Equinor ASA (EQNR) 2023 Q1 法說會逐字稿

Welcome to the Equinor Analyst Call First Quarter 2023 Results. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.

歡迎來到 Equinor 分析師電話會議 2023 年第一季度結果。 （接線員說明）最後，我想通知所有參與者，此通話正在錄音中。謝謝。

I'd now like to welcome Bard Glad Pedersen to begin the conference. Bard, over to you.

現在我要歡迎 Bard Glad Pedersen 開始會議。巴德，交給你了。

Thank you, Gavin, and good morning, ladies and gentlemen. It's a pleasure to welcome you all to Equinor's analyst call for our first quarter results for 2023.

謝謝加文，女士們先生們早上好。很高興歡迎大家參加 Equinor 的分析師電話會議，了解我們 2023 年第一季度的業績。

As it was said, my name is Bard Glad Pedersen, and I am Head of Investor Relations. As usual, our CFO, Torgrim Reitan, will present the results before we open for questions. And we know it's a busy day, so we will aim to keep this session within an hour.

如前所述，我叫 Bard Glad Pedersen，是投資者關係主管。與往常一樣，我們的首席財務官 Torgrim Reitan 將在我們開始提問之前展示結果。我們知道今天很忙，所以我們的目標是在一個小時內完成本次會議。

Also on the call today, we have (inaudible), our SVP for Performance Management. And we have (inaudible), our SVP for accounting.

同樣在今天的電話會議上，我們有（聽不清）我們的績效管理高級副總裁。我們有（聽不清）我們的會計高級副總裁。

So with that, I hand it over to you, Torgrim, to present our results.

因此，我將它交給你，Torgrim，來展示我們的結果。

Okay. Thank you very much, Bard, and good morning, everyone and thank you for joining us today. So this quarter, we are delivering strong results across the business, but with lower prices than the historic heights we saw last year.

好的。非常感謝你，巴德，大家早上好，感謝你今天加入我們。因此，本季度，我們在整個業務中取得了強勁的業績，但價格低於去年的歷史高位。

A mild winter in Europe has helped bring energy prices down, and this is good for Europe. And we continue to be a reliable supplier. But the gas market is still vulnerable. And looking ahead to next winter, storage levels will again depend on weather, demand across Europe and China and LNG capacity. So these factors can easily put pressure on prices in a tight market, and small changes can lead to significant fluctuations.

歐洲溫和的冬天幫助降低了能源價格，這對歐洲有利。我們將繼續成為可靠的供應商。但天然氣市場仍然脆弱。展望明年冬天，儲存水平將再次取決於天氣、歐洲和中國的需求以及液化天然氣產能。因此，這些因素很容易在緊張的市場中對價格造成壓力，微小的變化會導致大幅波動。

We continue to be a stable supplier of energy to Europe and the world. Therefore, I'm happy to see solid operational performance, and we are on track to deliver 3% production growth in 2023. We are still in uncertain times. And we need to ensure that we steer safely to volatility.

我們將繼續成為歐洲和世界的穩定能源供應商。因此，我很高興看到穩健的運營業績，我們有望在 2023 年實現 3% 的產量增長。我們仍處於不確定時期。我們需要確保我們安全地轉向波動。

And our strategy remains firm, and we aim to be a leading company in the energy transition, while offering energy security and delivering strong cash flow, creating value for our shareholders as we change.

我們的戰略依然堅定，我們的目標是成為能源轉型的領先公司，同時提供能源安全和強勁的現金流，隨著我們的變化為股東創造價值。

Our balance sheet is very strong. And our cash flow expectations continues to be high, positioning us well to transition in an investor-friendly way. So let me take you through the results.

我們的資產負債表非常強勁。我們的現金流預期仍然很高，使我們能夠以對投資者友好的方式進行轉型。因此，讓我帶您了解一下結果。

For the first quarter, we have strong earnings and cash flow across the business with very high value creation from our marketing and midstream segments. We have seen solid operational performance with production growth driven by ramp-up of new fields and the resumed operations. We continue to have high gas production from the Norwegian Continental South to Europe with no deferral of gas volumes this quarter.

第一季度，我們的營銷和中游部門創造了非常高的價值，整個業務的收益和現金流都很強勁。我們已經看到穩健的運營業績，新油田的投產和恢復運營推動了產量增長。從挪威大陸南部到歐洲，我們繼續保持高天然氣產量，本季度沒有推遲天然氣產量。

We experienced cost pressure, as an industry -- as any industry or consumer, and therefore, we are carefully prioritizing our activities and driving cost control. At our Capital Markets Update in February, we announced a step-up in capital distribution based on strong outlook and results. And we are committed to deliver a competitive capital distribution. And it is our clear intention to deliver in total $17 billion in 2023, which results in an industry-leading yield of around 20%.

作為一個行業——與任何行業或消費者一樣，我們經歷了成本壓力，因此，我們正在謹慎地優先考慮我們的活動並推動成本控制。在我們 2 月份的資本市場更新中，我們宣布基於強勁的前景和業績加強資本分配。我們致力於提供有競爭力的資本分配。我們明確打算在 2023 年實現總計 170 億美元的交付，從而實現行業領先的約 20% 的收益率。

For the first quarter, the Board has approved a regular cash dividend of $0.30 per share, which was a 50% step up last quarter. And in addition, an extraordinary cash dividend of $0.60 per share, making the total cash dividend $0.90.

第一季度，董事會批准了每股 0.30 美元的定期現金股息，比上一季度增加了 50%。此外，每股 0.60 美元的特別現金股息，使總現金股息為 0.90 美元。

We continue to execute a $6 billion share buyback program for this year. Subject to approval of our Annual General Meeting next week, we will start a second tranche of $1.67 billion, which will start on the 11th of May. So this reflects our clear intention to continue with this level for 2023. And also going forward beyond 2023, we will continue to use capital distribution as one of our tools to achieve a more efficient capital structure.

我們今年繼續執行 60 億美元的股票回購計劃。根據下週年度股東大會的批准，我們將從 5 月 11 日開始第二批 16.7 億美元。因此，這反映了我們明確打算在 2023 年繼續保持這一水平。並且在 2023 年以後，我們將繼續使用資本分配作為我們實現更高效資本結構的工具之一。

Safety. The trend for our safety performance is positive in several areas. The 12 months serious incident frequency is 0.4. But we see an increase in the 12-month average when it comes to total recordable injury frequency, which is 2.7 per million hours worked. We investigate every single injury to learn and prevent it from happening again.

安全。我們的安全績效趨勢在多個領域都是積極的。 12 個月的嚴重事件頻率為 0.4。但我們看到，就可記錄的總傷害頻率而言，12 個月的平均值有所增加，即每百萬工作小時 2.7 次。我們調查每一次傷害，以了解並防止它再次發生。

So production. We are on track to deliver 3% production growth for 2023. In this quarter, we delivered high production of oil and gas with 2,130,000 barrels per day, which is 1% up from a strong first quarter last year. And that quarter was the last quarter we had production in Russia. And since then, we have also divested our share in Ekofisk and reduced our interest in Martin Linge. So these all contributed to a high production in the same quarter last year.

於是生產。我們有望在 2023 年實現 3% 的產量增長。本季度，我們的石油和天然氣產量很高，達到每天 213 萬桶，比去年第一季度的強勁增長增加了 1%。那個季度是我們在俄羅斯生產的最後一個季度。從那時起，我們還剝離了我們在 Ekofisk 的股份，並減少了我們在 Martin Linge 的權益。因此，這些都促成了去年同一季度的高產量。

This quarter, production growth is driven by Johan Sverdrup Phase 2 and Peregrino coming on stream, and Snohvit and Caesar Tonga coming back in operations. In the U.S. Gulf of Mexico, the Shell-operated Vito field was put on stream and will contribute to future production growth. We saw high deliveries of natural gas to Europe, with gas up almost 2% from last quarter. And Karsto and Kollsnes, our processing plants, delivering 99% production efficiency.

本季度，產量增長受到 Johan Sverdrup 二期和 Peregrino 投產以及 Snohvit 和 Caesar Tonga 恢復運營的推動。在美國墨西哥灣，殼牌運營的維托油田投產，將為未來增產貢獻力量。我們看到向歐洲輸送了大量天然氣，天然氣比上一季度增長了近 2%。我們的加工廠 Karsto 和 Kollsnes 提供 99% 的生產效率。

We had some short-term operational issues on Johan Sverdrup in the beginning of the year. These were quickly resolved, but they impacted production growth in the quarter. Expected turnarounds for next quarter will impact production by 80,000 barrels per day. With this, we maintain our guidance for maintenance impact on production of 45,000 barrels per day for the year.

