2nd quarter 2023 results

Torgrim Reitan

Chief financial officer

26th July 2023

H i g h l i g h t s Second Quarter 2023

Financial and operational performance

Solid earnings and cashflow from operations, reflecting lower prices
Strong liquids production ।
NCS gas production impacted by shutdowns at Hammerfest LNG and Nyhamna and planned maintenance
High tax and capital distribution payments reflecting strong 2022 results

Strategic progress

Increased capacity at Johan Sverdrup
Final investment decision for BM-C-33 in Brazil
Acquisition of Rio Energy (July) and closing of Suncor and Wellesley transactions

Competitive capital distribution

Ordinary cash dividend of USD 0.30 per share
Extraordinary cash dividend of USD 0.60 per share
Third tranche of share buy-back USD 1.67 billion
Expected total capital distribution of USD 17 billion in 2023

2 | 2Q 2023 results

Safety: performance indicators

Serious Incident Frequency (SIF) Serious incidents and near-misses per million hours worked. 12-month average.

Total Recordable Injury Frequency (TRIF)

Personal injuries requiring medical treatment per million hours worked. 12-month average.

Oil and gas leakages

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

2 Q 2 Q 2 3 Equity production

Oil and gas

Strong liquids production from Johan Sverdrup and US portfolio
Start up of Bauge and high production from Peregrino
NCS gas production impacted by shutdowns at Hammerfest LNG and Nyhamna and planned maintenance

Oil and gas production

mboe/d

Power

Production increase due to production from Hywind Tampen and two new solar plants in Poland
Offshore wind production impacted by seasonality
Gas-to-power production from Triton Power

Highlights

E&P Norway strong production from Johan Sverdrup
E&P International and E&P US increased production
MMP results within increased guided range in a quarter with lower volatility and prices
First dividend payment from Danske Commodities
REN assets in operation contributed USD 33 million
Maintain cost and capital discipline

Realised prices		2Q23		2Q22
Liquids (USD/bbl)		70.3	106.9
European gas (USD/mmbtu)		11.46	27.43
N. American gas (USD/mmbtu)		146	651
Adjusted earnings	2Q23		2022
	Pre-tax	Post-tax	Pre-tax	Post-tax
E&P Norway	6.003	1,366	14,330	3,210
E&P Int	751	419	1,111	707
E&P US	226	173	881	861
MMP	665	337	1.286	542
REN	(84)	(77)	(42)	(34)
Group	7.543	2,246	17.566	5.283

Two high NCS tax instalments of USD 10.0 billion reflecting 2022 earnings
- · 3Q: One NCS tax instalment of ~USD 3.75 billion1
Significant capital distribution of USD 6.8 billion including State's share
Organic capex USD 2.3 billion
Decrease in working capital of USD 2.2 billion
Strong balance sheet with cash, cash equivalents and financial l investments of USD 42.6 billion
Net debt ratio of negative 35.1%²

Cash Flow	2023	Year to date 23
Cash flow from operations	10.485	25,789
Total taxes paid	(10,841)	(16,430)
Cash flow from operations after tax4	(656)	9,360
Capital distribution®	(6,804)	(10,126)
Cash flow to investments6	(3,669)	(5,909)
Proceeds from sale of assets	71	118
Net cash flow	(10,758)	(6,558)

Based on estimated 2023 financial year earnings; NOK 37.5 billion

1. Adjusted, excluding IFRS 16 impact
1. CFFO from year to date: Income before tax USD 21.1 billion + non-cash items USD 4.7 billion and excludes changes in working capital items
Excludes changes in working capital
Cash dividend, extraordinary dividend, share buy-back executed in the market and State share paid in 2Q23 ~ USD 3.6 billion
Including inorganic investments and increase/decrease in other interest-bearing items

Outlook

Annual average capex based on USD/NOK of 10

Forward-looking statements

This presantation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "ambition", "could", "estimate", "intend", "expect", "believe", "ikely", "may", "outlook", "plan", "strategy", "will", "guidance", "targets", and similar expressions to identify 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 to decarbonise, future financial performance, including earnings, cash flow and liquidity, accounting policies; the ambition to grow cash flow and returns; expectations regarding progress on the energy transitions regarding cash flow and returns from Equinor's oil and gas portfolio; plans to develop field; 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, currency and refinery assumptions; organic capital expenditures through 2026; expectations and estimates regarding and development 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 and results of acquisitions and disposals; expected amount and timing of dividend payments and the implementation of our share buy-back programme; and contingent liablities. 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 managements 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 Russion of Ukraine; unfavourable macroeconomic conditions and inflationary pressures; exchange rate and interest rate fluctuations 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 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 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 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 politics of Norway and other oil producing countries; regulations on hydraulic fracturing and low-carbon value chains; liquidity, interest rate, equity and credit risks relating to trading and commercial supply activities; an inability to attract and retain personne; ineffectiveness of crisis management systems; insurance coverage; health, safety and environmental risks; physical security risks failure to meet our ethical and social standards; non-compliance with internations; and other factors discussed elsewhere in this report and in Equinor's Integrated Annual Report for the year ended December 31, 2022 (including section 5.2 - Risk factors thereof). Equinor's 2022 Integrated Annual Report is available at Equinor's website www.equinor.com.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any of these statements after the date of this report, either to make them conform to actual results or changes in our expectations.

We use certain terms in this document, such as "resources", that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to closely consider the disclosures in our Annual Report on Form 20-F for the year ended December 31, 2022, SEC File No. 1-15200. This form is available on our website or by calling 1-800-SEC-0330 or logging on to www.sec.gov.

CONTACT INFORMATION Investor Relations in Equinor

E-mail: [email protected]

Norway/UK

Bård Glad Pedersen	Senior Vice President	[email protected]	+47 91 80 17 91
Lars Valdresbråten	IR Manager	[email protected]	+47 40 28 17 89
Erik Gonder	IR Officer	[email protected]	+47 99 56 26 11
Amberley Doskey	IR Manager	[email protected]	+44 7584 681246
Fan Gao	IR Officer	[email protected]	+44 7771 918026
Ingvar Egeland	IR Officer	[email protected]	+47 99 32 2938
Anne Sofie Dahle	Senior Consultant	[email protected]	+47 90 88 75 54
USA
Nate Mital	IR Officer	[email protected]	+1 469-927-5677
leva Ozola	IR Manager	[email protected]	+1 281-730-6014

Appendix

2 Q 2 Q 2 3 Financial results

2Q 2023 Segment results

	E&P Norway			E&P International E&P USA		MMP		REN
Adjusted earnings Million USD	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax
2Q 23	6,003	1,366	751	419	226	173	665	337	(84)	(77)
2Q 22	14,330	3,210	1,111	707	881	861	1,286	542	(42)	(34)
Reported Net operating income Million USD
2Q 23	6,200		776		204		150		(91)
2Q 22	14,482		982		872		1,456		(42)

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