Equinor : 2023 Executive remuneration report

2023 Remuneration report

Corporate executive committee,

board of directors and corporate assembly

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021


Contents

Preamble

1.1 Introduction	3
1.2 Letter from the chair of the
board of directors	3
Equinor in 2023	3
Equinor executive performance
and remuneration in 2023	3
A revised executive
remuneration policy	3
1 January 2024 base salary
adjustment	4
Changes in the CEC in 2023	4

Key developments in remuneration - 2023

2.2	Performance-based modifiers		2.8	Shareholder feedback on the
	used in calculating variable pay	7		remuneration report for 2022	13
	Threshold for payments under		2.9	Activities of the compensation
	variable pay plans	7		and executive development
	Company performance modifier	7		committee in 2023	13
2.3	The board of directors'
	assessment of the chief
	executive officer's performance	8	Remuneration and share
2.4	Summary of targets and
	ownership of the board of
	achievement of corporate
	performance indicators and		directors and corporate assembly
	goals forming the basis for
	annual variable pay	9	3.1	Remuneration of the board of
	From performance to AVP award	9		directors	14
2.5	Key developments in corporate		3.2	Total number and value of
	executive remuneration in 2023	11		shares held by the members of
	Execution of policy on executive			the board of directors	14
	remuneration in 2023	11	3.3	Remuneration of the corporate

Remuneration and share ownership of the CEC

4.1	Remuneration of the CEC	16
4.2	Shares awarded or due to the
	CEC in the reported financial year	21
4.3	Total number and value of
	shares held by the CEC	26

4.4 Performance and AVP awarded to the CEC members

in the reported financial year

27

4.5 Key performance indicators and behaviour goals forming the basis for AVP for the CEC

in 2024

35

Statement by the board of directors on the remuneration report

6 Statement by the board of directors on the remuneration

report40

Independent auditor's assurance report

7 Independent auditor's
assurance report	41

2.1 Overall company performance
in 2023	6
Safety, security and sustainability	6
People and organisation	6
Operations	6
Market	6
Finance	6

	Remuneration policy changes - 202411	assembly	15
	General notes on remuneration		3.4 Shares held by the members of
	elements - 2023	11	the corporate assembly	15
	Notes on roles and
	remuneration of CEC members
	in 2023	12
2.6	Derogations and deviations
	from remuneration policy	13
2.7	Right to reclaim
	('malus and clawback')	13

Remuneration and company	Appendix: Executive
performance for 2019-2023	remuneration policy 2021
5.1 Comparative tables over the	8.1	Remuneration to the board of
remuneration and company			directors	42
performance compared to the	8.2	Remuneration to the corporate
last five reported financial years 36			assembly	42
		8.3	Remuneration to the CEC	43

2 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

1 Preamble

1.1 Introduction

1.2 Letter from the chair of the board of directors

The remuneration report contains information on the remuneration for:

• Equinor's corporate executive committee (CEC) consisting of the chief executive officer (CEO) and the executive vice presidents (EVPs)
• Equinor's corporate assembly
• Equinor's board of directors (BoD)

The remuneration report is proposed by the BoD, where an advisory vote shall be held by the 2024 annual general meeting (AGM), pursuant to the Norwegian Public Limited Liability Companies Act, section 6-16b and regulation 2020-12-11-2730 and the Norwegian Accounting Act section 7-31b.

The remuneration report should be read in conjunction with the 2021 remuneration policy, which is included in the Appendix.

On behalf of the BoD, I present to you Equinor's remuneration report for 2023. Our objective is to provide a comprehensive and transparent overview of the remuneration of the BoD, the corporate assembly and the corporate executive committee in 2023.

Equinor in 2023

In 2023, we continued our focus on developing the energy solutions for tomorrow, while securing the energy needed today.

The geopolitical situation in the world remains tense. Uncertainty and volatility have continued to impact economic growth and energy markets. Equinor's role as a reliable energy provider has never been more important, particularly with respect to securing a stable supply of gas to Europe.

