Equinor (EQNR) Investor Presentation summary

US gas portfolio and market access

• US gas portfolio offers low-cost supply and access to premium markets, with equity gas production at 16 bcm/y in Q3 2025 and significant in-basin and downstream sales.

• US gas position enables trading value uplift and attractive after-tax cashflow effects, with a $1/MMBtu price increase in the US having a larger net after-tax impact than in Norway.

Market and price dynamics

• US Northeast gas prices show strong seasonality, with price spikes in winter due to heating demand and limited pipeline infrastructure.

• Henry Hub prices are less volatile and increasingly linked to global markets as LNG exports grow.

• European TTF prices are influenced by LNG flows, storage, and macro factors, with volatility generally smoother than US Northeast markets.

European gas market outlook

• European storage levels respond immediately to market changes, with storage fullness fluctuating seasonally.

• Europe will require more LNG to meet demand, with appetite for long-term agreements and uncertainties from US and Asian demand and new LNG supply.

• Key price drivers include Russian imports, weather, demand recovery, renewables volatility, and global LNG supply.