Equinor

Investor Presentation • Feb 10, 2021

4th Quarter and full year 2020 results

Anders Opedal

President and Chief Executive Officer

10 February, 2021

Forward-looking statements

This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "ambition", "continue", "intend", "intend", "intend", "intely", "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, including with respect to the Covid-19 in impacts, consequences and risks; Equinor's response to the Covid-19 pandemic, including measures to protect people, operations and value creation, operating costs and assumptions; the commitment to develop as a broad energy company, the ambition to be a net-zero energy company by 2050; future finance, including cash flow and liquidity; accounting policies; production cuts, including their impact on the level and timing of Equinor's production; plans to develop fields; the climate action plan announced by the Norwegian government; market outlook and future economic projections and assumptions; including commodity price assumptions; organic capital expenditures through 2022; intention to optimise and mature its portfolio; estimates regarding exploration to keep unit of production cost in the top quartile of its peer group; scheduled maintenance activity and the effects on equity production and results of acquisitions and disposals; expected amount and timing of dividend payments; 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 particular in light of recent significant ail price volatility triggered, among other things, by the changing dynamic among OPEC + members and the uncertainty regarding demand created by the Covid-19, evels and calculations of reserves and material differences from reserves estimates; unsuccessful dirilling; operational problems; health, safety and environmental risks, natural disasters, adverse weather conditions, climate changes to business conditions; the effects of climate change; regulations on hydraulic fracturing; security breaches of our digital infrastructure (cybersecurity); ineffectiveness of crisis management systems; the actions of counterparties and

competitors; the development and use of new technology, particularly in the renewable energy sector; inability to meet strategic objectives; the difficulties involving transportation infrastructure; political and social stability and economic growth in relevant areas of the world; an inability to attract and retain personnel; inadequate insurance coverage; changes or uncertainty in or non-compliance with laws and governmental regulations of the Norwegian state as majority shareholder; failure to meet our ethical and social standards; the political and economic policies of Norway and other oilproducing 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, 2019, filed with the U.S. Securities and Exchange Commission 2.11 Risk review - Risk factors thereof). Equinor's 2019 Annual Report and Form 20-F is available at Equinor som. 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 assume responsibility for the accuracy and completeness of these forwardlooking 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, whether them either conform to actual results or changes in our expectations or otherwise.

We use certain terms in this document, such as "resources" that the SEC's rules prohibit us from including in our flings with the SEC. U.S. investors are urged to closely consider the disclosures in our Form 20-F, 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.

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. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this report, either to make them conform to actual results or changes in our expectations.

Forceful response to market turmoil in 2020 Strong position to deliver competitive value creation Strategy process towards Capital Markets Day in June

Serious Incident Frequency - SIF

Serious incidents per million work-hours

Total Recordable Injury Frequency - TRIF

Total incidents per million work-hours

Serious oil and gas leakages

Number of leakages with a rate above 0.1 kg/second

2020

Delivering strong improvements

High value

Forceful response to strengthen financial resilience

3.7 Billion USD Total savings

11 Billion USD Cash flow from operations after tax

Before changes in working capital.

12 Cents Fourth quarter cash dividend

Subject to approval at the Annual General Meeting.

Low carbon

Strong progress on emissions reductions and growth in renewables

8.0 Kg per boe CO2 intensity

Equinor operated 100%

0.5 GW Renewables capacity in production

Assets in operation. Equinor share.

O.O.3

Percent Methane intensity

Includes Equinor's total operated methane emissions divided by operate marketed gas. 100% basis.

6.5 GW Renewables capacity in development

Sanctioned projects and non-sanctioned with contract awarded. Equinor share.

Improved UPC 2021 target achieved in 2020

5 Percent Unit production cost

Compared to 2019.

l

Reduction in capex

lmprovements and capital discipline to strengthen competitiveness

9-10

Billion USD Capex 2021-22

Annual average at 9.0 USD/NOK.

Strong cash flow outlook

Capacity to be cash break-even at 30 USD/bbl before capital distribution

~ 6 Billion USD Free cash flow 2021 @50 USD per bbl

After tax before working capital and capital distribution. Proceeds from Bakken divestment not included.

