Equinor (EQNR) Investor Presentation summary

Production and cash flow outlook

• Strong long-term production and cash flow projected to 2035, with equity production reaching about 1.2 million boe/day by 2035.

• Maintains a solid position in all future production hubs on the NCS.

• Extensive portfolio of both sanctioned and non-sanctioned projects, including increased recovery and exploration.

• Stable cash flow outlook is paired with ongoing efforts to reduce emissions.

Exploration strategy and activity

• Focus on clarifying resource potential within infrastructure lifetime, targeting 20-30 exploration wells per year.

• Emphasis on new ideas, new data, and securing gas to Europe, with initiatives like ocean bottom seismic and legacy seismic data.

• Barents Sea Western Margin highlighted as a key area, with new exploration acreage and multiple hydrocarbon plays.

• 2025 exploration well program includes several discoveries, technical finds, and dry wells, with ongoing updates.

• High exploration activity planned through 2030, with about 175 wells and over 200 prospects identified.

Key projects and prospects

• Deimos well represents frontier exploration with play-opening potential in the Barents Western Margin.

• Vikingskipet is a stand-alone oil opportunity, testing deeper stratigraphy and driven by well and EM observations.

• Sissel in the Sleipner area accelerates infrastructure-led exploration, enabling fast-track development and production by 2028/2029.

• Smørbukk Midt in the Åsgard unit offers immediate production through existing infrastructure, targeting a Jurassic reservoir.