Equinor — Investor Presentation 2014

Sep 12, 2014

high grade NCS portfolio 12 September 2014

Demonstrating value of NCS portfolio

• USD 1.3 billion consideration, including a USD 50 million contingent payment
• − Contingency is linked to Aasta Hansteen milestones
• Create value through portfolio adjustments
• − Maintain operatorship and a 51 % equity share in the strategic Aasta Hansteen gas development
• − Early monetisation on development projects
• − Exiting non-core assets on NCS
• − Farm-down exploration licences
• Reducing capex commitments
• ~ USD 1.8 bn for the period from the effective date until end of 2020
• Continue partnership with Wintershall on NCS
• − Wintershall joins Aasta Hansteen, a key gas development underpinning the next decade of Norwegian gas exports
• − AMI related to future licence rounds agreed
• − MoU on EOR research cooperation

A continuation of our value driven portfolio strategy

Capture value from field development projects

• Exit non-core Vega and Gjøa

• Transferring Vega operatorship to Wintershall, a core investor and operator in the region

• Early monetisation of Aasta Hansteen area development project

• Balancing equity share while maintaining operatorship
• Release of around 3 bn of capital in form Increase flexibility of upfront consideration and future capex

Strong track record of value creating transactions

Realised ~USD 20 bn in proceeds and delivered ~USD 10 bn in capital gains

Proceeds (USD bn), main divestments 2009-2014

1) * At effective date. Accounting gain expected within the range of USD 0.7-0.9 billion. Deal is subject to closing.

4 2) Proceeds based on transaction year