今年年初，我們在 Johan Sverdrup 上遇到了一些短期運營問題。這些問題很快得到解決，但影響了本季度的產量增長。預計下一季度的轉機將影響每天 80,000 桶的產量。有了這個，我們維持了我們對維護影響的指導，全年每天生產 45,000 桶。

We made 3 commercial discoveries in the quarter with 2 of them in the Troll, Fram area. We have also increased our ownership share in 5 discoveries in this area, strengthening our positions in one of our core areas on the Norwegian continental shelf.

我們在本季度進行了 3 次商業發現，其中 2 次位於 Troll、Fram 地區。我們還增加了該地區 5 個發現的所有權份額，鞏固了我們在挪威大陸架核心區域之一的地位。

Power production for the quarter was 1.2 terawatt hours. 0.5 of this production is from our renewable assets, slightly higher than last year due to good wind and regularity and Hywind Tampen in production. We also had strong gas to power contribution from the Triton Power plant in the U.K.

該季度的發電量為 1.2 太瓦時。該產量的 0.5 來自我們的可再生資產，由於良好的風力和規律性以及生產中的 Hywind Tampen，略高於去年。我們還從英國的 Triton 發電廠獲得了強大的天然氣發電貢獻。

So turning to our financial results. We have a net income of $5 billion and net operating income of $12.5 billion. Adjusted earnings came in at $12 billion and $3.5 billion after tax. These results are driven by solid operations across the business while impacted by reduced prices.

所以轉向我們的財務業績。我們的淨收入為 50 億美元，淨營業收入為 125 億美元。調整後的稅後收益分別為 120 億美元和 35 億美元。這些結果是由整個企業的穩健運營推動的，同時受到降價的影響。

Costs increased compared to first quarter last year due to inflation, increased transportation costs and higher CO2 cost, in addition to high activity levels. For our operations in Norway, reported costs are impacted by the further weakening of Norwegian kroner. This quarter, our unit production cost was $6 per barrel, which is in line with our expectations and what we discussed at our Capital Market Update. We continue to work strategically with our suppliers and across our business units to manage costs. The tax rate on adjusted earnings was 70.6%.

與去年第一季度相比，由於通貨膨脹、運輸成本增加和二氧化碳成本增加，以及高活動水平，成本有所增加。對於我們在挪威的業務，報告的成本受到挪威克朗進一步疲軟的影響。本季度，我們的單位生產成本為每桶 6 美元，這符合我們的預期以及我們在資本市場更新中討論的內容。我們繼續與我們的供應商和我們的業務部門進行戰略合作，以管理成本。調整後收益的稅率為 70.6%。

Then moving to the segments. Within our upstream segments, we see strong earnings and good cash flow, driven by increased production and solid operational performance. Within our international business, we acquired Suncor Energy U.K. with ownership shares in Rosebank and the Buzzard field, in line with our strategy to optimize our oil and gas portfolio and building on a long-standing position as a broad energy partner to the U.K.

然後移動到細分市場。在我們的上游部門，我們看到強勁的收益和良好的現金流，這得益於產量增加和穩健的運營業績。在我們的國際業務中，我們收購了擁有 Rosebank 和 Buzzard 油田所有權股份的 Suncor Energy UK，這符合我們優化石油和天然氣產品組合的戰略，並鞏固了作為英國廣泛能源合作夥伴的長期地位。

For the U.S. upstream business, the tax rate on adjusted earnings was 23.4% in the quarter within the new guided rates. But remember, this will be credited against the tax assets we recognized in fourth quarter last year. So the cash flow effect is lower at around $27 million, including the federal alternative minimum tax and state taxes.

對於美國上游業務，在新的指導稅率範圍內，本季度調整後收益的稅率為 23.4%。但請記住，這將抵消我們去年第四季度確認的稅收資產。因此，現金流量效應較低，約為 2700 萬美元，其中包括聯邦替代性最低稅和州稅。

The Midstream and Marketing segment delivered very strong results with $1.3 billion in adjusted earnings. So this is well above the new and increased guiding range for the segment. This is driven by strong results from trading of crude oil and refined products, while results from pipeline gas and power trading are down this quarter from an extraordinary level last year.

中游和營銷部門取得了非常強勁的業績，調整後收益為 13 億美元。因此，這遠高於該細分市場新的和增加的指導範圍。這是由於原油和成品油貿易的強勁業績推動的，而本季度管道天然氣和電力貿易的業績低於去年的異常水平。

From this quarter, we have made some changes to our MMP reporting methodology. We have removed the mark-to-market timing effects of price hedging mechanisms to defer these to the time of physical delivery. The fact is that adjusted earnings are more than $800 million lower in the quarter than it would have been with the methodology we used before.

從本季度開始，我們對 MMP 報告方法進行了一些更改。我們消除了價格對沖機制的按市值計價時間效應，將其推遲到實物交割時間。事實上，本季度調整後的收益比我們之前使用的方法低 8 億美元以上。

In the report, we have included restatements of previous quarters to enable you to compare results over time. When it comes to mark-to-market effects on derivatives related to geographical optimization, we have concluded to continue to report this within the adjusted earnings. We believe that after the totality of changes made, adjusted earnings will better reflect MMP's underlying performance.

在報告中，我們包含了前幾個季度的重述，以便您能夠比較一段時間內的結果。當談到與地理優化相關的衍生品按市值計價的影響時，我們決定繼續在調整後的收益中報告這一點。我們相信，在做出全部改變後，調整後的收益將更好地反映 MMP 的基本業績。

Our renewable business delivered $29 million from assets in operation. And as we continue to build this business and the high level of project activity and business development will result in negative adjusted earnings. And we expect results at this level also for the next quarters before it will improve following the start-up of the Dogger Bank projects.

我們的可再生能源業務從運營資產中交付了 2900 萬美元。隨著我們繼續建立這項業務，高水平的項目活動和業務發展將導致調整後的收益為負。我們預計在 Dogger Bank 項目啟動後，下一季度的業績也會有所改善。

So over to cash flow. At our Capital Markets Updates, we presented an ambition to deliver average annual cash flow from operations of $20 billion after tax through this decade. This quarter, we delivered cash flow from operations of $9.7 billion after tax. So this is strong, and it is a good start.

所以到現金流量。在我們的資本市場更新中，我們提出了一個雄心壯志，即在這十年內實現年均 200 億美元的稅後運營現金流。本季度，我們交付了 97 億美元的稅後運營現金流。所以這很強大，這是一個好的開始。

But remember that this cash flow is impacted by only 1 tax installment in Norway of $5.4 billion. Next quarter, we will pay 2 similar tax installments. In the quarter, we paid $3.3 billion in cash dividends and share buybacks, a smaller cash flow impact than we will see in the next quarter.

但請記住，此現金流量僅受挪威 54 億美元的 1 期稅收分期付款的影響。下個季度，我們將支付 2 期類似的稅款。本季度，我們支付了 33 億美元的現金股息和股票回購，對現金流的影響小於我們將在下一季度看到的影響。

In June, we will pay the state's share of buybacks covering the last 4 tranches from the second tranche last year up to and including the first tranche this year, a total of around $3.7 billion. So with 2 tax installments in Norway, total cash dividends of $0.90 per share payment, payment of state share of buybacks and startup of the second tranche of the share buyback in the market, we expect a total cash flow impact related to tax and capital distribution to be around $17 billion in the next quarter.

6 月，我們將支付州政府的回購份額，涵蓋從去年第二部分到今年第一部分的最後 4 部分，總計約 37 億美元。因此，在挪威分期繳納兩期稅款、支付每股 0.90 美元的總現金股息、支付國有股份回購以及在市場上啟動第二批股份回購後，我們預計與稅收和資本分配相關的總現金流量影響下一季度約為 170 億美元。

So our solid balance sheet is the basis for good risk management and our strong cash flow makes us resilient. Our net debt is further reduced to negative 52%, driven by the strong cash flow shown on this slide, and in addition, lower working capital, which has been reduced by around $5 billion, and also lower collaterals due to lower gas prices.

因此，我們穩健的資產負債表是良好風險管理的基礎，而強勁的現金流使我們具有彈性。我們的淨債務進一步減少至負 52%，這得益於這張幻燈片中顯示的強勁現金流，此外，較低的營運資本已減少約 50 億美元，而且由於天然氣價格較低，抵押品也較低。

So when the net debt is in the negative territory at this level, this ratio is very sensitive to even small changes. And therefore, we see larger than normal fluctuations in the net debt ratio.

因此，當淨債務處於這一水平的負值區域時，該比率對即使是很小的變化也非常敏感。因此，我們看到淨負債率的波動大於正常水平。

With current forward prices and tax and capital distribution payouts coming, we expect negative net cash flow in the second quarter and our net debt ratio to increase. At our Capital Markets Day in February, we presented our balanced approach to the energy transition, highlighting our ambitions and portfolio. Our direction remains firm, and we maintain our guidance for production growth and organic CapEx.

