Equinor ASA (EQNR) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Equinor Analyst Q2 call. (Operator Instructions) I would now like to turn the conference over to Mads Holm, Senior Vice President. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎並感謝您加入 Equinor Analyst Q2 電話會議。 （操作員說明）我現在想將會議轉交給高級副總裁 Mads Holm。請繼續。

Thank you, operator. Ladies and gentlemen, welcome to the Equinor Results Call for the Second Quarter of 2022, and thank you for the participation. I'm Mads Holm, Head of Investor Relations. This call will be led by Ulrica Fearn, Chief Financial Officer. Ulrica will present the results, and then we'll open up for question as usual. We aim to complete the call within the hour. Also on the call today, we joined by Svein Skeie, who is now SVP, New Value Chain; and also May-Kirsti Enger, who's the SVP Group Accounting.

謝謝你，接線員。女士們，先生們，歡迎參加 2022 年第二季度的 Equinor 結果電話會議，並感謝您的參與。我是投資者關係主管 Mads Holm。本次電話會議將由首席財務官 Ulrica Fearn 主持。 Ulrica 將展示結果，然後我們將像往常一樣提出問題。我們的目標是在一小時內完成通話。同樣在今天的電話會議上，我們加入了 Svein Skeie，他現在是新價值鏈高級副總裁；還有集團會計高級副總裁 May-Kirsti Enger。

So with that, let me pass straight over to Ulrica for the presentation. Thank you.

因此，讓我直接交給 Ulrica 進行演示。謝謝你。

Well, thank you very much, Mads, and good morning, everyone. Today, we present continued strong financial results against the dark backdrop of the war in Ukraine and an energy crisis in Europe. The war continues to influence an already tight energy market and energy prices started to climb already last year and European gas prices reached record levels.

好的，非常感謝你，Mads，大家早上好。今天，在烏克蘭戰爭和歐洲能源危機的黑暗背景下，我們展示了持續強勁的財務業績。戰爭繼續影響已經緊張的能源市場，去年能源價格開始攀升，歐洲天然氣價格達到創紀錄水平。

This was driven by demand coming back after the pandemic, lower-than-expected production of renewable energy combined with a tight supply side in oil and gas. Energy markets are also closely linked to the global economy. With energy prices at a high level, we see inflationary pressures, Central banks are raising interest rates and this increased uncertainty for global economic development going forward.

這是由於大流行後需求回升、可再生能源產量低於預期以及石油和天然氣供應緊張所致。能源市場也與全球經濟密切相關。隨著能源價格處於高位，我們看到通脹壓力，中央銀行正在提高利率，這增加了全球經濟發展的不確定性。

On the other hand, when Asia and especially China comes out of COVID, this is expected to drive growth in energy demand. How these and other macroeconomic forces play out is unchartered territory. On the supply side, we do know that there is a limited free capacity of supply.

另一方面，當亞洲，尤其是中國擺脫新冠疫情時，預計這將推動能源需求的增長。這些和其他宏觀經濟力量如何發揮作用是未知領域。在供應方面，我們確實知道免費供應能力有限。

OPEC has increased their quotas. However, several countries do not have the capacity to deliver on these. It underscores the importance of more investment in energy production and the infrastructure to re-establish a balance between the cost of energy, security of supply whilst decarbonizing the energy sector.

歐佩克增加了配額。然而，一些國家沒有能力實現這些目標。它強調了對能源生產和基礎設施進行更多投資以在能源成本、供應安全和能源部門脫碳之間重新建立平衡的重要性。

And right now, our most important contribution is to secure stable operations and delivery of energy whilst continuing to invest in energy security and the energy transition. We also need to prepare for high levels of uncertainty in the markets and ensure robustness and resilience and maintain cost and capital discipline.

目前，我們最重要的貢獻是確保穩定的運營和能源輸送，同時繼續投資於能源安全和能源轉型。我們還需要為市場的高度不確定性做好準備，確保穩健性和彈性，並維持成本和資本紀律。

In the quarter, we continued to deliver strong financial results. Cash flow from operations after tax was $10 billion. We have maintained high levels of gas production into the second quarter, a summer quarter in which we normally would have produced less compared to the winter months.

在本季度，我們繼續提供強勁的財務業績。稅後運營現金流為 100 億美元。我們在第二季度保持高水平的天然氣產量，這是一個夏季季度，與冬季相比，我們通常會產生較少的產量。

Having taken several steps to increase gas deliveries to Europe, we achieved 18% more gas from the NCS compared to the same quarter last year, only 4% down from the first quarter. The higher summer production has been an important contribution to help fill European storages.

在採取多項措施增加對歐洲的天然氣供應後，我們從 NCS 獲得的天然氣比去年同期增加了 18%，僅比第一季度下降了 4%。夏季產量的增加對幫助填補歐洲庫存起到了重要作用。

After extensive repairs, improvements and maintenance, Hammerfest LNG was safely back in production on the first of June and has been successfully ramped up since, sending the first cargoes to Europe. Recently, -the Peregrino field was brought back on stream.

經過大範圍的維修、改進和維護，Hammerfest LNG 於 6 月 1 日安全恢復生產，並自此成功提高產能，將第一批貨物運往歐洲。最近，佩雷格里諾油田重新投入使用。

It has been a challenging process due to COVID restrictions in Brazil. We've had good industrial progress this quarter, and we are delivering on our strategy. We conducted several value-creating transactions, both on the Norwegian continental shelf and internationally.

由於巴西的 COVID 限制，這是一個具有挑戰性的過程。本季度我們取得了良好的工業進展，我們正在實施我們的戰略。我們在挪威大陸架和國際上進行了多項創造價值的交易。

On the NCS, we completed the acquisition of interest in Statfjord increasing our share in the field. And as a result, we even received a payment at closing due to price development since the effective date and the assets continue to deliver good cash flow. In the U.S., we took over all the equity in North Platte, then sold shares and transferred the operatorship to Shell. All in all, this leaves us with a higher interest in the project and a payment from Shell.

在 NCS 上，我們完成了對 Statfjord 權益的收購，增加了我們在該領域的份額。結果，由於自生效日期以來的價格發展，我們甚至在收盤時收到了付款，並且資產繼續提供良好的現金流。在美國，我們接管了北普拉特的全部股權，然後出售股份並將經營權轉讓給殼牌。總而言之，這讓我們對該項目產生了更高的興趣，並獲得了殼牌的付款。

We also completed the transfer of our assets in Russia, as previously announced. Furthermore, we have progressed in developing new value chains for power supply. Together with SSE, we have acquired the U.K. power company, Triton Power. The Saltend power station is a key part of this, and we will start preparing for future use of hydrogen in the power production.

如前所述，我們還完成了我們在俄羅斯的資產轉讓。此外，我們在開發新的電力供應價值鏈方面取得了進展。我們與 SSE 一起收購了英國電力公司 Triton Power。 Saltend 電站是其中的關鍵部分，我們將開始為未來在電力生產中使用氫做準備。

In the U.S., we have acquired East Point Energy, a battery storage developer. Energy storage is an important and necessary part for the transition to more renewable energy and other low carbon value chains. At the beginning of the quarter, we were awarded a CO2 storage license for Smeaheia, a project which -- with a CO2 storage capacity of 20 million tonnes per year.

在美國，我們收購了電池存儲開發商 East Point Energy。儲能是向更多可再生能源和其他低碳價值鏈過渡的重要和必要組成部分。在本季度初，我們獲得了 Smeaheia 的二氧化碳儲存許可證，該項目的二氧化碳儲存能力為每年 2000 萬噸。

Together with Belgium's Fluxys, we are studying opportunity for transporting captured CO2 by pipeline from the continent to safe storage on the Norwegian continental shelf. We continue to deliver very strong results, which enable us to invest in the business and build resilience in our balance sheet.

與比利時的 Fluxys 一起，我們正在研究通過管道將捕獲的二氧化碳從大陸運輸到挪威大陸架安全儲存的機會。我們繼續取得非常強勁的業績，這使我們能夠投資於業務並在我們的資產負債表中建立彈性。

The Board has decided on a cash dividend of $0.20 per share for the second quarter. And in addition to this, on the back of continued strong financial results, the extraordinary cash dividend is increased from $0.20 to $0.50 per share for the second and the third quarter.

董事會已決定在第二季度派發每股 0.20 美元的現金股息。除此之外，在持續強勁的財務業績的支持下，第二季度和第三季度的特別現金股息從每股 0.20 美元增加到 0.50 美元。

Our share buyback program is conditional upon the Brent price, our net debt ratio and as well as the commodity prices. And on the back of continued supportive conditions, we increase the buyback program from $5 billion to a maximum of up to $6 billion for 2022. The third tranche will be around $1.8 billion with a market share of around $600 million. In total, we increased the capital distribution from $10 billion to up to $13 billion for 2022.

我們的股票回購計劃取決於布倫特原油價格、我們的淨負債率以及商品價格。在持續的支持條件下，我們將回購計劃從 50 億美元增加到 2022 年的最高 60 億美元。第三批將在 18 億美元左右，市場份額約為 6 億美元。總體而言，我們將資本分配從 100 億美元增加到 2022 年的 130 億美元。

In total, this represents a balanced approach where we invest in our competitive portfolio in the energy transition while showing a commitment to offer attractive shareholder returns. On safety, the 12-month average serious incident frequency is 0.5. And the total recordable injury frequency for the past 12 months is 2.5 per million hours worked. We delivered solid operational performance for oil and gas and electricity. For NCS gas, we have delivered a substantially higher volume than normal in the second quarter.

總的來說，這代表了一種平衡的方法，我們在能源轉型中投資於我們有競爭力的投資組合，同時承諾提供有吸引力的股東回報。在安全方面，12 個月的平均嚴重事故頻率為 0.5。過去 12 個月可記錄的總傷害頻率為每百萬工作小時 2.5 次。我們在石油、天然氣和電力方面取得了穩健的運營業績。對於 NCS 天然氣，我們在第二季度的交付量大大高於正常水平。

In the quarter, our equity production of hydrocarbons totalled 1,984,000 barrels of equivalent per day. Adjusted for the divestment of Bakken and the assets in Russia, this is slightly more than 1% higher than in the second quarter of last year. Ramp-up of Martin Linge continued in the quarter and the investment was paid back after tax after 1 year in operation.

在本季度，我們的碳氫化合物權益產量總計每天 1,984,000 桶當量。經巴肯剝離和俄羅斯資產調整後，比去年第二季度略高 1%。 Martin Linge 在本季度繼續增產，並在運營 1 年後稅後收回投資。

We expect Johan Sverdrup Phase II, Njord Future and Peregrino Phase II to start production later this year. And for the full year, we expect the impact of turnarounds to be 40,000 barrels per day. For the third quarter, we expect a quarterly impact of less than 70,000 barrels per day. We have increased power production by 15% from the same quarter last year to 325 gigawatt hours. The progress on our offshore wind project was good -- projects were good, but bottlenecks in global value chains affect the whole industry.

