Equinor ASA (EQNR) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is [Alley,] and I will be your conference operator for today. At this time, I would like to welcome everyone to the Equinor analyst conference call. (Operator Instructions) Thank you. BÃ¥rd, you may now begin the conference.

謝謝你的支持。我的名字是 [Alley]，我將擔任您今天的會議操作員。此時，我歡迎大家參加 Equinor 分析師電話會議。 （操作員說明）謝謝。伯德，你現在可以開始會議了。

Thank you, operator, and good morning, everybody. It's a pleasure to welcome you to the analyst call for Equinor's second quarter result. My name is BÃ¥rd Glad Pedersen. I'm heading up Investor Relations. I'm here together with Torgrim Reitan, Our CFO, and he will present the results before we open for questions, as usual. So with that, I hand it over to you, Torgrim.

謝謝接線員，大家早上好。很高興歡迎您參加關於 Equinor 第二季度業績的分析師電話會議。我的名字是伯德·格萊德·佩德森。我負責投資者關係。我和我們的首席財務官 Torgrim Reitan 一起來到這裡，他將像往常一樣在我們開始提問之前介紹結果。那麼，我就把它交給你了，托格瑞姆。

Thank you, BÃ¥rd, And good morning, everyone, and we appreciate you joining us, and I hope you all enjoying your summer and that you also get some time for vacation.

謝謝你，伯德，大家早上好，我們感謝你加入我們，我希望你們都享受你的夏天，並且也有一些假期。

So let's go straight to the results. We are delivering solid earnings this quarter with adjusted earnings totaling $7.5 billion and $2.2 billion after tax. The main explanation for the drop in results is, of course, the energy prices are significantly down from the extraordinary levels we saw last year. But compared to prior years, these are still solid results. Particularly, European gas prices are lower. And after a record warm winter, current storage levels in Europe are more than 80% full. Still, we see that the market is very sensitive to minor events and only small supply disruptions. And going into autumn, we expect more volatility. Prices will depend on weather, impacting both heating demand and renewable energy production, and also Chinese and Asian demand competing for LNG will impact prices.

那麼讓我們直接看結果。本季度我們的盈利穩健，調整後盈利總額為 75 億美元，稅後盈利為 22 億美元。當然，業績下降的主要原因是能源價格比我們去年看到的異常水平大幅下降。但與往年相比，這些仍然是可靠的結果。特別是歐洲天然氣價格較低。在經歷了創紀錄的暖冬之後，歐洲目前的存儲水平已超過 80%。儘管如此，我們發現市場對小事件和小供應中斷非常敏感。進入秋季，我們預計波動會更大。價格將取決於天氣，影響供暖需求和可再生能源生產，而且中國和亞洲對液化天然氣的需求競爭也會影響價格。

We believe this vulnerability will continue into this winter and for the coming years. Longer term, we expect to get more LNG into the market, and that LNG will be the price setter, providing fundamental support for higher gas prices. We take our role as perhaps the most important energy provider to Europe very seriously. And towards the end of this decade and beyond, we can deliver 40 bcm annually. We have a very competitive cost for pipe gas from the Norwegian Continental Shelf, below $2 per MBtu, and that puts us in a strong position.

我們相信這種脆弱性將持續到今年冬天以及未來幾年。從長遠來看，我們預計將有更多液化天然氣進入市場，液化天然氣將成為價格製定者，為天然氣價格上漲提供基本面支撐。我們非常重視我們作為歐洲最重要的能源供應商的角色。到本十年末及以後，我們每年可以交付 40 bcm。我們從挪威大陸架獲得的管道天然氣成本非常有競爭力，每 MBtu 低於 2 美元，這使我們處於有利地位。

This quarter, cash flow from operations continues to be solid. But as expected, and as we discussed in connection with first quarter results, our net cash flow is negative due to high tax and capital distribution payments, reflecting the extraordinary strong results last year. Cash flow from operations after tax year-to-date is $9.4 billion, positioning us well to deliver on average $20 billion per year, as we said, at our Capital Markets Update in February.

本季度，運營現金流繼續穩健。但正如預期的那樣，正如我們在第一季度業績中所討論的那樣，由於高額稅收和資本分配支付，我們的淨現金流量為負，這反映了去年異常強勁的業績。正如我們在 2 月份的資本市場更新中所說，今年迄今為止的稅後運營現金流為 94 億美元，這使我們能夠實現平均每年 200 億美元的現金流。

We see strong liquids production in the quarter. Both from the Norwegian Continental Shelf and internationally, it is actually up 12% in total. But our NCS gas production is lower than last year. It is down 14%. That is due to planned turnarounds, but also due to unplanned shutdowns at Hammerfest LNG and Nyhamna, impacting Snøhvit, Aasta Hansteen and Ormen Lange production in the quarter.

我們看到本季度液體產量強勁。無論是挪威大陸架還是國際上，實際上總共上漲了 12%。但我們的 NCS 天然氣產量低於去年。下降了 14%。這是由於計劃內的檢修，也是由於 Hammerfest LNG 和 Nyhamna 的計劃外關閉，影響了 Snähvit、Aasta Hansteen 和 Ormen Lange 本季度的產量。

We also continue to deliver on our strategy across the business. In the quarter, we reached yet another milestone at Johan Sverdrup, increasing capacity to 755,000 barrels of oil per day, and this resulted in record high production from this field. And it will contribute strong with strong value creation for years to come.

我們還繼續在整個業務範圍內實施我們的戰略。本季度，我們在 Johan Sverdrup 實現了另一個里程碑，將石油產能增加至每天 755,000 桶，這導致該油田的產量創下歷史新高。未來幾年，它將通過強大的價值創造做出巨大貢獻。

In Brazil, we took the final investment decision for the BM-C-33 gas field, and we also continue to invest in our portfolio on the Norwegian Continental Shelf. This quarter, the development plans for Irpa and Verdande were approved. Both are subsea tiebacks in the Norwegian Sea and can be developed over the next few years, adding new high-value, low-carbon barrels.

在巴西，我們做出了BM-C-33氣田的最終投資決定，我們還繼續投資於挪威大陸架的投資組合。本季度，Irpa 和 Verdande 的開發計劃獲得批准。兩者都是挪威海的海底回接裝置，可以在未來幾年內開發，增加新的高價值、低碳桶。

Last week, we announced the acquisition of the Brazilian renewable energy company, Rio Energy, with a proven organization, a producing asset, delivering close to 1 terawatt hour per year and a solid pipeline of onshore wind and solar projects. And I look much forward to welcome our new colleagues. The acquired project portfolio is anticipated to deliver at the high end of the range for our expected renewables return of real 4% to 8%. And that includes the acquisition price. We are developing our portfolio in a country we know well, taking part in the largest power market in South America. This is similar to what we have done in other selected markets such as with Wento in Poland and BeGreen in Northern Europe. In the U.S. the lease for floating offshore wind in California has been approved. And here in Norway, Hywind Tampen is in production.

上週，我們宣布收購巴西可再生能源公司 Rio Energy，該公司擁有成熟的組織、生產資產、每年發電量接近 1 太瓦時，以及可靠的陸上風能和太陽能項目管道。我非常期待歡迎我們的新同事。所收購的項目組合預計將實現我們預期可再生能源實際 4% 至 8% 回報率範圍的高端。這包括收購價格。我們正在一個我們熟悉的國家開發我們的產品組合，參與南美最大的電力市場。這與我們在其他選定市場（例如波蘭的 Wento 和北歐的 BeGreen）所做的類似。在美國，加利福尼亞州浮動海上風電的租賃已獲得批准。在挪威，Hywind Tampen 正在生產中。

We continue to deliver capital distribution in line with what we communicated at our Capital Markets Update. For the quarter, the Board has decided an ordinary cash dividend of $0.30 per share in addition to the extraordinary dividend of $0.60 per share, totaling $0.90 in cash dividend. We continue our share buyback program. The third tranche will be $1.67 billion, in line with our program for 2023 of $6 billion. In total, we expect a capital distribution of around $17 billion for 2023, as we have discussed at our Capital Markets Update in February.