隨著當前遠期價格、稅收和資本分配支出的到來，我們預計第二季度的淨現金流為負，我們的淨負債率將增加。在 2 月的資本市場日，我們展示了我們對能源轉型的平衡方法，強調了我們的雄心和投資組合。我們的方向依然堅定，我們維持對生產增長和有機資本支出的指導。

So thank you very much for your attention, and I look forward to your questions and comments. So thanks.

非常感謝您的關注，期待您的提問和評論。那謝謝啦。

(Operator Instructions) And your first question comes from the line of Oswald Clint of Bernstein.

（操作員說明）你的第一個問題來自伯恩斯坦的奧斯瓦爾德克林特。

Two questions. And the first one. In the context of being a reliable supplier, the very strong gas output once again around about 810,000 barrels of oil equivalent in Norway. I think that's the second time it's reaching that very high level. So I just wanted to ask around sustainability of that volume really through the next -- the year and obviously, the years ahead. And just how the reservoirs and facilities are kind of responding to that level of output? I know you mentioned 1 facility doing 99%, which is pretty high and unlikely to be sustainable over the long term. That's the first question.

兩個問題。第一個。在成為可靠供應商的背景下，挪威的天然氣產量非常強勁，再次達到約 810,000 桶石油當量。我認為這是它第二次達到如此高的水平。所以我只想問問這個數量的可持續性，真的到明年 - 一年，顯然是未來幾年。水庫和設施對這種產量水平的反應如何？我知道您提到 1 個設施的利用率達到了 99%，這是相當高的，而且從長遠來看不太可能可持續。這是第一個問題。

Secondly, and kind of linked to gas. But within MMP, you called out the trading of liquids this time. But there were some comments around LNG diversions, which is just not something I've seen Equinor doing an awful lot of over time. So if you could speak about the Snohvit cargoes and what exactly you're up to there with LNG cargo diversions, that will be interesting.

其次，與氣體有關。但是在 MMP 中，你這次叫出了流動性交易。但是有一些關於液化天然氣改道的評論，這並不是我看到 Equinor 隨著時間的推移做了很多事情。因此，如果您能談談 Snohvit 貨物以及 LNG 貨物改道的具體目的，那將很有趣。

Okay. Thank you very much, Oswald. So first, on gas production going forward. So high gas production in the quarter. So we had no commercial holdback. So we produced at sort of as much as we could during the quarter. So -- and that gas has been needed in Europe.

好的。非常感謝你，奧斯瓦爾德。首先，關於天然氣生產的進展。本季度的天然氣產量如此之高。所以我們沒有商業上的阻礙。因此，我們在本季度盡可能多地生產。所以 - 歐洲需要這種天然氣。

Going forward, we have increased production permits from the Norwegian states. So we will produce more as long as we have those in place, and we do expect that to continue for quite a while. Also, we see that the facilities and the transportation system is working very well, and we are able to maintain a good and stable production.

展望未來，我們增加了挪威各州的生產許可。因此，只要我們有這些，我們就會生產更多，我們確實希望這種情況會持續很長一段時間。此外，我們看到設施和運輸系統運轉良好，我們能夠保持良好和穩定的生產。

For the next few quarters, I mean, when it comes to profiling of the gas, that will typically be steered by the forward curves. If there are big changes in the outlook for gas, it gives an incentive for us to optimize the production profile. As you have seen, the forward curve is rather flat. So there is fairly limited signals now to make commercial holdback over the next few months.

在接下來的幾個季度裡，我的意思是，當涉及到氣體分析時，通常會由前向曲線引導。如果天然氣前景發生重大變化，就會激勵我們優化生產狀況。如您所見，遠期曲線相當平坦。因此，現在在未來幾個月內進行商業阻止的信號相當有限。

In the longer term, our gas production is we expect that to remain strong, and that is to perform very well. I think it's fair to say that we expect turnarounds coming, which will impact both gas and oil production for the next -- for the year. I mean we have on Troll. We have on Aasta Hansteen, on Valemon and Norne maintenance, which are all large gas producers.

從長遠來看，我們預計我們的天然氣產量將保持強勁，而且表現非常好。我認為可以公平地說，我們預計轉機即將到來，這將影響明年 - 今年的天然氣和石油生產。我的意思是我們有巨魔。我們有 Aasta Hansteen、Valemon 和 Norne 維護，它們都是大型天然氣生產商。

Then on your second question, when it comes to LNG diversions. We have quite a bit of flexibility related towards Snohvit cargoes. And clearly, we steer them to the best paying markets. And the MMP margin is in this quarter -- is related to that, we divert cargoes to Europe compared to sort of their original landing point. So there are sort of LNG premium also in the MMP results.

那麼關於你的第二個問題，關於液化天然氣改道。我們對 Snohvit 貨物有相當大的靈活性。很明顯，我們將他們引導到收入最高的市場。本季度的 MMP 利潤率 - 與此相關，我們將貨物轉移到歐洲，而不是他們原來的著陸點。因此，MMP 結果中也存在 LNG 溢價。

So when we see large geographical differences between Asia, Europe and U.S., that typically generates trading opportunities within MMP related to LNG.

因此，當我們看到亞洲、歐洲和美國之間存在巨大的地理差異時，通常會在 MMP 內產生與 LNG 相關的交易機會。

Your next question comes from the line of Biraj Borkhataria of Royal Bank of Canada.

你的下一個問題來自加拿大皇家銀行的 Biraj Borkhataria。

Just a couple of points. So since last year, you were reinjecting less gas in order to obviously supply more gas to Europe, and that was much needed. But obviously, the market looks much better in terms of supply demand relative to what we expected maybe a few months ago and prices have come down quite a bit.

只是幾點。因此，自去年以來，您重新註入的天然氣明顯減少，以便向歐洲供應更多天然氣，這是非常需要的。但顯然，與我們幾個月前的預期相比，市場在供需方面看起來要好得多，價格也下降了很多。

So I'm just trying to understand, are we close to the point where you look to switch back and start reinjecting more gas to support liquids production? And related to that, is that something you need to consult with -- consult the government with? Or is that purely a commercial decision?

所以我只是想了解，我們是否接近您希望轉回並開始重新註入更多氣體以支持液體生產的地步？與此相關的是，您是否需要諮詢——諮詢政府？或者這純粹是一個商業決定？

And then the second question is on working capital. Quite a big benefit this quarter, except working capital is around $9 billion. If I'm looking at your accounts over the long term, it looks like something like $5 billion to $7 billion is the long-term average, but maybe that prior average is not relevant. So I'm just trying to get a sense of what is the kind of normal structural amount of working capital you carry for your business and whether we should see some of that reversal over time?

然後第二個問題是關於營運資金。本季度收益相當大，營運資金約為 90 億美元。如果我從長期來看你的賬戶，看起來 50 億到 70 億美元是長期平均水平，但也許之前的平均水平不相關。所以我只是想了解一下您為您的企業攜帶的營運資金的正常結構量是多少，以及我們是否應該隨著時間的推移看到一些逆轉？

So on your first question related to injection of gas, we have no plan to switch back to injection. So this is something that is relevant for Gina Krog in particular, but also a series of other fields on the NCS. We have flexibility that we will use.

因此，關於您關於注入氣體的第一個問題，我們沒有計劃改回注入。所以這與 Gina Krog 特別相關，但也與 NCS 的一系列其他領域相關。我們有我們將使用的靈活性。

I think it's important to keep in mind that even if the sort of gas prices in Europe has dropped significantly, we are still at a very high level of gas prices. And we do expect, of course, a rather tight market in Europe during the year and actually quite small changes can actually make significant impact in the prices. As we know, we are coming into -- out of the winter and then sort of the spring and summer seasons. So we clearly need to follow that situation closely.

我認為重要的是要記住，即使歐洲的天然氣價格大幅下降，我們的天然氣價格仍處於非常高的水平。當然，我們確實預計今年歐洲市場相當緊張，實際上相當小的變化實際上會對價格產生重大影響。正如我們所知，我們即將進入 - 走出冬季，然後進入春季和夏季。因此，我們顯然需要密切關注這種情況。

So we are prepared for a lot of volatility also on the gas side. These are decisions that can be done on license level mostly.

因此，我們也為天然氣方面的大量波動做好了準備。這些決定大多可以在許可證級別上完成。

Then on your second question related to working capital. You're right. So the working capital level end of first quarter was $9 billion. It is down by 5, compared to last quarter, which is, of course, a significant reduction in working capital. That is driven by lower prices. It is driven by reduced use of storages. We're freeing up storages, and also changes in third-party trading.