我們預計 Johan Sverdrup II 期、Njord Future 和 Peregrino II 期將在今年晚些時候開始生產。全年，我們預計周轉的影響將達到每天 40,000 桶。對於第三季度，我們預計季度影響不到每天 70,000 桶。我們的發電量比去年同期增加了 15%，達到 325 吉瓦時。我們的海上風電項目進展不錯——項目不錯，但全球價值鏈的瓶頸影響了整個行業。

For example, we had to adjust the plan for Hywind Tampen due to delays associated with the delivery of steel. Four turbines are already installed on the field and another 3 will be towed out and come on stream this year. The last 4 turbines will not make it for this year's weather window and must, therefore, be installed on the field next spring.

例如，由於與鋼材交付相關的延誤，我們不得不調整 Hywind Tampen 的計劃。四台渦輪機已經安裝在現場，另外三台將在今年被拖出並投入使用。最後的 4 台渦輪機將無法在今年的天氣窗口中使用，因此必須在明年春天安裝在現場。

However, even with just 7 turbines installed, Hywind Tampen will have 60-megawatt capacity and will be the world's largest floating offshore wind farm. This quarter, the average invoice liquids price was around $107 up around $10 from last quarter. The blended price of liquids and gas for Equinor was $117 per barrel of oil equivalent in the quarter.

然而，即使只安裝了 7 台渦輪機，Hywind Tampen 也將擁有 60 兆瓦的容量，並將成為世界上最大的浮動海上風電場。本季度，液體發票的平均價格約為 107 美元，比上一季度上漲了約 10 美元。本季度，Equinor 的液體和天然氣混合價格為每桶石油當量 117 美元。

European gas prices have eased off slightly but are still high -- but have still high levels and have started to increase again as we entered the third quarter. In Europe, we have seen an unprecedented divide between NBP and TTF. Continental Europe is more exposed to Russian gas supply, hence, the TTF has reacted more to recent uncertainty.

歐洲天然氣價格略有回落，但仍處於高位——但仍處於高位，並在我們進入第三季度時再次開始上漲。在歐洲，我們看到 NBP 和 TTF 之間出現了前所未有的分歧。歐洲大陸更容易受到俄羅斯天然氣供應的影響，因此，TTF 對最近的不確定性反應更大。

Our adjusted earnings total [$17.6 billion] (corrected by company after the call) and $5 billion after tax. Net operating income ended at $17.7 billion and net income after tax was $6.8 billion. The global increase in prices and inflationary pressures also impact us. We see this combined with higher prices of electricity and CO2 starting to impact our costs.

我們調整後的收益總額為 [176 億美元]（由公司在電話會議後更正）和 50 億美元的稅後收益。淨營業收入為 177 億美元，稅後淨收入為 68 億美元。全球物價上漲和通脹壓力也影響著我們。我們看到這與更高的電價和二氧化碳價格相結合開始影響我們的成本。

We continue our improvement efforts to keep costs under control and to mitigate cost pressures. The tax rate on adjusted earnings in the quarter was 71.6%. This is thanks to a large part of our earnings being generated on the Norwegian continental shelf. Here, a high tax rate is a clear sign of having delivered strong results.

我們將繼續我們的改進努力，以控製成本並減輕成本壓力。本季度調整後收益的稅率為 71.6%。這要歸功於我們的大部分收入來自挪威大陸架。在這裡，高稅率是取得強勁業績的明顯標誌。

And now on to the segments. Our Norwegian upstream business has delivered its best second quarter ever with about $14 billion in adjusted earnings and about $3 billion after tax. Stable and good operational performance in addition to high gas production has enabled us to capture high values on the Norwegian continental shelf.

現在進入細分市場。我們的挪威上游業務實現了有史以來最好的第二季度，調整後收益約為 140 億美元，稅後收益約為 30 億美元。除了高產天然氣外，穩定和良好的運營業績使我們能夠在挪威大陸架上獲得高價值。

In this segment, we see that both electricity prices and higher CO2 prices in addition to new fields and turnarounds put an upward pressure on costs. This is partially offset by a stronger U.S. dollar exchange rate. The performance of our international business is very good this quarter, delivering high earnings and good cost control.

在這一領域，我們看到電價和較高的二氧化碳價格以及新油田和周轉對成本造成了上行壓力。這部分被美元匯率走強所抵消。本季度我們的國際業務表現非常好，帶來了高收益和良好的成本控制。

Overall, these are the best results ever delivered across our combined international business. Our international upstream business outside the U.S. had adjusted earnings of more than $1.1 billion before tax and $700 million after tax. The U.S. upstream business delivered record-high results, and that's despite slightly lower production due, in part, to lower production from Marcellus and the divestment of Bakken last year.

總體而言，這些是我們合併後的國際業務所取得的最好成績。我們在美國以外的國際上游業務調整後的稅前利潤超過 11 億美元，稅後利潤達到 7 億美元。美國上游業務取得了創紀錄的業績，儘管產量略有下降，部分原因是 Marcellus 的產量下降和去年 Bakken 的撤資。

Adjusted earnings were at almost $900 million, whereas the simplified cash flow was more than $1.1 billion. The Midstream & Marketing segment contributed strongly to the group with adjusted earnings of over $1.3 billion. In particular, optimized sales trading and trading of European gas and power strengthened these results.

調整後的收益接近 9 億美元，而簡化後的現金流超過 11 億美元。中游和營銷部門為該集團做出了巨大貢獻，調整後的收益超過 13 億美元。尤其是歐洲天然氣和電力的優化銷售交易和交易加強了這些結果。

The price spreads within the European gas markets have been record high during the quarter. And Equinor's captured value from the optimization of physical flows towards markets with higher demand and prices. There is a net positive impact from the timing effects from derivatives as mark-to-market has increased the value of the derivatives related to future European gas sales compared to last quarter.

歐洲天然氣市場的價差在本季度創下歷史新高。 Equinor 從優化實物流向需求和價格更高的市場中獲得了價值。與上一季度相比，衍生品的時間效應產生了淨正面影響，因為按市值計價增加了與未來歐洲天然氣銷售相關的衍生品價值。

The tax rate for this segment is higher than usual due to the earnings composition with a dominant share of the profit coming from NCS. Our Renewables business has, as expected, negative adjusted earnings of $42 million due to high level of activity progressing our portfolio. Adjusted earnings from our assets in operation was $32 million this quarter.

由於收入構成占利潤的主要份額來自 NCS，因此該部門的稅率高於平時。正如預期的那樣，我們的可再生能源業務的負調整收益為 4200 萬美元，這是由於我們的投資組合的高水平活動。本季度我們運營資產的調整後收益為 3200 萬美元。

So far this year, we've had cash flow from operations of $38 billion. We have paid $12 billion in taxes and ended up with a cash flow from operations of $26 billion after tax. After proceeds and capital distribution, the net free cash flow is almost $20 billion so far this year, strengthening the balance sheet materially.

今年到目前為止，我們的運營現金流為 380 億美元。我們已經繳納了 120 億美元的稅款，最終獲得了 260 億美元的稅後運營現金流。在收益和資本分配之後，今年迄今為止的淨自由現金流接近 200 億美元，大大加強了資產負債表。

For the second quarter specifically, we had a cash flow of $18 billion and taxes paid of $8 billion. Our cash flow from operations after tax totals $10 billion. We had two tax installments on the Norwegian Continental Shelf in the quarter, totaling NOK 73 billion or $7.8 billion. The two last installments based on 2021 results.

特別是第二季度，我們的現金流為 180 億美元，繳納的稅款為 80 億美元。我們的稅後運營現金流總計 100 億美元。我們在本季度對挪威大陸架進行了兩次分期納稅，總計 730 億挪威克朗或 78 億美元。最後兩期基於 2021 年的結果。

From the third quarter, tax installments will be based on 2022 results as well as the new tax regime for NCS adopted by the parliament before the summer. And just to remind you that the new tax regime is a cash tax removing the uplift on petroleum taxes. However, as earnings are strong, the effect of the loss of uplift would be low.

從第三季度開始，稅收分期付款將基於 2022 年的結果以及議會在夏季之前通過的 NCS 新稅制。只是提醒您，新的稅收制度是一種現金稅，消除了石油稅的提升。然而，由於收益強勁，因此上升損失的影響將很小。

In the third quarter, we will pay the first of the three tax installments for the Norwegian continental shelf to be paid in 2022. The August payment is NOK 70 billion, around $7.4 billion. The capital distribution in the quarter was $1.6 billion. The buyback of shares from the Norwegian state is conducted on an annual basis.

在第三季度，我們將支付 2022 年為挪威大陸架支付的三期稅款中的第一期。8 月份的稅款為 700 億挪威克朗，約合 74 億美元。本季度的資本分配為 16 億美元。從挪威國家回購股票每年進行一次。

And last week, we paid for the state share buybacks made in 2021 and the first quarter, a total of more than NOK 13.5 billion or $1.4 billion. This will be part of the cash flow in the third quarter. After tax payments, investments and capital distribution, net free cash flow for second quarter was $7 billion.

上週，我們支付了 2021 年和第一季度的國有股回購，總額超過 135 億挪威克朗或 14 億美元。這將成為第三季度現金流的一部分。扣除稅款、投資和資本分配後，第二季度的淨自由現金流為 70 億美元。

And this further strengthens our balance sheet to an adjusted net debt capital employed of negative 38.6%. With the market movements and uncertainty in the energy market as well as our upcoming tax -- cash tax and capital distribution payments, resilience in the balance sheet is important. Our strategic direction remains firm. We keep investing and progressing on our strategy and make no changes to our guiding.

這進一步加強了我們的資產負債表，調整後的淨債務資本為負 38.6%。隨著能源市場的市場走勢和不確定性，以及我們即將徵收的稅收——現金稅和資本分配支付，資產負債表的彈性很重要。我們的戰略方向依然堅定。我們不斷投資和推進我們的戰略，並且不會改變我們的指導方針。

So far this year, we have organic investments of $3.8 billion. We expect to invest around $10 billion on average this year and next. However, this will be back-end loaded. So I will round off here and then hand it back to you, Mads, and then look forward to your questions.

今年到目前為止，我們有 38 億美元的有機投資。我們預計今明兩年平均投資約 100 億美元。但是，這將被後端加載。所以我將在這裡結束，然後把它交還給你，Mads，然後期待你的問題。

Thank you, Ulrica. Let us pass back over to the operator to open up for questions. And please keep in mind that no more than two questions should be asked. Thank you.

