Slide 1: 1st quarter 2025 results
1st quarter 2025 results Torgrim Reitan Chief financial officer 30 April 2025 Open
Slide 2: Highlights
Highlights First quarter 2025 Strong financial and operational performance − Strong financial results and cash flow 8.6BN USD 2.6BN USD − Start up of new fields and FID for Northern Lights Phase 2 Adjusted operating Net income − Delivering capital distribution in line with CMU guiding income Prepare
Slide 3: Safety: performance indicators
Safety: performance indicators Serious Incident Frequency (SIF) Total Recordable Injury Frequency (TRIF) Oil and gas leakages Serious incidents and near-misses per million hours worked. Personal injuries per million hours worked. Number of leakages with rate above 0.1 kg/second 12-month average. 12-
Slide 4: Equity production
1Q 2025 Equity production Oil and gas Power − Strong production efficiency on the NCS − Establishment of new Power (PWR) business area from September − Higher US onshore production − 15% higher onshore production driven by power − Impact from divestments in Azerbaijan and Nigeria plants in Brazil Oi
Slide 5: Financial results
1Q 2025 Financial results Highlights Realised prices 1Q25 1Q24 − E&P Norway driven by higher gas prices Liquids (USD/bbl) 70.6 76.0 − E&P Int tax rate impacted by UK EPL period extension European gas (USD/mmbtu) 14.80 9.41 N. American gas (USD/mmbtu) 4.06 2.33 − E&P US driven by higher onshore produ
Slide 6: Cash flow
1Q 2025 Cash flow - One NCS tax instalment of USD 3.1 billion1 Cash flow (USD million) 1Q25 1Q24 - 2Q25: Two NCS tax instalments of NOK 35.2 billion1 each Cash flow from operations3 10,620 9,806 - 2H25 payments based on estimated 2025 results Total taxes paid (3,226) (3,849) Cash flow from operation
Slide 7: Outlook
Outlook Outlook 2025 Organic Oil and gas Capital capex 1 production growth distribution 13 4 9 BN USD PERCENT BN USD 1. Ba s e d on US D/NOK of 11 7 | 1Q 2025 results Open 30 April 2025
Slide 8: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use including levels of industry product supply, demand and pricing, in particular in light of significant oil price volatility; words such as "ambition",
Slide 9: Investor Relations in Equinor
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com Norway/UK Bård Glad Pedersen Senior Vice President bgp@equinor.com +47 91 80 17 91 Lars Valdresbråten IR Senior Manager Norway lava@equinor.com +47 40 28 17 89 Ingvar Egeland IR Senior Manager UK ineg@equinor.com +44 7561 8
Slide 10: Appendix
Appendix 10 | Open 30 April 2025
Slide 11: Financial results
1Q 2025 Financial results 1Q 2025 2,630 8,874 (228) 8,646 (230) (6,626) 1,789 Million USD Net income Net operating Adjustments Adjusted Adjusted net Adjusted Adjusted Income operating financial income tax net income income items 1Q 2024 2,672 7,631 (98) 7,533 373 (5,071) 2,836 Million USD 11 | 1Q 20
Slide 12: Segment results
1Q 2025 Segment results Adjusted operating E&P Norway E&P International E&P USA MMP REN income Million USD Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 1Q 25 7,453 1,664 531 114 511 394 253 101 (48) 15 1Q 24 5,756 1,322 616 524 377 283 887 499 (70) (55) Net op