我們將繼續按照我們在資本市場更新中傳達的內容進行資本分配。董事會決定本季度普通現金股息為每股 0.30 美元，加上每股 0.60 美元的特別股息，現金股息總計為 0.90 美元。我們繼續我們的股票回購計劃。第三批資金將為 16.7 億美元，與我們 2023 年 60 億美元的計劃一致。正如我們在 2 月份的資本市場動態中所討論的那樣，我們預計 2023 年的資本分配總額約為 170 億美元。

Okay. Turning to safety. We see that the serious incident frequency is 0.3. This is our best result so far. And also the total recordable injury frequency is down from 2.7 to 2.5. Safety remains our top priority. We produced 1,994,000 barrels of oil and gas per day in the quarter, slightly higher than second quarter last year. In addition to record production at Johan Sverdrup, we also had strong liquids production from our international operations, particularly due to high production from Peregrino in Brazil and the partner-operated Vito and Cesar Tonga fields in the Gulf of Mexico. We have lower gas production this quarter, partly because we had more planned turnarounds, but also due to the unplanned shutdown at Hammerfest LNG and Nyhamna, impacting Aasta Hansteen and Ormen Lange. They are all back in normal production now, but the impact for the quarter was around 70,000 barrels per day.

好的。轉向安全。我們看到嚴重事件頻率為0.3。這是我們迄今為止最好的結果。總可記錄傷害頻率也從 2.7 次降至 2.5 次。安全仍然是我們的首要任務。本季度我們每天生產 1,994,000 桶石油和天然氣，略高於去年第二季度。除了 Johan Sverdrup 創紀錄的產量外，我們的國際業務也實現了強勁的液體產量，特別是由於巴西 Peregrino 以及墨西哥灣合作夥伴運營的 Vito 和 Cesar Tonga 油田的高產量。本季度我們的天然氣產量較低，部分原因是我們有更多的計劃周轉，但也由於 Hammerfest LNG 和 Nyhamna 的計劃外關閉，影響了 Aasta Hansteen 和 Ormen Lange。現在它們都已恢復正常生產，但該季度的影響約為每天 70,000 桶。

On power production, 345 gigawatt hours from our renewable assets is slightly higher than last year due to 2 new solar power plants in Poland and Hywind Tampen being fully operational. We are now waiting for the start-up of Dogger Bank A, a milestone for the world's largest offshore wind farm. We are assembling the first turbines as we speak, and we expect first power later this summer.

在發電方面，由於波蘭和 Hywind Tampen 的 2 個新太陽能發電廠全面投入運營，我們的可再生能源發電量為 345 吉瓦時，略高於去年。我們現在正在等待 Dogger Bank A 的啟動，這是世界上最大的海上風電場的里程碑。就在我們說話的時候，我們正在組裝第一批渦輪機，預計今年夏天晚些時候首次發電。

Let me turn to our segment results. Adjusted earnings on the NCS totaled $6 billion, driven primarily by strong liquid production. It is a reminder that even if we are the largest gas supplier to Europe, we are also a large oil producer, and we create significant value from that. Internationally, good production growth drove solid results. Our U.S. business posted adjusted earnings of $226 million, while E&P International delivered $751 million. This includes the reversal of previously expensed exploration of $227 million. Our Marketing and Midstream segment delivered solid adjusted earnings of $665 million. This is within our increased guided range achieved in a quarter with lower volatility and with lower prices.

讓我談談我們的部門業績。 NCS 的調整後收益總計 60 億美元，主要得益於強勁的液體產量。這提醒我們，即使我們是歐洲最大的天然氣供應商，我們也是一個大型石油生產國，我們從中創造了巨大的價值。在國際上，良好的產量增長帶動了堅實的業績。我們的美國業務調整後盈利為 2.26 億美元，而 E&P International 的調整後盈利為 7.51 億美元。這包括沖銷之前支出的 2.27 億美元勘探費用。我們的營銷和中游部門實現了穩定的調整後收益 6.65 億美元。這在我們在波動性較低、價格較低的情況下在一個季度實現的上調指導區間之內。

Our acquisition of Danske Commodities pays off, and we had received our first dividend of EUR 1.5 billion.

我們對 Danske Commodities 的收購得到了回報，我們收到了 15 億歐元的第一筆股息。

In our Renewables business, our assets in operation contribute with $33 million, but with high activity both within projects and business development, adjusted earnings are negative $84 million. We expect a further lowering of adjusted earnings in the coming quarters related to this segment as activity continues to increase. Inflation and global supply chain pressure continues to affect the industry. Transportation costs, high maintenance and activity levels and increase in CO2 prices contribute to increased costs compared to the same quarter last year. For first quarter, we see a fairly flat cost development, but we are prepared for continued cost pressure and strong cost management remains important. The reported costs for our operation in Norway are impacted by the strength of Norwegian kroner. Over the last year, Norwegian kroner has weakened impacting the results. Now we see that the Norwegian kroner is strengthening somewhat, and that will also impact our operational costs going forward.

在我們的可再生能源業務中，我們的運營資產貢獻了 3300 萬美元，但由於項目和業務開發活動活躍，調整後收益為負 8400 萬美元。我們預計，隨著活動持續增加，未來幾個季度與該細分市場相關的調整後收益將進一步下降。通貨膨脹和全球供應鏈壓力繼續影響該行業。與去年同期相比，運輸成本、高維護和活動水平以及二氧化碳價格上漲導致成本增加。對於第一季度，我們看到成本發展相當平穩，但我們已做好應對持續成本壓力的準備，強有力的成本管理仍然很重要。我們在挪威的運營報告成本受到挪威克朗強勢的影響。去年，挪威克朗走弱，影響了業績。現在我們看到挪威克朗有所走強，這也將影響我們未來的運營成本。

In the quarter, we reported cash flow from operations of $10.5 billion and negative $356 million after tax, following 2 tax installments in Norway of $10 billion in total. In the third quarter, we will pay 1 tax installment of around $3.75 billion. In the second quarter, we also paid significant capital distribution of $6.8 billion in cash dividends and share buybacks, including $3.6 billion to the state for their share of previous tranches.

本季度，我們報告運營現金流為 105 億美元，稅後負 3.56 億美元，挪威分兩次繳稅總計 100 億美元。第三季度，我們將繳納第一期稅款，金額約為37.5億美元。第二季度，我們還通過現金股息和股票回購的方式支付了 68 億美元的巨額資本分配，其中包括向政府支付了之前部分的 36 億美元。

Working capital decreased by $2.2 billion, primarily due to lower gas prices and lower gas volume sold. After tax, capital distribution and capital expenditures, our net cash flow was, as expected, negative $10.8 billion. When that is said, our financial position remains robust with a strong balance sheet and cash and cash equivalents and financial investments of $42.6 billion and a net debt to capital employed ratio of negative 35%.

營運資金減少 22 億美元，主要是由於天然氣價格下降和天然氣銷售量減少。扣除稅收、資本分配和資本支出後，我們的淨現金流量如預期為負 108 億美元。話雖如此，我們的財務狀況依然強勁，擁有強勁的資產負債表、現金和現金等價物以及 426 億美元的金融投資，淨債務與資本使用比率為負 35%。

So let me then conclude by taking you through our guiding. We had unplanned production losses with an impact of around 70,000 barrels per day in the quarter. Despite this, we maintain our guiding of around 3% production growth this year. However, the risk is now more on the downside of this guiding. Organic CapEx so far this year is $4.6 billion, and we maintained the CapEx guiding we gave in February.

最後，讓我帶您了解我們的指導。本季度我們出現了計劃外產量損失，影響每天約 70,000 桶。儘管如此，我們仍維持今年產量增長 3% 左右的指導。然而，現在的風險更多的是該指導意見的下行風險。今年迄今為止的有機資本支出為 46 億美元，我們維持了 2 月份給出的資本支出指導。

With that, I hand it back to your, BÃ¥rd, and I look forward to your questions.

就這樣，我把它交還給你，巴德，我期待著你的問題。

Thank you, Torgrim. We are then ready to open for questions (Operator Instructions) The first question will come from Teodor Sveen-Nilsen from Sparebank 1 Markets.

謝謝你，托格瑞姆。然後我們準備開始提問（操作員說明） 第一個問題將來自 Sparebank 1 Markets 的 Teodor Sveen-Nilsen。

I have 2 questions. The first is on balance sheet and dividends. Torgrim, as you alluded to, you still had a very strong balance sheet and one could argue that the balance sheet is a little bit out of sync compared to your long-term capital structure guidance. So I just wonder -- and also given the fact that the current oil prices and gas prices, that situation will most likely not change. So then my question is, would you prefer to accelerate your dividend, i.e., increase extraordinary dividends or increase buybacks going forward to get the capital structure in sync compared to guidance?

我有 2 個問題。第一個是資產負債表和股息。 Torgrim，正如您提到的，您仍然擁有非常強勁的資產負債表，有人可能會說，與您的長期資本結構指導相比，資產負債表有點不同步。所以我只是想知道 - 而且考慮到當前的石油價格和天然氣價格，這種情況很可能不會改變。那麼我的問題是，與指導相比，您是否願意加快股息，即增加特別股息或增加回購，以使資本結構同步？

Second question, that is on gas strategy, good gas sales strategy. I assume that we will see that the European gas storage now will reach 90% much earlier than previous years. So I just wonder how does that impact your gas sales strategy?