謝謝你，烏莉卡。讓我們返回給接線員以提出問題。請記住，最多只能問兩個問題。謝謝你。

(Operator Instructions) First question is from the line of Giacomo Romeo from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Giacomo Romeo。

First question I have, it's obviously great to see you stepping up the shareholder remuneration. I just wanted to see how you're thinking about putting this more on a financial frame sort of consistent with some of your peers in terms of looking at it as a payout of CFFO or surplus cash. Is there a way you can help us sort of understand how you're thinking about distribution -- distributing the very high cash flow you're generating?

我的第一個問題，很高興看到你提高股東薪酬。我只是想看看您如何考慮將其更多地放在與您的一些同行一致的財務框架上，將其視為對 CFFO 或剩餘現金的支付。有沒有一種方法可以幫助我們了解您對分配的看法——分配您產生的非常高的現金流？

And the second question is just wanting to see -- get some of your thoughts about the EU proposal to cut demand by 15%. And sort of if you can talk about sort of the evidence you're seeing at the moment in terms of demand destruction in Continental Europe, if you have any sort of empirical evidence you can bring into our attention that would be great.

第二個問題只是想看看 - 了解您對歐盟削減 15% 需求的提議的一些看法。如果你能談談你目前看到的關於歐洲大陸需求破壞的證據，如果你有任何經驗證據，你可以引起我們的注意，那就太好了。

Thank you very much, Giacomo. Let's start with your first question around whether we can put a more financial frame around our distributions. We have been very clear from last year as to how we reason around our capital distribution.

非常感謝你，賈科莫。讓我們從您的第一個問題開始，即我們是否可以圍繞我們的發行版設置更多的財務框架。從去年開始，我們就非常清楚我們如何圍繞我們的資本分配進行推理。

First of all, we always say that the best place for the money is back in the business on good returns in investments. And we clearly have to have a strong balance sheet, and we are aiming for a 15% to 30% net debt ratio still and, clearly, we're outside of that at the moment.

首先，我們總是說，最好的投資回報是投資回報率高的業務。我們顯然必須有一個強大的資產負債表，我們的目標仍然是 15% 到 30% 的淨債務比率，顯然，我們目前不在這個範圍內。

But we've also introduced a flexible part of our capital distribution framework, which we've said we will enact to about the level of $1.2 billion around a [oil] (corrected by company after the call) price of 50 to 60 and a supportive macroeconomic environment and commodity prices.

但我們還引入了我們資本分配框架的靈活部分，我們已經說過我們將在 50 至 60 的 [石油]（由公司在電話會議後更正）價格和有利的宏觀經濟環境和商品價格。

So that's what sits to the basis of what we're doing, and we're continuing to execute against that. And what you will have seen us doing since the third quarter last year is utilizing that flexibility. So when we continue to have supportive conditions beyond that, we have pushed our share buyback program beyond what the $1.2 billion.

所以這就是我們正在做的事情的基礎，我們將繼續執行。你會看到我們自去年第三季度以來所做的就是利用這種靈活性。因此，當我們繼續擁有除此之外的支持條件時，我們已經將我們的股票回購計劃推向了超過 12 億美元的規模。

And also, we are interested in a balanced approach across cash dividends and share buybacks. So we've also tried to keep that fairly balanced between share buybacks and extraordinary dividends and that's what you see us continuing to do.

此外，我們對現金股息和股票回購的平衡方法感興趣。因此，我們還試圖在股票回購和非凡股息之間保持相當平衡，這就是您看到我們繼續做的事情。

So if you go back over the quarters using this base framework, I think you will see the sort of additional support and the additional cash being distributed in a fairly straightforward way. And I think then on the question around the 15% demand destruction, the -- we didn't see much in the market.

因此，如果您使用此基本框架回顧季度，我認為您會看到額外的支持和額外的現金以相當直接的方式分配。然後我認為關於 15% 需求破壞的問題，我們在市場上沒有看到太多。

There was clearly a Nord Stream I gas announcements yesterday overshadowed the news around the 15% reduction. There were also some exceptions to the 15% reduction. Look, the gas market in Europe is going to need all of the above to be able to get to a level where it's sustainable going forward.

顯然，昨天 Nord Stream I 天然氣公告蓋過了 15% 左右的減產消息。 15% 的降幅也有一些例外。看，歐洲的天然氣市場將需要上述所有因素才能達到可持續發展的水平。

The market will continue to be tight. There are other factors clearly then how much LNG import they can get how much of this 15% will actually realize. And then also, of course, the weather and the current storage levels and how they can continue to drive that up.

市場將繼續吃緊。顯然還有其他因素，他們可以獲得多少 LNG 進口，這 15% 將實際實現多少。當然，還有天氣和當前的存儲水平，以及它們如何繼續推動這一點。

This is a complicated picture, and you can't really see directly one factor from the other, the sort of Russian gas supply overshadows quite a lot of the others. So that's what we keep on looking at. What we say with the gas market is it's clearly going to continue to be tight.

這是一幅複雜的畫面，你不能真正從另一個因素中直接看出一個因素，俄羅斯的天然氣供應使其他很多因素都黯然失色。所以這就是我們一直在關注的。我們對天然氣市場的看法是，它顯然會繼續吃緊。

And it's clearly going to continue to be volatile going forward, and that's what we prepare for. But -- and of course, our part in that is to continue our supplies. As you heard, we've increased 18% of our gas supplies from NCS in the quarter. And with the Hammerfest being back on stream, we are continuing to support that as much as we possibly can. So hard to say and see the individual factors in themselves, but it's going to continue to be tight.

而且它顯然會繼續波動，這就是我們準備的。但是——當然，我們在其中的一部分是繼續我們的供應。正如您所聽到的，我們在本季度從 NCS 增加了 18% 的天然氣供應。隨著 Hammerfest 重新開始，我們將繼續盡可能多地支持這一點。很難說和看到它們本身的個別因素，但它會繼續緊張。

Next question is from the line of Oswald Clint from Bernstein.

下一個問題來自 Bernstein 的 Oswald Clint。

Curious -- just on gas again, curious on the 15-year contract with Cheniere from the U.S., do we -- could we expect more of these? Is that a Henry Hub-linked offtake agreement for you? Do you intend to bring that to Europe? And ultimately, are you receiving stronger commitments now from European governments or customers to underpin things like 15-year, 20-year contracts? That's really the first question.

好奇——再次加油，對與美國切尼爾的 15 年合同感到好奇，我們是否——我們能期待更多這些嗎？這對你來說是與亨利中心相關的承購協議嗎？你打算把它帶到歐洲嗎？最終，您現在是否從歐洲政府或客戶那裡得到更強有力的承諾，以支持諸如 15 年、20 年合同之類的事情？這真的是第一個問題。

Secondly, please, just on cost inflation. I think you spoke about Hywind Tampen, you spoke about OpEx pressures. But you also have a pretty robust CapEx guidance, as you said, next year and even looking out to 2025 despite having a, as you say, a full program of 23 projects on-the-go, is this the better supplier arrangements that you've been working on this last couple of years is really mitigating some of that? Or could there be some cost pressure on the CapEx side of the equation as we look out to 2025?

其次，請僅考慮成本膨脹。我認為您談到了 Hywind Tampen，您談到了運營支出壓力。但是，正如你所說，你也有一個相當穩健的資本支出指導，明年甚至展望 2025 年，儘管正如你所說，有一個由 23 個項目組成的完整計劃，這是你更好的供應商安排嗎？過去幾年一直在研究這是否真的減輕了一些？或者當我們展望 2025 年時，等式的資本支出方面是否存在一些成本壓力？

Thank you Oswald for your questions. And yes, I mean, to your first question, if I talk about more longer-term demands out there, there are lots of conversations around gas demand and how industries, how companies, how countries will secure gas supplies.

謝謝奧斯瓦爾德的提問。是的，我的意思是，對於你的第一個問題，如果我談論更長期的需求，會有很多關於天然氣需求以及行業、公司、國家如何確保天然氣供應的對話。

And we need to find the right balance that fits the strategies that we've got and make sure that we maximize the supply and the price indications that we do get knowing that clearly, European gas is the priority. The gas contract we did in the U.S. is linked as you said. And when there is a good contract coming up that makes sense and fits into our portfolio and our production profile, in the best way we will pick that up as we go along.

我們需要找到適合我們現有戰略的適當平衡，並確保我們最大限度地提高供應和價格指標，我們清楚地知道，歐洲天然氣是優先事項。我們在美國做的天然氣合同，如你所說，是有關聯的。當有一份有意義的好合同即將到來並適合我們的投資組合和我們的生產概況時，我們會以最好的方式在我們進行時選擇它。

But there is, of course, pressure to sort of how can we secure our gas supply is a very frequent question to us. On the comments you've made around how Hywind Tampen and CapEx and how we're mitigating the costs pressures, I guess, it's underneath all of that. Hywind Tampen was actually not so much a cost pressure delay.

但是，當然，我們面臨著如何確保天然氣供應的壓力，這對我們來說是一個非常常見的問題。關於您就 Hywind Tampen 和資本支出以及我們如何減輕成本壓力所做的評論，我想，這一切都在這一切之下。 Hywind Tampen 實際上並不是一個成本壓力延遲。

It was more of a supply constraint around steel. And to answer your question, I think that's the biggest -- the inflation is a worry for us, and we could do continue, as you say, mitigate that with the strong procurement capabilities we've got, we're doing more with less suppliers.

更多的是圍繞鋼鐵的供應限制。為了回答你的問題，我認為這是最大的問題——通貨膨脹是我們的擔憂，我們可以繼續，正如你所說，通過我們擁有的強大採購能力來緩解這一問題，我們用更少的錢做更多的事供應商。

We're looking in contract as early as we possibly can. We are utilizing relationship across different categories. And all of that certainly helps in the short term when we had already started this. So it sort of carries us over in certain instances where we've been setting up long-term contract already before this push on inflation is coming.

我們正在盡可能早地尋找合同。我們正在利用不同類別的關係。當我們已經開始這樣做時，所有這些在短期內肯定會有所幫助。因此，在某些情況下，在推動通脹到來之前，我們已經建立了長期合同，這有點讓我們受益。

I think the one that is kind of also a worry that is linked to inflation is the supply chain disruptions. But again, some of the same solutions working closely with the suppliers being very much prioritizing the two sides of the supply chain is what we also need to do from that. And there's more of that to come.

我認為與通貨膨脹有關的一種擔憂是供應鏈中斷。但同樣，與供應商密切合作的一些相同的解決方案非常優先考慮供應鏈的兩個方面，這也是我們需要做的。還有更多的事情要做。

But in terms of our CapEx guidance, we have -- what we see is in our sanctioned portfolio, we have got a lot of our contracts sort of locked in already. And in our non-sanctioned portfolio is more exposed. And I guess most of our CapEx guidance as we have at the moment is linked to the sanctioned portfolio, and therefore, you see a little bit less of movements in that. But we do see the pressures underneath. So I hope that gives a little bit of colour also.