然後是關於營運資金的第二個問題。你說得對。因此，第一季度末的營運資金水平為 90 億美元。與上一季度相比下降了 5 個，這當然是營運資金的顯著減少。這是由較低的價格驅動的。它是由減少使用存儲驅動的。我們正在釋放存儲空間，並改變第三方交易。

So clearly, a significant shift. I think it's important to point out that sort of when we discuss our cash flow from operations and the $20 billion and all of that, that is without any movement in working capital. That is pre-working capital movements. So we just need to keep that in mind.

很明顯，這是一個重大轉變。我認為重要的是要指出，當我們討論我們的運營現金流和 200 億美元等等時，營運資金沒有任何變動。這是營運前的資本流動。所以我們只需要記住這一點。

On your point on sort of what is a normal level, we don't guide on that. But I think it's fair to note that our ability to use our balance sheets to trade and make commercial decisions has a significant value. And you saw that last year with sort of the significant results from our trading and marketing business. That was driven by that we could use our balance sheet, collaterals and working capital to actually extract that value. And then clearly, we aim to continue to do that given that the market structures are in place.

關於您關於什麼是正常水平的觀點，我們不對此提供指導。但我認為公平地指出，我們使用資產負債表進行交易和做出商業決策的能力具有重要價值。去年你看到了我們的貿易和營銷業務取得的重大成果。這是因為我們可以使用我們的資產負債表、抵押品和營運資金來實際提取該價值。然後很明顯，鑑於市場結構已經到位，我們的目標是繼續這樣做。

So I would say that the working capital will be a function of volatility and absolute price levels and then sort of -- if there is a contango or backwardation in the markets where we want to use storage as such. So it's very hard to guide, but we'll keep you updated as we go on how working capital are developing.

所以我想說營運資金將是波動性和絕對價格水平的函數，然後是——如果我們想要使用存儲的市場存在期貨溢價或現貨溢價。所以很難指導，但我們會在我們繼續了解營運資金的發展情況時隨時為您提供最新信息。

Your next question comes from the line of Lydia Rainforth from Barclays.

你的下一個問題來自巴克萊銀行的 Lydia Rainforth。

Two questions, if I could. And the first one, just coming back to the idea of the cash outflow in the second quarter. You talked about it being $17 billion. I think that would still leave you with net cash position. So -- and clearly, we've got a lot of activity in prices, and you touched on that at the beginning.

兩個問題，如果可以的話。第一個，回到第二季度現金流出的想法。你說它是 170 億美元。我認為這仍然會給你留下淨現金頭寸。所以——很明顯，我們在價格方面有很多活動，你在一開始就提到了這一點。

But just in terms of how long you think it might take to get back to that 15% to 30% range? And is that actually still why you're comfortable with it? And then secondly, it was just on the cost base and really sort of OpEx in dollars, I think north went up 10%. I think you referred to that as slight environmental costs and the higher rates and things like that. But are you seeing productivity improvements as well with some of that? So is it kind of good cost as well as inflation?

但就您認為回到 15% 到 30% 的範圍可能需要多長時間而言？這實際上仍然是您對此感到滿意的原因嗎？然後其次，它只是基於成本基礎和真正的美元運營支出，我認為北方上升了 10%。我認為你將其稱為輕微的環境成本和更高的利率以及類似的事情。但是您是否也看到其中一些提高了生產率？那麼它是一種很好的成本和通貨膨脹嗎？

So first, on the $17 billion in cash outflow. I think it's important for me to lay out that is the cash flow -- cash outflow only related to tax and capital distribution in the quarter.

首先，關於 170 億美元的現金流出。我認為對我來說重要的是說明現金流——現金流出僅與本季度的稅收和資本分配有關。

So on top of that, of course, we will pay investments and what have you. So we expect a negative cash flow for the next quarter. And you are absolutely right. If we take the year as a whole, we said at the capital markets update that we planned for a negative cash flow for the full year. At that point in time, we said cash flow from operations, $20 billion. We said investments $10 billion, and we said capital distribution of $17 billion, meaning minus $7 billion to $8 billion as expectation for the year based on, of course, on the assumptions that we laid out on prices and all of that. So that remains firm. And what you have seen this quarter is in line with what we sort of has have expected.

因此，除此之外，我們當然會支付投資以及您有什麼。因此，我們預計下一季度的現金流為負。你是絕對正確的。如果我們將全年作為一個整體，我們在資本市場更新中表示，我們計劃全年出現負現金流。當時，我們說運營現金流為 200 億美元。我們說投資 100 億美元，我們說資本分配 170 億美元，這意味著今年的預期減去 70 億至 80 億美元，當然，這是基於我們對價格和所有這些所做的假設。所以這仍然是堅定的。你在本季度看到的情況與我們的預期相符。

But your point is that, that will not sort of bring us back to a sufficiently efficient capital structure. And I think it's very important for me to say that the balance sheet, as it sits today, is not an optimal capital structure. And clearly, we have a clear intention to bring it back to a more efficient way.

但你的觀點是，這不會讓我們回到足夠有效的資本結構。而且我認為對我來說非常重要的是，今天的資產負債表並不是最佳的資本結構。顯然，我們有明確的意圖將其恢復到更有效的方式。

And capital distribution is a key tool or an important tool for us to use to bring that back. So we have said $17 billion in capital distribution this year. We are very committed to that. And we are also saying that beyond 2023, capital distribution will be a tool that will be used to bring capital structure back to a more efficient level. Yes. That was the first one.

資本分配是我們用來恢復它的關鍵工具或重要工具。所以我們說今年的資本分配為 170 億美元。我們非常致力於此。我們還說，到 2023 年以後，資本分配將成為一種工具，用於使資本結構恢復到更高效的水平。是的。那是第一個。

Let me see the second one. Cost, yes. Let me speak a little bit to that. You have probably seen that our operational cost and SG&A is up 16% quarter-on-quarter or $400 million. There are a lot of sort of special things happen. So if we strip out currency impact and then if we strip out some one-offs here and there, the underlying change in OpEx is 18%. And give me -- let me give you a little bit of color to that.

讓我看看第二個。成本，是的。讓我談談這一點。您可能已經看到我們的運營成本和 SG&A 環比增長 16% 或 4 億美元。有很多特別的事情發生。因此，如果我們剔除貨幣影響，然後剔除一些一次性因素，則 OpEx 的潛在變化為 18%。給我 - 讓我給你一點顏色。

Half of that increase is related to increased transportation costs, which is related to shipping, increased shipping rates, fuel costs and also increased volumes that we transport. Around 40% of that increase is related to operating and maintenance costs, which is increased activity and inflation. And the last 10% is related to increased activities within renewables and low-carbon solutions.

增加的一半與運輸成本增加有關，這與運輸、運費增加、燃料成本增加以及我們運輸的體積增加有關。大約 40% 的增長與運營和維護成本有關，即活動增加和通貨膨脹。最後 10% 與可再生能源和低碳解決方案中活動的增加有關。

So as you understand, there is a lot of commodity cost in there in addition to increased activity and some inflation. So we clearly steer this pretty hard, and we are prioritizing activities to really have good control on the cost side.

所以正如你所理解的，除了活動增加和一些通貨膨脹之外，還有很多商品成本。因此，我們顯然非常努力地引導這一點，並且我們正在對活動進行優先排序，以便在成本方面真正實現良好的控制。

We increased our unit production cost guiding at the capital markets update from $5 to $6 per barrel. And what we see now this quarter is in line with the development we had expected at that point in time. So this is happening, but it's not surprising.

我們將資本市場更新的單位生產成本指導從每桶 5 美元提高到 6 美元。本季度我們現在看到的情況與我們當時預期的發展情況一致。所以這正在發生，但這並不奇怪。

Your next question comes from the line of Teodor Sveen-Nilsen of SB Markets.

您的下一個問題來自 SB Markets 的 Teodor Sveen-Nilsen。

First, I believe is a follow-up on the working capital question asked earlier. Do you expect that to reverse in second quarter? Or will that be distributed during second quarter, third quarter and fourth quarter?

首先，我認為這是對之前提出的營運資金問題的後續行動。您預計這種情況會在第二季度逆轉嗎？或者會在第二季度、第三季度和第四季度分發？

And then a quick question on dividend and buybacks. In the long term, what's your preference between dividends and buybacks? I expect both to, of course, stay at a higher level given your strong balance sheet. And final question is on the European gas market. In the long term, what do you believe will be the marginal cost for gas in Europe? Will that be Asian LNG? Will it be U.S. LNG? Or will there be an other sources that set the price of gas in Europe?

