction, 200 nautical miles from shore. The Bureau of Ocean Energy Management (BOEM) manages federal OCS leasing programs, conducts resource assessments, and licences seismic surveys. The Bureau of Safety and Environmental Enforcement (BSEE) regulates all OCS oil and gas drilling and production. The Office of Natural Resources Revenue (ONRR) collects and disburses rents and royalties from offshore and onshore federal and Native American lands. Additional federal statutes cover certain products or wastes, and focus on human health and safety: the Toxic Substances Control Act regulates new and existing chemicals and products that contain these chemicals; the Hazardous Materials Transportation Act regulates transportation of hazardous materials; the Occupational Safety and Health Act of 1970 regulates hazards in the workplace; the Emergency Planning and Community Right-to-Know Act of 1986 provides emergency planning and notification for hazardous and toxic chemicals. The federal and state governments share authority to administer some federal environmental programs (e.g., the Clean Air Act and Clean Water Act). States also have their own, sometimes more stringent, environmental laws. Counties, cities and other local government entities may have their own requirements as well. Equinor continually monitors regulatory and legislative changes at all levels and engages in the stakeholder process through trade associations and direct comments to suggested regulatory and legislative regimes, to ensure that its operations remain in compliance with all applicable laws and regulations. In particular, BSEE drilling and production regulations were extensively revised in response to the 2010 Deepwater Horizon blowout and oil spill. The revised regulatory regime includes requirements for enhanced well design, improved blowout preventer design, testing and maintenance, and an increased number of trained inspectors. Equinor is engaged with relevant governmental and industry stakeholders to ensure that Equinor’s operations remain in compliance. HSE regulation of upstream oil and gas activities in Brazil Equinor’s oil and gas operations in Brazil must be conducted in compliance with a reasonable standard of care, taking into consideration the safety and health of workers and the environment. The Brazilian Petroleum Law (Law No. 9,478/97) describes the government’s policy objectives for the rational use of the country’s energy resources, including the protection of the environment. In addition to the Brazilian Petroleum Law, Equinor is also subject to many other laws and regulations issued by different authorities, including ANP, IBAMA, Federal Environmental Council (CONAMA) and Brazilian Navy. All those authorities have the power to impose fines in case of non-compliance with the respective rules. The concession and production sharing contracts also impose obligations on operators and consortium members, who are jointly and severally liable. They must, at their own account and risk, assume and fully respond to all losses and damages caused directly or indirectly by the applicable consortium’s operations and their performance, irrespective of fault, to the ANP, the Federal Government, third parties and the environment, without prejudice to any recourse rights which may have been agreed separately among the consortium members (such as in a joint operating agreement). The exploration, drilling and production of oil and gas depend on environmental licences which define the conditions for the implementation of the project and compliance measures to mitigate and control environmental impact. Equinor may be subject to fines and even licence suspension and/or cancellation in case of non-compliance with such conditions. In Brazil, Equinor is also required to have an emergency response system as per ANP Resolution No. 882/2022 to deal with emergency situations in its petroleum operations, as well as an oil spill response plan in accordance to CONAMA Resolution No. 398/2008, for each asset to minimise the environmental impact of any environmental unexpected situation