但就我們的資本支出指導而言，我們有——我們看到的是在我們批准的投資組合中，我們已經鎖定了很多合同。而在我們未經批准的投資組合中，風險敞口更大。我想我們目前的大部分資本支出指導都與受制裁的投資組合有關，因此，你看到的變動要少一些。但我們確實看到了下面的壓力。所以我希望這也能給我一點色彩。

Next question is from the line of Biraj Borkhataria from RBC.

下一個問題來自 RBC 的 Biraj Borkhataria。

The first question is on LNG. So you recently signed a long-term energy contract from the U.S. That's an area where you've been sort of underweight relative to peers. I would say, hasn't been a huge focus in your kind of CMDs in the past.

第一個問題是關於液化天然氣的。所以你最近從美國簽署了一份長期能源合同。相對於同行，你在這個領域一直處於低配狀態。我想說，過去在你的 CMD 中並不是一個很大的焦點。

Can you talk about how your views have changed, I guess, given conflict? And what you're thinking about over the next sort of 5 to 10 years now, you can address that underweight if that's what you're looking to do?

你能談談你的觀點是如何改變的，我猜，考慮到衝突？你現在在考慮未來 5 到 10 年的事情，如果你想做的話，你可以解決體重過輕的問題嗎？

And then the second question is on your CapEx budget, just following on from the last question. You, obviously, maintained the guidance over the medium term. But we're hearing about some very significant cost inflation numbers coming through across oil and gas, but also low carbon maybe if you could put some numbers to what you're seeing currently on the inflation side and where you're most concerned that would be helpful.

然後第二個問題是關於您的資本支出預算，緊接著上一個問題。顯然，你在中期維持了指導方針。但是我們聽到了一些非常重要的石油和天然氣成本通脹數據，但如果你可以將一些數字放在你目前看到的通脹方面以及你最擔心的地方，那麼低碳可能會出現有幫助。

You mentioned that you're using long-term contracts as part of the mitigation strategy. But how long is the long-term contract typically? So some details around that would be helpful.

您提到您正在使用長期合同作為緩解策略的一部分。但長期合同通常有多長？因此，有關此的一些細節會有所幫助。

Thank you, Biraj. I think the U.S. contracts start with that. I think it's -- we keep on understanding where are the best opportunities and where is the biggest demand? And what are the strongest price signals? And then that's part of that portfolio. And it's what we keep doing is what we've been doing and that's what we keep on doing now as well. Our primary focus has been, however, on Europe and will continue to be in the future.

謝謝你，比拉傑。我認為美國的合同是從這個開始的。我認為是——我們不斷了解哪裡是最好的機會，哪裡是最大的需求？最強的價格信號是什麼？然後這是該投資組合的一部分。這就是我們一直在做的事情，也是我們一直在做的事情，這也是我們現在一直在做的事情。然而，我們的主要關注點一直是歐洲，並將在未來繼續。

Having said that, the U.S. is an important market to us. And when we see that opportunities there as well. We will continue to look for those opportunities as well in addition.

話雖如此，美國對我們來說是一個重要的市場。當我們也看到那裡的機會時。此外，我們還將繼續尋找這些機會。

On a little bit more detail on the cost side. I mean, what we're seeing, and there's two sides to it. There's the operating costs, of course, and then there's the CapEx. And what we do see, and we mentioned it a little bit here in -- earlier on in the presentation is what we do see is operating and maintenance activities increasing.

關於成本方面的更多細節。我的意思是，我們所看到的，它有兩個方面。當然，還有運營成本，然後是資本支出。我們確實看到了，我們在這裡稍微提到了一點——在演示文稿的早些時候，我們看到的是運營和維護活動正在增加。

We do see, of course, higher environmental costs and electricity prices. We are also not immune to that on the other side. And those will impact our operating costs. And then you've got the CapEx side, which the issues have been more around. And as I said, there's been the rigs, tightening the market around the rigs, sort of, pretty harsh environment and where demand, I think, is expected to increase towards 2023 and then peak after that.

當然，我們確實看到了更高的環境成本和電價。另一方面，我們也不能倖免。這些都會影響我們的運營成本。然後你有資本支出方面，問題已經更多了。正如我所說，有鑽井平台，圍繞鑽井平台的市場收緊，環境相當惡劣，我認為需求預計將在 2023 年之前增加，然後在此之後達到頂峰。

And -- but then it should balance going forward. It's in engineering and construction where utilization rates are high and labour costs are increasing. And we do see a potential of constraint here going forward, but it's a global issue clearly and not specifically to the northern hemisphere here.

而且 - 但它應該在未來保持平衡。在工程和建築領域，利用率很高，勞動力成本也在增加。我們確實看到了未來可能會受到限制，但這顯然是一個全球性問題，而不是專門針對這裡的北半球。

And then we've seen steel and raw materials, which have stabilized, and we are seeing them and they are expecting to decline. But -- so even though there isn't a big impact yet, we are seeing these developments. And it makes, inflation and volatility makes tendering difficult.

然後我們看到鋼鐵和原材料已經穩定下來，我們正在看到它們，而且它們預計會下降。但是——所以即使還沒有產生很大的影響，我們也看到了這些發展。這使得通貨膨脹和波動性使得招標變得困難。

And as I said before, exposing the non-sanctioned projects for uncertainties. We are locking in, in terms of time, time horizon is very, very different. But per category, we were locking in pretty much where we can, the duration of the project. So that's why the sanction portfolio is pretty stable at the moment for the environment we're in.

正如我之前所說，將未經批准的項目暴露在不確定性中。我們正在鎖定，就時間而言，時間範圍非常非常不同。但是對於每個類別，我們幾乎都在盡可能地鎖定項目的持續時間。這就是為什麼制裁組合在我們所處的環境中目前相當穩定的原因。

But if you go beyond '26, '27 it's going to get more and more fluctuating as you go into the future because you've got a bigger portion of a non-sanctioned portfolio coming into the total. I think that gives you a little bit of a flavour of what's driving it and how we're doing, but that difference between how it hits us and also the difference between the sanctioned and the non-sanctioned portfolio.

但是，如果您超過 26 年和 27 年，隨著您進入未來，它會變得越來越波動，因為您有更大一部分未經批准的投資組合進入總數。我認為這讓你對它的驅動力和我們的工作方式有一點了解，但它對我們的影響以及受制裁和未受制裁的投資組合之間的差異。

That is helpful. Are you able to say whether it's the U.S. on the low carbon side or in oil and gas? Or are you seeing kind of general inflation across the spectrum?

這很有幫助。你能說是美國在低碳方面還是在石油和天然氣方面？或者你是否看到了整個範圍內的普遍通貨膨脹？

Sorry you cut out a little bit in the beginning. I didn't get the beginning.

對不起，你一開始就刪掉了一點。我沒有得到開始。

Sorry, are you able to say whether the inflation you're seeing is worse across -- within low-carbon projects or the oil and gas?

抱歉，你能說出你看到的通貨膨脹是在低碳項目還是石油和天然氣領域更糟糕？

No, I think -- I mean it's more -- what we're seeing is general by category and it's not directly related to the projects as such. So as I said, of course, steel will have -- it's category by category rather than a project by project.

不，我認為——我的意思是更多——我們看到的是按類別劃分的一般情況，它與項目本身沒有直接關係。所以正如我所說，當然，鋼鐵將具有 - 它是逐個類別而不是逐個項目。

And so it's fairly universal. And also the constraints in the supply chain sort of also fairly widespread with the same actions as I've talked about before, to mitigate that.

所以它是相當普遍的。此外，供應鏈中的限制也相當普遍，採取了與我之前談到的相同的行動，以減輕這種限制。

Next question is from the line of Teodor Nilsen from SB1 Markets.

下一個問題來自 SB1 Markets 的 Teodor Nilsen。

Two questions from me. First, just on your 15% to 30% net debt to capital employed ratio. Are you considering moving away from that ratio in -- it looks like it's less meaningful with a very small denominator when you have negative net debt.

我的兩個問題。首先，僅根據您 15% 至 30% 的淨債務與資本僱傭比率。您是否正在考慮從該比率中移出-當您的淨債務為負時，如果分母非常小，它的意義似乎就不那麼大了。

Second question is on just gas exposure. It looks like now you're selling most of the gas in TTF prices versus NBP. I just wonder, could you give us some guidance for second half this year, how much of your gas sales in Europe that you expect to be linked to the TTF price versus NBP and other pricing?

第二個問題是關於氣體暴露。看起來現在您以 TTF 價格而不是 NBP 出售大部分天然氣。我只是想知道，您能否給我們一些關於今年下半年的指導，您預計您在歐洲的天然氣銷售有多少與 TTF 價格與 NBP 和其他價格相關？

Thank you very much, Teodor. And yes, it looks -- if you look at the 15% to 30% capital employed, the negative numbers do look very different from what they did only a year ago. We have assessed our 15% to 30% capital employed ratio as a long-term range, and we will stick with that.

非常感謝，特奧多。是的，它看起來——如果你看一下所使用的 15% 到 30% 的資本，負數看起來確實與一年前的情況大不相同。我們已將 15% 至 30% 的資本使用率評估為一個長期範圍，我們將堅持這一點。

And I think as much as it looks negative at the moment. We have got some very big payments coming along in the next quarter. I referred to some. We have got a big tax payable and we have got a business that is facing significant swings. And so the metric itself, we are still sticking to the metric itself. We do -- that's what we are aiming for in the very long term.

我認為目前看起來很消極。我們在下一季度收到了一些非常大的付款。我提到了一些。我們有一大筆應繳稅款，我們的業務正面臨重大波動。所以指標本身，我們仍然堅持指標本身。我們做到了——這就是我們長期的目標。

And meanwhile, it's a bit way below, as you say, and it does look a little bit odd, but it wasn't that long ago, we were above. So the metric itself, I think, serves us okay for where we are today and for the future. So no, we're not really looking at changing the 15% to 30%, neither the metric or the range.

同時，正如你所說，它在下方，看起來確實有點奇怪，但就在不久之前，我們還在上方。因此，我認為，指標本身對我們今天和未來的狀況都很好。所以不，我們並沒有真正考慮將 15% 更改為 30%，無論是度量標準還是范圍。

In terms of gas exposure, yes, the TTF versus NBP market is clearly been, as you've seen, been decoupling lately, driven by, of course, who's most exposed to Russian gas supplies and storage levels, et cetera. And these trading geographical spreads are out there and have been out there, and we will continue to trade around those and drive behind the pricing signals that, that give.

