Slide 1: First quarter 2026 Results presentation
First quarter 2026 Results presentation 22 April 2026
Slide 2: First quarter 2026 highlights
First quarter Record high production • First quarter production of 406 kboepd 2026 highlights • Strong performance on operated assets with 97% production efficiency Strong financial performance • Significant cash flow from operations of USD 1.1 billion Production Production cost • Leverage ratio red
Slide 3: A leading pure play E&P
A leading pure play E&P Barents Sea Hammerfest One of the largest producers in Norway • High quality portfolio • Diversified asset base • Balanced commodity mix Interests in Liquid share2 Norwegian Sea ~190 licences ~1/3rd operated ~50% ~65% of all fields1 North Sea Florø 42 fields 6 operated Oslo B
Slide 4: Q1 production in line with guidance
Q1 production in line with guidance Production outlook 2026 kboepd Upper range Lower range 390-410 kboepd Full-year guidance Planned turnarounds impacting Q2 and Q3 4 project ~60 start-ups2 wells3 30% 97% Gas share Q1 Production efficiency year to date1 1. Vår Energi operated assets, incl. planned t
Slide 5: Continuous improvement
Continuous improvement Serious incident frequency Carbon emissions intensity Incident per million hours1 kg CO2 /boe3 1.0 0.9 17 Zero 12 10 9.9 8.1 0.4 actual serious Target 0.3 incidents in carbon neutral 0 2025/26 by 20304 2022 2023 2024 2025 Q1 20262 Global 2023 2024 2025 Q1 2026 average5 Product
Slide 6: Developing a material resource base
Developing a material resource base ~1 ~3 ~60% billion boe1 10-15 resource 0.9 exploration base wells per year yet to be developed >30 1.3 early phase projects 15 projects in execution 2P reserves2 2C resources3 Prospective resources4 1. Net 3. Year-end 2025 2C contingent resources, net 6 2. 2025 An
Slide 7: Higher production for longer
Higher production for longer Production outlook kboepd1 Exploration + Long-term target additional 2C2 400 3P reserves3 >400 kboepd Improved recovery Current Projects in execution 200 forecast4 Early phase projects Exploration M&A 1. Net 2. Net risked exploration resources and net 2C resources not in
Slide 8: ~290 mmboe high value projects in execution
15 high value projects Barents Sea Goliat Gas Export in execution Johan Castberg Isflak Johan Castberg IOR5 Snøhvit Onshore Compression Norwegian Sea Mikkel FCU6 Njord power from shore ~290 mmboe ~3 USD/boe North Sea9 Ekofisk PPF7 2P reserves1 Average unit operating cost2 Eldfisk North Extension Fra
Slide 9: Goliat Gas Export sanctioned
Goliat Gas Export sanctioned Extending lifetime and unlocking future area developments Developing 2P reserves 112 mmboe1 Enabler for the Goliat Ridge development >200 mmboe2 Additional potential Reducing unit Project Project Goliat lifetime sanctioned on stream extended operating costs Q1 2026 2029
Slide 10: ~500 mmboe flexible and high return early phase projects
Barents Sea Flexible and high return Norwegian Sea Goliat Ridge Goliat Gas Export Johan Castberg Snøfonn/Skavl early phase projects Snøhvit subsea compression Vidsyn Johan Castberg cluster 2 Njord Northern area/Noatun Polynya Hyme Bauge LPP4 Heidrun Extension Project Tyrihans North Åsgard A ULP5 Fog
Slide 11: Leading exploration results
Leading exploration results 2026 program 3 commercial discoveries 7 wells remaining Polynya Tie-back to Johan Castberg Omega Sør Tie-back to Snorre Target sanction in 2026 Consistent success 2021-2026 Frida Kahlo ~290 ~45% >70% Tie-back to Sleipner Expected start-up Q2 2026 mmboe 2C resource Success
Slide 12: Strong financial results