第二個問題，關於天然氣策略，良好的天然氣銷售策略。我認為我們現在會看到歐洲天然氣儲存量將比往年提前達到 90%。所以我只是想知道這對您的天然氣銷售策略有何影響？

Okay. Thank you, Teodor, for 2 very important questions. So first on balance sheet. And as we have discussed earlier is that we have a very special situation after last year with extraordinary revenues. So that is the background for the $17 billion capital distribution this year. And I just want to repeat, we are very committed to deliver on that. And it's a composition between share buyback and cash dividend. So I'll give a little bit flavor on sort of our capacity to do share buyback because there are limitations to it.

好的。謝謝特奧多提出兩個非常重要的問題。首先是資產負債表。正如我們之前討論的那樣，繼去年之後，我們的情況非常特殊，收入非凡。這就是今年170億美元資本分配的背景。我只想重複一遍，我們非常致力於實現這一目標。這是股票回購和現金分紅的組合。因此，我將稍微介紹一下我們進行股票回購的能力，因為它存在局限性。

One limitation is that we can just only buy back 10% of free float and that is the mandate that we have from the Annual General Meeting of 94 million shares. And that is the background for the $6 billion share buyback program that we have this year. And that level of share buyback, we are comfortable operating with. So as you understand, there is a limit to how much share buyback we are able to do on an annual basis due to regulatory limitations as such. We want to use a combination of share buybacks and cash dividends as we go forward as well.

一個限制是我們只能回購 10% 的自由流通股，這是我們從年度股東大會上獲得的 9400 萬股的授權。這就是我們今年 60 億美元股票回購計劃的背景。我們對這種程度的股票回購感到滿意。如您所知，由於監管限制，我們每年能夠回購的股票數量是有限的。在我們前進的過程中，我們也希望結合使用股票回購和現金股息。

So that's the first one. The second one, the gas sales strategy. Yes, the situation this year is, of course, very much colored by a record warm winter last year. That has softened prices quite significantly. But the situation is still very sensitive and volatile. But of course, coming into the autumn with high storages and all of that will make sort of the situation easier for Europe as we start autumn and all of that. But very small changes will -- can have the significant impact on prices. And I think we see on a daily basis 8% to 10% changes in prices just demonstrating the volatility.

這是第一個。第二個，燃氣銷售策略。是的，去年創紀錄的暖冬給今年的情況帶來了很大影響。這極大地削弱了價格。但局勢仍然非常敏感和不穩定。但當然，隨著秋季的到來，進入秋季時，高庫存等所有因素將使歐洲的情況變得更加容易。但非常小的變化就會對價格產生重大影響。我認為我們每天都會看到 8% 到 10% 的價格變化，這恰恰說明了波動性。

So what we need to clearly follow closely is weather as that develops. If we see a normal winter this time around, things will look very differently. If there are supply disruptions that will typically have a significant impact if that be LNG or other value chains and of course, as Europe will have to compete with typically China and Asia for LNG, growth and demand in Asia will have a very important implication for the European gas market. So in summary, it is a very, very volatile situation. When that is said, we do know and we are probably the most important energy company in Europe. So we will help support Europe with energy through all of this. But if there are -- if the price tells us that the gas is more needed in a different period than we currently have, we will move gas in time and using price signals to do that as we have done in the past as well. So the gas strategy is the same. We will optimize for value and price signals is what actually defines where gas is needed the most at any point in time.

因此，我們需要明確密切關注的是天氣的發展。如果這次我們看到一個正常的冬天，情況就會大不相同。如果供應中斷通常會對液化天然氣或其他價值鏈產生重大影響，當然，由於歐洲將不得不與中國和亞洲爭奪液化天然氣，亞洲的增長和需求將對液化天然氣或其他價值鏈產生非常重要的影響。歐洲天然氣市場。總而言之，這是一個非常非常不穩定的情況。話雖如此，我們確實知道，我們可能是歐洲最重要的能源公司。因此，我們將通過這一切為歐洲提供能源支持。但如果有的話——如果價格告訴我們在不同的時期比目前更需要天然氣，我們將及時轉移天然氣並利用價格信號來做到這一點，就像我們過去所做的那樣。所以gas策略是一樣的。我們將針對價值和價格信號進行優化，這實際上定義了在任何時間點最需要天然氣的地方。

Okay. The next question will be from Biraj Borkhataria from RBC.

好的。下一個問題將由 RBC 的 Biraj Borkhataria 提出。

Caught my attention. Considering you bought this business for EUR 400 million...

吸引了我的注意力。考慮到您以 4 億歐元購買了這家企業......

Biraj, sorry to interrupt you, but we lost the start of it. If you can start over again.

Biraj，很抱歉打斷你，但我們失去了開頭。如果可以重新開始的話。

Sorry about that. Hopefully you can hear me. So the Danske Commodities dividend, the EUR 1.5 billion, which is a significant number, I assume this is based on 2022 earnings. Looking forward, what would be a more normal level of dividends to Equinor for this business? And then the second question is on the reliability of gas production. Obviously, 2022 was exceptional. You've had a number of issues in Q2. Do you think these issues are largely behind you? And is there any theme there? And what contingency have you put in your production guidance for the year?

對於那個很抱歉。希望你能聽到我的聲音。因此，丹麥大宗商品公司的股息為 15 億歐元，這是一個很大的數字，我認為這是基於 2022 年的收益。展望未來，Equinor 此項業務的更正常股息水平是多少？第二個問題是天然氣生產的可靠性。顯然，2022 年是特殊的一年。您在第二季度遇到了很多問題。您認為這些問題基本上已經過去了嗎？那裡有什麼主題嗎？您在今年的生產指導中加入了哪些應急措施？

Okay. Thank you very much, Biraj. So yes as you remember, we acquired Danske Commodities a few years back, and clearly, it has paid back multiple of times since then. And last year was a very extraordinary year also for Danske Commodities, where we let them use our balance sheet to actually take positions and make things -- enable trading. So the dividend paid from Danske Commodities now is a result of extraordinary earnings last year. On a normal level I mean, of earnings is clearly lower than 2022, but we are using our balance sheet and giving them the opportunity to take a broader perspective on the business than traditionally. So a much lower level is normal than what we saw last year. But as volatility will continue, I mean, we do believe Danske will continue to deliver strong results.

好的。非常感謝你，比拉吉。所以，是的，正如你所記得的，幾年前我們收購了 Danske Commodities，顯然，從那時起它已經獲得了多次回報。去年對於丹斯克商品公司來說也是非常不平凡的一年，我們讓他們利用我們的資產負債表來實際持有頭寸並進行交易——實現交易。因此，丹斯克大宗商品公司現在支付的股息是去年非凡盈利的結果。我的意思是，在正常水平上，我們的盈利明顯低於 2022 年，但我們正在利用我們的資產負債表，讓他們有機會比傳統方式更廣泛地看待業務。因此，比我們去年看到的水平低得多是正常的。但我的意思是，隨著波動持續下去，我們確實相信丹斯克銀行將繼續取得強勁的業績。

Second question, reliability of gas production. So I just want to say a few things on this. First of all, the issues we had in second quarter are solved on Nyhamna, which is operated by Gassco and Shell is the technical service provider. That is back in production, but it clearly had an impact on Aasta Hansteen and Ormen Lange production. Hammerfest LNG or Snøhvit, we had a gas league related to a maintenance stop or testing. That is now all fixed, and it is back in production.

第二個問題，天然氣生產的可靠性。所以我只想就此說幾句話。首先，我們第二季度遇到的問題在 Nyhamna 上得到了解決，Nyhamna 由 Gassco 運營，殼牌是技術服務提供商。該產品已重新投入生產，但顯然對 Aasta Hansteen 和 Ormen Lange 的生產產生了影響。 Hammerfest LNG 或 Snähvit，我們有一個與維護停止或測試相關的天然氣聯盟。現在一切都已解決，並且已恢復生產。

Apart from that, maintenance programs have gone well. We have had more maintenance in the first half of the year than we will have in the second half of the year. So it is -- I feel very confident that we are well set up to deliver on what we shall deliver from the assets.

除此之外，維護計劃進展順利。我們上半年的維護工作比下半年要多。事實就是這樣——我非常有信心，我們已經做好了充分準備，可以實現我們將通過資產實現的目標。

On your last question of what sort of contingency do we have, I think it's fair to say that is lower than it was at the Capital Markets Day due to that we have 70,000 barrels per day in the second quarter lost to unplanned stops, as such. So the contingency is clearly less. And that sort of leads us to say that we maintain production guiding, but the risk to the downside is larger than it was on the Capital Markets Day in January.

