Slides
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Second quarter 2025 Results presentation 22 July 2025
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Today’s presenters Nick Walker CEO Carlo Santopadre CFO Ida Marie Fjellheim VP Investor Relations 1
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Production on-track for the mid-point of full year guidance • Jotun FPSO successfully on stream, peak expected during September • Johan Castberg producing at plateau • Current production above 350 kboepd • Major turnarounds completed by end July Strengthened financial position • Unit production cost on track to meet USD ~10 per boe by Q4 • 25% of gas volumes locked in at USD 92 per boe • Successful issuance of USD 1.5 billion senior notes • Increased liquidity through refinancing of credit facilities • Utilising flexibility to reduce spend by USD ~500 million in 2025/26 Demonstrating growth and unlocking future value • Adding ~180 kboepd at peak from new fields in 2025 • Progressing project portfolio with four project sanctions year to date • Exploration successes adding high value barrels Delivering predictable and attractive dividends • Q2 dividend of USD 300 million confirmed • Full year dividend guidance for 2025 and 2026 of USD 1.2 billion Production 288 kboepd CFFO 766 USD million 2025 and 2026 dividend guidance 1.2 USD billion Production cost 12.7 USD/boe 2 Second quarter 2025 highlights
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1. Average over period 2025-20303 Resilience 5.2 USD billion strengthened financial capacity 65 Percent capex uncommitted1 ~500 USD million in 2025/2026 90 USD per boe ~20% volumes for Q2/Q3 2025 Refinanced High gas prices High flexibility Reduced spend ~40 USD per boe Free cash flow neutral, 2025-2030 Maintaining resilience in volatile markets
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A leading pure-play E&P 4 1. Based on 2P reserves per end-2024 3rd largest oil and gas producer in Norway ▪ High quality portfolio ▪ Diversified asset base ▪ Interests in ~50% of all producing assets ▪ Balanced commodity mix, ~30% gas1 ~190 licences ~1/3rd operated 4 hub areas 42 fields 6 operated Stavanger Oslo Florø Hammerfest Barents Sea Norwegian Sea North Sea Balder Area Vår Energi licences Office locations
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Delivering significant production growth 5 kboepd 2023 2024 2025 guidance Q4 2025 2026E ~430 280 9 new projects Base 213 Gas share 330-360 ~100% ~400 37% ~30%36% ~30% Photo: Jotun FPSO moored at field
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On track to meet 2025 guidance 6 1. Vår Energi operated assets, incl. turnarounds 2. Before re-start of Snøhvit following completion of turnaround expected end July and with low volumes from the start- up of Jotun FPSO >350 kboepd Current production² 330-360 kboepd Full-year guidance unchanged ~430 kboepd Expected production in Q4 2025 4 of 9 Projects on-stream Q2 25 Q3 25 Q4 25 Upper range Lower range Q1 25 272 kboepd Production outlook 32% Gas share Q2 95% Production efficiency year to date1 288
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Jotun FPSO started up 1. Gross, Vår Energi 90% working interest 2. At peak production7 80 kboepd Peak production1 150 mmboe 2P reserves1 ~5 USD/bbl Production cost2 Adding 45 – 50 mmboe1 Balder phase V start-up Q4 2025 Balder phase VI start-up Q4 2026 Successful start-up June 2025 Peak production Expected during September Photo: Jotun FPSO moored at field,
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Johan Castberg at plateau First oil March 2025 Infill drilling from 2027 Isflak FID1 by end 2025 Drivis Tubåen discovery 9-15 mmboe2,3 220 kboepd Plateau production2,3 450-650 mmboe Recoverable reserves2,3 ~4 USD/bbl Production cost 250-550 mmboe Additional unrisked recoverable resources2,3 1. Final investment decision 2. Operator’s estimate, gross 3. Vår Energi 30% working interest8
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Continuous operational improvement 9 1. SIF: Number of incidents with actual or potential serious consequence per million hours worked. 12 months rolling average 2. Net 3. Operated assets, including turnarounds Incident per million hour1 Serious incident frequency Production efficiency Percent3 Zero actual serious incidents Opex per boe USD/boe2 ~10 Long term target
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1. Net equity operational emissions 2. Equity share Scope 1 3. Source: Rystad Energy 4. Key performance indicator for Oil and Gas Climate Initiative (OGCI) 2025 upstream methane target is well below 0.2% 5. Operational control10 Becoming carbon neutral by 2030 Carbon emissions intensity 17 10 <6 kg CO2 /boe2 10 Inclusion in OSEBX ESG index Near Zero methane intensity4,5 OGCI 2025 target Vår Energi 1H 2025 0.02% <0.20% Global average3 2024 2030 target1H 2025 ¹