Equinor's strategy has been resilient, ensuring energy security, transition, and growth. In 2023, we delivered our second-best result ever on adjusted earnings. More details on Equinor's performance results within the different perspectives of our performance assessment are presented further in this report and in Equinor's annual report.

in 2023 were at, below and above the general salary increase frame for Equinor ASA employees.

Equinor's overall strong financial and operational results in 2023 as described in section 2, was confirmed through the CEC members' individual performance results and reflected in their annual variable pay awards.

An important focus area in 2023 was work on developing and deciding changes to the remuneration of the CEC members, to meet the requirements of the revised State's Guidelines for the Remuneration of Senior Executives in Companies with Direct State Ownership (state guidelines) of 12 December 2022.

A revised executive remuneration policy

In May 2023, the AGM approved a revised remuneration policy for Equinor senior executives effective from 1 January 2024. The policy contains the principles and approach for setting remuneration for the CEC.

Shareholder expectations, including those of the Norwegian state as set out in the state guidelines, are important inputs considered in the new policy.

the fulfillment of the company's strategy and be acknowledged as moderate, fair, transparent, consistent, and non-discriminatory.

In response to the state guidelines and the introduction of the new remuneration policy, market benchmarks have been conducted by two independent

survey providers to establish Equinor's position towards relevant peers in Norway. The peer group encompasses the largest companies in Norway, including peers where the Norwegian state has ownership interests. Based on Equinor's financial value, business complexity and impact, the executive roles are generally being weighted higher than similar roles amongst peers in Norway. The benchmarks have therefore been supplemented with an extensive market data report allowing for comparison of remuneration data for similarly weighted executive roles across all market segments in Norway. This combined approach has enabled the establishment of broadly substantiated base salary market medians for all the Equinor CEC roles in a Norwegian market context.

Equinor senior executives have proved to be attractive outside Norway. To fully understand and monitor retention risk for this group, benchmarking towards

Equinor executive performance and remuneration

in 2023	The policy states that reward in Equinor shall be
The base salary increases for the members of the CEC	competitive, but not market leading. It should support

the Nordic and European markets and towards the companies in Equinor's corporate industry peer group has also been conducted. Equinor's CEC roles are

3 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

Equinor's positioning vs. corporate industry peer group

Numbers are total remuneration in MNOK 300

250

200

150

100

50

0

USA

Europe

Nordics

Equinor

Source: 2022 annual reports/remuneration reports

CEO vs. ASA employees in Norway

Total remuneration ratio 18 16 14 12 10

8

6

4

2

0
2012-2013	2022-2023
(18.13)	(14.38)

Source: Annual reports/remuneration reports

significantly below median compared to these markets. This is also confirmed by comparison of salary levels between industry peers' corporate groups, see figure on the left.

In this context the BoD considers the established market medians for the Norwegian market to represent the minimum competitive remuneration level for the CEC roles. Overall, Equinor's CEC roles are positioned at or below the Norwegian market medians.

Equinor seeks to build and retain a diverse executive team that reflects the company's global footprint and strategy of becoming a broad energy company. The market positioning of individual roles was the main objective when deciding the annual base salary adjustments for the CEO and other members of the CEC in 2023. The aim for the adjustments has been to maintain, or progress over time, towards a position at the market medians in Norway. Individual performance has been utilized to tune the final adjustments. The annual salary review for all employees in Equinor ASA has also been considered.

Equinor has historically applied a consistent and moderate approach to salary placement and growth for senior executives and other employees. This has resulted in CEO remuneration levels relative to all employee's remuneration levels in Norway being substantially reduced over the last decade. The average CEO-to-employee remuneration ratio for 2012-2013 was 18.13 compared to 14.38 for 2022-2023 ref figure

on the left. This exemplifies how the principle of

moderation has been applied for remuneration on executive level in Equinor over time.

1 January 2024 base salary adjustment

The revised remuneration policy includes a reduction in the annual bonus from the previous max 45% to max 25% of base salary and a reduction of maximum combined bonus and share programs from 80% to max 55% of base salary. The revised policy was effective from 1 January 2024.