關於你的最後一個問題，即我們有什麼樣的意外情況，我認為可以公平地說，這比資本市場日的水平要低，因為第二季度我們每天有 70,000 桶因計劃外停產而損失。 。所以意外情況顯然要少一些。這讓我們可以說我們維持生產指導，但下行風險比一月份資本市場日時更大。

Thank you. The next question will be from Oswald Clint from Bernstein.

謝謝。下一個問題將來自伯恩斯坦的奧斯瓦爾德·克林特。

Thank you, BÃ¥rd and Torgrim. Torgrim, you made this new renewable corporate deal, Rio Energy in Brazil. I just wanted to see if you could just talk about the decision to deepen here in Brazil and also the rationale for not deepening in somewhere like Germany, where they had a recent round. You obviously know that country well. You linked up with EnBW to grow that position. So any comparison or contrast you could do between those 2 regions for wind or renewables would be interesting, please.

謝謝你們，伯德和托格瑞姆。托格瑞姆，您在巴西達成了新的可再生能源企業交易——里約能源公司。我只是想看看你是否可以談談在巴西深化的決定，以及不深化在德國這樣的地方的理由，他們最近在那裡進行了一輪比賽。你顯然很了解那個國家。您與 EnBW 合作以擴大這一地位。因此，您可以對這兩個地區的風能或可再生能源進行任何比較或對比，這都會很有趣。

And then secondly, on MMP earnings, impressive numbers as you said. Lower gas, lower volatility but still good numbers. Should we be thinking this is an outsized contribution from Triton, the power to gas piece? Or is there still a strong geographical optimization piece that's coming through those numbers? And maybe in that, could you say why were your U.S. gas pipeline realizations just so low in the second quarter?

其次，關於 MMP 收益，正如您所說，數字令人印象深刻。天然氣價格較低，波動性較低，但數字仍然不錯。我們是否應該認為這是海衛一（Triton）的巨大貢獻，即天然氣的力量？或者這些數字中是否仍然存在強大的地理優化部分？也許在這一點上，您能說說為什麼第二季度美國天然氣管道的實現量如此之低嗎？

Yes. Okay. Thanks, Oswald. Important questions. So first, on renewables, yes, there are some mixed signals in the market for the time being. On the one hand, in Germany you see a very, very competitive situation where sort of big dollars is put on the table for seabed leases, while at the same time, you see other companies handing back leases and handing back contracts on already leases acquired, reflecting sort of the reality in this industry, which is clearly higher inflation, limited capacity and increased interest rates. So there are some mixed signals out there.

是的。好的。謝謝，奧斯瓦爾德。重要問題。首先，在可再生能源方面，是的，目前市場上存在一些混雜的信號。一方面，在德國，你會看到競爭非常非常激烈的情況，海底租賃會投入大量資金，而與此同時，你會看到其他公司返還租賃並返還已獲得的租賃的合同，反映了這個行業的現實，即明顯較高的通貨膨脹、有限的產能和增加的利率。因此，存在一些混合信號。

When it comes to offshore wind, we clearly believe that this is going to be large, and we are going to be a significant part of that. We have entered early, as you know. We do know the pipeline. So we are good with the current activity level, and we are in a position where we are not willing to accept levels as we have seen in the recent lease rounds. So we participated, as you would then, but we could not justify to go to those levels. So we'll rather wait and see if there are other ways of getting access to offshore wind.

當談到海上風電時，我們顯然相信這個規模將會很大，而我們將成為其中的重要組成部分。如你所知，我們很早就進入了。我們確實知道管道。因此，我們對當前的活動水平感到滿意，但我們不願意接受最近幾輪租賃中看到的水平。所以我們參與了，就像你們當時會做的那樣，但我們沒有理由達到這些水平。因此，我們寧願等待，看看是否有其他方式獲得海上風電。

When that is said, I mean, also a part of our strategy is to grow based on sort of markets and onshore activities. But I think it's fair to say that, that has actually proven to create value in times like this. We did the Wento deal in Poland. We have done the BeGreen in Denmark, addressing Northern Europe, and now it's Rio Energy in Brazil. So that part of the strategy is sort of accelerating more while we're sort of probably moving a little bit slower on offshore wind due to the pure competitiveness in that market currently.

話雖如此，我的意思是，我們戰略的一部分是基於市場和境內活動的增長。但我認為可以公平地說，這實際上已被證明可以在這樣的時期創造價值。我們在波蘭完成了 Wento 交易。我們在丹麥實施了 BeGreen，針對北歐，現在又在巴西實施了 Rio Energy。因此，該戰略的這一部分在某種程度上會加速，而由於目前該市場的純粹競爭力，我們在海上風電方面的進展可能會稍微慢一些。

So I'm very enthusiastic about Brazil and Rio Energy. This is a country where the power market is growing rapidly and it is also being deregulated. And combining Rio Energy with Danske Commodities that is on the ground, we do see a very interesting investment proposition there. So I'm eager to travel to Brazil and meet our new colleagues and get to know them better.

所以我對巴西和里約能源非常感興趣。這是一個電力市場快速增長且監管也在放鬆的國家。將力拓能源公司與丹斯克大宗商品公司結合起來，我們確實看到了一個非常有趣的投資主張。因此，我渴望前往巴西並與我們的新同事見面並更好地了解他們。

The MMP?

MMMP？

Yes, yes. Sorry. And then the second part MMP. Yes, so another strong quarter for MMP. So what was actually the main contributor this time was actually liquids trading and operations and also results from the natural gas. Less contribution from geographical arbitrage on the gas side, but an underlying good delivery also of the gas. You've probably seen increasing costs in our accounts, and that is particularly related to shipping costs because we have taken on more capacity, and that has enabled us to make more money on the liquid side. So it's good to see that there are various parts of the MMP machine that delivers in different environments.

是的是的。對不起。然後是第二部分MMP。是的，MMP 又一個強勁的季度。所以這次實際上的主要貢獻者實際上是液體交易和運營，也是天然氣的結果。天然氣方面地理套利的貢獻較小，但天然氣的基本交付也良好。您可能已經看到我們的賬戶成本不斷增加，這與運輸成本尤其相關，因為我們承擔了更多的產能，這使我們能夠在流動性方面賺更多的錢。因此，很高興看到 MMP 機器的各個部分可以在不同的環境中提供服務。

Sorry, just anything on the U.S. gas realizations, pipeline gas realizations this quarter?

抱歉，請問有關本季度美國天然氣實現量、管道天然氣實現量的信息嗎？

Yes. So I mean, it was very low prices in the quarter in the Northeast. The realized price was $1.46 as far as I remember. And while Henry Hub is higher than that. And it is a pure reflection on the different pricing in the different markets. So the Northeast is lower than Henry Hub, and it has always been, but significantly changes quarter-on-quarter here. I think it's fair to say that our U.S. gas production out of Appalachian is some of the lowest marginal cost barrels of gas to be produced in the U.S. So it's a robust business.

是的。所以我的意思是，東北地區本季度的價格非常低。據我記得，實際價格是 1.46 美元。而亨利中心比這更高。這純粹反映了不同市場的不同定價。因此，東北部的氣溫低於亨利港，而且一直如此，但這裡的季度環比變化顯著。我認為可以公平地說，我們在阿巴拉契亞地區生產的天然氣是美國生產的邊際成本最低的天然氣之一，因此這是一項強勁的業務。

Thank you. The next question will be from Alastair Syme from Citi.

謝謝。下一個問題將由花旗集團的 Alastair Syme 提出。

Torgrim, a couple also on the Renewables business. I think you said in your opening statement that the -- on the forward guidance that the losses will deepen over the next few quarters. So I just wanted to understand that. I mean, you referenced inflation, but I would have presumed most of the development costs have been capitalized. So I'm not sort of sure what's hitting the cost line. So maybe you can explain that.

托格里姆（Torgrim）是一對從事可再生能源業務的夫婦。我認為您在開場白中說過，根據前瞻性指引，未來幾個季度的損失將進一步擴大。所以我只是想了解這一點。我的意思是，你提到了通貨膨脹，但我認為大部分開發成本已經資本化。所以我不太確定是什麼觸及了成本線。所以也許你可以解釋一下。

And then just a follow-up to the question on the German auction. Can you give us some sense of how much you're being outbid by? I'm not sure if I understand it, it's 5% or 25% or 50%. I don't need you to be specific, but some sense would be useful.