that may generate spill of oil or chemical to sea. Discharge permits Discharges from Brazilian petroleum activities are regulated through several acts, including the CONAMA Resolution No. 393/2007 for produced water, CONAMA Resolution No. 357/2005 and CONAMA Resolution No. 430/2011 for effluents (sewage, etc) and IBAMA technical instructions for drilling waste. According to Environmental Ministry Ordinance No. 422/2011, the discharge of chemicals in connection with exploration, development and production of oil and natural gas is assessed as part of the environmental permitting process and the operator must apply for any discharge permit from relevant authorities on behalf of the license group in order to discharge any pollutants into the water. Equinor 2025 Annual Report on Form 20-F 17 Natural Gas In the natural gas midstream and downstream sectors, the Brazilian Government has enacted significant regulatory reforms to foster competition and attract private investment. The New Gas Law (Law Nº 14,134/2021), further updated by the “Gas for Jobs” Decree (Decree nº 12,153/2024), was designed to dismantle the former state monopoly and create a more open and competitive market. These initiatives aim to stimulate private sector participation in infrastructure development and increase domestic natural gas production. The natural gas value chain—particularly transmission activities—is currently undergoing regulatory updates by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to align with the new legal framework. Equinor must comply with these evolving regulations to operate its natural gas assets in Brazil and commercialize its production. Aligned with the Brazilian Government’s Green Agenda, the “Fuels of the Future” Law (Law nº 14,993/2024) introduced a biomethane mandate as a key decarbonization measure for the natural gas sector. This legislation requires gas field operators to fulfill obligations established by the National Energy Policy Council (CNPE), ensuring that each operator compensates for its share of commercialized gas targets through the acquisition of biomethane volumes and/or biomethane environmental certificates. Regulations on reduction of carbon emissions Although Equinor’s operations in Brazil are not subject to emissions taxes (CO2 limit) yet, a Bill of Law has recently been approved by the Brazilian congress for the establishment of a carbon market. The mechanisms of the carbon market will be implemented within a transition period of six years and Equinor’s activities in Brazil will be subject to a cap-and-trade system but the extent of restrictions and obligations will only be known after further regulation of the law. The CONAMA Regulation No. 382/06 regulates air emissions limits for pollutant gases (e.g. NOx) from all fixed sources that have total power consumption higher than 100MW. Gas flares must be authorised by the ANP under ANP Resolution No. 806/2020, which also sets out cases in which ANP authorisation is not necessary. The Brazilian government signed the Paris Agreement in 2015. During COP26, Brazil updated its ambition to reduce its greenhouse gas emissions by 37% until 2025 and 50% until 2030, compared to 2005 levels. Because of the desire to boost the economy and an expected growing energy demand, the focus on emissions reduction is on improved control of forests and land use and for that Brazil continues to adhere to the Forest for Deal agreement, committing to take actions to reduce illegal deforestation until 2030. The country also adheres to the Global Methane Pledge. Regulatory framework for renewable energy operations Equinor’s renewables positions currently mainly consist of offshore wind farms in operation and development in the UK, the state of New York and Poland. In these jurisdictions the legislation is structured around a lease where permission to develop is granted following a series of approvals relating largely to environmental and social impact assessments. The government separately auctions a subsidized power purchase price either through renewable offtake certificates or