Slide 1: 3rd Quarter 2020 results
3°¢ Quarter 2020 results Lars Christian Bacher Chief Financial Officer 29 October 2020
Slide 2: Third quarter 2020
Third quarter 2020 - Solid results from operations in a low price environment - Positive free cash flow in the quarter - Ontrack to deliver on the USD 3 billion action plan to strengthen financial resilience - Continuing to create strong value from renewables - Capital gain of ~USD 1 billion on farm
Slide 3: Safety
Safety Serious incident frequency (SIF) Serious incidents per million work-hours 14 11 10 98 o6 06 °F 06 o5 06 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q@3 2020° * Twelve months average Total recordable injury frequency (TRIF) Total incidents per million work-hours 44 a 38 38 30 27 27 28 28
Slide 4: Financial results
Financial results - Group realised prices down YoY; Liquids 27%, European gas 48%, and North American gas 23% - Unit Production Cost down >20% - On track to deliver cost reductions of USD ~700 million in 2020 - Net impairments of USD 2.93 billion mainly due to lower price assumptions - Adjusted tax
Slide 5: Segment adjusted earnings and EBITDA
Million USD 3Q’ 20 3a'19 1 EBIDA E&P Norway ~ Reduced opex on new and late life fields - Lower tax rate due to temporary changes ~ Cash flow from operations! of USD 2,081 million Pre tax After tax 713 414 1735 540 E&P International - Reduced opex and SG&A ~ Impacted by maintenance on Peregrino - Cas
Slide 6: Equity production
equinor ** Equity production - Production in line with - Production growth of 9%, adjusted for expectations portfolio changes and curtailments - Good production based - Ramp up of new fields availability factor across the portfolio - Capturing value from flexibility in gas production Oil and gas Ren
Slide 7: Cash flow
Cash flow Net positive cash flow of USD 216 million in 3Q after share buy-back - Cash flow impacted by low commodity prices - NCS tax refund of USD 160 million in 3Q - Capital distribution includes dividend payment of USD 0.3 billion and share buy-back of USD 1 billion from the Norwegian state in 3Q
Slide 8: Outlook
equinor ** Outlook Outlook 2020 Organic capex ~ 8 5 billion USD Exploration expenditure ~~ 1 1 billion USD1 Production growth 2019-2026 =~ 3 Percent, CAGR? 1. Based on USD/NOK exchange rate of 9.5, compared to II at 1@ 2020 guiding 2. Rebosed for portfolio measures 8 | byLars Christian Bacher, Chief
Slide 9: 3rd Quarter 2020 results
3°¢ Quarter 2020 results Lars Christian Bacher Chief Financial Officer 29 October 2020
Slide 10: Forward-looking statements
Forward-looking statements ‘This presentation contains certain forwarcHooking statements that involve risks and uncertainties In some cases, we use words such as “ambition” “continue’, ‘could’, ‘estimate’, intend’, “expect ‘strategy’. “wal, guidance’, ‘targets’, inline with, ‘on track’, ‘consistent’
Slide 11: Segment results
equinor *: Segment results Adjusted earnings E&P Norway E&P International E&P USA MMP. Other Pre tax, Million USD 3Q’ 20 773 (104) (193) 262 43 3a@'19 1735 451 (16) 448 (25) IFRS NOI Pre tax, Million USD 3a’ 20 431 (1,328) (1,606) 551 (67) 3a@'19 2.558 325 (2,587) (757) (8) Excludes E&P USA
Slide 12: 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 7881 918792 Lars Valdresbraten IR Officer lava@equinor.com +47 40 281789 Erik Gonder IR Officer ergon@equinor.com +47 99 56 26 11 Ida Marie Fjellheim