然後是關於德國拍賣的問題的後續行動。您能否告訴我們您的出價被高出多少？不知道我理解了沒有，就是5%或者25%或者50%。我不需要你說得很具體，但一些感覺會很有用。

Thanks, Alastair. On your first one, I mean, we have fairly limited production from our Renewables business. So that -- but it is contributing with $33 million for the quarter. And then the adjusted earnings is minus $84 million. It is driven by higher activity, early phase development costs and business development activities as such. So you should expect going forward that we will probably deliver negative results a little bit higher than this over the next few quarters. But gradually, more and more production will come into the renewable business, Rio Energy. One terawatt hour per year in electricity production from now on and then Dogger Bank gradually coming. And as you know, we are about to start production from Dogger Bank A from the first turbines, and that will gradually increase over the year and next year. And then this will look typically very different when that happens.

謝謝，阿拉斯泰爾。關於你的第一個，我的意思是，我們的可再生能源業務的產量相當有限。因此，該季度貢獻了 3300 萬美元。那麼調整後的收益為-8400萬美元。它是由較高的活動、早期開發成本和業務開發活動本身驅動的。因此，您應該預計，在接下來的幾個季度中，我們的負面結果可能會比這略高一些。但逐漸地，越來越多的產量將進入可再生能源業務——力拓能源公司。從現在開始，每年發電量為太瓦時，然後道格銀行將逐漸到來。如您所知，我們即將從 Dogger Bank A 開始生產第一台渦輪機，並將在今年和明年逐漸增加。當這種情況發生時，情況看起來通常會非常不同。

Then on your second question on sort of the German auction. No, I'm afraid I'm not in a position to say by how much we lost. But I can say it was not with a small number.

然後是關於德國拍賣的第二個問題。不，恐怕我無法透露我們損失了多少。但我可以說，這個數字並不小。

Can you just say on the first question on the Renewables earnings, do you think you'll be in positive territory at any point in, say, 2024? Do you think that's going to kind of inflect?

您能否就有關可再生能源收益的第一個問題說一下，您認為在 2024 年等任何時候您都會處於正值區域嗎？你認為這會有所改變嗎？

When it comes to positive earnings, I mean, it is -- the positive earnings will happen over the next few years. But I think we will give a proper update on this on the Capital Markets Update in February. But it is -- as sort of the various phases of Dogger Bank is coming into production, that will generate quite an interesting earnings and a positive contribution.

當談到正收益時，我的意思是，正收益將在未來幾年內發生。但我認為我們將在二月份的資本市場更新中對此進行適當的更新。但隨著 Dogger Bank 的各個階段投入生產，這將產生相當有趣的收益和積極的貢獻。

Thank you, Alastair. The next question is Kim Fustier from HSBC.

謝謝你，阿拉斯泰爾。下一個問題是來自匯豐銀行的 Kim Fustier。

Just again, going back to offshore wind. I wondered if you could talk about the cost challenges you're encountering at your U.S. offshore wind projects, particularly those you have in a JV with BP. I read somewhere that you've gone back to the state to try and get better terms. I mean, how likely is it that, that will happen? And then what happens if you don't get better terms, I mean, do you just pause the projects and then revisit them 2 years later?

再次回到海上風電。我想知道您是否可以談談您在美國海上風電項目中遇到的成本挑戰，特別是那些與英國石油公司合資的項目。我在某處讀到你已經回到州里試圖獲得更好的條件。我的意思是，這種情況發生的可能性有多大？然後，如果你沒有獲得更好的條件，會發生什麼，我的意思是，你是否會暫停這些項目，然後在兩年後重新審視它們？

My second question, if I could, is just on Northern Lights. What are the next steps before taking FID on the second phase of that project? And how much of the project capital cost do you expect to be financed by subsidies?

如果可以的話，我的第二個問題是關於北極光。在對該項目第二階段進行最終投資決定之前，接下來的步驟是什麼？您預計項目資本成本的多少將由補貼資助？

Okay. Thanks, Kim. So offshore wind and the U.S., you are right. The U.S. offshore wind projects, I would say, is probably the weaker part in our portfolio. We have signed on 2 contracts with the New York State on revenues that is not adjusted for inflation. While at the same time, we have seen significant inflationary pressure in sort of the investments and all of that, coming to a point where sort of the returns are challenging for those projects. When that is said, we entered early into these projects. We have limited acquisition costs and others have spent more money acquiring assets. So in June, we filed a request with NYSERDA, the regulator, for a renegotiation of the contract. We are definitively not alone. This is -- most companies, if not all, are doing the same. So this is an industry-wide issue. I do expect it to be a positive outcome of that. But clearly, it remains to see the results, and the discussion is ongoing.

好的。謝謝，金。所以海上風電和美國，你是對的。我想說，美國海上風電項目可能是我們投資組合中較弱的部分。我們與紐約州簽署了兩份未根據通貨膨脹調整收入的合同。與此同時，我們已經看到各種投資等方面存在巨大的通脹壓力，這些項目的回報已經達到了挑戰的地步。話雖如此，我們很早就開始了這些項目。我們的收購成本有限，而其他人則花了更多的錢收購資產。因此，我們在 6 月份向監管機構 NYSERDA 提出了重新談判合同的請求。我們絕對並不孤單。大多數公司（如果不是全部的話）都在做同樣的事情。所以這是一個全行業的問題。我確實希望這會是一個積極的結果。但顯然，結果還有待觀察，討論仍在進行中。

But I think it's quite interesting to see the differences between the various regions because in the U.K., we have contracts that are linked to CPI and where we had already agreed on investments and financing. So you see the opposite effect there. So the Dogger Bank projects, they benefit quite a bit from the inflation we have seen over the last few years, where revenues have increased nicely while sort of costs have been relatively flat. And also in our Polish projects, we have inflation index contracts, making those projects look quite robust. So I would say it is particularly U.S. projects that are sort of vulnerable in this situation. But we are taking actions and working closely with the regulator to make these ultimately happen.

但我認為看到不同地區之間的差異非常有趣，因為在英國，我們有與消費者物價指數掛鉤的合同，並且我們已經就投資和融資達成了一致。所以你會看到相反的效果。因此，多格銀行預計，他們從過去幾年看到的通貨膨脹中受益匪淺，收入大幅增長，而成本卻相對持平。在我們的波蘭項目中，我們還有通脹指數合約，使這些項目看起來相當穩健。所以我想說，在這種情況下，美國的項目尤其容易受到影響。但我們正在採取行動並與監管機構密切合作，以實現這些目標最終實現。

On Northern Lights Phase 2, so we are working towards final investment decisions for Northern Lights. It is a very important project for maturing the whole CCS industry in Northern Europe, and there is a lot of support for it. So we are working towards an FID, but I can't share more at this stage on sort of when that exactly will happen.

關於北極光第二階段，我們正在努力做出北極光的最終投資決定。這是北歐整個CCS產業走向成熟的一個非常重要的項目，並且得到了很多支持。因此，我們正在努力達成最終投資決定，但現階段我無法透露更多關於具體何時發生的信息。

Thank you. The next question will be from Martijn Rats from Morgan Stanley.

謝謝。下一個問題將由摩根士丹利的 Martijn Rats 提出。

I had 2 questions, if I may. First of all, I noticed the deal with Cheniere to buy more LNG from 2027 onwards. And as a company who is already the largest natural gas supplier to Europe, I thought that was quite an interesting transaction. I was wondering if you could say a few words about sort of why you signed this deal, what the attraction could be, and broadly where you are planning to sell this gas, in Europe or elsewhere.

如果可以的話，我有兩個問題。首先，我注意到與 Cheniere 達成的從 2027 年起購買更多液化天然氣的協議。作為一家已經是歐洲最大天然氣供應商的公司，我認為這是一筆非常有趣的交易。我想知道您是否可以談談您簽署這項協議的原因、吸引力是什麼，以及您計劃在歐洲或其他地方出售這種天然氣的大致情況。

And secondly, I also noticed that some projects for FID like BM-C-33, but also there were some sort of delays, particularly Bay du Nord, which you announced a couple of weeks ago. I was wondering if you could elaborate a little bit on why one project went ahead, but Bay du Nord did not and what the headwinds are there.

其次，我還注意到 FID 的一些項目，例如 BM-C-33，但也存在某種延遲，特別是您幾週前宣布的 Bay du Nord。我想知道您是否可以詳細說明為什麼有一個項目能夠進行，但 Bay du Nord 卻沒有進行，以及存在哪些阻力。

Thanks, Martijn. So first, on the Cheniere contract. I mean, we do believe that LNG is an attractive place to be. And we have a rather limited exposure as it is today and we would like to have a bit more exposure. So that's sort of background for this -- the deal with Cheniere. We see LNG to be the price setter for Europe, and we also see that LNG is -- that Europe needs to compete with Asia for LNG. So this will help us take a more holistic perspective on the global gas markets going forward and around trading and optimization of it. So this LNG might land in Asia, might land in Europe, depending on what prices tells us to do.