This reduction in variable pay would weaken remuneration competitiveness for all CEC members. Correspondingly, the financial impact of such a sudden and significant year-on-year reduction in compensation entails increased retention risk. The reduction is also a departure from market practice and represents as such a significant challenge in terms of recruiting to CEC positions.

To secure competitiveness the BoD decided to maintain total remuneration levels after the reduction in variable pay levels. This is done through providing an extraordinary base salary adjustment, effective 1 January 2024. Although not effective in the 2023 reporting year, the BoD deems it pertinent to disclose this adjustment now, as this was decided in 2023 and is effective at the time of the executive remuneration report being published.

When deciding this adjustment, emphasis has been placed on predictability and fairness through retaining a simple, stable, and transparent reward framework also for the CEC group of employees. The adjustment further strengthens the weight placed on fixed pay as a percentage of total

remuneration. Alignment with Equinor's long-term approach of offering competitive remuneration within a moderate framework for senior executives was also considered.

Changes in the CEC in 2023

Philippe François Mathieu joined the CEC on 1 January taking over as EVP Exploration & Production International (EPI) from Alasdair Cook who resigned from the company.

There were no other changes and all members served on the CEC the full calendar year.

Jon Erik Reinhardsen

Chair of the board of directors

4 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

Corporate executive committee

The president and CEO has the overall responsibility for day-to-day operations in Equinor. The CEO also appoints the CEC, which considers proposals for strategy, goals, financial statements, as well as important investments prior to submission to the BoD.

Anders Opedal	Torgrim Reitan	Jannicke Nilsson
President and Chief	Executive Vice President	Executive Vice President
Executive Officer	and Chief Financial Officer	Safety, Security &
						Sustainability
Read Anders's CV			Read Torgrims's CV			Read Jannicke's CV

Kjetil Hove	Philippe François Mathieu	Geir Tungesvik
Executive Vice President	Executive Vice President	Executive Vice President
Exploration & Production	Exploration & Production	Projects, Drilling &
Norway	International	Procurement
Read Kjetil's CV			Read Philippe's CV			Read Geir's CV

Irene Rummelhoff	Pål Eitrheim	Hege Skryseth
Executive Vice President	Executive Vice President	Executive Vice President
Marketing, Midstream &	Renewables	Technology, Digital &
Processing				Innovation
Read Irene's CV			Read Pål's CV			Read Hege's CV

Siv Helen Rygh Torstensen	Jannik Lindbæk	Aksel Stenerud
Executive Vice President	Executive Vice President	Executive Vice President
Legal & Compliance	Communication	People & Organisation
Read Siv Helsen's CV			Read Jannik's CV			Read Aksel's CV

5 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

2 Key developments in remuneration - 2023

2.1 Overall company performance in 2023

The below summarises Equinor's results for 2023 within the five perspectives of our performance assessment, as described in the annual report.

Safety, security and sustainability

Strategic objective: An industry leader in safety and security with a clear energy transition plan.

Equinor's key safety indicators have improved over several years, and this level has been maintained for 2023. The serious incident frequency indicator (SIF) for 2023 is at a historical low level, and only marginally above the target. This was, however, overshadowed by one tragic fatality incident from a contracted LPG tanker in Malaysia. The total recordable incident frequency was at 2.4, which is above the target, but improved compared to 2022. There were 10 oil and gas leakages compared to eight in 2022. The improvement in safety critical maintenance continued in 2023 to the lowest levels ever recorded. The CO₂ intensity for the upstream portfolio was reduced further to 6.7 kg/boe in 2023, less than half of the industry average.

People and organisation

Strategic objective: A values-based and purpose driven company that attracts and develops people.

The company continues to strengthen the capacity and capability through new recruitment. In 2023 Equinor welcomed around 2,000 new colleagues. The effort to reach the ambition set for diversity and inclusion parameters continues. The 2023 global people survey (GPS) results show significant improvement in the scores indicating that employees are feeling safe addressing concerns without fear of negative consequences. Scores for engagement and commitment are the highest in five years. Scores related to delivering on ambitions and contributing to sustainability are slightly reduced compared to last year.