就天然氣風險而言，是的，正如您所見，TTF 與 NBP 市場顯然最近一直在脫鉤，當然，受俄羅斯天然氣供應和儲存水平影響最大的國家等因素的推動。這些交易地理價差已經存在並且一直存在，我們將繼續圍繞這些交易並推動提供的定價信號。

And it's the flexibility of our transport and now that sort of limit us as to how much we will do that, but we will not share how much that will be because one, we don't know at this point in time, we will look at the most optimal way of delivering and do that within the constraints that we've got.

這是我們運輸的靈活性，現在這限制了我們將做多少，但我們不會分享這將是多少，因為一個，我們現在不知道，我們會看看以最佳的交付方式，並在我們現有的限制範圍內做到這一點。

So I can't give you an indication from that. What I can say is that we do see continued geographical spreads to stay high and volatile as well at the same time.

所以我不能給你一個暗示。我能說的是，我們確實看到持續的地域價差同時保持高位和波動。

Okay. So (inaudible)sold on TTF prices?

好的。所以（聽不清）以 TTF 價格出售？

I think if you asked about the proportion of TTF, you cut out a little bit. I can't share that with you because again, it will be dependent on market conditions as we get there.

我想如果你問TTF的比例，你就刪掉了一點。我無法與您分享，因為這將取決於我們到達那裡時的市場狀況。

Next question is from the line of Peter Low from Redburn.

下一個問題來自 Redburn 的 Peter Low。

So you did a great job maximizing your Norwegian gas production. How long do you think you can maintain gas output at current high levels? And are there any risks to infrastructure or reservoirs from operating at such high utilization for a sustained period of time?

因此，您在最大限度地提高挪威天然氣產量方面做得很好。您認為您可以將天然氣產量維持在目前的高水平多長時間？長期以如此高的利用率運行對基礎設施或水庫是否有任何風險？

And that will be my first question. The second was just related to MMP and derivative impacts. Obviously, been kind of swinging around quite a bit in recent quarters. Could you help us at all with kind of what you're expecting to see in the second half of the year there? Should we expect that some of the gains we've seen booked unwind?

這將是我的第一個問題。第二個只是與 MMP 和衍生影響有關。顯然，最近幾個季度有點搖擺不定。你能幫我們解決你期望在下半年看到的事情嗎？我們是否應該期望我們看到的一些收益會消失？

Very good. Thank you, Peter. And on the sustained gas delivery, we will continue to try to sustain as much of a gas production as we can for our role as making sure that we've got a stable secure supply of gas certainly remains and will do.

很好。謝謝你，彼得。在持續的天然氣供應方面，我們將繼續努力維持盡可能多的天然氣生產，因為我們的職責是確保我們有穩定、安全的天然氣供應，這肯定會繼續存在並將繼續下去。

As you say, we've seen record gas production for the second quarter on the NCS. And that is partly because we've postponed some turnaround planned for the second quarter for gas fields. But also, we are continuing exporting gas from Gina Krog and that would otherwise be used for injection.

正如你所說，我們在 NCS 上看到了第二季度創紀錄的天然氣產量。這部分是因為我們推遲了計劃在第二季度氣田的一些周轉。而且，我們將繼續從 Gina Krog 出口天然氣，否則這些天然氣將用於注入。

And there are other measures being taken that we've revised production permits and -- and of course, both for Troll and Oseberg. And as I said before, we've resumed production in LNG. And some of these are temporary, but some of these we could continue to push forward. And the gas injection, if that's what you refer to, whether it's sustainable.

我們還採取了其他措施，我們已經修改了生產許可證，當然還有 Troll 和 Oseberg。正如我之前所說，我們已經恢復了液化天然氣的生產。其中一些是暫時的，但其中一些我們可以繼續推進。還有註氣，如果你指的是這個，它是否可持續。

At this point in time at these prices, we believe it could be sustainable for longer, but each asset, each decision needs to be business case-based. And we do have our geologists and assessing carefully if it's got any impact on the long-term viability of the overall asset.

在這個時間點，以這些價格，我們認為它可以持續更長時間，但每項資產、每項決策都需要基於業務案例。我們確實有我們的地質學家，並仔細評估它是否對整體資產的長期生存能力產生任何影響。

And -- but these prices, there's some headroom in terms of continuing to do so. So we will try to continue to keep the gas where it is, continue to search for gas, continue to keep the efficiency up on our gas assets and continue to see whether there's anything we can do to push, as I said, any permits, et cetera, for continuation should that be necessary.

而且 - 但是這些價格，在繼續這樣做方面還有一些空間。因此，我們將嘗試繼續將天然氣保持在原地，繼續尋找天然氣，繼續提高我們天然氣資產的效率，並繼續看看我們是否可以做任何事情來推動，正如我所說的，任何許可證，等等，如果有必要繼續。

The derivatives and in the future of those. I mean, we've taken some big gains. I mean, I would say, I've said this before, there are two -- there sort of two parts to the MMP trading position here around gas, in particular, which is -- one is the underlying contracts where we've got term fixed contracts in the future where we've basically swapped back to floating in the value of that.

衍生品以及這些衍生品的未來。我的意思是，我們已經取得了一些很大的收穫。我的意思是，我會說，我之前說過，這裡有兩個 - 特別是圍繞天然氣的 MMP 交易頭寸有兩個部分，即 - 一個是我們擁有的基礎合約未來的定期固定合同，我們基本上已經換回了浮動的價值。

And then the value of the derivative itself gets mark-to-market on a quarterly basis, whereas the underlying only gets if you like, mark-to-market or the value of that versus the current market only gets recognized at delivery. So there's that mismatch there.

然後衍生品本身的價值每季度按市值計價，而標的物只有在你喜歡的情況下才會按市值計價，或者它與當前市場的價值只有在交付時才會得到認可。所以那裡有這種不匹配。

And having taken -- and therefore, the positions of those will move with where the market is moving and will depend on the rate on the -- pretty much the last day of the quarter. So very hard to predict, what we've tried. And then the second part is more strategic positions, which are a small part of our portfolio, which, again, depends on the position, of course, and we can't predict.

並且已經採取 - 因此，這些頭寸將隨著市場的變化而變化，並將取決於 - 幾乎是本季度的最後一天。很難預測，我們已經嘗試過什麼。然後第二部分是更具戰略性的職位，這是我們投資組合的一小部分，當然，這取決於職位，我們無法預測。

But on this more underlying to get back to our more floating position that we have said we'll try to give an indication as we invite for consensus on a quarterly basis given that it's so dependent on where the market is at that point in time. So hopefully, that will help us to understand the results and volatility when it comes to that when we go through each quarter.

但在這個更基礎的基礎上，我們已經說過我們將嘗試給出一個指示，因為我們每季度邀請達成共識，因為它非常依賴於當時市場的位置。因此，希望這將有助於我們了解每個季度的結果和波動性。

Next question is from the line of Amy Wong from Credit Suisse.

下一個問題來自瑞士信貸的 Amy Wong。

A quick question from me. Peregrino, good to see that project restarting and Phase II also scheduled for later this year. Could you give us kind of how you think about the -- a project like this in terms of economic performance and it's quite a heavy oil field as well. So how about its CO2 performance and how that fits into the overall Equinor strategy?

我的一個快速問題。 Peregrino，很高興看到該項目重新啟動，第二階段也計劃在今年晚些時候進行。您能否告訴我們您對這個項目的看法——就經濟表現而言，這樣的項目也是一個相當稠密的油田。那麼它的二氧化碳排放性能如何，以及它如何融入 Equinor 的整體戰略呢？

Great question. Yes. It's great news that Peregrino is back on and resumed production on the 16th of July, and it will gradually build up to reach capacity plateau through 2023. And also, we got Peregrino II coming on stream this year. So you're right, it will have an impact on our CO2, and we've got that in our -- we have an energy transition plan, which includes this.

好問題。是的。好消息是 Peregrino 已於 7 月 16 日恢復生產並恢復生產，並將逐步建立到 2023 年達到產能穩定期。此外，我們今年還有 Peregrino II 投產。所以你是對的，它會對我們的二氧化碳產生影響，我們已經在我們的 - 我們有一個能源轉型計劃，其中包括這個。

And we are very clear on that we have got a very clear production profile that we need to deliver, and Peregrino is part of that. And it's also part of the energy -- the emission ambitions that we've got to reduce 50% by 2030 of our emissions of our oil and gas portfolio. So the way we think about it is it needs to fit into that.

我們非常清楚，我們有一個非常明確的生產資料需要交付，而 Peregrino 就是其中的一部分。它也是能源的一部分——我們必須到 2030 年將我們的石油和天然氣組合排放量減少 50% 的排放目標。所以我們思考它的方式是它需要適應它。

It needs to fit in our overall ambition in our energy transition plan, and that's how we will then balance security of supply as well as investing in renewables as well as delivering on the emissions plans that we've got outlaying, reminding ourselves that actually on a emissions intensity point of view, we are probably about half of many of our peers already.

它需要符合我們在能源轉型計劃中的總體抱負，這就是我們將如何平衡供應安全以及投資可再生能源以及實現我們已經支出的排放計劃，提醒自己實際上從排放強度的角度來看，我們可能已經是許多同行的一半左右。

So in -- this fits within the boundaries of what we've already committed to and is part of that if that makes sense. So we need to balance all of this to make sure that the supplier -- energy supply is there, whilst we transition, but we're very, very clear how it fits in and it's stretching, but confident that we can get there and that 50% reduction by 2030.

因此，這符合我們已經承諾的範圍，並且如果這有意義的話，也是其中的一部分。所以我們需要平衡所有這一切，以確保供應商 - 能源供應在那裡，而我們過渡，但我們非常非常清楚它如何適應並且它正在伸展，但有信心我們可以到達那裡並且到 2030 年減少 50%。

Next question is from the line of Henri Patricot from UBS.

下一個問題來自瑞銀的 Henri Patricot。

A follow-up question on the -- question of distribution and the net debt. Just want to get a better sense of how we should think about the potential additional shareholder returns. So I'm conscious there's no particular formula.

關於分配和淨債務問題的後續問題。只是想更好地了解我們應該如何考慮潛在的額外股東回報。所以我意識到沒有特定的公式。

But for instance, is there any particular level of net cash that you think would be too high. And so we should be thinking about any additional cash flow that will bring you above that net cash level as potentially additional return to shareholders. Any indications you can share around that?

但是，例如，是否存在您認為過高的特定水平的淨現金。因此，我們應該考慮任何額外的現金流量，這些現金流量將使您高於淨現金水平，作為對股東的潛在額外回報。您可以分享任何跡象嗎？

Yes, very, very good question. And I think I'll come back to what I said before. I mean, we are clearly way outside of the 15% to 30% range at the moment. I think what you've seen today -- and what you will have seen in Q3 and Q4 of last year is that we are committing to use the flexibility in the shareholder distribution programs that we got to take steps towards that ratio.

