Equinor Investor Presentation — October 2017

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Photo: Aasta Hansteen topside sail away3rdQuarter 2017

Hans Jakob Hegge, Executive Vice President and CFOThird quarter 2017

•Solid adjusted earnings and underlying cash flow

•Good operational performance and high production

•2017 production guidance increased to ~6%

•Projects and efficiency improvements on track

•2017 CAPEX guidance reduced to USD ~10 billion

•IFRS results impacted by net impairments and other adjustments

•Maintaining dividend of USD 0.2201 per share

•5% discounted scrip dividend option1

•Expectation of full cash dividend from 4Q17

21) Third quarter 2017 is the last quarter in the two year AGM approved scrip programSafety

Serious incident frequency

Serious incidents per million work -hours, 12- month rolling figures

2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q 2017

•Strong production growth

•Capturing higher realised prices

•OPEX / SG&A per boe down 11%1

•IFRS results impacted by net impairments

and other adjustments

•Tax rate at 65.1%Net income Reported

NOIAdjustments Adjusted

after tax(478) 1,095 1,252 2,346 (1,527) 819

(427) 737 (101) 636 (897) (261)3Q 2017

1) E&P in respective underlying currency. Adjusted for change in principles for internal allocation of gas transportation costs, which has no NOI effect.

4USD mill. Pretax After tax Pretax After tax Pretax After tax

3Q’17 2,015 662 (27) (78) 423 273

3Q’16 999 377 (596) (717) 301 135Solid adjusted earnings

•High production growth

•18% cost reduction per boe1

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