然後是關於股息和回購的快速問題。從長遠來看，您對股息和回購的偏好是什麼？鑑於您的資產負債表強勁，我當然希望兩者都保持在較高水平。最後一個問題是關於歐洲天然氣市場的。從長遠來看，您認為歐洲天然氣的邊際成本是多少？那會是亞洲液化天然氣嗎？會是美國液化天然氣嗎？還是會有其他來源來設定歐洲的天然氣價格？

Okay. Thanks, Teodor. Thank you very much. Three very, very important questions. So first on working capital. So it's -- I'm not in a position where I can give you some steer on the direction, but I can give you some sort of key points to look for in that regard. One is the absolute price levels. I mean, high price levels typically take more working capital to manage.

好的。謝謝，特奧多。非常感謝。三個非常非常重要的問題。首先是營運資金。所以它是 - 我不能給你一些指導方向，但我可以給你一些在這方面尋找的關鍵點。一是絕對物價水平。我的意思是，高價格水平通常需要更多的營運資金來管理。

The second one is volatility in the market, that typically trigger use of working capital to manage. And the third one is the structure of the market, whether it's a contango or backwardation because that gives strong price signals to whether putting volumes at storage or taking out volume from storages or ships or value chains as such.

第二個是市場波動，通常會觸發使用營運資金進行管理。第三個是市場結構，無論是正價差還是現貨溢價，因為這給出了強烈的價格信號，表明是將數量儲存起來，還是從儲存、船舶或價值鏈中取出數量。

So, as I guess, if you look for those 3 things, you will get some sort of direction on where the working capital is moving. But again, everything we have said on guiding and targets and cash flow is not impacted by working capital movements.

所以，正如我猜想的那樣，如果你尋找這三件事，你會得到一些關於營運資金流向的方向。但同樣，我們所說的關於指導、目標和現金流的一切都不受營運資金流動的影響。

Then on buyback, yes. So we have a split between share buybacks and dividend payment. Currently $6 billion in share buyback. And the $12 billion -- $11 billion, excuse me, $11 billion in dividend. There is a limit for us to hold large share buyback can be due to limitations in how we can -- how much we can share. We have a mandate from the Annual General Meeting on a number of shares that we can use for share buyback. And in addition, there are trading restrictions on home bids park of the traded volume, you can actually purchase during a share buyback program. So that puts limitations to how much we can do as the free float of the company is sort of not taking -- is not including the state level. So I mean, the split that we have currently is probably a fair split taking everything into account.

然後在回購時，是的。因此，我們在股票回購和股息支付之間存在分歧。目前 60 億美元的股票回購。還有 120 億美元——110 億美元，不好意思，110 億美元的股息。我們持有大量股票回購的限制可能是由於我們的方式有限——我們可以分享多少。我們獲得了年度股東大會的授權，可以使用我們可以用於股票回購的一些股票。此外，交易量的家庭投標公園有交易限制，您可以在股票回購計劃期間實際購買。因此，這限制了我們可以做的事情，因為公司的自由流通量有點沒有——不包括州一級。所以我的意思是，考慮到所有因素，我們目前的分配可能是公平分配。

Yes. And then on the European gas markets. The way we see it is clearly in the shorter term, it is very much driven by Russian gas that is sort of not there that needs to be replaced and is very much driven by weather and is very much driven by tightness as such.

是的。然後是歐洲天然氣市場。我們看到它的方式顯然是在短期內，它在很大程度上是由俄羅斯天然氣驅動的，這種天然氣有點不存在，需要更換，在很大程度上是由天氣驅動的，而且在很大程度上是由氣密性本身驅動的。

So we need to be prepared for a lot of volatility. In the longer term, which is actually your question, we see that the marginal price for gas in Europe will be much closer linked to international trading of LNG cargoes, whether that be sort of Asian or European prices for that LNG. So the market dynamic is changing from being that Russian gas is the marginal price center for gas to actually international energy being that. So clearly, price signals from Asia will be very important in sort of the prices for gas in Europe for the future.

因此，我們需要為大量波動做好準備。從長遠來看，這實際上是你的問題，我們看到歐洲天然氣的邊際價格將與液化天然氣貨物的國際貿易更加密切相關，無論是亞洲還是歐洲的液化天然氣價格。因此，市場動態正在從俄羅斯天然氣是天然氣的邊際價格中心轉變為實際上是國際能源。很明顯，來自亞洲的價格信號對於未來歐洲的天然氣價格將非常重要。

Your next question comes from the line of Christyan Malek from JPMorgan.

你的下一個問題來自摩根大通的 Christyan Malek。

I've got 3 questions, and I know you've addressed the sort of the outlook on the gas market. But say we -- I just want to talk a few blind spots, first of all, in the context of (inaudible) between Russia and Ukraine. Let's say that played out over the next 12 months. I wanted to know what will be your reaction function? What would you do particularly given you have ramped up in order to deliver into Europe? And how would that change the dynamic on gas markets from Equinor's perspective?

我有 3 個問題，我知道您已經談到了天然氣市場的前景。但是說我們 - 我只想談談一些盲點，首先是在俄羅斯和烏克蘭之間（聽不清）的背景下。假設在接下來的 12 個月內發生了這種情況。我想知道你的反應函數是什麼？考慮到您已經加大力度向歐洲供貨，您會特別做什麼？從 Equinor 的角度來看，這將如何改變天然氣市場的動態？

The second question, I'm sorry to sort of come back on blind spots. But assuming we do see a sort of a deteriorating outlook on demand and it sort of stays relatively bearish, how would you think about your special dividend on a medium-term view? Because I sort of think about pre the GST, sort of the financial crisis, where you had the special dividend that sort of became sort of a role on your back. And then ultimately, it wasn't sustainable. So I just want to understand if you think it's sustainable, why don't you convert it into sort of real dividend? I know that's an unfair question, but particularly given the backdrop, I'm just trying to square out the sustainability of very, very high yield.

第二個問題，我很抱歉回到盲點。但假設我們確實看到某種需求前景惡化並且保持相對悲觀，那麼從中期來看，您如何看待您的特別股息？因為我有點想到商品及服務稅之前，有點像金融危機，在那裡你有特別股息，這在某種程度上成為了你的後盾。然後最終，它是不可持續的。所以我只想了解，如果您認為它是可持續的，為什麼不將其轉化為真正的紅利？我知道這是一個不公平的問題，但特別是考慮到這種背景，我只是想確定非常、非常高的收益率的可持續性。

Thanks, Christyan. So first, on the gas market. I mean, we are in a position where the Norwegian gas is the most efficient gas available. I mean, it's short distance to market. It's a very, very low marginal cost of supply. So we will always be a competitive supplier into the market.

謝謝，克里斯蒂安。首先，在天然氣市場上。我的意思是，我們所處的位置是挪威天然氣是最有效的天然氣。我的意思是，它距離市場很近。這是非常非常低的邊際供應成本。所以我們將永遠是市場上有競爭力的供應商。

Clearly, I'm not in a position to speculate on any outcome of the terrible war on Ukraine. But what I do know is that Europe is not ready to rely on the Russian gas import as far as I can see into the future. And clearly, we recognize that in sort of a very, very strong interest in speaking to Norway and ourselves around future delivery of gas. So we see a long-term strong demand for Norwegian gas to Europe. And we take that responsibility very, very seriously.

顯然，我無法推測可怕的烏克蘭戰爭的任何結果。但我所知道的是，就我所預見的未來而言，歐洲還沒有準備好依賴俄羅斯的天然氣進口。很明顯，我們認識到，在某種程度上，我們對與挪威和我們自己就未來的天然氣輸送問題進行對話有著非常非常強烈的興趣。因此，我們看到歐洲對挪威天然氣的長期強勁需求。我們非常、非常認真地對待這一責任。

Then second one on the special dividend. Important to me to say that the extraordinary dividend is based on money already made. So it is not dependent on future earnings or blind spot or drops in gas prices. It is there based on a very, very strong balance sheet. And I just want to repeat that, clearly, the $17 billion that we said at the capital markets updated in February remains very firm.

然後是關於特別股息的第二個。對我來說重要的是，特別股息是基於已經賺到的錢。因此，它不依賴於未來收益、盲點或油價下跌。它基於非常非常強大的資產負債表。我只想重申，很明顯，我們在 2 月份更新的資本市場上所說的 170 億美元仍然非常堅定。

And beyond 2023, we will use capital distribution to -- as a tool to bring capital structure to a more efficient place as such. And that is as far as I can go on this call on that topic.

到 2023 年以後，我們將使用資本分配——作為一種工具，使資本結構更高效。這就是我就該主題進行的電話會議所能達到的範圍。

Your next question comes from the line of Amy Wong of Credit Suisse.

你的下一個問題來自瑞士信貸的 Amy Wong。

A couple of questions from me, please. Just to go back to the European gas market again. I know a lot of the questions have been asked here. But I just wanted to circle back on some of the initiatives that the European Commission floated last year such as clubbed buying for storage or potentially longer-term contract with Norway. Where are you? Can you shed some light on the progress on those types of initiatives?

