Equinor Asa · OSL:EQNR
Equinor Asa — Gas market webinar 15 December 2025
9 slides from Equinor Asa's conference presentation, Dec 15, 2025
Slide 1: Gas market webinar 15 December 2025
Gas market webinar 15 December 2025 © Equinor ASA This presentation, including the contents and arrangement of the contents of each individual page or the collection of the pa ges , is owned by Equinor. Copyright to all material including, but not limited to, written material, photographs, drawings,
Slide 2: 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 "ambitio
Slide 3: US Gas portfolio provides low-cost supply and access to premium markets
US Gas portfolio provides low - cost supply and access to premium markets Equity gas production US gas position bcm /y bcm/y Canada Transport 16 11 3.9 bcm/y 39 40 16 bcm /y 1.6 bcm /y Equity g as 3 rd party g as production purchases Power Indexed New York / New Jersey gas sale Transport Q3 2024 Q3
Slide 4: US Northeast prices driven by strong seasonality
US Northeast prices driven by strong seasonality Futures, $/MMBtu Market and price dynamics 10 9 8 7 6 5 4 M3 (NYC Metro) 3 • Prices typically spike during cold months (Dec –Feb) due to regional 2 heating demand and limited pipeline infrastructure. Basis to Henry Hub 1 often widens sharply. 0 Jan-26
Slide 5: Significant upside potential US gas position
Significant upside potential US gas position A USD 1 / MMBtu increase in the US gas price has larger net after tax cashflow impact compared to Norway. At CMU25, Equinor showed that a change in European gas prices of USD 2 / MMBtu has a cash flow impact of around USD 800 million after tax. Indicative
Slide 6: European storages immediate response vs. LNG supplies
GAS MARKET OUTLOOK European storages immediate response vs. LNG supplies European storages (% full) 130 110 90 70 50 30 10 -10 April-25 July-25 October-25 January-26 April-26 July-26 October-26 January-27 April-27 Source: Commodity Essentials & Equinor Analysis Confidential
Slide 7: European gas market: Asian demand growth vs. LNG supplies
GAS MARKET OUTLOOK European gas market: Asian demand growth vs. LNG supplies Global gas prices (USD/MMBtu ) Key drivers Europe* Impact on price 70 60 2026 2027 2028 - 30 50 Russian imports 40 30 Weather Volatility/Renewables 20 Demand recovery 10 US balance 0 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-2
Slide 8: Global consumption and supply (BCM)
659 842 450 199 1060 552 1255 795 731 4163 606 Total 593 156 Global consumption 405 and supply (BCM) Industry LDZ Power Supply 2024 Source: S&P Global 8 | Open
Slide 9: Key messages
Key messages - Equinor US gas position - Large equity production - Potential for trading value uplift - Attractive after - tax cashflow effect Q &A - European gas market - Appetite for long - term agreements with Equinor - Europe will need more LNG to cover demand - Uncertainties related to higher U