contracts for difference. In both cases, Equinor and its partners take the risk for developing, constructing and operating the wind farms within a fixed timeframe. Equinor’s onshore renewables positions currently mainly consist of solar, battery and wind farms in operation and development in US, UK, Brazil, Poland, Sweden and Denmark. The projects are mainly developed and operated by the following wholly owned subsidiaries: (i) Rio Energy in Brazil; (ii) East Point in US; (iii) Wento in Poland; and (iv) BeGreen in Denmark. Other Equinor entered into agreements with the National Iranian Oil Company (NIOC), namely, a Development Service Contract for South Pars Gas Phases 6, 7 & 8 (offshore part), an Exploration Service Contract for the Anaran Block and an Exploration Service Contract for the Khorramabad Block, which are located in Iran. Equinor’s operational obligations under these agreements have terminated and the licences have been abandoned. The cost recovery programme for these contracts was completed in 2012, except for the recovery of tax and obligations to the Social Security Organization (SSO). From 2013 to November 2018, after closing Equinor’s office in Iran, Equinor’s activity was focused on a final settlement with the Iranian tax and SSO authorities relating to the above-mentioned agreements. In a letter from the US State Department of 1 November 2010, Equinor was informed that it was not considered to be a company of concern based on its previous Iran-related activities. Equinor has an intention to settle historic obligations in Iran while remaining compliant with applicable sanctions and trade restrictions against Iran. Since November 2018 Equinor has not conducted any activity in Iran, nor has it been able to resolve tax claims from the Iranian authorities. No payments were made to Iranian authorities during 2025. Equinor 2025 Annual Report on Form 20-F 18 Taxation of Equinor Norway Equinor’s profits, both from offshore oil and natural gas activities and from onshore activities, are subject to Norwegian corporate income tax. In addition, a special petroleum tax is levied on profits from petroleum production and pipeline transportation on the NCS. In June 2022 the parliament enacted a cash-flow based tax system for the special petroleum tax with effect from 1 January 2022. After the reform, the Norwegian petroleum income is taxable at a tax rate of 71.8% after deducting a calculated 22% corporate tax. The corporate tax is deductible in the basis for the special petroleum tax, resulting in a 78% marginal tax rate. For further information, see note 11 Income taxes to the Consolidated financial statements. Investment costs in the ordinary tax base (22%) will continue to be depreciated over six years. In the special tax base, investments are written off immediately in line with the cash-flow based tax system. Projects covered by the temporary rules introduced in 2020 have had a tax uplift of 12.4% in 2025. The temporary rules apply to investments covered by field or infrastructure plans (PDOs and PIOs) submitted to the MPE after 12 May 2020 and before 1 January 2023 and approved before 1 January 2024. The temporary rules will continue to apply until (and including) the year of planned production or project start-up according to the approved plans. Equinor’s international petroleum activities are subject to tax pursuant to local legislation. US Equinor’s operations in the US are subject generally to corporate income, severance and production, ad valorem and transaction taxes levied by the federal, state and local tax authorities, and to royalties payable to federal, state and local authorities and, in some cases, private landowners. The federal corporate income tax rate in the US is 21%, and there is an alternative 15% minimum tax on corporate book income for corporations with profits over USD 1 billion. US companies are also subject to the Base Erosion Anti-abuse Tax (“BEAT”) which imposes tax at 10% before 2026 and 10.5% thereafter on tax deductible payments to foreign affiliates of US companies if certain conditions are