是的，非常非常好的問題。我想我會回到我之前說的話。我的意思是，我們目前顯然遠遠超出了 15% 到 30% 的範圍。我認為您今天所看到的 - 以及您將在去年第三季度和第四季度看到的是，我們致力於利用股東分配計劃中的靈活性，我們必須採取措施實現這一比例。

When we do that, I mean, there are some criteria here to sort of plug into the spreadsheet, which is we'll get back to the 15% to 30%, that's what we said in the long term, but we have to take several factors into consideration the volatility and the resilience that we need in the short term, the pull on the cash in the also short term and medium term, given the delay in our cash payments, and you can just look at our tax payable on the balance sheet, which needs to be paid for.

當我們這樣做時，我的意思是，這裡有一些標準可以插入電子表格，即我們將回到 15% 到 30%，這是我們長期所說的，但我們必須接受考慮到我們在短期內需要的波動性和彈性，考慮到我們的現金支付延遲，短期和中期對現金的拉動，你可以看看我們的應付稅款資產負債表，需要支付。

We also have committing to big CapEx going forward $10 billion now for the next 2 years and then up to $12 billion. And we've committed to big renewables investments. They need to be financed. And you sort of -- if you overlay that in and then plot a track towards 15% to 30%. This is a long-term range. We don't need to get into that in each quarter. It's a long-term range where you need to balance all of those factors in.

我們還承諾在未來 2 年將大資本支出向前推進 100 億美元，然後達到 120 億美元。我們承諾進行大規模的可再生能源投資。他們需要得到資助。你有點——如果你把它覆蓋進去，然後畫一條走向 15% 到 30% 的軌跡。這是一個長期範圍。我們不需要在每個季度都討論這個問題。這是一個長期範圍，您需要在其中平衡所有這些因素。

So it will give you some guidelines and some principles. And if you look at what we've done in Q3, Q4, and now you can see that that's the -- any additional sort of cash is considered to be -- we need to look into investment of the company. We need to look into those criteria and then see if there's anything else above that. We are committed to competitive shareholder distributions, and we'll use the flexibility to give that back over the period of time, if that makes sense.

所以它會給你一些指導和一些原則。如果你看看我們在第三季度和第四季度所做的事情，現在你可以看到這就是——任何額外的現金都被認為是——我們需要研究公司的投資。我們需要研究這些標準，然後看看是否還有其他標準。我們致力於有競爭力的股東分配，如果有意義的話，我們將利用靈活性在一段時間內回饋。

So that's the formula rather than a sort of percentage of extra free cash flow. I'll also say is that we're very conscious of what we -- the payables as we've got but also looking at history and seeing what we have earned so far rather than looking into the future and bank on the current energy prices staying where they are for the next 5 years.

所以這就是公式，而不是某種額外自由現金流的百分比。我還要說的是，我們非常清楚我們所擁有的應付賬款，但也要回顧歷史，看看我們迄今為止所獲得的收益，而不是展望未來並依靠當前的能源價格在接下來的 5 年裡保持原狀。

So I think it's also important thing to draw a line where we are at the moment and understand what we've already generated versus assuming many sort of forecast for the future. Hopefully, that helps a little bit of the context at least.

因此，我認為劃清我們目前所處的位置並了解我們已經產生的內容而不是假設對未來的多種預測也很重要。希望這至少對上下文有所幫助。

Next question is from the line of Mehdi Ennebati from Bank of America.

下一個問題來自美國銀行的 Mehdi Ennebati。

Two questions. First one, a follow-up on your Norwegian gas production. Maybe some specification regarding the second half of this year and also the third quarter. So you've announced hydrocarbon production maintenance impact roughly in line in the third quarter versus the second quarter, 65 kboe/d impact.

兩個問題。第一個，跟進您的挪威天然氣生產。也許關於今年下半年和第三季度的一些規範。因此，您已宣布第三季度與第二季度的碳氫化合物生產維護影響大致一致，影響為 65 kboe/d。

And you've also highlighted that Snøhvit production is back to normal. So it seems that normally, with maintenance, let's say, roughly in line and with much higher production from Snøhvit. It seems that you might be able to approach 800 kboe/d natural gas production from the third quarter.

您還強調了 Snøhvit 的生產已恢復正常。所以看起來，通常情況下，在維護的情況下，比方說，大致符合 Snøhvit 的產量並且產量要高得多。從第三季度開始，您似乎可以接近 800 kboe/d 的天然氣產量。

So am I missing something here? Such as maintenance impacting especially the gas fields or anything else, which could prevent you to significantly increase your gas production from the third quarter compared to the second one. At a time when the gas price is now back to record high. So if you can help us there, that would be very good.

那麼我在這裡錯過了什麼嗎？例如維護特別影響氣田或其他任何事情，這可能會阻止您從第三季度相比第二季度顯著增加天然氣產量。在天然氣價格現在回到歷史高位的時候。所以如果你能在那裡幫助我們，那就太好了。

And the second question is about the tax installment announcement that you've made for 2022 earnings. So one installment is $7.4 billion. This is very, very low, much lower than I think what the Street was expecting. And I wanted to understand if such low tax installment is due to the fact that most of your 2022 CapEx are related to the 2020, 2021 special tax regime? Or is it -- thanks to the new oil and gas tax regime, which has been voted in June and which is now -- which now entered into process since July.

第二個問題是關於您為 2022 年收入所做的分期納稅公告。所以一期是74億美元。這非常非常低，遠低於我認為華爾街的預期。我想了解如此低的分期付款是否是由於您 2022 年的大部分資本支出與 2020 年、2021 年的特殊稅制有關？或者是 - 由於新的石油和天然氣稅收制度，它已於 6 月投票，現在是 - 現在自 7 月開始進入進程。

Thank you very much. Let me go -- start on the production. And our guidance is 2% growth in 2022 and -- sorry, it's 2% growth in production, and that sort of includes what we have already shared some of you earlier on, what production is coming online for the rest of this year.

非常感謝。讓我走——開始製作。我們的指導是 2022 年增長 2%，而且——抱歉，這是 2% 的產量增長，這包括我們早些時候已經與你們中的一些人分享的內容，以及今年剩餘時間將上線的產量。

Yes, Snøhvit is up and running. Peregrino I restart, as I said, started off now. We got Peregrino II coming in, Johna Sverdrup Phase II and Njord Future coming in. So that will impact the rest of the year. And the turnarounds, we have indicated, as you mentioned.

是的，Snøhvit 已經啟動並運行。 Peregrino 我重新開始，正如我所說，現在開始了。我們讓 Peregrino II 進入，Johna Sverdrup Phase II 和 Njord Future 進入。所以這將影響今年剩下的時間。正如你所提到的，我們已經指出了轉變。

I guess one thing I could add on top of that is that the turnarounds will be, as you heard, we've delayed some turnarounds from this quarter into next. And one of those is Oseberg. So that is clearly got an impact on the gas forecast that you got. But if you take those moving parts. I think you'll get to the -- a reasonable place.

我想我可以補充的一件事是，正如你所聽到的，我們已經將一些周轉時間從本季度推遲到下一個季度。其中之一就是 Oseberg。所以這顯然會對你得到的天然氣預測產生影響。但如果你把那些活動部件拿走。我想你會到達——一個合理的地方。

On the tax, I don't think it looks low. It's that one installment is as big as two of the previous ones. So it's just the number of installments that you need to look at there, so the 7.4 is one instead of two, basically, so it's doubled. So it's quite low -- well, double of the total anyway.

在稅收上，我認為它看起來並不低。就是這一期和前兩期一樣大。所以這只是你需要在那裡查看的分期付款數量，所以 7.4 基本上是一個而不是兩個，所以它翻了一番。所以它非常低 - 無論如何，是總數的兩倍。

So it's got nothing to do directly where it's got a little bit to do with -- this one is kind of 6 months in arrears. So we've got -- this is paying tax from 6 months ago. But what we're coming into now on the NCS tax scheme on -- it's not got big significant shifts to our tax payables. We're losing an uplift.

因此，與它有一點關係的地方沒有直接關係——這個拖欠了 6 個月。所以我們有 - 這是從 6 個月前開始納稅的。但是我們現在在 NCS 稅收計劃上遇到的問題 - 它對我們的應納稅額沒有重大變化。我們正在失去提升。

It's a tax -- cash tax now, which is beneficial for us in terms of upfront deductions. But what we are losing is the uplift on projects that we could deduct against the petroleum tax. And but overall, that makes a fairly small impact, especially when we make so much higher revenues on the NCS, that number is very small in comparison with the big tax numbers what we're paying. So it's all in. It's one tax installments rather than 2.

這是一種稅——現在是現金稅，這對我們的前期扣除有利。但我們正在失去的是我們可以從石油稅中扣除的項目的提升。但總的來說，這產生的影響相當小，特別是當我們在 NCS 上獲得如此多的收入時，與我們支付的大稅數字相比，這個數字非常小。所以這一切都在。這是一筆稅款，而不是 2 筆。

Next question is from the line of John Olaisen from ABG.

下一個問題來自 ABG 的 John Olaisen。

I have a couple of tax related questions. First, I noticed that over the last couple of quarters, there has been some minus tax charges for the U.S. segment. Just wondering, is this an indication that you're about to move into tax paying position in the U.S. If you could update us on this, please?

我有幾個與稅務相關的問題。首先，我注意到在過去的幾個季度中，美國市場出現了一些減稅。只是想知道，這是否表明您即將進入美國納稅職位。如果您能更新我們的信息，好嗎？

And the second question is to the relatively high tax rate of 80% for MMP in the quarter. I think you seem to remember that they guided the long-term tax rate for this segment is 40% to 60%. I just wonder if there is any -- if you could give an update on this, please. So U.S. and MMP tax rate please.

第二個問題是本季度MMP 80%的較高稅率。我想你似乎還記得，他們指導這個細分市場的長期稅率是 40% 到 60%。我只是想知道是否有任何 - 如果你能提供一個更新，請。所以請美國和MMP稅率。

Thank you. Very clear. No, in the U.S., we are not paying any federal taxes. This is the state taxes that we pay. And so there's no indications to start paying the federal taxes in the U.S. So that's a very straightforward answer. On the MMP tax rate, yes, it's been very, very fluctuating.