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Developing a material resource base 11 1. Net 2. 2024 Annual statement of reserves - Proved plus probable (2P) reserves, net 3. Year-end 2024 2C contingent resources, net 4. Net risked exploration resources 9 projects on stream in 2025 ~30 early phase projects Drill-out ~50% next 4 years 1.2 0.9 >1 2P reserves2 2C resources3 Prospective resources4 ~20 exploration wells in 2025 >10 project sanctions in 2025 ~60% yet to be developed >3 billion boe1 resource base
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Flexible and resilient early phase project portfolio 12 1. Net Vår Energi 2C contingent resources 2. Average portfolio internal rate of return 3. Volume-weighted average across portfolio 4. Improved Oil Recovery 5. Subsea Compression 12 Vår Energi licences Barents Sea Goliat Ridge Goliat Gas Johan Castberg Isflak Johan Castberg cluster 1 & 2 Johan Castberg IOR4 Snøhvit SSC5 Norwegian Sea Calypso Heidrun Extension Project Njord Northern area Tyrihans North Åsgard projects Mikkel FCU8 IRR2,3 >25% Breakeven3 ~35 USD/boe Balder Area Balder Next9 Balder phase VI Grane gas export King area development Ringhorne North Balder future phase Targeting sanction in 2025 North Sea Beta and Dugong Ekofisk PPF6 Eldfisk North Extension Fram Sør Garantiana Gjøa subsea projects Grosbeak Gudrun LPP7 Sleipner LPP7 phase I Sleipner LPP7 phase II Snorre gas export ~30 early phase projects ~600 mmboe1 to be developed 6. Previously Producing Fields 7. Low Pressure Production 8. Flow Conditioning Unit 9. Part of scope will be sanctioned in 2025 Sanctioned in 2025 >10 Project sanctions 2025
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Fram Sør Subsea tieback to Troll C delivering high value barrels 1. Gross unrisked additional recoverable resources 2. Gross, Vår Energi 40% working interest13 57 kboepd Peak production2 116 mmboe Recoverable reserves2 First oil End 2029 More than 200 mmboe potential in the area for future developments1 13 2.2 USD billion Capex2 <8 USD per boe Production cost
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Balder Phase VI 18 months from sanction to production 14 <35 USD/bbl Break-even price >35 percent Internal rate of return 15 mmboe Recoverable reserves3 260 USD million Capex3 1. Balder Next consists of the Balder Floating Production Unit (FPU) decommissioning, well transfer to Jotun FPSO, debottlenecki ng at Jotun FPSO to increase production capacity and new production wells. 2. Final Investment Decision 3. Gross., Vår Energi 90% working interest First oil End 2026 Balder Next maturing towards FID1,2 70-80 kboepd towards 20303
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15 Vår Energi licences Discoveries Leading exploration results Goliat Ridge 2 appraisal wells 2025 >200 mmboe4,6 potential Drivis Tubåen Tie-back to Johan Castberg 9-15 mmboe4,5 Vidsyn Ridge Tie-back to Njord/Fenja Up to 100 mmboe potential4,7 Remaining wells in 2025 40-60 mmboe net discovered resources2 9 wells remaining targeting >110 mmboe3 3 commercial discoveries1 1. 11 wells drilled YTD 2025 2. Recoverable 3. Net unrisked resource potential 4. Gross etimated recoverable resources 5. VE interest 30% 6. VE interest 65% 7. VE interest 75%
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Financial highlights 16 70 USD per boe weighted average realised price 1. Cash, cash equivalents and undrawn facilities 2. Net interest-bearing debt excluding lease commitments per 30 June 2025 over 12 -months rolling EBITDAX 766 USD million CFFO after tax 0.9x Leverage ratio2 3.5 USD billion Available liquidity1 300 USD million Dividend Q2 confirmed 1.5 USD billion Successful issuance of senior notes
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Robust realised prices 17 92 USD per boe² 25% of gas volumes for Q2 2025 Locked-in high gas prices in summer 2025Total petroleum revenues Realised prices USD per boe ~70 USD/boe Average realised price Q2 20251 USD million 1. Volume weighted 2. Contracted fixed price based on average exchange through Q2 2025 90 USD per boe² 18% of gas volumes for Q3 2025
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711 1 322 766773 595 761 Solid cash flow generation 1. Including expenditures on property, plants and equipment (PP&E) and exploration 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Q1 2024 Q1 2025 Q2 2025 CFFO Capex1 CFFO and Capex USD million 18 766 USD million Q2 2025 cash flow from operations (CFFO) 2.3-2.5 USD billion 2025 development capex guidance maintained
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661 718 (118) 356 Diversified long-term capital structure aligned with business needs Strong liquidity and financial position 19 USD 3.5 billion Cash at end Q1 2025 CFFO before taxes and working capital Working capital Taxes paid Cash flow from investments FX Cash at end Q2 2025 (504) (781) (300) 16 1 388 766 Dividends paid CFFO after tax Net financing Undrawn credit facilities Cash flow development Q2 2025 USD million 3.5 USD billion Available liquidity ~5 years Average debt maturity1 1. Weighted average for outstanding bonds, excluding hybrid