Creating value as a leader in the energy transition

• Optimise oil and gas portfolio to enhance value creation
• Accelerate profitable growth in renewables
• Develop low-carbon solutions and value chains

Optimising the oil and gas portfolio

Strong operational performance

• · Johan Sverdrup production beyond expectations
  • · Phase 1 payback achieved
• · Snorre Expansion delivered below cost and ahead of schedule
• · Increased value creation on late-life fields NCS

Improving project portfolio

• · Focused international portfolio
• Divesting Bakken asset

Temporary tax regime on NCS

· Sustained high activity level

Projects to be sanctioned 2021-22

Volume weighted.

3.9 Billion USD Net present value

After tax, based on 50 USD/bbl

~10 USD per bbl Improvement on break-even on NCS projects within temporary tax regime

10 February 2021

Accelerating profitable growth in renewables

• Progressing and partnering in US wind
• Dogger Bank sanctioning, financial close and farm down
• Starting construction at . Hywind Tampen

163

Million USD Net income from equity accounted investments 12 Billion USD Capital gains from divestments

For transactions entered in 2020.

1,662 GWh

Power generation

Equinor share.

3.2

Billion USD Investment decisions within renewables, CCS and electrification in 2020

Developing low-carbon solutions

• · Construction started for commercial CO2 transport and storage at Northern Lights
• Progressing Hydrogen to Humber Saltend UK
• Entering green hydrogen project, joining North H2 in the Netherlands

Outlook

	Outlook
Annual organic capex		2021-22 9-10 Billion USD 1
Exploration activity		2021 ~ 0 . 9 Billion USD 1.2
Production growth 5	2020-21	ิโ	Percent
	2020-26	ﻪ ﺩﺭ	Percent, CAGR

1. Based on 9.0 USD/NOK, compared to 11 at 1Q 2020 guiding. 2. Excluding field development costs. 3. 2020 production rebased for portfolio measures.

4th Quarter 2020 results

Svein Skeie

Chief Financial Officer

10 February, 2021

2020 Highlights

Forceful response to market turmoil in 2020

• · USD 3 billion action plan launched in March, delivered more than 3.7 billion
• · Organic capex at USD 7.8 billion, well below initial guiding
• 5% UPC reduction a year ahead of schedule
• · 2.4% production growth1 in 2020, capturing higher gas prices

Strong position to deliver competitive value creation

• · Free cash flow before capital distribution of USD ~6 billion ² in 2021 at 50 USD/bbl
• · Annual capex at USD 9 10 billion for 2021 and 2022, ~15% below previous indication
• · Continued improvements in projects, average break-even ~30 USD/bbl3

Strategy process towards Capital Markets Day in June

• · Ambition to be a net zero energy company by 2050
• · Optimising the oil and gas portfolio to enhance value creation
• · Accelerating profitable growth in renewables
• Developing new value chains for low carbon solutions

1. Rebased.

1. Proceeds from Bakken divestment not included.

3 Projects expected to be sanctioned in 2021 and 2022, volume weighted.

13 | 4th Quarter 2020

Financial results

• Group realised prices down YoY; Liquids 28%, European gas 5%, and North American gas 11%
• · Adjusted opex and SG&A down 13% in 4Q
• Optimising the oil and gas portfolio .
  • Impairments related to Tanzania LNG and Bakken in the USA
  • Transferred exploration obligations in Russia
• · Refinery asset impaired due to lower margin outlook
• · Adjusted tax rate of 173%, mainly due to write downs in areas with no or low tax protection

	E&P Norway challenging environment 11% reduction in underlying opex and SG&A1 Increased production	- High production efficiency in a capacity at Johan Sverdrup	E&P International Impairment of Tanzania LNG of USD 1 billion opex and SG&A1 Brazil results impacted by maintenance on Peregrino	18% reduction in underlying	E&P USA Material capex reduction 16% reduction in underlying opex and SG&A1 - Net cash flow positive		MMP	Strong trading results from gas to Europe Low refinery margins Impact from production shut in at Hammerfest LNG plant		Other High availability on renewable assets Negative result in NES, impact from high activity Net income from equity accounted investments in NES of USD 21 million
Million USD	Pre tax	After tax	Pre tax	After tax	Pre tax	After tax	Pre tax	After tax	Pre tax	After tax
4Q' 20	1,841	707	(1,215)	(1,178)	(172)	(172)	352	137	(49)	(48)
4Q 19	2,738	759	192	79	54	55	524	291	41

1. Adjusted for currency, royalty and portfolio changes.

15 | 4th Quarter 2020

10 February 2021

2020 Oil and gas production and reserves

• · 2.4% rebased production growth
• Successful ramp up on Johan Sverdrup
• · Snorre Expansion on stream
• · Capturing value from increasing gas prices

Equity volumes

mboe/d

5 Percent Reserve replacement ratio (RRR)

Proved SEC reserves. Preliminary numbers.