謝謝，馬丁。首先是切尼爾合同。我的意思是，我們確實相信液化天然氣是一個有吸引力的地方。目前我們的曝光度相當有限，我們希望有更多的曝光度。這就是與切尼爾的交易的背景。我們認為液化天然氣將成為歐洲的價格製定者，我們還認為歐洲需要與亞洲競爭液化天然氣。因此，這將幫助我們對全球天然氣市場的未來以及交易和優化有更全面的了解。因此，這種液化天然氣可能會登陸亞洲，也可能會登陸歐洲，具體取決於價格告訴我們做什麼。

Then on sanctioning, yes, so BM-C-33 final investment decision, large Brazilian gas developments and it can contribute with some 15% of the gas demand in Brazil. I think this, of course, will take some years, but we also see that there are some cross-commodity perspectives across natural gas and power in Brazil that we want to investigate as well. And BM-C adds nicely to the large portfolio we have in Brazil and the competent organization we have down there.

然後在製裁方面，是的，BM-C-33最終投資決定，巴西大型天然氣開發，它可以貢獻巴西約15%的天然氣需求。我認為這當然需要幾年的時間，但我們也看到巴西的天然氣和電力存在一些跨商品的觀點，我們也想對此進行調查。 BM-C 很好地補充了我們在巴西擁有的龐大產品組合以及我們在那裡擁有的主管組織。

Bay du Nord, yes, actually another very nice and good project, greenfield outside Newfoundland, where sort of we have decided that we won't do that now. We'll give it 3 more years to develop. And this comes from the way of thinking that we say we'll rather postpone investments to make them better than pushing them forward as soon as we can. So this is value over volume. So this is the similar way of thinking as we have done with Wisting last year on the Barents Sea and what we did with Johan Castberg and other fields 4, 5 years ago. So there's no mystery to it other than we do think we can make it better by redesigning it and taking it out of a very heated market now and place it in a time where it will work better. I do believe it will happen. It is important for Newfoundland. It is important for Equinor.

Bay du Nord，是的，實際上是另一個非常好的項目，紐芬蘭郊外的綠地，我們已經決定現在不這樣做。我們將再給它3年的時間來開發。這源於我們的思維方式，即我們寧願推遲投資以使其變得更好，也不願盡快推動投資。所以這是價值大於數量。因此，這與我們去年在巴倫支海對 Wisting 所做的思考以及四五年前對 Johan Castberg 和其他油田所做的思考類似。因此，這並沒有什麼神秘之處，只是我們確實認為我們可以通過重新設計它並將其從現在非常激烈的市場中取出並將其放置在一個能夠更好地發揮作用的時期來使其變得更好。我相信這會發生。這對紐芬蘭很重要。這對 Equinor 來說很重要。

Thank you. The next question is Peter Low from Redburn.

謝謝。下一個問題是來自 Redburn 的 Peter Low。

Can you talk a little bit more about some of the cost pressures you alluded to in your opening remarks, where that's coming through and what you're doing to manage it? And then just a very quick one on CapEx phasing. I think in the first half, your organic CapEx is tracking at about $4.6 billion. Should we assume that run rate increases in the second half given your $10 billion to $11 billion guidance?

您能否多談談您在開場白中提到的一些成本壓力，這些壓力來自何處以及您正在採取哪些措施來管理它？然後是關於資本支出階段的快速介紹。我認為上半年，您的有機資本支出約為 46 億美元。鑑於您的 100 億至 110 億美元指導，我們是否應該假設下半年運行率會增加？

Yes. Thanks, Peter. So clearly, we see cost pressures and we see it in sort of various places. When it comes to the operational costs, you saw a 15% increase in SG&A. So that is driven by, first of all, increased transportation costs related to more volumes being sold and particularly relating to shipping costs. We see increased costs related to CO2 and environmental costs, and we also see increased royalty costs. So all of these are sort of cost elements that are sort of, in a way, what should I call it, good cost in a way, meaningful cost.

是的。謝謝，彼得。很明顯，我們在不同的地方都看到了成本壓力。在運營成本方面，SG&A 增加了 15%。首先，這是由於與銷量增加相關的運輸成本增加，特別是與運輸成本相關。我們看到與二氧化碳和環境成本相關的成本增加，而且我們還看到特許權使用費增加。因此，所有這些都是成本要素，在某種程度上，我應該稱之為什麼，在某種程度上，良好的成本，有意義的成本。

And then we see quite a bit of growth in field costs, which is also understandable because there are more fields in production in this quarter. You have Peregrino, you have Vito, you have Johan Sverdrup Phase 2, but also there is an underlying growth in inflation in some of the supplier costs. So it's important to follow. So compared to last year, plus 15%. If you measure it compared to first quarter, it's only 1% up. So we see that as sort of easing off a bit, but clearly an area that we will have a lot of attention to. And we have -- but this is not over yet.

然後我們看到油田成本大幅增長，這也是可以理解的，因為本季度有更多油田投產。你有 Peregrino，你有 Vito，你有 Johan Sverdrup 第二階段，但一些供應商成本也存在潛在的通貨膨脹增長。所以遵循很重要。所以與去年相比，增加了15%。如果與第一季度相比，只增長了 1%。因此，我們認為這種情況有所緩解，但顯然這是我們將密切關注的一個領域。我們已經——但這還沒有結束。

Then when it comes to project portfolio, still the average breakeven is $35 per barrel. We see that in the sanction portfolio, it is rather robust compared to the cost increases we have seen. But it is in the unsanctioned portfolio where we have the most exposure. We are, during the autumn, going to do a full update on the whole portfolio, and we will revert on sort of how this look at the Capital Markets Day. We don't see -- clearly, we are in a position to manage this, but we are not immune to cost increases. Of course, we're not. So this will have to be managed in the right way. And what you saw on Bay du Nord, which we just talked about, if it's not good enough, project is not good enough, they'll have to wait for later.

然後，就項目投資組合而言，平均盈虧平衡點仍為每桶 35 美元。我們看到，在製裁組合中，與我們看到的成本增加相比，它相當強勁。但我們在未經批准的投資組合中敞口最多。我們將在秋季對整個投資組合進行全面更新，我們將在資本市場日回顧這一點。我們顯然沒有看到，我們有能力管理這個問題，但我們也不能免受成本增加的影響。當然，我們不是。因此，這必須以正確的方式進行管理。還有你在Bay du Nord看到的，我們剛才談到的，如果不夠好，項目不夠好，他們就得等以後。

Then the second part of your question was the phasing of CapEx, $4.6 billion versus $10 billion to $11 billion, I think we are on track to deliver. I mean, we have quite a few of -- quite a few developments ongoing. We sanctioned a lot of projects before new year last year due to the tax incentive package in Norway, and those projects are now gaining speed and gaining traction. So there is sort of an increase in CapEx during the year related to that. So on track.

那麼你問題的第二部分是資本支出的分階段，46 億美元與 100 億至 110 億美元，我認為我們正在按計劃實現。我的意思是，我們有相當多的進展正在進行中。由於挪威的稅收激勵計劃，我們去年在新年之前批准了很多項目，這些項目現在正在加速發展並獲得關注。因此，這一年的資本支出有所增加。所以步入正軌。

The next question is Paul Redman, BNP Paribas.

下一個問題是法國巴黎銀行的保羅·雷德曼（Paul Redman）。

Just 2 from me. I'm just thinking about if gas prices do go lower in Q4 when Europe potentially reaches tank tops, kind of when you think about potentially lowering production or cost of supply, kind of where does Norway/Equinor sit on that kind of basis, what sort of price do you think about where you can use your flex? And what fields and volume of production to actually have flex on?

就我2個。我只是在想，當歐洲可能達到頂峰時，第四季度天然氣價格是否會走低，當你考慮可能降低產量或供應成本時，挪威/Equinor 的立場是什麼？您認為可以在哪裡使用 Flex 的價格是多少？哪些領域和生產量實際上可以靈活運用？

And then secondly, just about projects. Any update on Rosebank? There's been a lot of communication in the U.K. press around labor talking about securing the contracts that were agreed prior to elections. Any comments on kind of where you are on Rosebank?

