Slide 1: Third quarter 2025 Results presentation
Third quarter 2025 Results presentation 21 October 2025
Slide 2: Third quarter 2025 highlights
Third quarter Production milestones met ahead of schedule 2025 highlights • Average fourth quarter production expected ~430 kboepd • Jotun FPSO reached peak production in September • Adding ~180 kboepd at peak from new projects in 2025, 7 out of 9 on stream • Derisked outlook with key projects deliv
Slide 3: A leading pure-play E&P
A leading pure-play E&P Barents Sea Hammerfest 3rd largest oil and gas producer in Norway ▪ High quality portfolio ▪ Diversified asset base ▪ Interests in ~50% of all producing assets ~190 licences Norwegian Sea ~1/3rd operated ▪ Balanced commodity mix, ~30% gas1 North Sea 42 fields 6 operated Florø
Slide 4: Transformational growth delivered
Transformational growth delivered kboepd +100% ~430 ~400 350 – 400 330-360 Towards 2030 9 new projects 280 213 Base 2023 2024 2025 Q4 2026E guidance 2025 3 Photo: Jotun FPSO moored at field
Slide 5: On track to meet 2025 guidance
On track to meet 2025 guidance Production outlook kboepd Upper range 370 kboepd Q3 2025 at top of expected range 370 Lower range 288 272 ~430 kboepd Expected production in Q4 2025 330-360 kboepd Full year expected at around Q1 25 Q2 25 Q3 25 Q4 25 mid-point of guidance 32% 92% Gas share Q3 Productio
Slide 6: De-risked production outlook
De-risked production 7 of 9 outlook Projects on stream in 2025 Production 2025 kboepd ~430 Barents Sea Johan Castberg Snøhvit Askeladd Vest Other Norwegian Sea Jotun Halten East FPSO Ormen Lange Ph. 3 Gjøa LLP1 Åsgard SSC1 phase 2 Åsgard LPP32 Johan Castberg Halten E Balder Area Base Jotun FPSO Bald
Slide 7: Jotun FPSO at peak production
Jotun FPSO at peak production 80 kboepd Peak production3 ~200 mmboe 2P reserves2,3 ~5 USD/bbl Production cost4 Peak production ahead of plan Balder Next maturing towards FID1 September 2025 70-80 kboepd towards 20303 1. Final Investment Decision 6 2. Volumes related to the Balder Future project, Bal
Slide 8: Johan Castberg at plateau
Johan Castberg at plateau 220 kboepd Plateau production2,3 95 % Production efficiency4 <3 USD/bbl Production cost4 Infill drilling from 2027 Isflak FID1 by end 2025 Drivis Tubåen discovery 9-15 mmboe2,3 ~1 billion boe reserves and resources2,3,5 1. Final investment decision 2. Operator’s estimate, g
Slide 9: Continuous improvement
Continuous improvement Serious incident frequency Carbon emissions intensity Incident per million hours1 kg CO2 /boe2 1.0 17 0.7 12 10 10 0.4 Zero Target 0.3 actual serious carbon neutral incidents in 2025 by 20303 2022 2023 2024 Q3 2025 Global 2023 2024 YTD average5 2025 Production efficiency Opera
Slide 10: Developing a material resource base
Developing a material resource base ~3 ~1 billion boe1 Drill-out ~50% ~20 exploration resource base 0.9 ~60% next wells in 2025 4 years ~30 yet to be developed >10 project 1.2 early phase projects sanctions in 2025 9 projects on stream in 2025 2P reserves2 2C resources3 Prospective resources4 1. Net
Slide 11: Flexible and resilient early phase project portfolio
Flexible and resilient early Barents Sea Goliat Ridge Goliat Gas phase project portfolio Johan Castberg Isflak Johan Castberg cluster 1 & 2 Johan Castberg IOR4 Snøhvit SSC5 Norwegian Sea Calypso Heidrun Extension Project Njord Northern area Tyrihans North North Sea Åsgard projects Beta and Dugong Mi
Slide 12: Leading exploration results