謝謝你。非常清楚。不，在美國，我們不繳納任何联邦稅。這是我們支付的州稅。因此，沒有跡象表明要開始在美國繳納聯邦稅。所以這是一個非常直接的答案。關於 MMP 稅率，是的，它非常非常波動。

And I think, of course, it's a complex entity in terms of many revenue streams, but -- and we do -- it's a very hard one to keep -- to sort of guide towards there for. The reason is so high this time is because we've got a lot of earnings on the Norwegian continental shelf, and there are other offsetting back and forth within the P&L in other tax regimes that makes the net weighted average a bit confusing.

而且我認為，當然，就許多收入來源而言，它是一個複雜的實體，但是 - 我們確實 - 這是一個非常難以保持的實體 - 可以為此提供指導。這次之所以如此之高，是因為我們在挪威大陸架上獲得了很多收益，而且在其他稅收制度的損益表中還有其他的來回抵消，這使得淨加權平均值有點混亂。

So I think we're going to have to try to help in terms of indicating how that is when it's outside of the range because that range is, as you say, very volatile going forward.

因此，我認為我們將不得不嘗試幫助說明當它超出範圍時的情況，因為正如您所說，該範圍在未來非常不穩定。

And a follow-up to the first part of the question. In the U.S., when would you expect to start, having to start paying federal tax? Because I presume with higher oil and gas prices, that time is getting closer than it used to...

以及問題第一部分的後續行動。在美國，您預計什麼時候開始，必須開始繳納聯邦稅？因為我認為隨著石油和天然氣價格的上漲，那個時間比過去更近了……

We are seeing -- we clearly have got a lot of great performance in the U.S., and it's good to see, but we've also got a long history of the other way around. So we have got -- I won't give you an indication on how far, but it will be quite a while before we get there.

我們看到了——我們顯然在美國有很多出色的表現，很高興看到，但我們也有相反的悠久歷史。所以我們得到了——我不會告訴你有多遠，但我們到達那裡還需要一段時間。

Next question is from the line of Kim Fustier from HSBC.

下一個問題來自匯豐銀行的 Kim Fustier。

Two questions from me, please. Firstly, could you talk a little bit about the progress you've made on CCS and hydrogen in the second quarter and how that fits with the broader U.K. and EU plants? And just on hydrogen, or specifically, I know you've been pursuing both green and blue hydrogen, but there seems to be a very clear preference in the EU for green hydrogen, and that preference seems to have been reinforced by the current European gas situation whereby gas is expensive and scarce. I just wondered if that is making you lean more towards green hydrogen or has nothing really changed?

請教我兩個問題。首先，您能否談談您在第二季度在 CCS 和氫氣方面取得的進展，以及這與更廣泛的英國和歐盟工廠的契合度如何？就氫而言，或者俱體來說，我知道你一直在追求綠色和藍色氫，但歐盟似乎對綠色氫有非常明顯的偏好，而且這種偏好似乎已經被當前的歐洲天然氣強化了天然氣價格昂貴且稀缺的情況。我只是想知道這是否讓你更傾向於綠色氫，或者沒有什麼真正改變？

Very good and interesting questions. And what I'm going to do since we've got Svein here in the room, I'll hand over to him to answer both, and I'll add after that. So Svein over to you.

非常好的和有趣的問題。既然我們有 Svein 在房間裡，我將要做什麼，我將交給他來回答這兩個問題，然後我會補充。所以Svein交給你。

Thanks for the question. Yes, we are progressing also well within the low carbon solution part of the business during this quarter. As we also talked about in connection with the first quarter results. In the second quarter, we were awarded the Smeaheia licenses on Norway and also 1 further up in the north, but Smeaheia has a capacity of 20 million tonnes per year for storage of CO2.

謝謝你的問題。是的，在本季度，我們在業務的低碳解決方案部分也取得了不錯的進展。正如我們還談到了與第一季度業績有關的內容。在第二季度，我們獲得了挪威的 Smeaheia 許可證以及北部的 1 個許可證，但 Smeaheia 的二氧化碳儲存能力為每年 2000 萬噸。

And you also saw another announcement coming down towards the later of the quarter. It's a project together with the Fluxys in Belgium where we are looking then into building a pipeline and from the Continental Europe up to the Norwegian continental shelf then for storage of CCS there.

您還看到本季度晚些時候發布的另一個公告。這是一個與比利時 Fluxys 合作的項目，我們正在考慮建造一條從歐洲大陸到挪威大陸架的管道，然後在那裡儲存 CCS。

On the Northern Light, we are progressing well on that front. I also started the FEED for Phase II there, which could then bring the total capacity up to 5% to 6%, but we are now installing the first phase there of the 1.5 million tonnes.

在北極光方面，我們在這方面進展順利。我還在那裡開始了第二階段的 FEED，這可以使總容量達到 5% 到 6%，但我們現在正在那里安裝 150 萬噸的第一階段。

Also, we did the acquisition of the Triton in the quarter, which is the CCGT in the U.K. What we're also starting now to work there, together with our partner SSE, that we will also look into how to prepare that one for using hydrogen into the blend and then providing the power to the market.

此外，我們在本季度收購了 Triton，這是英國的 CCGT。我們現在也開始在那里工作，與我們的合作夥伴 SSE 一起，我們還將研究如何準備使用它氫氣進入混合物，然後為市場提供電力。

Then a comment on the green versus blue, I think into the future, yes, there will be green. But we also see that there are the more positive response then to also and utilizing the blue underway and then having the ability then to produce blue hydrogen as part of the energy transition that needed then for the EU. So good progress in total.

然後是關於綠色與藍色的評論，我認為未來，是的，會有綠色。但我們也看到，對藍色的利用也有更積極的反應，然後有能力生產藍色氫，作為歐盟當時所需的能源轉型的一部分。總的來說進展不錯。

Actually, quite a lot of progress and quite exciting. And you're absolutely right, Kim, in terms of the geography spread between preference for green versus blue, is correct as well. But as Svein says, as we see a mix being needed in the short term, given the capability, I guess, of the two is different short term and long term. It's a very good question, if I finish off with that.

實際上，進步很大，也很令人興奮。你是絕對正確的，Kim，就偏愛綠色與藍色之間的地理分佈而言，也是正確的。但正如 Svein 所說，我們認為短期內需要混合，考慮到兩者的能力，我猜，短期和長期是不同的。這是一個非常好的問題，如果我結束了。

Next question is from the line of Anders Rosenlund from SEB.

下一個問題來自 SEB 的 Anders Rosenlund。

When you answered Teodor's question on leverage earlier and the targeted leverage range of 15% to 30%. You said that you were aiming and I'm quoting you for that "in the very long term". What does that mean very long term? Is that 5 years down the road or 10 years down the road? Or should we disregard it altogether?

當您之前回答 Teodor 關於槓桿的問題時，目標槓桿範圍為 15% 到 30%。你說你的目標是“從長遠來看”我引用你的話。這意味著什麼？那是5年後還是10年後？還是我們應該完全無視它？

Yes, it's a good -- it's actually a good question. I think what I meant with that is that we won't -- we've seen -- if you go back in history, we've been -- it's not months. It's -- we've been outside of the range, the other side for, I think, maybe a couple of years, but that's the sort of ranges rather than we should disregard if I put it away.

是的，這是一個很好的問題——這實際上是一個很好的問題。我想我的意思是我們不會——我們已經看到——如果你回顧歷史，我們已經——不是幾個月。這是 - 我們已經超出範圍，另一邊，我認為可能有幾年，但這是那種範圍，而不是如果我把它放在一邊我們不應該忽視。

So -- but it's not months neither. And this -- the one thing I will say is time around this. It's hard to put the time around it because I will say what's very, very important right now is that we are in a very volatile environment. And what we do need to think about is there is a macroeconomic overhang on all of this and what that does to demand and what that does to prices, et cetera, going forward is anyone's guess, and it's a very complex picture that we're looking at in uncharted territory, as I said before, a little bit. So we are focusing back in time in terms of what has been generated rather what can be.

所以——但也不是幾個月。而這個——我要說的一件事是圍繞這個的時間。很難把時間花在這上面，因為我要說的是，現在非常非常重要的是，我們處於一個非常不穩定的環境中。我們確實需要考慮的是，所有這一切都存在宏觀經濟過剩，這對需求有什麼影響，對價格有什麼影響，等等，任何人都可以猜測，這是一幅非常複雜的圖景。正如我之前所說，在未知領域看，一點點。因此，我們將注意力集中在已經生成的內容上，而不是可以生成的內容上。

But no, you can't disregard it. That's not right, but it's even -- it's not a monthly, month-by-month movement that we're looking for neither.

但是不，你不能忽視它。這是不對的，但它甚至是——這不是我們不想要的每月、逐月的運動。

But if I may follow up, is this a way of saying that if prices drop at a level which doesn't justify paying out as much as you're currently doing, you will continue to do so because you have leeway in the longer-term financial targets?

但是，如果我可以跟進，這是否是一種說法，如果價格下跌到無法證明您目前支付的金額的水平，您將繼續這樣做，因為您在更長的時間內有迴旋餘地-長期財務目標？

You can look at the support we -- over time, we will try to get back to the 15% to 30% given market conditions, and that's what we will be -- what will we be looking at. We were looking at the strength of the balance sheet. We'll be looking at what's needed in the near term, and then we will over time try to get back to 15% to 30%. That's what the aim is.

你可以看看我們的支持——隨著時間的推移，我們將在市場條件下嘗試回到 15% 到 30% 的水平，這就是我們將要做的——我們將關注什麼。我們正在研究資產負債表的強度。我們將研究近期需要什麼，然後隨著時間的推移我們將嘗試恢復到 15% 到 30%。這就是目標。

Next question is from the line of Martijn Rats from Morgan Stanley.

下一個問題來自摩根士丹利的 Martijn Rats。

Okay. Well, I have two. I can hope we can squeeze it in the last 3 minutes. So I wanted to ask if you could make a little bit of a bridge between the comments in the last quarterly call versus well, what's consequently transpired?

好的。嗯，我有兩個。我希望我們能在最後 3 分鐘內擠壓它。所以我想問你是否可以在上一個季度電話會議中的評論與很好的評論之間架起一點橋樑，因此發生了什麼？

Because on the last call, we also collectively talked a lot about the very sharp drop in net debt into negative territory. But back then, there were a number of comments at this quarter, actually, the net debt ratio should go up. And I quote from the last call, it will go up significantly and into positive territory.

因為在上次電話會議上，我們還集體談論了很多關於淨債務急劇下降至負值的問題。但當時，這個季度有很多評論，實際上，淨負債率應該會上升。我引用上次電話會議的內容，它將顯著上升並進入積極領域。

Now if this has been a quarter where like oil prices roofed it or gas prices have roofed it, I could sort of imagine you could say, well, we just generated more cash, but broadly, the oil and gas prices, we have this quarter we also had last quarter.