Operations

Strategic objective: A top performing energy company.

The total equity production of gas and liquids increased by around

2% from 2,039 kboe/d in 2022 to

2,082 kboe/d in 2023. International production was strong in 2023. The increased capacity at Johan Sverdrup contributed well to

the growth. Turnarounds on the Norwegian continental shelf (NCS) impacted production in the second and third quarter. The total gas production decreased by 5%, whilst liquid production increased by 10%.

The total power generation increased by 59% from 2022 to 2023 driven by Triton Power and Rio Energy, up from 2,661 GWh to 4,235 GWh. The annual production was impacted by delays on the Doggerbank A development.

Market

Strategic objective: A flexible and sustainable energy portfolio.

Business development and sanctioning of new projects improved the oil and gas portfolio during 2023. Sanctioning of key projects Raia, Rosebank, Sparta, the acquisition of Suncor UK and announced divestments from Nigeria and Azerbaijan contributed to this. Equinor's profitable project portfolio has an average break- even price of around 35 USD per barrel. Maintaining this level, with the recent cost inflation, demonstrates strong capital discipline and improvements.

Equinor's performance is in line with the ambitions in the energy transition plan to reach net zero in 2050. In 2023, 8 GW of renewable capacity was added to the project portfolio through the acquisitions of Rio Energy and BeGreen. Gross capex share to renewables and low carbon was 20 %, on track to above 30% by 2025, and above 50% by 2030.

Finance

Strategic objective: A cash generating, profitable and competitive company delivering value to our stakeholders.

Equinor delivered its second-best adjusted earnings result ever in 2023. The guiding for the midstream segment was increased in 2023 and deliveries were in, or above the range for all quarters. Equinor was ranked number one among peer group companies¹ on relative return on average capital employed (RoACE) and in 3rd quartile on total shareholder return (TSR) in 2023. Despite reduced gas prices and continued cost pressure, Equinor maintained financial robustness and solid cash flow from operations after tax in 2023 of around 20 USD

bn, in line with the guiding for the year. Operating and administrative expenses have increased by 10% from 2022, driven by inflation, increased production and exchange rate movements. Organic, net capex was USD 10.2 billion for the full year, in line with the guiding.

6 Equinor remuneration report 2023

1) The composition of Equinor's defined peer group can be found on equinor.com

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

2.2 Performance-based modifiers used in calculating variable pay

As described in the remuneration policy, a threshold and a company performance modifier (CPM) are applied as a means of strengthening the link between the company's overall financial results and the individual's variable pay. The results of these modifiers for 2023 are presented below.

Threshold for payments under variable pay plans

With reference to the definitions and parameters described in the remuneration policy, the company performance for 2023 is assessed as being in the green zone.

1. Cash flow provided by operating activities after tax and before working capital items was USD 19.7 billion
2. Net debt ratio and development was -21.6%
3. Company's overall operational and financial performance: ref. section 2.1

Combined		No
result in		reduction
green zone		in payout

Company
		Q1	100		117	133
performance modifier
		%		%	%
With reference to the
		Q2	83	100	117
definitions and parameters
			%	%	%
described in the
remuneration policy, the	RoACE	Q3	67	83	100
CPM for 2023 is set at 117%.
	%	%	%
	Relative
	Q4	50	67	83
				%	%	%
				Q4		Q3	Q2

Relative TSR

150

%

133

• Relative RoACE result: number 1 (first quartile)

117	in the peer group of 12

• companies, including Equinor.

100		Relative TSR result:

• number 8 (third quartile) in the same

Q1	peer group.
	This results in a CPM at 117%

Northern Lights

7 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

2.3 The board of directors' assessment of the chief executive officer's performance

2023 proved to be yet another special year for Equinor. The challenging global security situation deteriorated throughout the year and the uncertainty in the macroeconomic outlooks observed in 2022 manifested itself through supply chain disruption, inflation, significant rise in interest rates and energy market volatility. This impacted the company`s performance both positively and negatively throughout the different areas of the business.

Equinor's position as a key enabler for Europe's energy security and supply was further consolidated throughout the year with the initiation of new partner relations and stable deliveries with long-term prospects.

