Equinor

Earnings Release • Jul 24, 2024

2nd quarter 2024 results

Torgrim Reitan

Chief financial officer

24 July 2024

Second quarter 2024 Highlights

Financial and operational performance

• − Continued strong operational performance
• − Solid financial results
• − Cashflow impacted by NCS tax payments and capital distribution

Strategic progress

• − New fields on stream on the NCS
• − Continued high-grading of oil and gas portfolio
• − Three new CCS license awards on the NCS and in Denmark

Delivering strong capital distribution

• − Ordinary cash dividend of USD 0.35 per share, and extraordinary dividend of USD 0.35 per share. Third tranche of the share buy-back of up to USD 1.6 billion
• − Expected total capital distribution in 2024 of USD 14 billion

7.5 BN USD Adjusted operating income

BN USD Net income

1.9

Year-to-date Cashflow from operations after tax

7.7

BN USD

Adjusted earnings per share

USD

0.84

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 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.

Equity production 2Q 2024

Oil and gas

• − Strong production and operational performance on the NCS supported by Troll and Oseberg and ramp up of new fields
• − Contribution from the Buzzard field in the UK and new wells partly offset by lower production in the US

Oil and gas production mboe/d

Power

• − Renewable production increase mainly driven by onshore power plants in Brazil and Poland
• − Increased offshore wind production
• − Full production from Dogger Bank A expected during first half of 2025

Highlights

• − Increase in European gas prices during the quarter, lower average than 2Q last year
• − E&P Norway results driven by strong production
• − Solid international E&P results
• − MMP results driven by European piped gas and strong LNG trading
• − Renewables assets in operation contributed USD 41 million in adjusted operating income

Realised prices		2Q24		2Q23
Liquids (USD/bbl)		77.6		70.3
European gas (USD/mmbtu)		9.94		11.46
N. American gas (USD/mmbtu)		1.53		1.46
Adjusted operating income		2Q24		2Q23
	Pre-tax	Post-tax	Pre-tax	Post-tax
E&P Norway	6,129	1,364	6,213	1,413
E&P Int	699	474	797	436
E&P US	264	192	226	173
MMP	521	237	665	337

REN (90) (85) (84) (77)

Group 7,482 2,153 7,799 2,309

• Final two NCS tax instalments for 2023 of USD 7 billion
  • 3Q24: One NCS tax instalments of NOK 31.3 billion ¹
• − Significant capital distribution of USD 2.5 billion
• − Organic capex USD 2.9 billion
• − Strong balance sheet with cash, cash equivalents and financial investments of USD 32 billion
• Net debt ratio of negative 3.4%2
  • Reflects 3Q24 payment of State's share buy-back of USD 4 billion

Cash flow (USD million)	2Q24	Year to date 24
Cash flow from operations3	9,748	19,437
Total taxes paid	(7,850)	(11,700)
Cash flow from operations after tax4	1,898	7,737
Capital distribution5	(2,470)	(5,668)
Cash flow to investments6	(3,700)	(6,393)
Proceeds from sale of assets	50	110
Net cash flow	(4,222)	(4,214)

1.	Based on estimated 2024 financial year earnings
2.	Adjusted, excluding IFRS 16 impact	4. Excludes changes in working capital
3.	CFFO from year to date: Income before tax USD 15.5 billion + non-cash	5. Cash dividend, extraordinary dividend, share buy-back executed in the market
	items USD 3.9 billion and excludes changes in working capital items	6. Including inorganic investments and increase/decrease in other interest-bearing items

Forward-looking statements

This report contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "ambition", "continue", "could", "estimate", "intend", "expect", "believe", "likely", "may", "outlook", "plan", "strategy", "will", "guidance", "targets", and similar expressions to identify forward-looking statements. 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 and diversify its energy mix; the ambition to be a leading company in the energy transition and reduce net group-wide greenhouse gas emissions; our ambitions and expectations regarding decarbonisation and building a profitable business for a future fit low carbon energy system; 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 transition plan; expectations regarding cash flow and returns from Equinor's oil and gas portfolio, CCS projects and renewables and low carbon solutions portfolio; our expectations and ambitions regarding operated emissions, annual Co2 storage and carbon intensity; plans and expectations regarding development of fields and projects; expectations, plans and ambitions for renewables production capacity, power generation and Co2 transport and storage and investments in renewables and low carbon solutions, and the balance between oil and gas and renewables production; expectations and plans regarding development of renewables projects, CCUS and hydrogen businesses and production of low carbon energy and CCS; our intention to optimise our portfolio; break-even considerations, targets and other metrics for investment decisions; future worldwide economic trends, market outlook and future economic projections and assumptions, including commodity price, currency and refinery assumptions; estimates of proved reserves; organic capital expenditures through [2024]; expectations and estimates regarding production and development and execution of projects; estimates regarding oil and gas production and renewable power generation; 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; completion and results of acquisitions, disposals, divestments and other contractual arrangements and delivery commitments; expectations regarding capital distributions, including expected amount and timing of dividend payments and the implementation of our share buy-back programme; provisions and contingent liabilities, obligations or expenses; and expected impact of currency and interestrate fluctuations. 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 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; unfavourable macroeconomic conditions and inflationary pressures; exchange rate and interestrate 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 and the conflict in the Middle East; failure to prevent or manage digital and cyber disruptions to our information and operational technology systems and those of third parties on which we rely; operational problems, including cost inflation in capital and operational expenditures; unsuccessful drilling; availability of adequate infrastructure at commercially viable prices; 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 lowcarbon value chains; liquidity, interest rate, equity and credit risks; risk of losses 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 to personnel, assets, infrastructure and operations from hostile or malicious acts; failure to meet our ethical and social standards; non-compliance with international trade sanctions; and other factors discussed elsewhere in this report and in Equinor's Integrated Annual Report for the year ended December 31, 2023 (including section 5.2 - Risk factors thereof). Equinor's 2023 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 ourfuture 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 actualresults or changes in our expectations.

We use certain terms in this document, such as "resource" and "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, 2023, SEC File No. 1-15200. This form is available on our website or by calling 1-800-SEC-0330 orlogging on to www.sec.gov

CONTACT INFORMATION

Investor Relations in Equinor

E-mail: irpost@equinor.com

Norway/UK

Bård Glad Pedersen	Senior Vice President	bgp@equinor.com	+47 91 80 17 91
Lars Valdresbråten	IR Manager Norway	lava@equinor.com	+47 40 28 17 89
Ingvar Egeland	IR Manager UK	ineg@equinor.com	+44 7561 854176
Erik Gonder	IR Officer	ergon@equinor.com	+47 99 56 26 11
Nora Callander	IR Officer	norc@equinor.com	+47 98 65 66 39
Kristjan Osaland	IR Graduate	kosal@equinor.com	+47 41 35 97 44
Anne Sofie Dahle	Senior Consultant	asda@equinor.com	+47 90 88 75 54
Fan Gao (parental leave)	IR Officer	fgao@equinor.com	+44 7771 918026
USA
Amberley Doskey	IR Manager US	amlev@equinor.com	+1 617 216 4385
Nate Mital	IR Officer	nmita@equinor.com	+1 469 927 5677

Appendix

Segment results 2Q 2024

Adjusted operating	E&P Norway		E&P International		E&P USA		MMP		REN
income Million USD	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax	Pre-tax	Post-tax
2Q 24	6,129	1,364	699	474	264	192	497	237	(90)	(85)
2Q 23	6,213	1,413	797	436	226	173	665	337	(84)	(77)
Net operating income Million USD
2Q 24	6,129		699		264		497		(90)
2Q 23	6,200		776		204		150		(91)