Slide 1: Capital markets update
NY equinor Capital markets update 2O77 Ulrica Fearn Chief Financial Officer
Slide 2: Fourth quarter and full year: key financial results and messages
Fourth quarter and full year Key financial results and messages - Record adjusted earnings after tax for the group for 4Q21 - Capturing higher prices by strong operating performance - Using flexibility to take advantage of market opportunities - Continuous cost focus and capital discipline - Strong
Slide 3: Equity production 2021
nor 32 6 equinor ** 2021 Equity producti : quity production . . : x Oil and gas Renewables - Strong operational performance - High availability - 3.2% rebased production growth full year - Wind back to seasonal average in 4Q - Significant increase in gas production on NCS 2H21 - Power generation inc
Slide 4: Record financial results
4Q 2021 Record financial results - Capturing improvement in 4Q realised prices - Combined liquids and gas above 100 USD/boe Liquids: 75.9 USD/bbl European gas 28.8 USD/mmbtu North American gas 5.0 USD/mmbtu - Stable underlying upstream unit cost! - Mariner impairment around USD 1.8 billion - Adjuste
Slide 5: Strong adjusted earnings
4Q 2021 Strong adjusted earnings E&P Norway = Record earnings and cash flow ~ Highest production since 2012 E&P International ~ Strong earnings and cash flow ~ Continued portfolio E&P USA = Record earnings and cash flow ~ Reduced underlying unit cost MMP. ~ Loss on gas sales partially offsetting pre
Slide 6: Record high cash flow
equinor * 2021 Record high cash flow Cash flow 2021 Million USD - Capturing higher prices with solid operating performance and strict capital discipline Cash flow from operating - Organic capex USD 8.1 billion for full year 2021 activities? Taxes paid 41,950 (8,588) = fi hi f thi I hi Capital Signif
Slide 7: Accelerating our transition with strong cash flow, returns and competitive capital distribution
equinor ** STRATEGIC PORTFOLIO Accelerating our transition with strong cash flow, returns and competitive capital distribution Strong cash flow and Reducing emissions Competitive attractive returns with clear climate ambitions capital distribution > 14% 2 O cents Return on capital employed quarterly
Slide 8: Optimising our portfolio, generating significant cash flow
OIL & GAS Optimising our portfolio, generating significant cash flow Equity oil and gas production Mboe/d 25 ital mark Cutting emissions and building resilience 50x Group-wide emission reduction by 2030 Net scope 1 & 2.100% operated, 2015 base year Aim to realise 90% by absolute reductions 30 USD/bb
Slide 9: Advantaged project portfolio
OIL & GAS Advantaged project portfolio < Sb usomer Major projects coming on stream by end 2030! Sanctioned Non-sanctioned? Break-even 2022-23 2024-25 2022-25 Volume weighted average Exploration & Production Norway - Johan Sverdrup ~ Johan Castberg Troll Phase 3 -Krafla Phase 2 ~Breidablikk Future -W
Slide 10: High value growth in renewables
RENEWABLES High value growth in renewables ~ 23 bn USD Gross capex renewables 2021-26 ~ 12 bn USD Net capex renewables 2021-26 ~ 19 Years Average years of secured offtake 4-8% 12-16% Real base project return Nominal equity return Equivalent to 6-10% nominal returns. US and UK development projects wi
Slide 11: Resilience through the cycles
A equinor *: RESILIENCE THROUGH THE CYCLES Capturing synergies, continuing our cost focus Aasta Hansteen Capitalising on strong markets - High production regularity of ~99% in 4Q 3 2 Improvement ambitions 2% Cash flow impact before tax 2020-25 - Increased capacity and production efficiency Productio
Slide 12: Capital discipline and competitive shareholder returns
FINANCIAL FRAMEWORK Capital discipline and competitive shareholder returns CFFO! and capex? Bn USD, average per year 30 25 20 15 10 5 ie) CFFO _CAPEX CFFO _CAPEX CFFO _CAPEX 2022-23 2024-25 2026-30 80 USD/bb! Renewables/Low carbon solutions I 65 USD/obI i O&G Non-sanctioned 50 USD/bbI Hl O&G Sanctio
Slide 13: Delivering competitive capital distribution
Delivering competitive capital distribution Continued growth in cash dividend - 4Q 2021 cash dividend increased to 20 cents per share - Ambition to grow the annual cash dividend, measured in USD per share, in line with long-term underlying earnings Share buy-back as part of the capital distribution
Slide 14: Summary: Delivering on our strategy
SUMMARY Delivering on our strategy Accelerating the transition - 50% group-wide emission reduction - Net zero by 2050 backed by actions - More than 50% of gross capex to renewables and low carbon solutions by 2030 Growing cashflow and returns - Creating high returns in the long term with 14% RoACE f
Slide 15: Supplementary information
Ne e- pe equinor Capital markets update 2O77 Supplementary information
Slide 16: Proved reserves and total recoverable resources
Proved reserves and total recoverable resources 113%, Reserves replacement ratio (RRR) Proved reserves (SEC) ~18.2 Ss O (4) ~16.5 7.5 vears R/P Proved reserves (SEC) divided by entitlement production (0.2 09 — (4) — ~50% 2020 Production Divestments Discoveries, 2021 ~*~ Acquisitions, Liquid share Re
Slide 17: Price sensitivities
equinor *: PRICE SENSITIVITIES Indicative effects on 2022 results Currency": USD/NOK +0,5 Gas price: +1 USD/mmbtu Oil Condensate price: +10 USD/bbl O 05 1 15 2 25 3 3.5 ™Net Income & Net Operating Income 1. Based on USD/NOK = 9 v1 Open 09 February 2022
Slide 18: Prices: assumptions
PRICES Assumptions Price scenarios Prices used in the presentation material are denoted in real 2021 terms, unless otherwise stated equinor * "80 USD/bbI” 2022 2023 Thereafter European gas price 30 18 12 NOK/USD 9 9 9 Scenario: “65 USD/bbI" 2022 2023 Thereafter European gas price 22 12 7 NOK/USD 9 9
Slide 19: Forward-looking statements
Forward-looking statements This presentation contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as ‘accelerate’, “adjusted”. ‘ambition’, bankable’. base return’, ‘believe’, ‘break-even’, ‘copitalise’. “capture value’, ‘cash generation’,
Slide 20: Investor Relations in Equinor
equinor *: Investor Relations in Equinor E-mail: irpost@equinor.com NORWAY/UK Peter Hutton Senior Vice President phutt@equinor.com +44 788 191 8792 Lars Valdresbraten IR Officer lava@equinor.com +47 40 28 17 89 Erik Gonder IR Officer ergon@equinor.com +47 99 56 26 11 Amberley Doskey IR Officer amlev