其次，關於項目。羅斯班克有更新嗎？英國媒體圍繞勞工問題進行了大量溝通，討論如何確保選舉前達成的合同。對於您在羅斯班克的情況有什麼評論嗎？

Okay. Thanks, Paul. So we are clearly following the European gas markets very, very closely. We are the largest supplier naturally. So I think, as I discussed earlier, I mean, the situation is both very volatile and very small changes can make a big difference on the prices. So even if it's sort of feeling somewhat comfortable with the current storage levels, I think we need to be prepared for quite a bit of volatility. What we will do -- I mean, clearly, we are strongly committed to help Europe to whatever happens on the gas side. And if there are market situations where we see that this gas is better produced later on in a different time period where it's priced better, meaning that it is needed more later than it is currently, we will do that.

好的。謝謝，保羅。因此，我們顯然非常非常密切地關注歐洲天然氣市場。我們自然是最大的供應商。所以我認為，正如我之前所討論的，我的意思是，情況非常不穩定，很小的變化就會對價格產生很大的影響。因此，即使對當前的存儲水平感到有些滿意，我認為我們也需要為相當大的波動做好準備。我們將做什麼——我的意思是，顯然，我們堅定地致力於幫助歐洲應對天然氣方面發生的任何情況。如果在市場情況下，我們發現這種天然氣在價格更好的不同時期可以更好地生產，這意味著比現在更晚需要它，我們就會這樣做。

It will be good for Europe and it will be good for value creation. So we, again, value over volume. Whether we will be in a situation in the fourth quarter where that is an opportunity or something that is needed to do remains to be seen. But we have flexibility to do that, and we will use that tool if it sort of makes sense. And this is much aligned across Norway as well.

這將有利於歐洲，也有利於價值創造。因此，我們再次強調價值高於數量。我們在第四季度是否會遇到這樣的情況：這是一個機會還是需要做的事情還有待觀察。但我們可以靈活地做到這一點，如果該工具有意義，我們就會使用它。整個挪威的情況也非常一致。

On Rosebank, yes, Rosebank is very important and a good project, an important project for the U.K. It is important for energy security in times like this. This will be low-carbon footprint development compared to the average on the U.K. and it will contribute quite massively to U.K. with some GBP 30 billion in taxes and investments over the life of the field and 1,600 jobs at peak. So it is important. So the project is mature, it's being mature according to plan. We are awaiting some final conclusion on a couple of topics and final approval from the regulators. But we are of a clear expectation that this will move forward and there will be some clarifications not too far into the future related to this. Interestingly, the development is an FPSO development, where we actually use an existing FPSO rebuilding that. So it's sort of more limited exposed to cost increases than sort of a greenfield development of an FPSO asset. So this is sort of a well risk-managed projects, and there's a lot of things that we are -- yes, so this is going ahead, but there are some final clarifications needed.

在羅斯班克，是的，羅斯班克非常重要，是一個很好的項目，對英國來說是一個重要的項目。在這樣的時期，它對於能源安全很重要。與英國的平均水平相比，這將是低碳足蹟的發展，並將為英國做出巨大貢獻，在該領域的整個生命週期內稅收和投資約為 300 億英鎊，高峰時將創造 1,600 個就業崗位。所以這很重要。所以這個項目已經成熟了，它正在按計劃成熟。我們正在等待幾個主題的最終結論以及監管機構的最終批准。但我們明確期望這將會向前發展，並且在不久的將來將會有一些與此相關的澄清。有趣的是，該開發是一個 FPSO 開發，我們實際上使用現有的 FPSO 進行重建。因此，與 FPSO 資產的綠地開發相比，成本增加的風險更有限。所以這是一個風險管理良好的項目，我們有很多事情——是的，所以這一切正在繼續，但還需要一些最終的澄清。

Thank you. The next question is Chris Kuplent from Bank of America.

謝謝。下一個問題是來自美國銀行的 Chris Kuplent。

I think I've only got 2 questions left. Firstly, Torgrim, I know this is quite a boring question, but considering we've got the CFO on the line, I might as well try. Can you explain to me how the dividend you referred to from Danske is reflected in your accounts as a 100% subsidiary? I'm not quite following and I'm struggling to find it. So any insights would be welcome.

我想我只剩下 2 個問題了。首先，托格瑞姆，我知道這是一個相當無聊的問題，但考慮到我們已經接到了首席財務官的電話，我不妨嘗試一下。您能否向我解釋一下您提到的丹斯克銀行的股息如何反映在您作為 100% 子公司的賬戶中？我不太明白並且正在努力尋找它。因此，任何見解都將受到歡迎。

And secondly, I just wanted to go back a few months and remember that beautiful sunny day in Stavanger when we were listening to one of your gas and power experts, and I think TTF prices were around EUR 30 at the time, suggesting that we'd be close to the bottom. And in a way, that's true because we're still around EUR 30. What do your comments mean? Or would you be prepared to add euros in terms of your volatility comment from earlier, Torgrim, when you said the outlook for Q3 is very tough to frame? How bad or how volatile could it be?

其次，我只是想回到幾個月前，記住斯塔萬格那個陽光明媚的日子，當時我們正在聽一位天然氣和電力專家的講話，我認為當時 TTF 價格約為 30 歐元，這表明我們“ d 接近底部。從某種程度上來說，這是事實，因為我們的價格仍然在 30 歐元左右。您的評論意味著什麼？或者，當您表示第三季度的前景非常難以製定時，Torgrim，您是否準備在之前的波動性評論中添加歐元？它有多糟糕或有多不穩定？

Okay. Thanks. The first question on Danske Commodities and you can't find it in the accounts. I'm really glad that you have looked and you haven't found it because you won't find it because it is sort of an intracompany deal. So this is sort of moving from one pocket to another pocket inside the company. So you won't sort of detect it in the accounts. It was -- just say it more from -- for the points you demonstrated that this has actually created quite significant value for us as such. But you're right, you won't find it specifically in the accounts. Unless you go down on sort of subsidiary levels and see reports later on, but anyway.

好的。謝謝。第一個問題是關於 Danske Commodities 的，你在賬戶中找不到它。我真的很高興你已經看過但沒有找到它，因為你不會找到它，因為它是一種公司內部交易。因此，這有點像是從公司內部的一個口袋轉移到另一個口袋。所以你不會在賬戶中檢測到它。就您所證明的觀點而言，這實際上為我們創造了相當大的價值。但你是對的，你不會在賬戶中找到它。除非你進入某種附屬級別並稍後查看報告，但無論如何。

The second one, on the gas market and gas prices in Europe. So yes, market is currently around EUR 30, but we see quite a bit of movements on a daily basis. And I think it will be wrong of me to give a strong view on where the market goes from here, but more comment on sort of the volatility and the fragility of the market. So I mean, it can go lower naturally but there's a limit to how low it can go. On the volatility on the upside, it's harder to see a limit. I mean, we have all 2022 with us into this. And I know that rather small changes can give significant impact on prices. So I don't dare to quantify volatility, as you suggest, but -- other than saying that it might turn out to be significant just based on smaller events.

第二個是關於歐洲天然氣市場和天然氣價格。所以，是的，目前市場價格約為 30 歐元，但我們每天都會看到相當多的波動。我認為我對市場未來走向給出強烈的看法是錯誤的，而是對市場的波動性和脆弱性進行更多評論。所以我的意思是，它可以自然地降低，但它可以降低到多低是有限制的。就上行波動而言，很難看到極限。我的意思是，2022 年我們都將面臨這個問題。我知道，很小的變化就會對價格產生重大影響。因此，我不敢像您建議的那樣量化波動性，但是，除了說僅基於較小的事件，波動性可能會變得很重要。

Thank you. The next question is Henri Patricot from UBS Group.

謝謝。下一個問題是來自瑞銀集團的亨利·帕特里克。

Just one left for me, which is on the working capital movements. Quite a positive movement in the first half. I was wondering if you could give us a sense of potentially how much of that could reverse in the second half of the year? Of course, it's very dependent on where prices go, but maybe looking at where the forward curve is at the moment, what should we expect?

我只剩下一個，那就是營運資金變動。上半場的動作相當積極。我想知道您能否讓我們了解下半年這種情況可能會發生多大程度的逆轉？當然，這很大程度上取決於價格走勢，但也許看看目前遠期曲線的位置，我們應該期待什麼？

Yes. Thank you very much, Henri. So working capital was reduced by $2.2 billion in the quarter. So the total working capital balance now is sort of $6 billion or $6.5 billion or in between there in total working capital. I would say that, that represents sort of more a normal level of working capital given the current prices that we have in the market and volatility. So -- but I think it's sort of -- when you do the math, I think it's something I would like to add here. If you look at sort of our cash flow statements, that is actually without working capital movements. So when we talk about sort of the negative cash flow, net cash flow for the quarter of minus $10.8 billion, that is without working capital movements. So if you adjust for that, you can -- it will be minus, let's say, minus $8.6 billion or something like that in totality. So yes, but I would say we are not currently pretty normal levels. Any changes from here is typically driven by price levels and volumes and volatility.