The year saw the transitional strategy continued to be brought into practice. There was a significant increase in land- and offshore based power generation. Further commitment to the strategy was proven through acquisitions and restructuring within renewable-, low carbon solutions- and the oil and gas portfolios.

The BoD would like to express that it recognizes that 2023 saw the best SSU results ever measured. However, the result sadly enough includes a fatality accident on board an Equinor chartered vessel, and this does overcast this achievement. The BoD appreciates the CEO's long term and continuous commitment to improving results within the wider SSU perspective and is confident this systemic effort will continue to show results both short and long term.

The year was influenced by operational challenges. Still the financial result for Equinor came out second best

in the history of the company. This demonstrates and reinforces the company's proven ability to maintain high earnings, deliver on its ambitions and with very good relative return on average capital employed (RoACE), even under demanding frame conditions.

In its total assessment of the CEO's performance for 2023, the BoD has considered that the deliveries in the key areas have been above, at or below targets .

The business delivery dimension (WHAT) used for the assessment of the CEO's variable remuneration (performance year 2023) was based on the following performance indicators (KPIs): SIF, upstream CO₂ intensity, REN power production, relative TSR, relative RoACE, unit production cost (UPC). Ref. also Table 4 for details.

The 12 months SIF indicator had a target of 0.3. Although the result was at 0.4 (0.37), it was historically low. Over the last 12 months 50 serious incidents have occurred. This is approximately 10% less than the

2022 number. The activity level was higher than 2022 (approximately 1% more hours).

The CO₂ intensity for the upstream portfolio ended at

6.7 kg CO₂/boe in 2023. This is a significant reduction from 2022 by more than 3%, and well below the target of 8.0 kg CO₂/per boe. The upstream production levels increased by around 1.4% and CO₂ emissions decreased by 0.7% compared to 2022. The result was delivered despite high liquid production, mainly due to increased capacity at Johan Sverdrup.

Unit production cost (UPC) increased 5% above

target, in a market that was still highly affected by inflation. The NOK/USD currency effect has been favourable for UPC whilst lower production has had a negative effect.

REN power production at 1,937 GWh was marginally below 2023 target of 2,000 GWh, but still a substantial increase (288 GWh) from 2022. The main contributors were the new fields in operation and acquired assets.

With regards to the financial results, 2023 has shown very strong earnings. Equinor ended on top in the peer group ranking on RoACE and number 8 out of 12 on the TSR ranking. The financial robustness remains strong.

The business behaviour dimension (HOW) used for the assessment of the CEO's variable remuneration was based on the following set of goals: Demonstrate accountability, visibility, and engagement for safety, security, and compliance, Build trust in Equinor, Transform the organization to deliver on our common purpose and become a leading company in the energy transition, Develop strong and diverse succession pipeline, ref Table 4.

The BoD's total assessment of these goals showed a robust result and an overall improvement from 2022.

Competence building to support the company's transition strategy improved during the year and ended above set target.

Equinor's recruitment level during 2023 was high. Increased attractiveness led to both renewal and to closing the overall staffing gap. Although improved in

some areas, the diversity and inclusion result requires continued focus going forward.

The Equinor GPS shows general strong results and significant improvements from 2022. The BoD's impression of further progress and status on overall employee satisfaction remains positive.

Overall, the BoD is very satisfied with the CEO's performance and will in particular highlight his strong and consistent leadership whilst transitioning the company in a challenging external environment.

8 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors	Independent auditor's	Appendix: Executive
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report	assurance report	remuneration policy 2021

2.4 Summary of targets and achievement of corporate performance indicators and goals forming the basis for annual variable pay

The BoD decides on a comprehensive set of KPIs and behaviour goals to facilitate direction and areas of focus prior to each calendar year. The KPIs and behaviour goals to be used by the BoD to assess the CEO's performance in relation to the AVP for the upcoming calendar year are selected from this set and included in an annual performance contract with the CEO. The selected KPIs and goals are those assessed to be most critical in achieving the core strategic objectives for the company in the coming year.

