Slide 1: 1st quarter 2023 results
1st quarter 2023 results Torgrim Reitan Chief financial officer 4 May 2023
Slide 2: First Quarter 2023 highlights
: > MW) on a First Quarter 2023 Strong earnings and cash flow across the business Solid operational performance and production growth Continued high gas production from NCS to Europe High value creation from marketing and trading Maintaining cost and capital discipline Competitive capital distributi
Slide 3: Safety: performance indicators
Safety: performance indicators Serious Incident Frequency (SIF) Serious incidents and near-misses per million hours worked. 12-month average. 12 u 09 °7 06 06 °7 06 05 05 Os 04 04 04 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222023 Total Recordable Injury Frequency (TRIF) Persona
Slide 4: Equity production
A ely equinor 1Q 2023 Equity production Oil and gas Power - Ontrack to deliver ~3% production growth in 2023 - Stable offshore wind production and good availability - Peregrino and Johan Sverdrup Phase 2 on stream; Snohvit and Caesar Tonga back in operations - Hywind Tampen in production - Continued
Slide 5: Financial results 1Q 2023
equinor 1Q 2023 Financial results 1Q 2023 Million USD 4,966 12,517 (545) 11973 (8459) 3,514 - Strong earnings despite lower prices Liquids down 24% to 74 USD/bbl — European gas down 37% to 19 USD/mmbtu North American gas down 30% to 3.2 USD/mmbtu Cost increase mainly due to inflation, transportation
Slide 6: Adjusted earnings by segment
Million USD 1Q23 1Q 22 1. Closing expected in 2423 subject to regulatory approvals Adjusted earnings E&P Norway ~ Strong earnings driven by production growth = Strong cash flow Pre tax After tax 9,916 2,214 16,256 3,655 E&P International ~ Strong earnings and cash flow driven by production growth ~
Slide 7: Cash flow
1Q 2023 Cash flow 1Q 2023 highlights: Cash flow from operations after tax ~9.7 billion! One NCS tax instalment ~USD 5.4 billion + 2Q23: Two instalments of NOK 54 billion each? Capital distribution of USD 3.3 billion® + Limited share buy back cash flow impact Organic capex: USD 2.3 billion Net cash f
Slide 8: Outlook
Outlook Production growth Organic capex?! 1. Annual average capex based on USD/NOK of 10 2022-23 2023 2024-26 ~10-11 bitionuso ~13 billion USD 10 a Souinor-s “& ub Zs iF vee ible)
Slide 9: Segment results
equinor ** 1Q 2023 Segment results Adjusted earnings E&P Norway E&P International E&P USA MMP REN Pre tax, Million USD 1023 9,916 614 340 1278 (83) 1922 16,256 1,078 713 (92) (10) Reported Net operating income Pre tax, Million USD 10.23 9,816 382 340 2,118 (89) 1922 16,933 (369) 1,245 492 77
Slide 10: Forward-looking statements
Forward-looking statements ‘This presentation contains certain forwarcHooking statements that involve risks and uncertainties In some cases, we use ‘intend’, “expect likely, ‘may’, ‘outlook’, ‘plan’, ‘strategy’, “will, ‘guidance’ ‘targets’, and similar expressions to identify forwarcHooking statemen
Slide 11: Contact information
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com Norway/UK Bard Glad Pedersen Senior Vice President Lars Valdresbraten IR Officer Erik Gonder IR Officer Amberley Doskey IR Officer Fan Gao IR Officer Ingvar Egeland IR Officer Anne Sofie Dahle Senior Consultant USA Nate Mit