是的。非常感謝你，亨利。因此，本季度營運資金減少了 22 億美元。因此，現在的總營運資金餘額約為 60 億美元或 65 億美元，或介於兩者之間。我想說的是，考慮到我們當前的市場價格和波動性，這代表了更正常的營運資金水平。所以——但我認為——當你做數學計算時，我想我想在這裡補充一些內容。如果你看一下我們的現金流量表，就會發現實際上沒有營運資金變動。因此，當我們談論某種負現金流時，該季度的淨現金流為負 108 億美元，這是沒有營運資本變動的情況。因此，如果您對此進行調整，那麼總計將是負數，比如說負 86 億美元或類似的數字。所以是的，但我想說我們目前還沒有達到正常水平。此後的任何變化通常都是由價格水平、交易量和波動性驅動的。

Thank you. And the working capital balance at the end of the quarter was $6.2 billion, So...

謝謝。季度末的營運資金餘額為 62 億美元，所以......

$6.2 billion, right. There you go.

62 億美元，對吧。就這樣吧。

The next question is James Hosie from Barclays.

下一個問題是來自巴克萊銀行的詹姆斯·霍西（James Hosie）。

You might be looking for opportunities to acquire additional LNG projects for our international business...

您可能正在尋找機會為我們的國際業務收購更多液化天然氣項目......

James, sorry, there was something on the line so we lost the start, if you can start over.

詹姆斯，抱歉，有事情發生，所以我們失去了開始，如果你能重新開始的話。

Yes. Sorry. I was just following up with the comment about LNG being an attractive place to be. Could we take from that comment that you might be looking for opportunities to acquire more LNG projects for your international E&P business?

是的。對不起。我只是在跟進有關液化天然氣是一個有吸引力的地方的評論。我們是否可以從該評論中得知，您可能正在尋找機會為您的國際勘探與生產業務收購更多液化天然氣項目？

Thanks, James. Well, I mean, what we have currently, we have Snøhvit in the Barents as an LNG plant. We have contracts, and then we have for the really long-term opportunities in Tanzania as an LNG development. Beyond that, I mean, we will not be actively looking for -- to acquire LNG projects. But exposure to LNG is something that we can get without being -- having ownership to LNG facilities.

謝謝，詹姆斯。嗯，我的意思是，我們目前擁有的，我們在巴倫支海擁有 Snähvit 作為液化天然氣工廠。我們有合同，然後我們就可以在坦桑尼亞獲得液化天然氣開發的真正長期機會。除此之外，我的意思是，我們不會積極尋找收購液化天然氣項目。但接觸液化天然氣是我們無需擁有液化天然氣設施就能獲得的。

Okay. If I could just ask one more question, just Johan Sverdrup. And I mean, could you give any idea of how long you think this can sustain its new plateau rate?

好的。如果我還能問一個問題的話，那就是約翰·斯維德魯普 (Johan Sverdrup)。我的意思是，您能透露一下您認為這可以維持新的穩定增長率多久嗎？

Okay. Thanks. Yes, important question. Well, I'm not ready to give you an exact date on that, But of course, the recent capacity increase is very important, and we will be looking for how to maintain production on that level for longer. And we are already thinking about Johan Sverdrup Phase 3. It is not sanctioned, of course. But the whole purpose of that is to capitalize on the existing infrastructure and to prolong this plateau of 755,000 barrels per day. So yes, clearly, a priority with us to prolong that as long as we can.

好的。謝謝。是的，重要的問題。好吧，我還沒有準備好給你一個確切的日期，但是當然，最近的產能增加非常重要，我們將尋找如何更長時間地維持該水平的生產。我們已經在考慮 Johan Sverdrup 第三階段。當然，它沒有得到批准。但其全部目的是利用現有基礎設施並延長每天 755,000 桶的穩定水平。所以，是的，顯然，我們的首要任務是盡可能延長這一時間。

Thank you. The next question will be from Giacomo Romeo from Jefferies.

謝謝。下一個問題將由傑富瑞 (Jefferies) 的賈科莫·羅密歐 (Giacomo Romeo) 提出。

A couple of clarifications. One, you were talking about Northern Lights FID. I'm just wondering whether there will be a percentage of volumes that you'll be looking to be sort of contracted -- have some sort of contractual cover before taking FID there.

一些澄清。一，您談論的是北極光 FID。我只是想知道是否會有一定比例的數量需要簽訂合同——在進行最終投資決定之前有某種合同保障。

And the second is related to the comments you made about the lack of CPI indexation on U.S. contracts. It's -- just wondering how that relates to the California contracts you won -- auction that you won in the end of last year. And whether there is effectively a lesson that you're taking going, forward that you'll be looking at some sort of CPI indexation in future orders?

第二個問題與您對美國合約缺乏 CPI 指數化的評論有關。只是想知道這與您去年年底贏得的加州拍賣合同有何關係。您是否正在吸取教訓，即您將在未來的訂單中考慮某種 CPI 指數化？

Okay. Perfect. No, thank you. So first on Northern Lights, we are not looking for a particular percentage of volume contracted. There is generally quite a big demand for CO2 services and storage capacities. So this is progressing, and we are maturing towards a final investment decision on that project.

好的。完美的。不，謝謝。因此，首先在北極光方面，我們並不是在尋找特定的合同量百分比。一般來說，對二氧化碳服務和封存能力的需求相當大。所以這一切正在取得進展，我們正在朝著對該項目的最終投資決定邁進。

On California, so the -- we haven't signed any contracts with the State of California on revenue. What we have won is sort of the seabed lease, the right to develop floating offshore wind in California. And then over the next few years, there will be rounds for PSAs or sales contracts for power in California. And with this project, we are very well positioned to take part in an early phase of that. So that will come in a couple of years.

在加利福尼亞州，我們尚未與加利福尼亞州簽署任何收入合同。我們贏得的是海底租賃權，即在加利福尼亞州開發浮動海上風電的權利。然後在接下來的幾年裡，加州將出現多輪PSA或電力銷售合同。通過這個項目，我們處於非常有利的位置，可以參與該項目的早期階段。這將在幾年後實現。

Thank you. We are fast approaching the full hour, so we'll take one final question that's from Yoann Charenton from Societe Generale.

謝謝。很快就要結束一小時了，所以我們將接受法國興業銀行 Yoann Charenton 提出的最後一個問題。

A quick one. Given moves in both oil and gas prices in the past months, would it be possible to confirm what are the full year 2023 oil and gas price assumptions that are used to derive the NCS tax installment that are falling due in the second half of the year? Are we talking about $15 per million BTU for gas, and low $80s per barrel for Brent?

快一點。鑑於過去幾個月石油和天然氣價格的變動，是否有可能確認 2023 年全年石油和天然氣價格假設是多少，這些假設用於得出下半年到期的 NCS 分期付款稅款？我們談論的是每百萬英熱單位 15 美元的天然氣，以及每桶 80 美元的布倫特原油嗎？

Thanks, Yoann. So first, taxes that we have paid in the first half of the year of Norwegian tax is related to earnings from last year. Of course, very high tax payments. In the second half, we have -- we are going to pay $3.75 billion each of the installments, 3x that installments over the next 6 months, 1 in the third quarter and 2 in the fourth quarter. So these are based on our best estimates for taxable income for the year and we use the forward curve, just as simple as that, to establish these levels. So that's all of the forward curve. Maybe that was present in the market for a couple of weeks ago. So yes.

謝謝，約安。首先，我們上半年繳納的挪威稅款與去年的收入有關。當然，納稅額也很高。下半年，我們將每期支付 37.5 億美元，是未來 6 個月分期付款的 3 倍，其中 1 次在第三季度，2 次在第四季度。因此，這些是基於我們對當年應稅收入的最佳估計，我們使用遠期曲線，就這麼簡單，來確定這些水平。這就是所有的遠期曲線。也許幾週前就已經出現在市場上了。所以是的。

Thank you, and thank you, Torgrim. Unfortunately, that's what we had time for. I would like to thank you all for calling in and for asking your questions. As usual, the Investor Relations team remain available if there are any follow-ups that you would like to ask. So with that, we conclude the call and say goodbye for now to everybody.

謝謝你，也謝謝你，托格瑞姆。不幸的是，這就是我們有時間做的事情。我要感謝大家致電並提出問題。與往常一樣，如果您想詢問任何後續事宜，投資者關係團隊將隨時為您提供幫助。至此，我們結束通話並向大家告別。