Equinor : book

The Equinor Book

At Equinor,

the way we deliver is as important as what we deliver

This is a notebook version of the Equinor Book.

The latest version of the Equinor Book at any time is found at www. equinorbook.com. The website also contains additional information, videos and links.

Title: The Equinor Book

Version: 2.02

Valid from: 24 April 2024

Document replaces: The Equinor Book version 2.01.

Validity area: Equinor group all locations

Classification: Open

Owner: Global owner Management System

The Equinor Book will be printed in updated versions when deemed necessary.

Liability disclaimer

None of the provisions of the Equinor Book are intended to be construed as creating any right(s) enforceable by a third party and all third-party rights implied by law are, to the extent permissible by law, excluded.

Introduction

Who we are

How we work

Letter from the CEO	6
Past, present and future	8

Vision 14

Values 16

Commitments 18

People 22

Leadership 26

Corporate governance	32
Three-line model	34
Organisational principles	36
Management System	40
Performance	44
Performance framework	45
Risk management	46
Assurance	46
Improvements	47
Capital Value Process	48

Dear colleague,

Equinor is an international energy company with a proud history. All of us have a part to play in its future. Our creativity. our values, our capabilities, and the way we work are essential to our success, and to realise our vision: shaping the future of energy.

Copyright©Equinor 2024 The Equinor Book version 2.02 www.equinorbook.com

Introduction 7

Letter from the CEO

Our purpose is to turn natural resources into energy for people and progress for society. As the world needs to balance the energy trilemma, our company has a crucial role to play to provide affordable, sustainable and reliable energy to our customers, and to create lasting value for our stakeholders.

Everything starts with safe, secure and compliant activities. How we deliver is as important as what we deliver. Keeping people safe is my top priority and my greatest responsibility. But it is also the responsibility of every one of us in our daily work.

Through a changing landscape we have adapted and performed. In the future the pace of change will be even faster. It has been part of our culture to make bold moves and be able to cross new frontiers. To remain competitive, we need to be agile and prepared for change, while at the same time remain committed to who we are and how we work.

The future of energy will be net zero. We will create value through the opportunities the energy transition brings, breaking new industrial ground, building on our 50 years of experience.

The Equinor Book is at the core of our management system and is important for us to deliver on our strategy. I expect you to understand and use the Equinor Book and the management system in your daily work.

Anders Opedal

President and CEO

Introduction

Past, present and future

Our purpose is to turn natural resources into energy for people and progress for society

Over the decades since the company was founded, it has grown beyond what anyone could have imagined. We started out as Statoil, a Norwegian oil and gas company. We are now Equinor, a broad energy company with activities around the globe.

The Equinor Book summarises important aspects of our identity. It is a source of knowledge and learning that we have built up since the early days of our company. The book is the core of our Management System. It describes the most important requirements for the whole company and defines a common framework for the way we work. It sets standards for our behaviour, our performance and our leadership. And it points us in the right direction for success tomorrow.

Copyright©Equinor 2024 The Equinor Book version 2.02 www.equinorbook.com

Introduction 9

Past, present and future

The book has two main sections:

"Who we are" describes the foundation for everything we do. Our vision shows us the way forward. Our values and commitments guide us in our decisions. And our approach to people and leadership makes clear what Equinor expects of us and what we can expect of Equinor.

"How we work" shows how we drive performance and enable profitable, safe and sustainable results. It reflects our collaborative culture and ensures we manage risks and execute tasks safely and precisely, while continuously improving along the way.

We apply "Who we are" and "How we work" to deliver results in the value chain, from gaining access to business opportunities, to developing and operating assets, to marketing and selling our products.

The Equinor Book is for everyone, wherever in the business we work. It aims to inspire us to use our ideas, talent and energy to perform at our best now and achieve our vision for the future.

Copyright©Equinor 2024 The Equinor Book version 2.02 www.equinorbook.com