Equinor

Investor Presentation • Feb 9, 2022

Capital markets update 2022

Anders Opedal President and Chief Executive Officer

equinor **

Accelerating transition

with net-zero ambition backed by actions

Growing cash flow and returns

Competitive capital distribution

2021 Performance

Always safe - taking action

等

Serious Incident Frequency - SIF

Serious incidents per million work-hours. Twelve months average.

Total Recordable Injury Frequency - TRIF

Total incidents per million work-hours. Twelve months average.

High value – strong financial & operational performance

25 pn USD Net free cash flow

After capital distribution

25% Return on capital employed (RoACE)

Adjusted

32% Increased equity production

Rebased production growth compared to 2020

Low carbon - on track to a low carbon future

7 kg/boe CO2 upstream intensity

Scope 1 CO2 emissions, Equinor operated, 100% basis

97% Production based availability Operated wind assets

1.4 bn USD Capital gain renewable segment

09 February 2022

Positioned for profitable growth in evolving markets

- Brent USD/boe — TTF 240 180 120 60 O 2019 2018

Oil & gas price development

EU ETS price development1

Value creation and resilience through cycles

A safe and reliable energy provider – leveraging operational excellence, flexibility and optionality

• Increased gas production by more than 5% on NCS in 20212

• Unplanned piped gas losses on NCS well below 1% in 2021

• ETS - Emissions Trading System 2. Equity production, compared to 2020

Open

Delivering on our strategy

Optimised

oil & gas portfolio

• Martin Linge and Troll Phase 3 on stream
• Bacalhau Phase 1 around 50% complete towards start-up in 2024

> 40 pn USD Free cash flow oil & gas 2022-26

Based on 65 USD/bbl, see appendix for key assumptions

High value growth in renewables

• Early mover in South Korea
• Dogger Bank A&B around 30% complete
• Hywind Tampen more than 70% complete

4-8%

Real base project returns

Equivalent to 6-10% nominal returns. Excluding effects from farm downs and project financing

New market opportunities in low carbon solutions

equinor

• Industry shaper with the UK East Coast Cluster
• Northern Lights around 30% complete and customers granted EU funding

15-30 Mtonnes/annum CO2 transport and storage capacity by 2035

Equinor share

Growing returns with net-zero ambitions

Growing cash flow and returns in the energy transition ...

Based on 65 USD/bbl

14% Return on capital employed (RoACE) 2022-30

Based on 65 USD/bbl, nominalreturn

Share of Equinor gross capex 1

J Oil and gas ● Renewables and low carbon solutions

... with net-zero ambition backed by actions

Net carbon intensity for energy provided Scope 1, 2 & 3

— Illustrated ambition for the path to net zero by 2050

1. Gross capex defined as capex before project financing

6 | Capital markets update 2022

09 February 2022

Clear ambition to reduce own emissions

Significant cut in emissions since 2015

• Energy efficiency measures
• Assets powered from shore
• Portfolio optimisation

Ambition backed by actions

• Abatement plan: mature and executing electrification projects
• lmproving energy efficiency offshore and onshore
• Strengthening resilience in portfolio, including consolidation

Equinor operated GHG emission Million tonnes CO2e

1. Including offsets

7 | Capital markets update 2022

09 February 2022

Disciplined capital allocation

Investing in an attractive portfolio

• Disciplined investments and cost focus
• Stable investments in highly profitable oil & gas portfolio
• High value growth in renewables and low carbon solutions
• Flexibility to optimise the project portfolio

Maintaining a strong balance sheet

• Long-term ambition of net debt ratio 15-30%4

Delivering competitive capital distribution

• Grow annual cash dividend per share in USD in line with long-term underlying earnings
• Share buy-back as part of the capital distribution

~ 10 pm USD Capex guiding for 2022-23

Annual average, organic, USD/NOK 9

<35 USD/bbl Break-even, projects coming on stream by 2030

Volume weighted average

4 bn USD Improvement ambition Cash flow impact before tax 2020-25

1. 20-35% including IFRS 16

Delivering competitive capital distribution

Continued growth in cash dividend

• 4Q 2021 cash dividend increased to 20 cents per share
• Ambition to grow the annual cash dividend, measured in USD per share, in line with long-term underlying earnings

Share buy-back as part of the capital distribution

• Second tranche of 2021 share buy-back announced at 3Q 2021 increased from USD 0.3 billion to USD 1 billion1
• Increasing share buy-back programme from USD 1.2 billion up to USD 5 billion for 2022, first tranche announced today of USD 1 billion2
• Share buy-back subject to:
  • Brent oil prices in or above the range 50-60 USD/bbl
  • · Net debt ratio expected within the guided ambition of 15-30%2
  • · Commodity prices
  • Renewal of board authorisation at the Annual General Meetings in 2022 and onwards

Extraordinary cash dividend

• An extraordinary quarterly cash dividend of 20 cents per share for 4Q 2021 to 3Q 2022, subject to AGM approval and authorisation

• Including government share to be redeemed 2. Excluding IFRS 16

20 cents/share 4Q 2021 cash dividend

The Board will propose to the AGM a cash dividend of 20 cents per share 20 cents/share

