Slide 1: Second quarter 2025 results
Second quarter 2025 results Torgrim Reitan Chief financial officer 23 July 2025 Open
Slide 2: Highlights Second quarter 2025
Highlights Second quarter 2025 Solid financial results − − Strong operational performance and production growth Higher US onshore gas production capturing higher prices 6.5BN USD 1.3BN USD − Stable cost and capex in line with guidance Adjusted operating Net income income − Balance sheet remains robu
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
2Q 2025 Equity production Oil and gas Power − >2% production growth − 26% renewable production growth − On the NCS, Johan Castberg ramp up and Halten East started, and − Increased offshore wind production from ramp up of high regularity at Johan Sverdrup and several fields; production Dogger Bank A
Slide 5: Financial results
2Q 2025 Financial results Highlights Realised prices 2Q25 2Q24 − Lower liquids prices and higher gas prices both in the US and Liquids (USD/bbl) 63.0 77.6 Europe. European gas storage currently at ~65% European gas (USD/mmbtu) 12.0 9.94 − E&P Norway driven by strong operational performance N. Americ
Slide 6: Cash flow
2Q 2025 Cash flow - Two NCS tax instalment totaling USD ~6.8 billion1 in 2Q Cash flow (USD million) 2Q25 YTD2025 Cash flow from operations4 9,167 19,788 - 2H 2025 NCS tax payments expected to be NOK 100 billion2 Total taxes paid (7,229) (10,456) - To be paid in five instalments in August – December
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 | 2Q 2025 results Open 23 July 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 Lindsey Gannaway IR Senior Manager UK liga@equinor.com +44 7889
Slide 10: Appendix
Appendix 10 | Open 23 July 2025
Slide 11: Financial results
2Q 2025 Financial results 2Q 2025 1,317 5,721 813 6,535 (106) (4,758) 1,670 Million USD Net income Net operating Adjustments Adjusted Adjusted net Adjusted Adjusted Income operating financial income tax net income income items 2Q 2024 1,872 7,656 (173) 7,482 98 (5,164) 2,417 Million USD 11 | 2Q 2025
Slide 12: Segment results
2Q 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 2Q 25 5,706 1,244 429 291 183 141 333 144 (75) (72) 2Q 24 6,129 1,364 699 474 264 192 521 237 (90) (85) Net