Slide 1: 2nd Quarter 2020 results
Ne > equinor 2°4 Quarter 2020 results Lars Christian Bacher Chief Financial Officer 24 July 2020
Slide 2: Second quarter 2020
Second quarter 2020 - Financial result impacted by Covid-19 and very low commodity prices - Strong trading results, capturing significant value in volatile markets - Solid operational performance and cost reductions - After tax result positively impacted by temporary changes in Norwegian offshore ta
Slide 3: Safety
Safety eee Serious incident frequency (SIF) Serious incidents per million work-hours: 14 11 149 oBmos 06 °° 06 94 0606 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 @2 2020* Total recordable injury frequency (TRIF) Total incidents per million work-hours a 38 38 BOMD7 27 28028 25... 2010 2011 201
Slide 4: Financial results
Financial results - Realised prices down ~60% for both liquids and gas - Ontrack to deliver cost reductions of ~USD 700 million in 2020 + Upstream costs down nearly 20% compared to Q2 2019 - Negative adjusted tax rate of 82.3 % mainly due to: + Temporary tax changes for NCS + Effects from temporary
Slide 5: Adjusted earnings
Adjusted earnings Million USD 2Q’ 20 2Q'19 Ww equinor ** E&P Norway ~ Underlying cost reduction ~ Gas transfer price reduced by ~80% ~ Effects from temporary tax changes for 1@ included in 20 Pre tox Alter tox (85) 323 2,351 672 E&P International ~ Lower production volumes - Lower operational costs
Slide 6: Equity production
Equity production Production growth of >4%, adjusted for portfolio changes and curtailments New fields and no offshore turnaround activity Deferring significant gas volumes to capture value 33% growth in liquids on NCS Oil and gas mboe/d 2,012 2,012 2,011 2,011 416 1192 22019 202019 22020 2.2020 Liq
Slide 7: Cash flow
Cash flow - Cash flow impacted by very low commodity prices - Two NCS tax installments in Q2 related to 2019 earnings + Second half will reflect temporary tax changes - Dividend related to Q3 and Q4 2019 - Organic capex of USD 4.1 billion - Net debt ratio of 29.3%! - Maintained strong credit rating
Slide 8: Outlook
equinor ** Outlook Organic capex ~ 8 5 bn USD! Exploration expenditure ~ 1 1 bn USD! Production growth 2019-2026 =~ 3 Percent, CAGR? 1. Based on USD/NOK exchange rate of 9.5, compared to II at 1@ 2020 guiding 2. Rebosed for portfolio measures 8 | byLars Christian Bacher, Chief Financial Officer ‘ 24
Slide 9: 2nd Quarter 2020 results
Ne > equinor 2°4 Quarter 2020 results Lars Christian Bacher Chief Financial Officer 24 July 2020
Slide 10: Forward-looking statements
Forward-looking statements ‘This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use kely’, may’, ‘outlook’, ‘plan’ “strategy”. “will, “quidance’, targets’ ‘inline with, ‘on track, ‘consistent’ and similar expressions to identify forwa
Slide 11: Segment results
equinor *: Segment results (na) usizelectattigs E&P Norway E&P International E&P USA MMP. Other 2a’ 20 (85) (379) (341) 1161 (2) 2a’ 19 2351 499 150 210 (57) IFRS NOI Pre tax, Million USD 2@' 20 (104) (548) (332) 610 (98) 2019 2,478 565i 134 216 141 Excludes E&P USA
Slide 12: Investor Relations in Equinor
equinor *: Investor Relations in Equinor E-mail: irpost@equinor.com Investor Relations Europe Peter Hutton Senior Vice President phutt@equinor.com +44 7881 918792 Lars Valdresbraten IR Officer lava@equinor.com +47 40 28 1789 Erik Gonder IR Officer ergon@equinor.com +47 99 56 26 11 Ida Marie Fjellhei