met. Brazil Equinor operations in Brazil are generally subject to corporate income tax and social contribution levied on taxable net income at a combined rate of 34%. In addition, there are several indirect taxes, but indirect tax rate on exports is currently set to zero. The concessionary tax regime in Brazil usually includes government takes such as a 10% royalty, and special participation tax that varies based on time, location and production between 10% and 40%, using a reference price that is established by the Brazilian petroleum regulator (ANP). The Production Sharing Regime in Brazil usually includes a 15% royalty, an annual 80% cost recovery ceiling, and a biddable government profit share. A VAT system was introduced recently, to replace existing indirect taxes, at the maximum aggregated rate of 26.5%. The implementation of the new VAT will be phased into effect over the next years until 2032. During the transition period existing taxes and new VAT will coexist. The amendment also includes an excise tax on the extraction, sale or commercialization of goods and services with a “harmful effect on health or environment” of up to 1% of the market value of extracted production. This excise tax is being called “selective tax”. and the specific rate for oil & gas of the is 0.25% (zero rate for gas destined to be used as fuel or in the manufacturing process). The new tax law in Brazil also preserves suspensions or exemptions from certain indirect taxes for importation of capital goods into Brazil, such as Repetro-Sped. Income taxation has also been subject to recent changes. In November 2025 a Bill of Law was approved by Congress establishing a 10% withholding income taxation on dividends distributed by local companies to non-residents, with a credit mechanism in case the total CIT payment is higher than 34%, to be effective as of January 2026. Brazil enacted a global Global Anti-Base Erosion (GloBE) rules under the scope of Pillar 2 of the Base Erosion for Profit Shifting (BEPS) in December 2024, which took effect on January 1, 2025. Local entities that fall within the concept of a multinational enterprise group are now subject to a top-up tax (an additional of the “social contribution on net profits”) on profits arising in Brazil whenever their effective tax rate is below a minimum limit of 15%. Finally, the ratification of the new Brazil-Norway Convention to Avoid Double Taxation (DTT) signed in 2022 was finalized in March 2025. The Decree that internalises the DTT has recently been approved at the House of Representatives and will be sent to the Senate. The new DTT has a text more aligned with the current OECD model tax convention. In the new DTT, Brazil expressly kept Equinor 2025 Annual Report on Form 20-F 19 its rights to charge withholding income tax on fees from technical services, with a reduced tax rate of 10% (instead of the domestic 15%). This will impact services acquired from the Brazilian entities from Norwegian entities. UK The UK introduced the Energy Profits Levy (EPL) in May 2022 at 25%, increasing to 35% from January 2023. The levy applies to oil and gas profits from UK and UK Continental Shelf operations, on top of existing profit‑based taxes. From January 2023, the combined tax rate for oil and gas companies rose to 75%. Following the UK General Election, the 30 October 2024 Budget increased the EPL rate to 38% from 1 November 2024 and extended it to 31 March 2030. The 29% Investment Allowance was removed from the same date. During 2025, the government will consult on a post 2030 regime. The 26 November 2025 Budget announced the Oil and Gas Price Mechanism (OGPM), replacing the EPL from 2030. The OGPM will apply a 35% tax on revenues above benchmark prices of $90/bbl (oil) and 90p/therm (gas), with annual uplifts from April 2027. Further details will follow in 2026. The Electricity Generator Levy (EGL), effective since 1 January 2023, remains unchanged. It imposes a 45% tax on exceptional electricity receipts above £75/MWh and expires on 31 March 2028. The impact of the EPL will diminish from 2026 following the