Equinor (EQNR) Investor presentation summary

Production and cash flow outlook

• Target ~1.2 million boe/day equity production in 2035, with production from producing and sanctioned assets, non-sanctioned projects, IOGR and ILX.

• 2024–2035 CFFO and capex outlook uses a $70/bbl reference case; NCS operated offshore GHG emissions trajectory spans 2020–2050.

• 2025 delivery included 8 projects on stream and 14 discoveries; capex was ~ $6bn and sanctioned-investment break-even was ~ $25/boe.

Resource and project portfolio

• More than 500 opportunities represent 4.5bn boe remaining across 69 fields, 65+ discoveries, 230+ IOGR projects and 220+ prospects.

• The portfolio includes 53 non-sanctioned projects and more than 1bn boe in non-sanctioned discoveries; 13 projects are sanctioned.

• Ambition to maximize value from ~75 tie-backs over the next 10 years; plans include ~175 exploration wells and ~70 new discoveries.

• IOGR portfolio: 230 mapped projects, 1.5bn boe identified risked and 3.0bn boe additional potential; activity targets 50–70 wells annually.

• Exploration portfolio includes 220+ prospects and ~250 planned wells in 2026–2035, with >1bn boe exploration risked.

Faster, lower-cost execution

• Tie-back ambition increases from 2–3 to 6–8 annually, with a targeted 50% reduction in both delivery time and cost through standardization and portfolio execution.

• Development timelines include 3 years from DG0 to DG4 for Eirin, under 4 years for Isflak and ~2 years for Omega Sør.

• New wells are expected to contribute 70% of 2035 production; drilling changes target 50% less well-planning time and 30–40% lower cost per well.

• Brownfield program targets 250 modifications with 30% lower cost per project and modification.

• Annual NCS activity ambitions include 6–8 subsea tie-backs, 100–150 wells and 250 topside modifications.