Slide 1: Second quarter 2026 results
Second quarter 2026 results Torgrim Reitan Chief financial officer 22 July 2026 Open
Slide 2: Highlights Second quarter 2026
Highlights Second quarter 2026 More energy, growing cash flow, superior returns 11.5 4.8 BN USD BN USD Delivering on our strategy: Adjusted operating Net income − Contracts awarded for first wave of NCS tie-back projects income − Strategic transactions on the NCS to harmonise ownership and progress
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: O&G production growth of 3%
2Q 2026 Oil and gas production (equity) O&G production growth of 3% mboe/d 2 096 2 165 2 096 2 165 Oil and gas 431 433 − NCS production growth of 4% driven by new fields, Eirin and 1 026 1 058 317 306 Symra coming on stream, and strong performance from Johan Sverdrup − International production incre
Slide 5: Financial results
2Q 2026 Financial results Highlights Realised prices 2Q26 2Q25 Liquids (USD/bbl) 97.9 63.0 − E&P Norway: production growth and higher prices European gas (USD/mmbtu) 15.79 12.00 N. American gas (USD/mmbtu) 2.30 2.73 − E&P International: production growth and higher prices − E&P US: high offshore pro
Slide 6: Cash flow
2Q 2026 Cash flow - Three NCS tax instalments totaling USD 6.4 billion1 Cash flow (USD million) 2Q26 YTD2026 - 3Q26: Two payments of NOK 23.3 billion Cash flow from operations3 14,752 25,043 − Organic capex USD 3.4 billion Total taxes paid (7,075) (11,347) Cash flow from operations after tax4 7,677
Slide 7: Strong value proposition
KEY MESSAGES Strong value proposition Outlook 2026 Organic Oil and gas Cash Share capex1 production growth dividend buy-back ~ 13 ~3 39 3 BN USD PERCENT CENTS / SHARE BN USD 1. Based on USD/NOK of 10 7 | 2Q 2026 results Open Open 22 July 22 July 2026 2026
Slide 8: More energy, growing cash flow, superior returns
More energy, growing cash flow, superior returns 150 >20 mboe/d TWh More energy Production growth Production 2025 to 2030 2030 30 > 40 Percent Bn USD Growing cash flow CFFO growth Free cash flow 2025 to 2030 2026-2030 Bn USD > 15 >5 2-4 Percent Percent Annual share Superior returns ROACE Annual divi
Slide 9: Forward-looking statements
Forward-looking statements As used in this presentation, the term “Equinor” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may with laws and governmental regulations, conditions or requirements; inability to obtain relevant approvals from governments refer to Equinor
Slide 10: Investor Relations in Equinor
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com 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 Lindsey Gannaway IR Senior Manager, UK liga@equinor.com +44 78 89 80 82
Slide 11: Appendix
Appendix 11 | Open 22 July 2026
Slide 12: Financial results
2Q 2026 Financial results 2Q 2026 4,836 12,993 (1,511) 11,482 (313) (7,944) 3,225 Million USD Net income Net operating Adjustments Adjusted Adjusted net Adjusted Adjusted Income operating financial income tax 1 net income income items 2Q 2025 1,317 5,721 813 6,535 (106) (4,758) 1,670 Million USD 1.
Slide 13: Segment results
2Q 2026 Segment results Adjusted operating E&P Norway E&P International E&P USA MMP PWR income Million USD Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 2Q 26 9,187 2,087 843 489 720 557 777 344 (30) (27) 2Q 25 5,706 1,244 429 291 183 141 337 89 (80) (17) Net o