Year End Report 2020

• Strong financial performance with free cash flow generation of MUSD 448, operating cost below guidance at USD 2.69 per boe and reduced net debt to USD 3.9 billion
  
• Balance sheet re-financed with USD 5 billion corporate facility with significantly improved terms
• Board of Directors propose to increase 2020 dividend by 80 percent to USD 1.80 per share corresponding to MUSD 512
• Record quarterly production in the fourth quarter of 185 Mboepd and 2021 production guidance set between 170 to 190 Mboepd
• Johan Sverdrup Phase 1 plateau production raised to 500 Mbopd gross, with expectation to increase up to 535 Mbopd by mid-2021
• Edvard Grieg reserves increased by 50 MMboe to 350 MMboe gross 2P ultimate recovery, extending plateau a further year to late 2023
• Delivering growth with resource additions of 210 percent of production in 2020 and pipeline of new projects with net resources of approximately 200 MMboe being matured for development within the temporary tax incentives
• Acceleration of Decarbonisation Strategy achieving carbon neutrality from 2025 from operational emissions

Financial summary

	1 Jan 2020- 31 Dec 2020 12 months	1 Oct 2020- 31 Dec 2020 3 months	1 Jan 2019- 31 Dec 2019 12 months	1 Oct 2019- 31 Dec 2019 3 months
Production in Mboepd	164.5	185.1	93.3	135.1
Revenue and other income in MUSD	2,564.4	779.7	2,948.7	749.7
CFFO in MUSD	1,528.0	276.7	1,378.2	392.9
Per share in USD	5.38	0.97	4.36	1.20
EBITDAX in MUSD1	2,140.2	708.4	1,918.4	695.5
Per share in USD1	7.53	2.49	6.07	2.45
Free cash flow in MUSD	448.2	-97.5	1,271.7	153.8
Per share in USD	1.58	-0.34	4.03	0.54
Net result in MUSD	384.2	303.7	824.9	155.3
Per share in USD	1.35	1.07	2.61	0.56
Adjusted net result in MUSD	280.0	86.9	252.7	78.9
Per share in USD	0.99	0.31	0.80	0.28
Net debt in MUSD	3,911.5	3,911.5	4,006.7	4,006.7

1 Excludes the reported after tax accounting gain of MUSD 756.7 in 2019 on the divestment of a 2.6 percent working interest in the Johan Sverdrup project.