Slide 1: 1st Quarter 2021 results
equinor® te ; \ T 1 1st Quarter 2021 results Svein Skeie Chief Financial Officer 29 April 2021
Slide 2: First quarter 2021
First quarter 2021 - Strong results due to price recovery, sustained cost improvements and strict capital discipline - Very strong cash flow and 7.1 percentage points reduction of net debt ratio to 24.6%! - Solid operational performance and high production efficiency - Significant gain of USD 1.38 b
Slide 3: Serious Incident Frequency - SIF
Serious Incident Frequency - SIF Serious incidents per milion work-hours. Twelve months average. ll 10 08 08 06 06 06 06 05 05 Total Recordable Injury Frequency - TRIF ‘otal incidents per million work-hours. Twelve months average 42 44 38 38 30 27 27 28 28 93 Serious oil and gas leakages Number of l
Slide 4: Financial results 1Q 2021
equinor *: Financial results 1Q 2021 1,854 5220 247 5,467 (2,805) 2,662 Million USD - Group realised prices up; - Liquids 28%, - European gas 64%, - North American gas 46% - Continued cost improvements; upstream underlying cost down 4% - Total impairments of USD 0.4 billion - Adjusted tax rate of 51
Slide 5: Oil and gas equity production
Oil and gas equity production - Solid operational performance, with high regularity under challenging circumstances - Increased production from Johan Sverdrup and ramp up of Snorre Expansion - Capturing value from high production from flexible gas fields and increased US gas production Oil and gas m
Slide 6: Renewables production and update
A equinor *: Renewables production and update + High availability on offshore windfarms + Lower wind than expected for the season + Project update - Progressing on all major projects: Hywind Tampen, Dogger Bank, Empire Wind and Beacon Wind Renewables GWh 558 450 1Q 2020 1Q 2021
Slide 7: Adjusted earnings
Adjusted Million USD 1Q'21 1Q'20 earnings equinor E&P Norway ~ Highest result since 2014 - High production efficiency = 3% reduction in underlying opex and SG&A! Pre tax After tox 3,563 977 1863 550 E&P International = Copturing value from increasing prices = 6% reduction in underlying opex and SG&A
Slide 8: Cash flow
Cash flow - Very strong cash flow due to higher prices, sustained cost improvements and strict capital discipline - Tax payments for NCS related to 2020 results - Organic capex of USD 2.0 billion - Significant proceeds from divestments - Net debt ratio of 24.6% |, down from 31.7% in 4Q20 1. Adjusted
Slide 9: Outlook
Outlook Annual organic capex Exploration activity Production growth? 1 Based on 9.0 USD/NOK 2. Excluding field development costs 3, 2020 production rebased for portfolio measures 2021-22 2021 2020-21 2020-26 Billion USD + Billion USD! Percent Percent, CAGR equinor 3
Slide 10: Segment results
equinor ** Segment results Adjusted earnings E&P Norway E&P International E&P USA MMP. REN Pre tax, Million USD 1Q’ 21 3,563 382 192 61 1344 10 20 1863 4 ll 229 13 IFRS NOI Pre tax, Million USD 1Q 21 3,350 261 152 392 1341 1Q 20 967 (312) (1,015) (322) ll Excludes E&P USA
Slide 11: 1st Quarter 2021 results
equinor® te ; \ T 1 1st Quarter 2021 results Svein Skeie Chief Financial Officer 29 April 2021
Slide 12: Forward-looking statements
Forward-looking statements This report contains certain forwarc-looking statements that involve risks and uncertainties in some cases, we use words such as “ambition’. ‘continue’, ‘could’, “estimate trategy’, “wil “guidance’, targets’ and similor expressions to identify forworc-looking statements. F
Slide 13: Investor Relations in Equinor
equinor Investor Relations in Equinor E-mail: irpost@equinor.com Investor Relations Europe Peter Hutton Senior Vice President phutt@equinor.com +44 788 191 8792 Lars Valdresbraten IR Officer lava@equinor.com +47 40 28 1789 Erik Gonder IR Officer ergon@equinor.com +47 99 56 26 11 Amberley Doskey IR O