請問我幾個問題。只是為了再次回到歐洲天然氣市場。我知道這裡已經問了很多問題。但我只是想回顧一下歐盟委員會去年提出的一些舉措，例如用於存儲的俱樂部購買或可能與挪威簽訂的長期合同。你在哪裡？您能否闡明這些類型的舉措的進展情況？

And then my second question is just a bit of clarity on your upstream CO2 intensity figures that you provided. I mean, the 6.6 kilograms in this quarter. Am I reading it correct that you have a target, that to have it below 8 kilograms? So does that mean you're already at your 2025 target of being below 8 kilograms of CO2 per BOE? And also that 6.6 kilograms, is that an operated number? Or is that your entire equity ownership?

然後我的第二個問題只是關於您提供的上游二氧化碳強度數據的一些清晰度。我的意思是，這個季度的 6.6 公斤。我讀的你有一個目標是正確的嗎，讓它低於 8 公斤？那麼，這是否意味著您已經實現了 2025 年每桶油當量二氧化碳排放量低於 8 千克的目標？還有那個6.6公斤，是算出來的數字嗎？或者那是你的全部股權？

Okay. Thanks, Amy. So on your first question on the European gas market. Yes, there's a lot of discussions and initiatives being discussed. So there is the joint purchasing and the hub that is sort of being put in place in Europe is happening, and we are open to participate in that.

好的。謝謝，艾米。那麼關於歐洲天然氣市場的第一個問題。是的，有很多討論和倡議正在討論中。因此，聯合採購和在歐洲建立的中心正在發生，我們願意參與其中。

We do believe that it will be supply and demand that ultimately sets the price for the market. And we do think that, that will be the case also here and important also to help out ensuring that storages are being filled. This will happen on commercial terms. It will happen on commercial terms. I think that's very important.

我們確實相信，最終決定市場價格的將是供求關係。我們確實認為，這裡也會出現這種情況，並且對於幫助確保存儲空間得到填充也很重要。這將按照商業條款發生。這將以商業條款發生。我認為這非常重要。

Longer-term contracts, yes, I mean, there is discussions and request for that. And we are also open for those discussions. But also clearly, they need to happen on commercial terms, and they are typically linked to a traded markets. And then pricing of those contracts are typically pegged to 2 hubs and noted market prices.

長期合同，是的，我的意思是，有討論和要求。我們也對這些討論持開放態度。但也很明顯，它們需要以商業條款發生，並且它們通常與交易市場相關聯。然後這些合同的定價通常與 2 個中心掛鉤並註明市場價格。

Let me see here. The second one is on CO2 intensity, yes. So 6.6 kilo per barrel, which is less than half of industry average. I think it's pretty close to 1/3 almost of industry average. So that intensity has decreased. And we are happy to see that. And we're happy to see that all the efforts we are doing to making our CO2 footprint as low as possible is working.

讓我看看這裡。第二個是關於二氧化碳強度，是的。所以每桶 6.6 公斤，不到行業平均水平的一半。我認為這幾乎是行業平均水平的 1/3。所以強度降低了。我們很高興看到這一點。我們很高興看到我們為盡可能降低二氧化碳排放量所做的所有努力正在奏效。

We have set a target that we are going to reduce the absolute emissions on the Norwegian shelf by 50% by 2030 compared to 2015. And I'm happy to share with you that we are halfway there already, and that is good to see. So this has a very important part of our strategy, and electrification of assets on the NCS will be a key measure to get to a target like that. So thanks, Amy.

我們設定了一個目標，即與 2015 年相比，到 2030 年將挪威大陸架的絕對排放量減少 50%。我很高興與大家分享，我們已經完成了一半，這很高興看到。因此，這是我們戰略中非常重要的一部分，NCS 資產的電氣化將是實現此類目標的關鍵措施。所以謝謝，艾米。

Just to follow up, the 6.6 kilograms, is that your operated field only?

跟進一下，6.6公斤，是你手術的唯一場地嗎？

Yes, yes. Yes, exactly, you're right. That -- you also asked about that. That is the operated assets, yes.

是的是的。是的，沒錯，你是對的。那個——你也問過那個。那是經營資產，是的。

Your next question comes from the line of John Olaisen of ABG.

您的下一個問題來自 ABG 的 John Olaisen。

Two questions, sorry, just reading some of the notes here. First, you said that you experienced some short-term miss on Johan Sverdrup in Q1. Could you tell us a little bit about those issues? What kind of issues they were, given being such important field for both you and for Norway, it'd be interesting to hear.

兩個問題，抱歉，只是閱讀這裡的一些筆記。首先，你說你在第一季度經歷了 Johan Sverdrup 的一些短期失誤。你能告訴我們一些關於這些問題的信息嗎？考慮到它們對您和挪威來說都是如此重要的領域，它們是什麼樣的問題，聽聽它們會很有趣。

My second question is really regarding -- is related to the renewable segment. The CapEx estimate $1 million in Q1, which was by far the highest quarterly CapEx since you started reporting this number for this segment. So I wonder what the CapEx was related to and the increase is related to? And what we should expect for the coming quarters, please? Two questions, please.

我的第二個問題實際上是關於 - 與可再生能源部分有關。第一季度的資本支出估計為 100 萬美元，這是自您開始為該細分市場報告此數字以來的最高季度資本支出。所以我想知道資本支出與什麼有關，增加與什麼有關？請問我們對接下來的幾個季度應該有什麼期望？請教兩個問題。

Thank you very much, John. Two very important questions. So first on Johan Sverdrup. So Phase 2 of Johan Sverdrup has been started up. And we are also in the process of testing out the capacity on the total production. So the operational issues we had in first quarter was related to gas cooling equipment and manifolds and also some abrasion issues related to it. It was in the earlier part of the first quarter. And that were fixed, and it has sort of worked well in the latter part of the first quarter.

非常感謝你，約翰。兩個非常重要的問題。首先是 Johan Sverdrup。所以 Johan Sverdrup 的第二階段已經啟動。我們也在測試總產量的能力。因此，我們在第一季度遇到的運營問題與氣體冷卻設備和歧管以及與之相關的一些磨損問題有關。那是在第一季度的早些時候。這是固定的，它在第一季度的後半部分運作良好。

We are in a process of qualifying an increased total capacity for the field. I think it's 755,000 barrels per day, that is what we aim for. Current capacity is 720,000. So we are in the midst of testing that, and that will progress. And we will clearly let you know when we have concluded those tests.

我們正在驗證該領域增加的總容量。我認為是每天 755,000 桶，這就是我們的目標。目前容量為720,000。所以我們正在對此進行測試，這將會取得進展。當我們完成這些測試時，我們會清楚地通知您。

We all know that Johan Sverdrup is very important for both the cash flow and production and everything when it comes to our company. Then when it comes to renewables, CapEx, yes, you're right. It is a significant step-up.

我們都知道，Johan Sverdrup 對於我們公司的現金流和生產以及一切都非常重要。然後說到可再生能源，資本支出，是的，你是對的。這是一個重要的進步。

A couple of explanations. First, when it comes to the Dogger Bank projects, they have been -- the CapEx have been -- I mean, it has been through project financing. It has been the debt that has been used for investments to a large degree now. Now, it's sort of equity that is being injected as such. And those assets are booked by the equity method from an accounting perspective. So you'll see a significant shift there now because we are actually injecting equity instead of using debt. So that is one explanation.

幾個解釋。首先，當談到 Dogger Bank 項目時，它們已經——資本支出已經——我的意思是，它已經通過項目融資。現在在很大程度上已經被用於投資的債務。現在，這種注入的是股權。而這些資產從會計的角度是按權益法入賬的。所以你現在會看到一個重大轉變，因為我們實際上是在註入股權而不是使用債務。所以這是一種解釋。

The other one is the BeGreen acquisition in the quarter, the Danish solar developer. And we also see increasing investments into U.S. projects and the Polish projects in the Baltic projects. So all-in-all, this is in line with what we are expecting and what we have planned for. And we aim to spend 30% of our investments towards renewables and low-carbon solutions by 2025, which is just a couple of years ahead and actually 50% in -- by 2030.

另一個是本季度對丹麥太陽能開發商BeGreen的收購。我們還看到波羅的海項目中對美國項目和波蘭項目的投資有所增加。所以總而言之，這符合我們的預期和計劃。我們的目標是到 2025 年將 30% 的投資用於可再生能源和低碳解決方案，這只是提前幾年，實際上到 2030 年將達到 50%。

So this is in line with what we have seen, but you will see growing investments into this area. Back to maybe the first part of it, I mean, off-balance sheet financing. I mean, is on Dogger Bank, for instance, we have that, and we have it other places as well. So all-in-all, we had $2.5 billion now off-balance sheet finance related to the renewable business.