Extraordinary cash dividend for 4Q 2021-3Q 2022

The Board will propose to the AGM an extraordinary cash dividend for 4Q 2021 and authority to declare extraordinary cash dividend for 2Q 2022 and 3Q 2022

5 on USD 2022 annual share buy-back

Including the government share, subject to all tranches executed

10 pm USD 2022 total capital distribution

Including the government share, subject to all tranches executed

Accelerating transition

• Building resilience with a 50% group-wide emission reduction ambition
• On the pathway to net zero by 2050 backed by actions
• More than 50% of gross capex to renewables and low carbon solutions by 2030

Growing cash flow and returns

• Creating high returns in the long term with above 14% RoACE from 2022 to 2030
• Significant group free cash flow in 2022-26 with around USD 25 bn
• Above USD 40 bn in free cash flow from oil & gas in 2022-26

Delivering competitive capital distribution

• Disciplined capital allocation and cost focus
• Quarterly cash dividend of 20 cents per share
• Share buy-back programme up to USD 5 billion for 2022
• Extraordinary quarterly cash dividend of 20 cents per share for four quarters

Forward-looking statements

This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "accelerate", "ambition", "bankable", "base return", "believe", "capitalise", "capitalise", "capture value", "cash generation", "commercial discoveries", "continue", "could", "demonstrate", "discipline", "dispatchable capacity", "driving value", "energy security", "enhance", "equity return", "expect", "exposure", "flexible", "guidance", "intend", "internal rate of return", "high-grade value", "likely", "may", "net debtratio", "nominal return", "optimising", "outlook", "plan", "priorities", "project return", "project portfolio", "promises", "risk", "robust", "significant", "strategy", "value", "will", "unleveraged return" and similar expressions to identify forward-looking statements. Forward-looking statements other than statements of historical fact, including, among others, statements regarding Equinor's plans, intentions and expectations; including those connected with Equinor's climate ambitions and energy transition to develop as a broad energy company, the ambition to be a leader in the energy transition to reduce net group-wide operated emissions by 50% by 2030, its net zero and net carbon intensity ambitions, carbon efficiency, internal carbon price on investment decisions, R&D and venture capital allocations, CO2 intensity per boe, 12-16GW 2030 installed renewables capacity ambition, 12-16% nominal equity return and 4-8% real base project return; future financial performance, including cash flow and liquidity; accounting policies; the ambition to grow cash flow and returns; plans to improve return on average capital employed (ROACE) and competitive capital distribution; expectations returns from Equinor's oil and gas portfolio; break-even and pay-back time, plans to develop fields and increase gas exports; plans for renewables production capacity and investments in renewables; non-sanctioned portfolio, capacity evolution NEW, expectations regarding development of renewables projects, average NCS cash flow 2022-30, CCUS and hydrogen businesses market outlook and future economic projections and assumptions, including commodity price assumptions; organitures through 2025; estimates regarding production 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 paymentation of our share buy-back programme, including expectations regarding the timing and amount to be purchased and the redemption of the Norwegian State`s shares; and provisions and contingent liabilities.

You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.

These forward-looking statements reflect current views about future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including levels of industry product supply, demand and pricing, in light of the uncertainty regarding demand created by the Covid-19 pandemic and oil price volatility triggered, among other things, by the changing dynamic among OPEC+ members; levels and calculations of reserves and material differences from

reserves estimates; natural disasters, adverse weather conditions, climate changes to business conditions; regulatory stability and access to attractive renewable opportunities; unsuccessful drilling; operational problems, in particular in light of quarantine requirements triggered by the Covid-19 pandemic; health, safety and environmental risks; impact of the effects of climate change; regulations on hydraulic fracturing; security breaches of our digital infrastructure (cybersecurity); ineffectiveness of crisis management systems; the actions of competitors; the development and use of new technology, particularly in the renewable energy sector; indbilty to meet strategic objectives; the difficulties involving tracture; the availability of and access to low-carbon electricity supplies from shore; political and social stability and economic growth in relevant areas of the world; reputational damage; exercise of ownership by the Norwegian state; and retain personnel; risks related to implementing a new corporate insurance coverage; changes or uncertainty in or non-compliance with laws and governmental regulations; the actions of the Norwegian state as majority shareholder; failure to meet our ethical and social standards; the polities of Norway and other oil producing countries; non-compliance with internations; the actions of field partners; adverse changes in tax regimes; exchange rate and interest rate fluctuations; factors relating, supply and financial risk; general economic conditions; and other factors discussed elsewhere in this report. Additional information on factors that may affect Equinor's business, is contained in Equinor's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (including section 2.12 Risk review - Risk factors thereof). Equinor's 2020 Annual Report and Form 20-F is available at Equinor's website www.equinor.com.

Prices used in this presentation material are given in real 2021 value, unless otherwise stated. Forward looking cash-flows are in nominal terms. Break-evens and NPV's are in real 2022 terms and are based on life cycle cash-flows from Final Investment Decision dates. We also confirm that we have obtained approval from independent Project Analysis (IPA), International Energy Agency (IEA), BloombergNEF and Wood Mackenzie to publish data referred to on slides in this presentation.

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 Form 20-F, SEC File No. I-15200. This form is available on our website or by calling 1-800-SEC-0330 or logging on to www.sec.gov.