creation of Adura, the new joint venture between Equinor and Shell, which includes selected UK North Sea assets such as Rosebank, Mariner and Buzzard. Disclosures regarding oil and gas operations The 2025 Oil And Gas Reserves Report is incorporated herein by reference. See also notes 5 Segments and 7 Total revenues and other income to the Consolidated financial statements. The information set forth under the headings “Operational data”, “Sales volumes” and “Sales prices in Section 2.1 Operational performance of the 2025 Annual Report is also incorporated herein by reference. Supplementary oil and gas information pursuant to FASB Topic 932 The following information is reported pursuant to FASB Topic 932. Capitalised cost related to oil and gas producing activities Consolidated companies At 31 December (in USD million) 2025 2024 2023 Unproved properties 5,233 5,229 5,022 Proved properties, wells, plants and other equipment 186,996 171,332 183,316 Total capitalised cost 192,229 176,561 188,338 Accumulated depreciation, impairment and amortisation (137,026) (124,739) (132,902) Net capitalised cost 55,203 51,823 55,436 Net capitalised cost related to equity accounted investments as of 31 December 2025 was USD 5,574 million; none were recognised in 2024 or 2023. The reported figures are based on capitalised costs within the upstream segments in Equinor, in line with the description below for result of operations for oil and gas producing activities. Equinor 2025 Annual Report on Form 20-F 20 Expenditures incurred in oil and gas property acquisition, exploration and development activities These expenditures include both amounts capitalised and expensed. Consolidated companies (in USD million) Norway Eurasia excluding Norway Africa USA Americas excluding USA Total Full year 2025 Exploration expenditures 861 9 121 21 114 1,126 Development costs 5,372 70 351 1,138 1,967 8,898 Acquired proved properties 611 0 0 0 0 611 Acquired unproved properties 1 0 0 0 6 7 Total 6,845 79 472 1,159 2,087 10,642 Full year 2024 Exploration expenditures 715 13 48 150 475 1,401 Development costs 5,099 692 490 1,232 1,721 9,234 Acquired proved properties 104 5 0 2,064 0 2,173 Acquired unproved properties 101 0 18 504 32 655 Total 6,019 710 556 3,950 2,228 13,463 Full year 2023 Exploration expenditures 662 16 35 310 253 1,276 Development costs 4,864 470 509 1,084 1,279 8,206 Acquired proved properties 0 1,271 0 0 0 1,271 Acquired unproved properties 352 5 0 6 18 381 Total 5,878 1,762 544 1,400 1,550 11,134 Expenditures incurred in exploration and development activities related to equity accounted investments was USD 0 million in 2025, USD 0 million in 2024 and USD 0 million in 2023. Results of operation for oil and gas producing activities As required by Topic 932, the revenues and expenses included in the following table reflect only those relating to the oil and gas producing operations of Equinor. The results of operations for oil and gas producing activities are included in the three upstream reporting segments Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International) and Exploration & Production USA (E&P USA) as presented in note 5 Segments to the Consolidated financial statements. Production cost is based on operating expenses related to production of oil and gas. From the operating expenses certain expenses such as; transportation costs, accruals for over/ underlift position and royalty payments costs are excluded. These expenses and mainly upstream business administration are included as other expenses in the tables below. Other revenues mainly consist of gains and losses from sales of oil and gas interests and gains and losses from commodity-based derivatives within the upstream segments. Income tax expense is calculated on the basis of statutory tax rates adjusted for uplift and tax credits. No deductions are made for interest or other elements not included in the table below. Equinor 2025 Annual Report on Form 20-F 21 Consolidated companies (in USD million) Norway Eurasia excluding Norway Africa USA Americas excludingUSA Total Full year 2025 Sales 