所以這與我們所看到的一致，但你會看到越來越多的投資進入這一領域。回到它的第一部分，我的意思是，表外融資。我的意思是，例如，在 Dogger Bank 上，我們有它，我們在其他地方也有。因此，總而言之，我們現在有 25 億美元與可再生能源業務相關的表外融資。

Just a very quick follow-up on Johan Sverdrup. The potential increase in capacity. Does that -- would that require more drilling? Or is it more of the infrastructure which is in place or the processing capacity or something else?

只是對 Johan Sverdrup 的快速跟進。容量的潛在增加。那是否需要更多的鑽孔？或者更多的是現有的基礎設施或處理能力或其他什麼？

No, it is not related to sub surplus. This is facilities and then fine-tuning it.

不，這與次級盈餘無關。這是設施，然後微調它。

Your next question comes from the line of Henri Patricot from UBS.

你的下一個問題來自瑞銀集團的 Henri Patricot。

I have 2 questions, please. The first one, coming back to MMP and the very strong performance this quarter. It's not that long ago that you raised the guidance and you already were above that this quarter. So was it a totally exceptional quarter? Or should we perhaps have in mind a slightly different range in the near term, we're close to the upper end of the guidance range given current volatility, et cetera? Or if it reaches first quarter, that was exceptional?

我有 2 個問題，請。第一個，回到 MMP 和本季度非常強勁的表現。就在不久前，你提高了指導，本季度你已經超過了指導。那麼這是一個非常特別的季度嗎？或者我們是否應該在近期考慮一個略有不同的範圍，考慮到當前的波動性，我們接近指導範圍的上限，等等？或者如果它達到第一季度，那是例外嗎？

And then secondly, on gas. And your gas sales with the rest of the year, you talked about volumes earlier. And I wanted to ask about pricing and to the extent that you can comment whether if you expect any changes in terms of the split between that one side (inaudible) and then different markets with the rest of the year?

其次，關於汽油。還有你今年剩餘時間的天然氣銷售，你早些時候談到了銷量。我想問一下定價以及您可以評論的程度，是否您預計這一方（聽不清）與今年餘下時間的不同市場之間的劃分是否會發生任何變化？

All right. Thank you, Henri. So very quickly, the guidance on MMP remains firm between $400 million and $800 million on a quarterly basis. We will see fluctuations. And first quarter, I mean, clearly, we over showed that.

好的。謝謝你，亨利。所以很快，MMP 的指導在每季度保持在 4 億至 8 億美元之間。我們會看到波動。第一季度，我的意思是，很明顯，我們過度展示了這一點。

I think it's also important to note is that there are different legs in that business and they deliver differently in the different market sentiments. So last quarter, it was very much natural gas. And this quarter, it was very much oil and gas as such. So it's a diversified portfolio that will move and that is there.

我認為同樣重要的是要注意，該業務有不同的分支，它們在不同的市場情緒中表現不同。所以上個季度，天然氣非常多。而本季度，石油和天然氣本身就非常重要。所以這是一個多元化的投資組合，它會發生變化，而且就在那裡。

On sort of the gas prices and the gas volumes, I spoke to volumes a little bit earlier when it comes to prices. We -- you should use 70% day ahead and 30% month ahead. That's sort of a good benchmark for what you should expect on the prices.

關於天然氣價格和天然氣量，我之前談到價格時談到了量。我們——您應該提前一天使用 70%，每月使用 30%。這是您對價格的預期的一個很好的基準。

Your next question comes from the line of Martijn Rats of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Martijn Rats。

I know much has been asked about the European gas market already. But there's perhaps 1 sort of wildcard scenario that I sort of wanted to buy you. It's not entirely out of the question. Given how high European gas inventories already are, that at some point over the summer, we will hit 100% inventory fill before the winter starts. LNG imports into Northwest Europe was an all-time high in April. Pipeline imports in April outside of Russia was an all-time. That sort of -- it could happen.

我知道已經有很多關於歐洲天然氣市場的問題。但也許有一種通配符場景我有點想買給你。這並非完全不可能。鑑於歐洲的天然氣庫存已經很高，在夏季的某個時候，我們將在冬季開始前達到 100% 的庫存填充。 4 月份，西北歐的液化天然氣進口量創歷史新高。 4 月份俄羅斯以外的管道進口量創歷史新高。那種 - 它可能會發生。

Now you can say, well, maybe that reflects how quickly supply patterns have changed. But you can also say what maybe your storage capacity is just really very small. And there's something to be said for that. But if we rely on the sort of very lengthy LNG supply chains, with LNG coming from all over the world rather than a pipe from Russia, sort of Europe needs more storage. And I can see how that it could be in Equinor's interest.

現在你可以說，好吧，也許這反映了供應模式變化的速度。但是你也可以說你的存儲容量真的很小。對此有話要說。但是，如果我們依賴於那種非常冗長的液化天然氣供應鏈，液化天然氣來自世界各地，而不是來自俄羅斯的管道，那麼歐洲就需要更多的存儲空間。而且我可以看到它如何符合 Equinor 的利益。

Now -- so therefore, I thought I wanted to ask you if there's any interest or consideration at Equinor to perhaps expand European gas storage capacity, either new facilities or perhaps via a way of filling existing storage capacity under a higher pressure, which I also understand could at least at the margin, it give us some more gas storage capacity. That was my main question.

現在 - 因此，我想我想問你 Equinor 是否有興趣或考慮擴大歐洲的天然氣儲存容量，無論是新設施還是通過在更高壓力下填充現有儲存容量的方式，我也至少在利潤率上可以理解，它可以為我們提供更多的儲氣能力。這是我的主要問題。

The other one I wanted to ask you is that earlier this month, there was an article saying that the Norwegian government is looking to nationalize key parts of the Norwegian gas pipeline network from 2028 onwards. I know it's several years into the future. And I expect that the answer is no. But I wanted to ask you if this is in any way -- could this in any way impact Equinor?

另一個我想問你的是，本月早些時候，有一篇文章說挪威政府正在尋求從 2028 年起將挪威天然氣管道網絡的關鍵部分收歸國有。我知道這是幾年後的未來。我希望答案是否定的。但我想問你這是否會以任何方式影響 Equinor？

Okay. Thanks, Martijn. Two very good questions. The -- your first question is that we are very well placed with oil and gas compared to Europe. So -- and we have a lot of flexibility. So you might actually look at the Norwegian continental shelf as a very, very important flexible gas tool to serve Europe.

好的。謝謝，馬丁。兩個很好的問題。你的第一個問題是，與歐洲相比，我們在石油和天然氣方面處於非常有利的地位。所以 - 我們有很大的靈活性。因此，您實際上可以將挪威大陸架視為服務於歐洲的非常非常重要的靈活天然氣工具。

As an example, the Oseberg asset, which is a large one, you can produce the production permit over 200 days of the year as such. So that is effectively an important storage of flexibility producer assets. overall, in general, I mean, clearly, storage in Europe is important. So -- but we have no sort of particular ambition in that regard.

例如，Oseberg 資產很大，您可以在一年中生產超過 200 天的生產許可證。因此，這實際上是靈活性生產者資產的重要存儲。總的來說，總的來說，我的意思是，顯然，歐洲的存儲很重要。所以——但我們在這方面沒有特別的雄心。

Secondly, on the gas infrastructure in Norway. Yes, what is important for us is reliable and flexible gas transportation systems, which we have today. And as long as we have that, I think the structure around it can be in many different ways. Clearly, we are working closely with the Norwegian government, and we'll clearly give our input in that regard. So we don't see this to disturb or distort the competitiveness of the Norwegian continental shelf in the long run.

其次，關於挪威的天然氣基礎設施。是的，對我們來說重要的是我們今天擁有的可靠且靈活的天然氣運輸系統。只要我們擁有它，我認為圍繞它的結構可以有很多不同的方式。顯然，我們正在與挪威政府密切合作，我們將在這方面明確提出我們的意見。因此，從長遠來看，我們認為這不會干擾或扭曲挪威大陸架的競爭力。

Next is the line of Steffen Evjen from DNB Markets.

接下來是來自 DNB Markets 的 Steffen Evjen 系列。

One question for me on your projects that are non-functioned. The Rosebank, you just acquired. Another portion there from Suncor, and we also have Bay du Nord and BM-C-33 in Brazil. Could you just briefly touch upon the progress here and if we should expect any PDOs or sanctioning of this, this year or over the next 12 months?