現在，如果這是一個像石油價格或天然氣價格一樣的季度，我可以想像你會說，好吧，我們只是產生了更多的現金，但總的來說，石油和天然氣價格，我們有這個季度我們也有上個季度。

So from the expectation in the 1Q call that the net debt ratio would go up versus the very significant decline in the net debt ratio that we've actually seen where, relative to your prior expectations, has there been a change? I'd be very sort of interested in that. And secondly...

因此，從第一季度電話會議中的預期來看，淨債務比率將上升，而我們實際看到的淨債務比率非常顯著下降，相對於您之前的預期，是否發生了變化？我會對此非常感興趣。其次...

That is straight -- yes. Okay, continue. Sorry.

那是直的——是的。好的，繼續。對不起。

Yes. Okay. And secondly, I wanted to ask about clearly, gas prices are very, very high. We need as much natural gas in Europe as we can, but there is no supply response from Equinor, right? The CapEx guidance has not come up. I haven't heard you talk about new gas production projects.

是的。好的。其次，我想問清楚，汽油價格非常非常高。我們在歐洲需要盡可能多的天然氣，但 Equinor 沒有供應回應，對吧？資本支出指南尚未出台。我還沒有聽到你談論新的天然氣生產項目。

There is no -- the price signal isn't quite working perhaps as it has in previous cycles, right? I mean we've seen this for a while, but it gets to sort of quite unusual territory that even these gas prices is not making companies like Equinor drill more gas wells. I just want to make sure I've got that correct.

沒有——價格信號可能不像以前的周期那樣有效，對吧？我的意思是我們已經看到了一段時間，但它進入了一個非常不尋常的領域，即使是這些天然氣價格也沒有讓像 Equinor 這樣的公司鑽更多的氣井。我只是想確保我的理解是正確的。

Thank you very much, Martijn. And let's put the first context into -- comment into context. That comment was made that I think going back as to if we had paid the tax that was due right there at that point in time, which is clearly not what we are doing.

非常感謝，馬丁。讓我們將第一個上下文放入-- 將註釋放入上下文中。發表評論時，我認為我們是否已經支付了當時到期的稅款，這顯然不是我們正在做的事情。

So that was a theoretical position that if we hadn't had a 6-month delay on our tax payments on the Norwegian Continental Shelf, and we would have stopped here and paid them off, the net debt would have been in positive territory. So that's what that was referring to, not a forecast for the next quarter, which we wouldn't have done.

所以這是一個理論上的立場，如果我們在挪威大陸架上的納稅沒有延遲 6 個月，我們會在這裡停下來還清它們，淨債務就會處於正數區域。所以這就是指的，而不是對下一季度的預測，我們不會這樣做。

On your price signals comment, there are many -- this is a complex picture for an integrated energy company. Yes, there is a strong price signal in terms of gas. But there is also strong signals in terms of continuing the energy transition and transforming into renewables and sticking to your emission plans and making sure that you're driving forward as hard as you can on that.

關於你的價格信號評論，有很多——這對於一家綜合能源公司來說是一幅複雜的畫面。是的，就天然氣而言，存在強烈的價格信號。但是，在繼續能源轉型和向可再生能源轉型、堅持排放計劃並確保您在這方面盡最大努力向前推進方面也有強烈的信號。

So and then on top of that, of course, what we're also very committed to is the right level of return across that whole portfolio as we're going through the energy transition. If you put all of that together, it needs to sort of take all of those boxes to be invested in. And I think that's what you're going to find across the industry that if it fits in, if you can optimize, if you can improve in the -- and sort of improve your portfolio within those parameters, you'll see investments.

當然，除此之外，我們還非常致力於在我們經歷能源轉型時整個投資組合的正確回報水平。如果你把所有這些放在一起，它需要把所有這些盒子都投入進去。我認為這就是你會在整個行業中找到的東西，如果它適合，如果你可以優化，如果你可以改進——並且在這些參數範圍內改進你的投資組合，你會看到投資。

But you can't overweight one other side because you will throw out your measure on emissions or you throw out your measure on how much you've spent on renewables if you increase your oil and gas portfolio too much.

但是你不能增持另一方，因為如果你過多地增加你的石油和天然氣投資組合，你就會放棄你的排放衡量標準，或者你放棄衡量你在可再生能源上花費了多少的衡量標準。

And consequently, the other way around, if you might throw up returns if you push it too much into the velocity into the future. So that's the parameter that means that just increasing more because there's a higher price, investing more because there's a higher price, will, the holistic picture doesn't work necessarily today.

因此，反過來說，如果你把它推到未來的速度上，你可能會拋出回報。所以這就是參數意味著，因為價格更高而增加更多，因為價格更高而投資更多，整體圖景在今天不一定有效。

Operator, operator, I think we can take one more question, and then we end the call.

接線員，接線員，我想我們可以再問一個問題，然後我們結束通話。

Okay. The last question is from Matt Lofting from JPMorgan.

好的。最後一個問題來自摩根大通的 Matt Lofting。

Two quick ones, if I could. First, I think you talked right at the top of the call about tight supply setup and the importance of underpinning industry investments to support energy security. So just sort of following up and extending on the previous comments, whilst there may be a lag around this in the context of unchanged CapEx guidance and the balance sheet sitting where it is.

兩個快的，如果可以的話。首先，我認為您在電話會議的開頭就談到了供應緊張以及支持行業投資以支持能源安全的重要性。因此，只是對先前的評論進行跟進和擴展，而在資本支出指導不變和資產負債表保持不變的情況下，這可能存在滯後。

Can you talk about the extent to which Equinor is assessing additional project and particularly gas-related opportunities to build into sort of the backdrop that we see today? And within that, mindful of the cost inflation comments that you made earlier, the extent to which leaning more into buy versus build is a consideration in this environment?

您能否談談 Equinor 在多大程度上評估其他項目，特別是與天然氣相關的機會，以構建我們今天看到的某種背景？在此之中，考慮到您之前發表的成本通脹評論，在這種環境下，更多地傾向於購買而不是建造是一個考慮因素？

And then secondly, on cash taxes, I think guidance sort of very clear in terms of the sort of the installment going into the third quarter. Historically, and if I remember rightly, in 2021 as well, the company has made the accelerated payments in Q4 to sort of catch up on that sort of delay prior to year-end.

其次，在現金稅方面，我認為就進入第三季度的分期付款方式而言，指導非常明確。從歷史上看，如果我沒記錯的話，在 2021 年，該公司也在第四季度加速付款，以在年底前趕上這種延遲。

Is that something that you're anticipating as a possibility this year and sort of factoring into the way that you're looking at the balance sheet position?

您是否預計今年有這種可能性，並且在某種程度上考慮到您看待資產負債表狀況的方式？

Very good questions. Thank you, Matt. I do agree. We are investing more, would be a good thing to do in this time. It would be good as long as it meets what I just talked about, our total portfolio velocity into the transition as long as it meets the return criteria.

非常好的問題。謝謝你，馬特。我同意。我們正在投資更多，這將是一件好事。只要它符合我剛才談到的內容，只要符合回報標準，我們的總投資組合速度進入過渡期就很好。

And we are -- and to your question about are you assessing this. We are absolutely continuously assessing. I keep saying the best place for this money is to be invested in the business, but we also need to be very clear that we create long-term sustainable -- we invest in long-term sustainable, profitable projects.

我們是 - 對於你的問題，你是否對此進行了評估。我們絕對在持續評估。我一直在說，這筆錢最好的地方是投資於企業，但我們也需要非常清楚，我們創造了長期可持續的——我們投資於長期可持續的、有利可圖的項目。

And as I said, that we take the holistic picture as to what it does to our energy transition plan into consideration. But what we will continue to do within all of this, we will continue to explore. We've said we're going to continue to explore for oil and gas, and gas around on the NCS. That wasn't always so popular.

正如我所說，我們從整體上考慮它對我們的能源轉型計劃的影響。但在這一切中我們將繼續做什麼，我們將繼續探索。我們已經說過我們將繼續在 NCS 上探索石油和天然氣以及天然氣。這並不總是那麼受歡迎。

We've -- we said we will continue to do so. That is now much more accepted. We will continue to do so with the way we've already communicated. We will continue to see what we can do to secure gas production and continue to invest in our current assets as well.

我們已經 - 我們說過我們將繼續這樣做。這現在被更多人接受了。我們將繼續以我們已經溝通的方式這樣做。我們將繼續看看我們能做些什麼來確保天然氣生產，並繼續投資於我們現有的資產。

And I do think from a cost inflation point of view, we are -- yes, there is a build capacity constraint and looking at clever ways, smart ways of buying capacity of finding smarter solutions as to how to increase capacity is and maybe buy in some capabilities is also something we're looking at. But as I said, we will be doing that on an ongoing basis, needs to fit into that overall financial framework and emissions framework at the same time.

而且我確實認為，從成本通脹的角度來看，我們是——是的，存在建設能力限制，並且正在尋找聰明的方法，購買能力的聰明方法，尋找更聰明的解決方案來增加產能，並且可能購買一些功能也是我們正在研究的東西。但正如我所說，我們將持續這樣做，需要同時適應整體財務框架和排放框架。

So we are -- this is a big, big topic on our agenda as to how to invest more to get better, faster and still remain -- keep the returns or even improve them. In terms of cash taxes and the accelerated payment then -- that the last -- this same mechanism exists this year, and we will be carefully looking into and seeing what we need to do depending on where the prices are at that point in time to see how we can -- and if we should utilize that the same way as we did last year.

所以我們 - 這是我們議程上的一個很大很大的話題，關於如何投資更多以獲得更好，更快並且仍然存在 - 保持回報甚至改善它們。在現金稅和加速支付方面——最後一個——今年也存在同樣的機制，我們將仔細研究並根據當時的價格情況看我們需要做什麼看看我們怎麼做——以及我們是否應該像去年一樣利用它。

In the interest of time, we have to stop the Q&A session, and I would like to hand back to Mads Holms for any closing comments. Please go ahead.

由於時間關係，我們不得不停止問答環節，我想將任何結束評論交回給 Mads Holms。請繼續。

Thank you, operator. Thank you to Ulrica, May-Kirsti and Svein, and thank you all for your time this morning. As always, if there's any further question that you have, please contact investor relations team on the usual numbers, and we'll get back to you as soon as you can. So once again, thank you for your time this morning, and have a great day.

謝謝你，接線員。感謝 Ulrica、May-Kirsti 和 Svein，感謝大家今天上午的寶貴時間。與往常一樣，如果您有任何其他問題，請按常規電話號碼聯繫投資者關係團隊，我們會盡快回复您。因此，再次感謝您今天早上的寶貴時間，祝您有美好的一天。

The conference has now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.

會議現已結束，您可以斷開電話。感謝您的加入，祝您有愉快的一天。再見。