97 14 466 94 76 747 Transfers 33,510 728 1,538 4,001 2,191 41,968 Other revenues 785 54 16 201 21 1,077 Total revenues 34,392 796 2,020 4,296 2,288 43,792 Exploration expenses (567) (7) (74) (83) (140) (871) Production costs (3,093) (295) (453) (527) (764) (5,132) Depreciation, amortisation and net impairment losses (5,870) (703) (516) (2,090) (950) (10,129) Other expenses (741) (278) 35 (973) (442) (2,399) Total costs (10,271) (1,283) (1,008) (3,673) (2,296) (18,531) Results of operations before tax 24,121 (487) 1,012 623 (8) 25,261 Tax expense (18,522) (629) (614) (187) 417 (19,534) Results of operations 5,599 (1,116) 398 436 409 5,727 Net income/(loss) from equity accounted investments 0 0 0 0 0 0 Consolidated companies (in USD million) Norway Eurasia excluding Norway Africa USA Americas excludingUSA Total Full year 2024 Sales 80 14 495 114 73 776 Transfers 33,271 1,113 2,277 3,610 2,502 42,773 Other revenues 291 6 820 233 32 1,382 Total revenues 33,642 1,133 3,592 3,957 2,607 44,931 Exploration expenses (513) (15) (33) (219) (443) (1,223) Production costs (2,867) (306) (455) (495) (759) (4,882) Depreciation, amortisation and net impairment losses (4,954) (529) (553) (1,607) (983) (8,626) Other expenses (745) (185) 12 (649) (303) (1,870) Total costs (9,079) (1,035) (1,029) (2,970) (2,488) (16,601) Results of operations before tax 24,563 98 2,563 987 119 28,330 Tax expense (19,013) 469 (800) (206) (1,099) (20,650) Results of operations 5,550 567 1,763 781 (980) 7,680 Net income/(loss) from equity accounted investments 0 13 0 0 0 13 Equinor 2025 Annual Report on Form 20-F 22 Consolidated companies (in USD million) Norway Eurasia excluding Norway Africa USA Americas excludingUSA Total Full year 2023 Sales 62 107 533 127 92 921 Transfers 37,892 1,121 2,242 3,954 2,646 47,855 Other revenues 387 129 57 238 76 887 Total revenues 38,341 1,357 2,832 4,319 2,814 49,663 Exploration expenses (476) (20) (37) (322) 30 (825) Production costs (2,898) (250) (482) (494) (593) (4,717) Depreciation, amortisation and net impairment losses (5,017) (840) (567) (1,489) (1,026) (8,939) Other expenses (862) (456) 19 (691) (446) (2,436) Total costs (9,253) (1,566) (1,067) (2,996) (2,035) (16,917) Results of operations before tax 29,088 (209) 1,765 1,323 779 32,746 Tax expense (22,543) 34 (961) (358) (106) (23,934) Results of operations 6,545 (175) 804 965 673 8,812 Net income/(loss) from equity accounted investments 0 (13) 0 0 41 28 Average production cost in USD per boe based on entitlement volumes (consolidated) Norway Eurasia excluding Norway Africa USA Americas excludingUSA Total 2025 6 28 13 4 20 7 2024 6 26 13 5 19 7 2023 6 16 12 4 15 7 Production cost per boe is calculated as the production costs in the result of operations table, divided by the produced entitlement volumes (mboe) for the corresponding period. Equinor 2025 Annual Report on Form 20-F 23 C.Organizational Structure Exhibit 8 to this 2025 Form 20-F is incorporated herein by reference. The table within Exhibit 8 shows significant subsidiaries and significant equity accounted companies within the Equinor group as of 31 December 2025. D.Property, Plant and Equipment Equinor has interests in real estate in many countries throughout the world, including as part of certain developments and projects of Equinor or in which Equinor participates. Equinor’s three largest office buildings are (i) its head office located at Forusbeen 50, Stavanger, Norway which comprises approximately 135,000 square meters of office space, (ii) its office building in Sandslivegen 90, Bergen, Norway which comprises approximately 105,500 square meters of office space, and (iii) its office located at Fornebu on the outskirts of Oslo, in which Equinor leases approximately 51,563 square meters of office space. All three office locations are leased by Equinor. The office building in Bergen is owned by Sandsliveien 90 AS, a subsidiary of Equinor Pensjon. The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •Section 1.5 Our business of Chapter 1 on pages 17 - 23; •Section 2.1 Operational performance of Chapter 2 on pages 