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Strengthened financial position Net interest-bearing debt and leverage ratio1 4.3 4.6 5.2 5.8 5.8 5.7 0.8x 0.8x 0.9x 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 0 1 2 3 4 6 7 8 9 10 11 12 13 5 Q2 2024 Q1 2025 Q2 2025 NIBD EBITDAX NIBD/EBITDAX1 USD billion 1. Net interest-bearing debt (NIBD) is shown at end of period, excluding lease commitments and including accrued interest. EBITDAX is rolling 12 months 2. Based on EURO/USD of 1.17 3. First reset date 15 February 2029 4. Refinancing completed 1H 202520 500 1000 ~6502 750 ~11702 1000 750 ~880²,³ 1000 1750 2026 2027 2028 2029 2030 2031 2032 2035 2083 USD Senior Notes Euro Senior Notes W/C Facility Liquidity facility Euro Hybrid Maturity profile USD million Baa3 BBB Committed to maintaining Investment Grade rating Successfully refinanced 5.2 USD billion with reduced cost4 Q4 2025E Expected leverage ratio trajectory
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Cash tax sensitivities 1. Price assumptions reflects average for the year 2. Based on NOK/USD 10.5 3. Agreed tax payments for September, October and November can be adjusted upwards within 1 September Tax payments – sensitivities for 1H 20261 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Q3 2025 Q4 20253 Q1 2026 Q2 2026 ~13 NOK billion 2H 2025 tax payments (USD ~1.2 billion)2 $80/90 boe oil/gas price $70/80 boe oil/gas price $60/70 boe oil/gas price USD million² 21 Taxes paid in 1H 2026 related to 2025 results
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Attractive and predictable dividends Dividends Dividend guidance 2025 and 2026 1.2 USD billion USD million 1. Illustrative 2. Remaining 2025 dividend payments will be based on audited interim balance sheet Dividend for Q2 of USD ~0.12 per share to be paid 26 August 2025 25-30% of CFFO after tax¹ Q3 300 Q4 300 202420232022 20252 1 075 1 080 1 080 22 2026 1 200 1 200 Longer-term
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Guidance and outlook 23 Cash tax payments of USD ~1.2 billion in 2H 2025Other 330-360 kboepd Q4 2025: ~430 kboepd Production 2026: ~400 kboepd 2027-2030: 350-400 kboepd USD 11-12 per boe, USD ~10 per boe in Q4Production cost Sustain USD ~10 per boe¹ USD 2.3-2.5 billion ex. exploration and abandonment Exploration USD ~380 million Abandonment USD ~100 million Capex 2026-30: USD 2-2.5 billion ex. exploration and abandonment p.a. Exploration USD 200-300 million p.a. Abandonment USD ~150 million p.a. Dividends Q2 dividend of USD 300 million (~0.12 USD per share) Full year 2025 dividend guidance USD 1.2 billion 2026 dividend guidance USD 1.2 billion Dividend of 25-30% of CFFO after tax over the cycle Longer-term2025 1. Based on USD/NOK of 10.5
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24 Delivering strong results Key growth projects delivered Production expected at the mid-point of full year guidance Demonstrating growth and unlocking future value Strengthened and more resilient financial position Delivering predictable and attractive dividends
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Exploration program 2025 Balder Area 2 wells Licence Prospect Operator Vår Energi share Pre-drill Estimated recoverable resources mmboe1 Statusunrisked resources mmboe1 PL 1131 Elgol Vår Energi 40 % Minor gas discovery PL 1110 Njargasas Aker BP 30 % Dry PL 229 Zagato Vår Energi 65 % 15-43 Discovery PL 1090 Kokopelli Vår Energi 50 % Dry PL 1005 Rondeslottet Aker BP 40 % Dry PL 169 Lit Equinor 13 % Dry PL 554 Garantiana NW Equinor 30 % Dry PL 532 Skred Equinor 30 % Minor gas discovery PL 586 Vidsyn Vår Energi 75 % 25-40 Discovery PL 532 Drivis Tubåen Equinor 30 % 9-15 Discovery PL 1194 Hoffmann OMV 30 % Dry PL 1238 Deimos Equinor 20 % 245 Ongoing PL 090 F Sør Equinor 40 % 25 Q3 PL 229 Goliat North Vår Energi 65 % 10 Q3 PL 554 C Narvi Brent Equinor 30 % 20 Q3 PL 057 Camilla Nord Harbour 3.3% 20 Q3/Q4 PL 248B Omega Alfa Sør Equinor 5% 30 Q4 PL 1121 Tyrihans Øst Equinor 30 % 20 Q4 PL 554 Avbitertang Equinor 30 % 25 Q4 PL 229 Zagato North Vår Energi 65% 18 Q4 PL 1236 Vikingskipet Equinor 30% 190 Q4 2025/Q1 2026 PL 027 Prince Updip Vår Energi 90% 45 Q1 2026 North Sea 8 wells Norwegian Sea 4 wells Barents Sea 8 wells 25 1. Gross Vår Energi licences
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Disclaimer The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions as in effect on, and the information available to the Company as of, their date. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. 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