Equinor : Q3 2022 presentation

3rd quarter 2022 results

Torgrim Reitan

Chief Financial Officer

28th October 2022

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Third Quarter 2022

• Continued strong earnings and cash flow from operations after tax of ~ USD 7.5 billion1
• Solid operational performance
• • High gas production from NCS supporting European energy security
  • Peregrino restarted and Peregrino Phase 2 onstream
• Delivering on our key strategic priorities
• • Construction of first solar plant in Poland completed
  • First commercial agreement on CO2 storage for Northern Lights JV
  • Project portfolio in execution is maintaining stable cost level
• Additional tax payment2 of ~USD 10 billion
• Step up in capital distribution
• • Cash dividend of USD 0.20 per share for 3Q 2022
  • Increasing extraordinary cash dividend from USD 0.50 per share to USD 0.70 per share for 3Q 2022
  • USD 6 billion share buy-back programme
  • • Fourth tranche of share buy-back of USD 1.83 billion

1. Excludes changes in working capital
2. In addition to one NCS tax instalment of ~USD 7 billion paid 1 August

2 | 3Q 2022 results

Open

28 October 2022

Safety: performance indicators

Serious Incident Frequency (SIF)

Serious incidents and near-misses per million hours worked. 12-month average.

Total Recordable Injury Frequency (TRIF)

Personal injuries requiring medical treatment per million hours worked 12-months average.

Oil and gas leakages

Number of leakages with rate above 0.1 kg/second during the past 12 months.

1,2

1,1

0,9

0,7	0,6	0,6	0,7		0,6
			0,5	0,5	0,5	0,4
					0.4

4,2	4,4	3,8							19	19		21
	3,8								18
		3,0	2,7	2,8	2,8				15		13	15
		2,7	2,5	2,3	2,4	2,4					12		11	12
											10
										8					8

2010 2011	2012	2013 2014 2015 2016	2017	2018 2019 2020 2021 2022	2010 2011	2012	2013 2014 2015 2016	2017	2018 2019 2020 2021 2022	2010 2011	2012	2013 2014 2015 2016	2017	2018 2019 2020 2021 2022
				per Q3					per Q3					per Q3
Footnote SIF: The number of work-related injuries (WRI) have been excluded from the SIF results. This will be followed up as a separate parameter by the company's business areas. The SIF trend has been adjusted for this change.
												Open		28 October 2022

3 Q 2 0 2 2

Equity production

Oil and gas

• High gas production from NCS to Europe
• Operational performance and production impacted by turnarounds
• Stable production after start up from Snøhvit and Peregrino

Oil and gas production

mboe/d

1 996	2 021	1 996	2 021
		328	329
948	1 009	322	324
1 048	1 012	1 345	1 368
3Q 2021	3Q 2022	3Q 2021	3Q 2022

Power

• Offshore wind slightly lower production than 3Q 2021 due to lower wind and maintenance activity
• Hywind Tampen production start up 4Q 2022
• First solar plant in Poland is completed1
• Generating one month of gas-to-power from Triton Power

Power generation

GWh

197

304 294

3Q 2021	3Q 2022
	Renewables			Gas-to-power

1. Developed and operated by Wento (Equinor 100% subsidiary)

4 | 3Q 2022 results

Open

28 October 2022

3 Q 2 0 2 2

Financial results

• Strong earnings
• High realised prices
• • Liquids up ~34% to 93 USD/bbl
  • European gas up ~240% to 44 USD/mmbtu
  • North American gas up ~124% to 7.2 USD/mmbtu
• Upstream cost increased mainly due to
  inflation, higher energy costs and CO2 prices, partly offset by currency effects
• Net impairment reversals USD 1.1 billion
• Adjusted tax rate of 72.4%

3Q 2022
9,371		26,103	(1,802)	24,301	(17,585)	6,715
Million USD

3Q 2021
1,409		9,567	204	9,771	(6,994)	2,777
Million USD

5 | 3Q 2022 results

Open

28 October 2022