36 - 50; •The information under the sub-heading “Investments” under the heading “Financial Framework” in Section 2.2 Financial performance of Chapter 2 on page 55; •The information under the sub-heading “Portfolio composition” under the heading “Financial framework ” in Section 2.2 of Chapter 2 on page 55; and •Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73. See also notes 12 Property, plant and equipment and 25 Leases to the Consolidated financial statements. Production per field The following tables show the regional production by field. E&P Norway - Equinor operated fields, average daily entitlement production Field Geographical area Equinor's equity interest in % On stream Licence expiry date Average production in 2025 mboe/day Johan Sverdrup The North Sea 42.63 2019 2036-2037 310 Troll Phase 1 (Gas) The North Sea 30.55 1996 2030 215 Oseberg The North Sea 49.30 1988 2031 103 Gullfaks The North Sea 51.00 1986 2036 81 Aasta Hansteen The Norwegian Sea 51.00 2018 2041 61 Visund The North Sea 53.20 1999 2034 57 Johan Castberg The Barents Sea 46.30 2025 2049 51 Åsgard The Norwegian Sea 35.01 1999 2027 48 Gina Krog The North Sea 58.70 2017 2032 33 Snøhvit The Barents Sea 36.79 2007 2035-2047 31 Breidablikk The North Sea 39.00 2023 2030 30 Snorre The North Sea 33.28 1992 2040 29 Tyrihans The Norwegian Sea 36.32 2009 2029 24 Heidrun The Norwegian Sea 34.44 1995 2045 22 Halten East The Norwegian Sea 69.50 2025 2027-2042 22 Martin Linge The North Sea 51.00 2021 2027 22 Kvitebjørn The North Sea 39.55 2004 2031 20 Kristin The Norwegian Sea 54.82 2005 2033 15 Fram The North Sea 45.00 2003 2040 14 Grane The North Sea 36.61 2003 2030 11 Statfjord Unit The North Sea 40.17 1979 2040 10 Mikkel The Norwegian Sea 43.97 2003 2028 9 Troll Phase 2 (Oil) The North Sea 30.55 1) 1995 2030 8 Equinor 2025 Annual Report on Form 20-F 24 E&P Norway - Equinor operated fields, average daily entitlement production Field Geographical area Equinor's equity interest in % On stream Licence expiry date Average production in 2025 mboe/day Gudrun The North Sea 36.00 2014 2032 8 Njord The Norwegian Sea 27.50 1997 2034 8 Valemon The North Sea 66.78 2015 2031 7 Trestakk The Norwegian Sea 59.10 2019 2029 7 Vigdis The North Sea 41.50 1997 2040 7 Tordis The North Sea 41.50 1994 2040 6 Alve The Norwegian Sea 53.00 2009 2029 6 Sleipner West The North Sea 58.35 1996 2028-2032 6 Svalin The North Sea 57.00 2014 2030 4 Hyme The Norwegian Sea 42.50 2013 2029 4 Statfjord East The North Sea 29.25 1994 2040 3 Norne The Norwegian Sea 39.10 1997 2036 2 Verdande The Norwegian Sea 59.27 2025 2036-2043 2 Morvin The Norwegian Sea 64.00 2010 2027 2 Tune The North Sea 50.00 2002 2031-2032 2 Utgard The North Sea 38.44 2019 2028 1 Urd The Norwegian Sea 63.95 2005 2036 1 Statfjord North The North Sea 17.00 1995 2040 1 Sindre The North Sea 74.66 1) 2017 2026-2034 1 Sleipner East The North Sea 59.60 1993 2028 1 Gungne The North Sea 62.00 1996 2028 1 Sigyn The North Sea 60.00 2002 2035 1 Brime The North Sea 74.66 1) 2006 2026-2034 0 Sygna The North Sea 28.03 2000 2040 0 Byrding The North Sea 70.00 2017 2026-2035 0 Gimle The North Sea 74.66 1) 2006 2026-2034 0 Fram H Nord The North Sea 49.20 2014 2035 0 Total Equinor operated fields 1,306 1)Unitization to Brime Unit E&P Norway - Partner operated fields, average daily entitlement production Field Geographical area Equinor's equity interest in % Operator On stream Licence expiry date Average production in 2025 mboe/day Skarv The Norwegian Sea 36.17 Aker BP ASA 2013 2029-2036 48 Ormen Lange The Norwegian Sea 25.35 A/S Norske Shell 2007 2040-2041 35 Ivar Aasen The North Sea 41.47 Aker BP ASA 2016 2036 8 Goliat The Barents Sea 35.00 Vår Energi ASA 2016 2042 8 Hanz The North Sea 50.00 Aker BP ASA 2024 2036 3 Marulk The Norwegian Sea 33.00 DNO Norge AS 2012 2030 2 Ærfugl Nord The Norwegian Sea 30.00 Aker BP ASA 2021 2033 0 Enoch The North Sea 11.78 Bridge Petroleum Limited 2007 2030 0 Total partner operated fields 103 Total E&P Norway 1,410 Equinor 2025 Annual Report on Form 20-F 25 E&P International - Average daily equity production Field Country