Strong financial results 77 USD per boe 1.1 USD billion Weighted average realised price CFFO after tax 3.5 USD billion 0.7x Available liquidity1 Leverage ratio2 475 USD million 300 USD million Free cash flow Dividend Q1 and Q2 2026 guidance³ 1. Cash, cash equivalents and undrawn facilities 2. Net in
Slide 13: Robust realised prices
Robust realised prices Total petroleum revenues Premium differentials to Brent to be reflected in Q2 USD million 2026 realised oil prices ~130 USD per boe average realised price first five cargoes lifted in April ~84 USD per boe ~30% of gas volumes for remainder of 20262 Realised prices USD per boe
Slide 14: Material cash flow generation
Material cash flow generation 3.5 CFFO and Capex USD million 3.0 1 057 USD million 2.5 1 322 1 285 Q1 2026 cash flow from operations after tax (CFFO) 2.0 1 057 1.5 2.5-2.7 USD billion 737 595 553 1.0 2026 development capex guidance maintained 0.5 0.0 Q1 2025 Q4 2025 Q1 2026 CFFO Capex1 14 1. Includi
Slide 15: Solid liquidity and financial position
Solid liquidity and financial position 3.5 Cash flow development Q1 2026 USD billion 3.5 USD billion USD million Available liquidity Undrawn ~5 years (525) credit facilities 2 222 (640) Average debt maturity1 1 057 (582) (192) 13 (300) Diversified long-term capital 700 696 structure aligned with bus
Slide 16: Strengthened financial position
Strengthened financial position Net interest-bearing debt and leverage ratio¹ Maturity profile USD billion USD million 13 12 1 11 0.9 0.8x 0.8x 10 0.8 9 0.7x 0.7 8 1750 7.3 0.6 7 6.6 6 5.8 0.5 5.3 5.2 5 4.6 0.4 1000 1000 4 0.3 ~810²,³ 750 3 0.2 1000 ~11502 2 750 0.1 ~7002 1 500 0 0 Q1 2025 Q4 2025 Q
Slide 17: Cash tax sensitivities
Cash tax sensitivities Tax payments, sensitivities for 2H 2026 USD million1,2 2 000 1 800 1 600 ~14 NOK billion 1 400 1H 2026 tax payments (USD ~1.4 billion)2 1 200 $90/90 boe oil/gas price 1 000 $80/80 boe oil/gas price 800 $70/70 boe oil/gas price 600 Taxes paid in 1H 2026 related to 2025 results
Slide 18: Capital allocation framework
Capital allocation framework Higher production Pay dividends for longer with more according to stated policy growth opportunities Additional shareholder High return distributions and short cycle projects deleveraging Maintain investment grade balance sheet 18
Slide 19: Long term attractive dividends
Long term attractive dividends Dividends Q2 2026 dividend guidance1 USD million 300 USD million Dividends to be guided on a quarterly basis Long-term dividend policy2 300 Q2 25-30% of CFFO after tax Q1 300 1 1. Each subject to a prior audited interim balance sheet with sufficient free equity and gen
Slide 20: 2026 guidance maintained
2026 guidance maintained Production 390-410 kboepd Production cost USD ~10 per boe Development USD 2.5-2.7 billion Capex Exploration USD 250-300 million Abandonment USD ~200 million Dividend Q1 and Q2 2026: USD 300 million1 20 1. Each subject to a prior audited interim balance sheet with sufficient
Slide 21: Delivering on our investment proposition
Delivering on our investment proposition Material Higher High value Resilient Long-term Total resource base production short cycle business attractive shareholder for longer investments returns return ~3 >400 <35 ~40 25-30% >170% billion boe1 kboepd USD/boe USD/boe CFFO after tax Long-term target Br
Slide 22: #4 Var energi
#4 Var energi
Slide 23: 2026 exploration program
Barents Sea 2026 exploration program 2 wells Pre-drill Vår Estimated unrisked Licence Prospect Operator Energi recoverable Status resources share resources1 mmboe1 Minor oil PL 124B Othello South Equinor 10 % discovery PL 027 Prince Updip Vår Energi 90 % Dry PL 1236 Vikingskipet Equinor 30 % Dry Nor
Slide 24: 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 specific issues. The Mater
Slide 25: #4 Var energi
#4 Var energi