95 Percent Three-year average RRR

Proved SEC reserves. Preliminary numbers.

7.4 Years R/P SEC reserves

Proved SEC reserves divided by entitlement production. Preliminary numbers.

A strong renewable portfolio

• High availability on producing assets
• · High production as expected in the fourth quarter

1. FY 2019 is adjusted for divestment in Arkona.

17 | 4th Quarter 2020

Strategic progress and important milestones

• Financial close and FID of Dogger Bank A and B. Farm down of 10% for GBP 202.5 million 2
• · Awarded offtake agreements for Empire Wind II and Beacon Wind I, ~2.5 GW

• Regulatory framework in Poland signed into law. Baltyk II and III eligible for CfD3 round

• Closing expected 1Q 2021. 3. Contract for Difference.

10 February 2021

Positive cash flow

• Net positive cash flow of USD 1.4 billion in 4Q, and positive for the full year
• Net NCS tax in 4Q of USD 393 million
• USD 550 million payment for KGN acquisition .
• · USD 500 million pre-payment receipt on US wind deal
• · Organic capex of USD 7.8 billion for 2020
• Stable adjusted net debt ratio at 31.7%

2020 YTD Cash flow Million USD

1. Income before tax -4,259 + non-cash adjustments 18,304.

2. 1. Dividend 2,330 + share buy backs in the market 58 + government share of buy backs 1,001.
3. 1. Including the proceeds from divestment of Lundin shares of USD 332 million.

Outlook

	Outlook
Annual organic capex		2021-22 9-10 Billion USD 1
Exploration activity		2021 ~ 0 . 9 Billion USD 1.2
	2020-21	ิโ	Percent
Production growth 3	2020-26	5	Percent, CAGR

1. Based on 9.0 USD/NOK, compared to 11 at 1Q 2020 guiding. 2. Excluding field development costs. 3. 2020 production rebased for portfolio measures.

4th Quarter 2020 results

Svein Skeie

Chief Financial Officer

10 February, 2021

Segment results

Adjusted earnings Pre tax, Million USD	E&P Norway	E&P International	E&P USA	MMP	Other
4Q' 20	1,841	(1,215)	(172)	352	(49)
4Q, 19	2,738	192	54	524	41
IFRS NOI Pre tax, Million USD
4Q' 20	1,803	(1,376)	(559)	(480)	(75)
4Q, 19	1,476	રેરે	7	360	211
		Excludes E&P USA

Long term debt maturity profile

■USD ■GBP ■EUR ■NOK

Sensitivities¹ – indicative effects on 2021 results

1. Based on USD/NOK of 9.00.

23 | 4th Quarter 2020

10 February 2021

2021-2022 Investing for profitable growth

• ~50% in Norway (NO)
• · ~60% in operated assets
• ~50% in new assets
• ~90% in upstream

Proved reserves and total recoverable resources

1. Including 1.3 bn boe related to the Tanzania LNG project. 2. Bakken asset is included in the proved reserves and resources.

5 Percent Reserve replacement ratio (RRR)

Proved reserves (SEC).

7.4 Years R/P

Proved reserves (SEC) divided by entitlement production.

95 Percent RRR Three year average

Proved reserves (SEC).

24 Years R/P

Total recoverable resources divided by equity production.

51 Percent Liquid share of total resources

72 Percent OECD share of total resources

Investor Relations in Equinor

E-mail: irpost@equinor.com

Investor Relations Europe
Peter Hutton	Senior Vice President	phutt@equinor.com	+44 788 191 8792
Lars Valdresbråten	IR Officer	lava@equinor.com	+47 40 28 17 89
Erik Gonder	IR Officer	ergon@equinor.com	+47 99 56 26 11
lda Marie Fjellheim	IR Officer	idfj@equinor.com	+47 90 50 92 91
Fan Gao	IR Officer	fgao@equinor.com	+44 777 191 8026
Dennis Arthur	IR Officer	dear@equinor.com	+44 782 527 5429
Anne Sofie Dahle	Senior Consultant	asda@equinor.com	+47 90 88 75 54
Investor Relations USA & Canada
Helge Hove Haldorsen	Vice President	hehh@equinor.com	+1 281 224 0140