Goliat Ridge Leading exploration results >200 mmboe potential 2,3 5 commercial discoveries in 2025 40-70 mmboe net discovered resources4 7 wells remaining in 2025 5 Vidsyn Ridge Consistent success 2019-20251 Up to 100 mmboe potential 2,6 ~300 ~50% >70% mmboe 2C resource Success rate in production or
Slide 13: Financial highlights
Financial highlights 68 USD per boe 1.2 USD billion weighted average realised price CFFO after tax 3.6 USD billion 0.9x Available liquidity1 Leverage ratio2 300 USD million Dividend Q3 confirmed 1. Cash, cash equivalents and undrawn facilities 12 2. Net interest-bearing debt excluding lease commitme
Slide 14: Robust realised prices
Robust realised prices Total petroleum revenues USD million ~6 USD per boe Premium to spot gas prices achieved Q3 2025 78 USD per boe² 15% of gas volumes sold in Q4 2025 Realised prices USD per boe 68 USD/boe Average realised price Q3 20251 1. Volume weighted 13 2. Contracted fixed price based on av
Slide 15: Solid cash flow generation
Solid cash flow generation CFFO and Capex 3.5 USD million 3.0 1 234 USD million 2.5 1 310 Q3 2025 cash flow from 1 234 operations (CFFO) 2.0 1.5 2.3-2.5 USD billion 766 761 718 726 1.0 2025 development capex guidance maintained 0.5 0.0 Q3 2024 Q2 2025 Q3 2025 CFFO Capex1 1. Including expenditures on
Slide 16: Strong liquidity and financial position
Strong liquidity and financial position USD 3.6 Cash flow development Q3 2025 3.6 USD billion billion USD million Available liquidity (4) Undrawn ~5 years credit facilities (531) 1 770 Average debt maturity1 1234 (740) (74) 2 (300) 840 Diversified long-term capital 718 structure aligned with busines
Slide 17: Strengthened financial position
Strengthened financial position Net interest-bearing debt and leverage ratio1 Maturity profile USD billion USD million 13 1 0.9x 0.9x 12 0.9 11 0.8 10 0.7x 0.7 9 8 Expected 0.6 7 leverage ratio 6.0 5.9 0.5 5.7 trajectory 1750 6 5.2 5.1 1000 0.4 5 4.2 ~11702 1000 4 0.3 ~810²,³ ~7002 750 3 0.2 2 1000
Slide 18: Cash tax sensitivities
Cash tax sensitivities Tax payments – sensitivities for 1H 20261 USD million² 1 400 1 200 ~8 NOK billion 1 000 Q4 2025 tax payments (USD ~0.8 billion)2 800 600 Taxes paid in 1H 2026 related to 2025 results 400 $75/80 boe oil/gas price 200 $70/75 boe oil/gas price $65/70 boe oil/gas price 0 Q3 2025 Q
Slide 19: Attractive and predictable dividends
Attractive and predictable dividends Dividends USD million Dividend guidance 2025 and 2026 1 075 1 080 1 080 1 200 Q4 1 200 25-30% of CFFO after tax¹ 1.2 USD billion 300 Dividend for Q3 of USD ~0.12 per share to be paid 25 November 2022 2023 2024 20252 2026 Longer-term 1. Illustrative 18 2. Remainin
Slide 20: Guidance and outlook
Guidance and outlook 2025 Longer-term 330-360 kboepd 2026: ~400 kboepd Production Q4 2025: ~430 kboepd 2027-2030: 350-400 kboepd Production cost USD 11-12 per boe, USD ~10 per boe in Q4 Sustain USD ~10 per boe¹ 2026-30: USD 2.3-2.5 billion ex. exploration and abandonment USD 2-2.5 billion ex. explor
Slide 21: Transformational growth delivered
Transformational growth delivered Production milestones met ahead of schedule Solid financial performance Pipeline of new projects for long term value creation Delivering predictable and attractive dividends 20
Slide 22: Exploration program 2025
Exploration program 2025 Barents Sea 8 wells Pre-drill Estimated Vår unrisked recoverable Licence Prospect Operator Energi Status resources resources share mmboe1 mmboe1 PL 1131 Elgol Vår Energi 40 % Minor gas discovery PL 1110 Njargasas Aker BP 30 % Dry PL 229 Zagato Vår Energi 65 % 24-41 Discovery
Slide 23: Disclaimer
Disclaimer The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and