Slide 1: Second quarter 2025 Results presentation
Second quarter 2025 Results presentation 22 July 2025
Slide 2: Today's presenters
Today’s presenters Nick Walker Carlo Santopadre Ida Marie Fjellheim CEO CFO VP Investor Relations 1
Slide 3: Second quarter 2025 highlights
Second quarter Production on-track for the mid-point of full year guidance • Jotun FPSO successfully on stream, peak expected during September 2025 highlights • Johan Castberg producing at plateau • Current production above 350 kboepd • Major turnarounds completed by end July Production Production c
Slide 4: Maintaining resilience in volatile markets
Maintaining resilience in volatile markets Resilience Refinanced High gas prices High flexibility Reduced spend ~40 5.2 90 65 ~500 USD per boe USD billion USD per boe Percent USD million Free cash flow strengthened ~20% volumes for capex uncommitted1 in 2025/2026 neutral, 2025-2030 financial capacit
Slide 5: 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 Florø 6 operated
Slide 6: Delivering significant production growth
Delivering significant production growth kboepd ~100% ~430 ~400 330-360 9 new projects 280 213 Base 2023 2024 2025 guidance Q4 2026E 2025 Gas 37% 36% ~30% ~30% share 5 Photo: Jotun FPSO moored at field
Slide 7: On track to meet 2025 guidance
On track to meet 2025 guidance Production outlook >350 kboepd Upper range Current production² kboepd Lower range 288 272 330-360 kboepd Full-year guidance unchanged ~430 kboepd Expected production in Q4 2025 Q1 25 Q2 25 Q3 25 Q4 25 32% 95% 4 of 9 Projects on-stream Gas share Q2 Production efficiency
Slide 8: Jotun FPSO started up
Jotun FPSO started up 80 kboepd Peak production1 150 mmboe 2P reserves1 ~5 USD/bbl Production cost2 Adding 45 – 50 mmboe1 Successful start-up Peak production Balder phase V start-up Q4 2025 June 2025 Expected during September Balder phase VI start-up Q4 2026 Photo: Jotun FPSO moored at field, 1. Gro
Slide 9: Johan Castberg at plateau
Johan Castberg at plateau 220 kboepd Plateau production2,3 450-650 mmboe Recoverable reserves2,3 ~4 USD/bbl Production cost First oil March 2025 Infill drilling from 2027 Isflak FID1 by end 2025 Drivis Tubåen discovery 9-15 mmboe2,3 250-550 mmboe Additional unrisked recoverable resources2,3 1. Final
Slide 10: Continuous operational improvement
Continuous operational improvement Serious incident frequency Opex per boe Production efficiency Incident per million hour1 USD/boe2 Percent3 Zero actual serious incidents Long term target ~10 1. SIF: Number of incidents with actual or potential serious consequence per million hours worked. 12 month
Slide 11: Becoming carbon neutral by 2030
Becoming carbon neutral by 2030¹ Carbon emissions intensity Near Zero methane intensity4,5 kg CO2 /boe2 <0.20% 17 10 10 <6 0.02% Inclusion in Global 2024 1H 2025 2030 target OGCI Vår Energi 1H 2025 OSEBX ESG index average3 2025 target 1. Net equity operational emissions 2. Equity share Scope 1 3. So
Slide 12: 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 13: 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 14: Fram Sør
Fram Sør Subsea tieback to Troll C delivering high value barrels 57 kboepd Peak production2 116 mmboe Recoverable reserves2 2.2 USD billion Capex2 First oil More than 200 mmboe potential in <8 USD per boe Production cost End 2029 the area for future developments1 1. Gross unrisked additional recover
Slide 15: Balder Phase VI
Balder Phase VI 18 months from sanction to production <35 USD/bbl Break-even price >35 percent Internal rate of return 15 mmboe Recoverable reserves3 First oil Balder Next maturing towards FID1,2 260 USD million End 2026 70-80 kboepd towards 20303 Capex3 1. Balder Next consists of the Balder Floatin
Slide 16: Leading exploration results
Leading exploration results Drivis Tubåen Tie-back to Johan Castberg 9-15 mmboe 4,5 3 commercial discoveries 1 Goliat Ridge 2 appraisal wells 2025 >200 mmboe 4,6 potential 40-60 mmboe net discovered resources 2 Vidsyn Ridge Tie-back to Njord/Fenja 9 wells remaining targeting >110 mmboe 3 Up to 100 m
Slide 17: Financial highlights
Financial highlights 70 USD per boe 766 USD million weighted average realised price CFFO after tax 300 USD million 1.5 USD billion Dividend Q2 confirmed Successful issuance of senior notes 3.5 USD billion 0.9x Available liquidity1 Leverage ratio2 1. Cash, cash equivalents and undrawn facilities 16 2
Slide 18: Robust realised prices
Robust realised prices Total petroleum revenues Locked-in high gas prices in summer 2025 USD million 92 USD per boe² 25% of gas volumes for Q2 2025 90 USD per boe² 18% of gas volumes for Q3 2025 Realised prices USD per boe ~70 USD/boe Average realised price Q2 20251 1. Volume weighted 17 2. Contract
Slide 19: Solid cash flow generation
Solid cash flow generation CFFO and Capex 3.5 USD million 3.0 766 USD million 2.5 1 322 Q2 2025 cash flow from operations (CFFO) 2.0 1.5 2.3-2.5 USD billion 773 766 761 711 595 1.0 2025 development capex guidance maintained 0.5 0.0 Q1 2024 Q1 2025 Q2 2025 CFFO Capex1 1. Including expenditures on pro
Slide 20: Strong liquidity and financial position
Strong liquidity and financial position USD 3.5 Cash flow development Q2 2025 USD million billion 3.5 USD billion Available liquidity Undrawn ~5 years credit facilities (118) Average debt maturity1 1 388 (504) 356 766 16 (300) (781) Diversified long-term capital 661 718 structure aligned with busine
Slide 21: Strengthened financial position
Strengthened financial position Net interest-bearing debt and leverage ratio1 Maturity profile USD billion 1 USD million Successfully refinanced 13 5.2 USD billion 0.9x 12 0.9 0.8x 0.8x 11 0.8 10 with reduced cost4 0.7 9 8 Expected 0.6 7 leverage ratio 5.8 5.8 5.7 trajectory 0.5 5.2 1750 6 1000 4.3
Slide 22: Cash tax sensitivities
Cash tax sensitivities Tax payments – sensitivities for 1H 20261 USD million² 1 800 1 600 1 400 ~13 NOK billion 2H 2025 tax payments 1 200 (USD ~1.2 billion)2 1 000 800 Taxes paid in 1H 2026 related to 600 2025 results 400 $80/90 boe oil/gas price $70/80 boe oil/gas price 200 $60/70 boe oil/gas pric
Slide 23: 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 Q3 Dividend for Q2 of USD ~0.12 per 300 share to be paid 26 August 2025 2022 2023 2024 20252 2026 Longer-term 1. Illustrative 22 2
Slide 24: 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 25: Delivering strong results
Delivering strong results Key growth projects delivered Production expected at the mid-point of full year guidance Demonstrating growth and unlocking future value Strengthened and more resilient financial position Delivering predictable and attractive dividends 24
Slide 26: Exploration program 2025
Exploration program 2025 Barents Sea Pre-drill Estimated 8 wells 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 % 15-43 Discovery
Slide 27: 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