關於您無法運行的項目，請問我一個問題。羅斯班克，你剛剛獲得。另一部分來自 Suncor，我們在巴西也有 Bay du Nord 和 BM-C-33。您能否簡要介紹一下這裡的進展情況，以及我們是否應該在今年或未來 12 個月內期待任何 PDO 或對此的製裁？

Okay. Thanks. So I mean, 3 great projects, all in the international portfolio with significant value creation potential. So on the Rosebank and BM-C-33, I mean we are planning to sanction them not too far into the future. On Rosebank, it is -- we clearly know after the Suncor acquisition, we hold 80% in that asset, which is significant. This is a very important project for the U.K., for energy security in the U.K. and also for jobs and tax revenues in the U.K. over the period.

好的。謝謝。所以我的意思是，3 個偉大的項目，都在國際投資組合中，具有巨大的價值創造潛力。所以關於 Rosebank 和 BM-C-33，我的意思是我們計劃在不久的將來製裁它們。在 Rosebank，我們清楚地知道在收購 Suncor 之後，我們持有該資產的 80%，這很重要。這對英國來說是一個非常重要的項目，對英國的能源安全以及英國在此期間的就業和稅收也很重要。

So clearly, we see that we have an important role in providing reliable energy for many decades towards the U.K. On BM-C-33, so that is probably going to be sanctioned not too far into the future. Also a very profitable and good project and a significant development in Brazil, working closely with Petrobras naturally. On Bay du Nord, moving forward with that as well. So we will -- it is a candidate, but we need to progress it more. And next year, we'll see this is not sort of as imminent as the 2 others.

很明顯，我們看到在 BM-C-33 上幾十年來，我們在向英國提供可靠能源方面發揮著重要作用，因此在不久的將來可能會受到製裁。這也是一個非常有利可圖的好項目，也是巴西的一個重大發展，自然而然地與巴西國家石油公司密切合作。在 Bay du Nord 上，也將繼續前進。所以我們會——它是一個候選者，但我們需要進一步推進它。明年，我們將看到這不像其他兩個那樣迫在眉睫。

Just a follow-up on Rosebank. So 80%, obviously quite high interest in what is a quite complex project. Do I understand you correctly if you are more comfortable reducing this with time? Or could you expect that in order to still continue owning that high share in this project in the future?

只是羅斯班克的後續行動。所以 80%，顯然對一個相當複雜的項目非常感興趣。如果您更願意隨著時間的推移減少這種情況，我對您的理解是否正確？還是您可以期望將來繼續擁有該項目的高份額？

I think as you understand, I can't comment on any specifics in this regard. But clearly, we have an active view on the totality of our portfolio. So I mean -- so yes, thanks.

我想正如你所理解的，我不能就這方面的任何細節發表評論。但很明顯，我們對我們投資組合的整體持積極看法。所以我的意思是——是的，謝謝。

Your next question comes from the line of Kim Fustier of HSBC.

你的下一個問題來自匯豐銀行的 Kim Fustier。

I had two questions, please. The first one is just to follow up on the acquisition of Rosebank from Suncor. I guess just given the backdrop of the U.K. energy profit level, it just might seem a little bit surprising, certainly kind of a vote of confidence in the U.K. North Sea, it looks like it. I'm just wondering whether the deal is predicated on a view from your part that there might be a change later this year in the U.K. EPL terms. Or does the project work under current fiscal terms as it stands?

我有兩個問題，請。第一個只是跟進從Suncor收購Rosebank。我想只是考慮到英國能源利潤水平的背景，這似乎有點令人驚訝，當然是對英國北海的信任投票，看起來是這樣。我只是想知道這筆交易是否基於您的觀點，即今年晚些時候英國 EPL 條款可能會發生變化。或者該項目是否在當前的財政條款下運作？

And just my second question is on offshore wind. I saw that Norway is looking towards significant new acreage with floating offshore wind. So maybe just if you could share your latest thoughts on the opportunity for floating wind in Norway and perhaps elsewhere as well?

我的第二個問題是關於海上風電。我看到挪威正在尋找具有浮動海上風能的重要新面積。那麼，也許您可以分享您對挪威和其他地方的浮風機會的最新想法？

Okay. Thanks, Kim. So let's see here first on the Rosebank. And clearly, what is important for us is predictable tax environment and tax environment. So that is important for us. I'm not in a position to give any direction on political discussions in the U.K. on this topic. I think what is important is that Rosebank investment has enabled us to credit that against other taxes in the U.K. So it is a very tax-efficient investment as such.

好的。謝謝，金。所以讓我們先看看羅斯班克。顯然，對我們來說重要的是可預測的稅收環境和稅收環境。所以這對我們很重要。我無法就英國就此主題進行的政治討論提供任何指導。我認為重要的是 Rosebank 投資使我們能夠將其抵消英國的其他稅收。因此，這是一項非常節稅的投資。

But it will, over time, pay significant taxes back to the U.K. through its life. I think it's actually GBP 30 billion in taxes and investments to the U.K. So it is important for U.K. oil and gas industry and for the country.

但隨著時間的推移，它將在其整個生命週期內向英國繳納大量稅款。我認為這實際上是向英國征收 300 億英鎊的稅收和投資。因此，這對英國石油和天然氣行業以及整個國家都很重要。

Then on the second question on offshore in Norway. We have been active within offshore wind for 15 years. So we are very glad to see that Norway is now opening up. So we are clearly preparing for that. But I think it is important for us to state that we have been disciplined in sort of bids when it comes to lease rounds, as you have seen over the last years, and we will apply the same discipline when it comes to lease rounds and bids in Norway. But we are very glad to see that opportunities are now opening up in Norway as well.

然後是關於挪威離岸的第二個問題。我們在海上風電領域活躍了 15 年。所以我們很高興看到挪威現在正在開放。所以我們顯然正在為此做準備。但我認為對我們來說重要的是要聲明，正如你在過去幾年所看到的那樣，我們在租賃輪次方面一直受到紀律處分，我們將在租賃輪次和投標方面採用相同的紀律在挪威。但我們很高興看到挪威現在也出現了機會。

Your next question comes from the line of Yoann Charenton from Societe Generale.

你的下一個問題來自法國興業銀行的 Yoann Charenton。

Just a quick question on looking at the balance sheet and looking at the financial investments, which are now equivalent to more than 1/3 of market cap. You have reported decreases in cash collaterals and margin requirements in recent quarters. But at the same time, this line, so financial investment has been rising. Is that linked to higher interest rates? Can you please provide some more color on this, please?

只是一個關於查看資產負債表和金融投資的快速問題，這些投資現在相當於市值的 1/3 以上。您報告最近幾個季度現金抵押品和保證金要求有所下降。但與此同時，這條線，讓金融投資一直在上漲。這與更高的利率有關嗎？你能再提供一些顏色嗎？

Yes. So we combine cash, cash equivalent and short-term investments as what we call -- all right. Okay. No, I probably misunderstood your question. Your question, was that related to the financial items on -- in the P&L?

是的。因此，我們將現金、現金等價物和短期投資結合起來，就像我們所說的那樣——好吧。好的。不，我可能誤解了你的問題。您的問題是與損益表中的財務項目有關嗎？

No, just on the balance sheet, please.

不，請僅在資產負債表上。

Okay. All right. So we hold around $52 billion in cash, cash equivalents and short-term investments, which is, of course, a very significant number. And given what will happen now in the second quarter, we expect that number to be lower as there are $17 billion that we will be paid in taxes and capital distribution in the quarter.

好的。好的。因此，我們持有大約 520 億美元的現金、現金等價物和短期投資，這當然是一個非常可觀的數字。考慮到第二季度現在會發生什麼，我們預計這個數字會更低，因為我們將在本季度支付 170 億美元的稅款和資本分配。

And then I think I'll just need to repeat. We don't see the current structure of the balance sheet to be efficient or optimal, and we will continue to use capital distribution as one tool to get to a more efficient balance sheet over time.

然後我想我只需要重複一遍。我們認為當前的資產負債表結構不是高效或最優的，我們將繼續使用資本分配作為一種工具，隨著時間的推移獲得更高效的資產負債表。

And unfortunately, that's all the time we have -- questions we have time for now. I'd like to hand back to Board for closing comments.

不幸的是，這就是我們所有的時間——我們現在有時間提問。我想返回給董事會徵求結束意見。

Thank you very much, Gavin. And I would like to thank all of you who have called in and asked questions. If you have any follow-up, as usual and as always, please reach out to the Investor Relations team, and we will help you as good as we can.

非常感謝你，加文。我要感謝所有打電話來提問的人。如果您有任何跟進，請一如既往地聯繫投資者關係團隊，我們將盡我們所能為您提供幫助。

So with that, we can conclude the call and say goodbye to everybody.

因此，我們可以結束通話並與大家說再見。

That does conclude our conference for today. Thank you for participating. You may now all disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可能會全部斷開連接。