The corporate delivery KPIs and behaviour goals selected for the CEO are similarly set forth in a performance contract between the CEO and EVPs, to the extent these are deemed relevant. For the EVPs of business areas, a selection of additional business area KPIs supporting the company's strategic ambitions from the specific business area is included in their performance contracts.

From performance to AVP award

As described in the remuneration policy, performance forms the basis for the decision on annual variable pay ("AVP") percentages for the members of the CEC.

Common corporate delivery KPIs, business area specific delivery KPIs and behaviour goals are measured separately and assessed holistically, as described below.

These together form the basis for payment of annual variable pay, where delivery KPIs and behaviour goals each have a weight of 50%. For EVPs in business areas delivery KPIs are weighted to comprise 50% corporate KPIs and 50% business area specific KPIs.

The individual KPIs and goals within a category are equally weighted initially and can be adjusted to reflect prevailing business context and strategic priorities.

Delivery in 2023 against the selected corporate delivery goals ("what" dimension) which are applied to the CEO, as well as the individual EVPs, is summarized as follows:

KPI	Target	Performance
Serious Incident Frequency	0.3 or better	0.4
CO₂ intensity for the upstream portfolio	8 kg CO₂ per boe or better	6.7 kg/boe
Relative TSR	Above average in the peer ranking list	Third quartile
Relative RoACE	Ranked in first quartile among peers	First quartile
Unit production cost (UPC)²	<6.0 USD/boe	6.2 USD/boe
Renewable (REN) power production²	2 TWh	1.9 TWh
2) Only apply to the CEO and staffs EVPs

Group of	Weighting of KPIs in	Weighting of goals in
CEC member	"what" dimension - 50%	"how" dimension - 50%
	Corporate delivery KPIs	Business area delivery KPIs	Corporate behaviour goals
CEO and staffs EVPs
(EVPs without BA responsibility)	50%	-	50%
EVPs with BA responsibility	25%	25%	50%

Gullfaks C

9 Equinor remuneration report 2023

		Key developments in	Remuneration and share ownership of the	Remuneration and share	Remuneration and company	Statement by the board of directors
Contents	Preamble	remuneration - 2023	board of directors and corporate assembly	ownership of the CEC	performance for 2019-2023	on the remuneration report

For EVPs with business area responsibilities, the assessment of the business delivery dimension has in addition been made against the following KPIs:

Business area	KPI	Unit	Target
	Production	kboe/d	1,446
EPN	UPC	nominal USD/boe	5.8
	Break-even price (CMU portfolio)	USD/bbl	<35
	Production	kboe/d	677
EPI	UPC	nominal USD/boe	6.5
	Break-even price (CMU portfolio)	USD/bbl	<35
	Production efficiency	%	93.3
MMP	Net operating income (ex derivatives)	bn USD	3.3
	Fixed opex & SG&A	mill USD	1,285
REN	REN power generation	TWh	2
Net operating income adjusted	mill USD	> -200
	Number of wells	number	104
PDP	Break-even price (CMU portfolio)	USD/bbl	<35
	Estimate development DG3-DG4	%	100
	Low carbon R&D	%	>30
TDI	Software consolidation progress	%	50
	TDI task responsibility cost savings	NOK mill, 100%	500

Independent auditor's	Appendix: Executive
assurance report	remuneration policy 2021

In terms of the "how" dimension, common behaviour goals are defined for the CEO and the EVPs with reference

to Equinor's core values and leadership principles, as follows:

• Demonstrate accountability, visibility, and engagement for safety, security and compliance
• Build trust in Equinor
• Transform the organization to deliver on our common purpose and become a leading company in the energy transition
• Develop strong and diverse succession pipeline

Performance against these behaviour goals is measured on an individual basis for the CEC members.

The KPI targets and results of the business deliveries ("what"), and the behaviour goals and results ("how") and how these translate into the AVP award are presented for the individual CEC members in the Table 4 section further below.

The KPI targets and behaviour goals applicable for the performance measurement for AVP in 2024 are presented in section 4.5.

10 Equinor remuneration report 2023