Equinor's equity interest in % Operator On stream Licence expiry date Average daily equity production in 2025 mboe/day Americas (excluding US) 108 Peregrino 60%1) Brazil 60.00 Equinor Brasil Energia Ltda. 2011 2040 39 Peregrino 20%1) Brazil 20.00 Prio Tigris Ltda 2011 2040 3 Roncador Brazil 25.00 Petróleo Brasileiro S.A. 1999 2052 24 Bandurria Sur Argentina 30.00 Yacimientos Petrolíferos Fiscales S.A. 2015 2050 22 Hebron Canada 9.01 ExxonMobil Canada Properties 2017 HBP2) 12 Hibernia Canada 5.00 Hibernia Management and Development Company Ltd. 1997 HBP2) 2 Hibernia Southern Extension Canada 9.49 ExxonMobil Canada Properties 2011 HBP2) 2 Bajo del Toro Argentina 50.00 Yacimientos Petrolíferos Fiscales S.A. 2022 2055 2 Bacalhau Brazil 40.00 Equinor Brasil Energia Ltda. 2025 2052 1 Africa 150 Block 17 Angola 22.16 TotalEnergies E&P Angola S.A. 2001 2045 71 In Salah Algeria 31.85 Sonatrach3) 2004 2027 26 Eni In Salah Limited Equinor In Salah AS Block 15 Angola 12.00 Esso Exploration Angola Block 15 Limited 2004 2032 22 In Amenas Algeria 45.90 Sonatrach3) 2006 2027 13 Eni In Amenas Limited Equinor In Amenas AS Murzuq Libya 10.00 Akakus Oil Operations 2003 2037 10 Block 31 Angola 13.33 Azule Energy Exploration (Angola) Limited 2012 2031 7 Mabruk Libya 12.50 Mabruk Oil Operations 1995 2043 1 Eurasia 36 Mariner4) UK 65.11 Equinor UK Limited 2019 HBP2) 17 Buzzard4) UK 29.89 CNOOC Petroleum Europe Limited 2007 2046 7 Adura Energy Limited4) UK 50.00 Varies 2025 Varies 6 Statfjord Unit5) UK 14.53 Equinor Energy AS 1979 HBP2) 4 Utgard5) UK 38.00 Equinor Energy AS 2019 HBP2) 1 Barnacle6) UK 100.00 Equinor UK Limited 2019 HBP2) — Total E&P International 293 1)At the beginning of 2025, Equinor held a 60% operated interest in the Peregrino field. On the 11th November 2025, Equinor closed the sale of the 40% operated interest to PRIO. As a result, production is presented under both the 60% and 20% equity interests to reflect the respective periods during the year. The remaining 20% continues to be classified as held for sale. 2)HBP (Held by Production): A leasehold interest that is perpetuated beyond its primary term as long as there is production in paying quantities from well(s) on the lease or lease(s) pooled therewith. 3)The complete name for Sonatrach is Société nationale de transport et de commercialisation d’hydrocarbures. 4)In December 2025, Equinor completed the divestment of its offshore UK assets, including interests in Rosebank, Mariner and Buzzard, and received a 50% ownership interest in Adura, a joint venture with Shell. 5)The Utgard and Statfjord Unit fields span the boundary between the Norwegian and UK continental shelves. In this table we report only volumes pertaining to the Equinor share in UKCS. 6)Actual production for Barnacle was 0.2 mboe/day. Equinor 2025 Annual Report on Form 20-F 26 E&P USA - Average daily equity production Field Country Equinor's equity interest in % Operator On stream Licence expiry date Average daily equity production in 2025 mboe/day Appalachian (APB)1) US Varies2) Others3) 2008 HBP5) 305 Caesar Tonga US 46.00 Anadarko U.S. Offshore LLC 2012 HBP5) 32 Vito US 36.89 Shell Offshore Inc. 2023 HBP5) 25 Tahiti US 25.00 Chevron USA Inc. 2009 HBP5) 21 St. Malo US 21.50 Chevron USA Inc. 2014 HBP5) 13 Julia US 50.00 ExxonMobil Corporation 2016 HBP5) 12 Jack US 25.00 Chevron USA Inc. 2014 HBP5) 10 Big Foot US 27.50 Chevron USA Inc. 2018 HBP5) 10 Stampede US 25.00 Hess Corporation 2018 HBP5) 7 Titan US 100.00 Equinor USA E&P Inc. 2018 HBP5) — Heidelberg4) US 12.00 Anadarko U.S. Offshore LLC 2016 HBP5) — Total E&P USA 434 1)Appalachian basin contains Marcellus and Utica formations. 2)Equinor’s actual equity interest varies depending on wells and area. 3)Operators are Chesapeake Operating LLC, Southwestern Production Company, Chief Oil & Gas LLC, and several other operators. 4)Actual production for Heidelberg was 0.3 mboe/day. 5)Held by Production (HBP): A leasehold interest that is perpetuated beyond its primary term as long as there is production in paying quantities from well(s) on the lease(s) pooled therewith.