FORWARD-LOOKING STATEMENTS
This 2022 Form 20-F (including information incorporated
herein from the 2022 Annual Report) contains
certain forward-looking statements that
involve risks and uncertainties, in particular in the
sections incorporated by reference in Item 4
of this 2022 Form 20-F. In some cases, we use
words such as "aim", "ambition", "anticipate", "believe",
"continue", "could", "estimate", "expect", "intend", "likely",
"objective", "outlook", "may",
"plan", "schedule", "seek", "should", "strategy", "target",
"will", "goal" and similar expressions to identify
forward-looking statements. All
statements other than statements of historical fact,
including: the commitment to develop as a broad
energy company and ambition to be a
leading company in the energy transition; ambition
to reach net zero by 2050 and expectations
regarding progress on our energy transition
plan and just transition plan; our ambitions regarding
reduction in operated emissions and net
carbon intensity and allocation of gross capex*
to renewables and low carbon solutions; our ambitions
to decarbonise and maintain value in oil and gas,
industrialise and upscale offshore
wind, industrialise and commercialise carbon capture
and storage and upscale and develop new
value chains in hydrogen; ambition to attain a
leadership position in the European CCS market; aims,
expectations and plans for renewables production
capacity and power generation,
investments in renewables and low-carbon solutions
and the balance between oil and renewables
production; our expectations with respect to
net carbon intensity, operated emissions, carbon and methane intensity and
flaring reductions; our internal carbon price
and other financial
metrics for investment decisions; break-even considerations
and targets; aims and expectations regarding
Equinor’s resilience across different
climate scenarios; future levels of, and expected value
creation from, oil and gas production, scale and
composition of the oil and gas portfolio,
and development of CCS and hydrogen businesses;
use of compensation
and offset mechanisms and high-quality carbon sinks; plans
to
develop fields; our intention to optimise and mature
our portfolio; future worldwide economic
trends, market outlook and future economic
projections and assumptions, including commodity
price assumptions; expectations and plans regarding
capital expenditures; future financial
performance, including cash flow, liquidity and return on average capital
employed (ROACE)*; expectations regarding
cash flow and returns
from our oil and gas portfolio and renewable
projects; organic capital expenditures through 2026;
expectations and estimates regarding
production and execution of projects; the ambition
to keep unit of production cost in the top quartile
of our peer group; scheduled maintenance
activity and the effects thereof on equity production; business
strategy and competitive position; sales, trading
and market strategies; research
and development initiatives and strategy, including ambitions regarding
allocation of research and development capital
towards renewables
and low carbon-solutions; expectations related to production
levels, unit production cost, investment, exploration
activities, discoveries and
development in connection with our ongoing transactions
and projects; our ambitions, expectations and
plans regarding diversity and inclusion
and employee training; plans and expectations regarding
completion and results of acquisitions, disposals and
other contractual arrangements
and delivery commitments; plans, ambitions and expectations
regarding recovery factors and levels, future margins and
future levels or
development of capacity, reserves or resources; planned turnarounds and other
maintenance activity; expectations regarding oil and
gas
volume growth, including for volumes lifted and sold
to equal entitlement production; estimates related
to production and development,
forecasts, reporting levels and dates; operational expectations,
estimates, schedules and costs; expectations relating
to licences and leases;
oil, gas, alternative fuel and energy prices, volatility, supply and demand; plans
and expectations regarding processes related
to human rights
laws, corporate structure and organizational policies;
technological innovation, implementation, position
and expectations; expectations
regarding role and composition of the board and
our remuneration policies; our goal of
safe and efficient operations; effectiveness of our
internal policies and plans; our ability to manage
our risk exposure, our liquidity levels and
management of liquidity reserves; estimated or
future liabilities, obligations or expenses; expected
impact of currency and interest rate fluctuations
and LIBOR discontinuation; projected
outcome, impact or timing of HSE regulations; HSE
goals and objectives of management for
future operations; our ambitions and plans
regarding biodiversity (including our aim to develop
a net-positive impact approach for projects)
and value creation for society; expectations
related to regulatory trends; impact of PSA effects; projected
impact or timing of administrative or governmental
rules, standards, decisions,
standards or laws (including taxation laws); projected
impact of legal claims against us; plans
for capital distribution, share buy-backs and
amounts and timing of dividends are forward-looking
statements.
You should not place undue reliance on these forward-looking statements. Our actual results
could differ materially from those anticipated in
the forward-looking statements for many reasons, including
the risks described in the risk factors incorporated
in Item 3.D of this 2022 Form
20-
F.
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
caused by the European security situation, including
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;