(EQNR) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Equinor Q3 2023 Analyst Call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome, BÃ¥rd Glad Pedersen, Senior Vice President of Investor Relations to begin the conference. BÃ¥rd. Over to you.

感謝您的耐心等待，歡迎參加 Equinor 2023 年第三季分析師電話會議。 （操作員說明）最後，我想告知所有參與者，本次通話正在錄音。謝謝。現在我歡迎投資者關係資深副總裁 Bård Glad Pedersen 開始會議。伯德。交給你了。

Thank you, operator, and good morning to everybody on this call. As the operator said, my name is BÃ¥rd Glad Pedersen, and I am heading up Investor Relations in Equinor. I'm here together with our CFO, Torgrim Reitan, he will take us through the results before we start the Q&A session, and we will try to keep this within 1 hour in total.

謝謝接線員，祝這次通話中的每個人早安。正如接線員所說，我叫 Bård Glad Pedersen，負責 Equinor 的投資人關係部門。我和我們的財務長 Torgrim Reitan 一起來到這裡，他將在我們開始問答環節之前向我們介紹結果，我們將盡力將整個過程控制在 1 小時之內。

So with that, I give the word to you, Torgrim.

因此，我向你下達命令，托格瑞姆。

So thank you, BÃ¥rd, and good morning, everyone, and thank you for joining us. Today, we delivered strong results in our quarter with lower prices than the extraordinary levels we saw last year.

謝謝你，伯德，大家早安，謝謝你加入我們。今天，我們在本季度取得了強勁的業績，價格低於去年的非凡水平。

We have strong adjusted earnings of $8 billion and $2.7 billion after tax. Our net operating income came in at $7.5 billion and net income was $2.5 billion. Year-to-date, we have a strong cash flow from operations after tax of $17 billion. This corresponds well to what we said at our Capital Markets Day in February, when we expected to deliver, on average, $20 billion annually all the way to 2030. We are on track with our delivery this year.

我們的調整後獲利分別為 80 億美元和 27 億美元。我們的淨營業收入為 75 億美元，淨利為 25 億美元。年初至今，我們的稅後營運現金流強勁，達 170 億美元。這與我們在 2 月的資本市場日上所說的非常吻合，當時我們預計到 2030 年，每年平均交付 200 億美元。今年我們的交付正按計劃進行。

European gas prices are significantly lower than last year. Storages are now for all practical purposes full, and this is as expected. However, the gas market is tight, and it is still very sensitive. We have seen price spikes related to possible strikes in Australia, the terrorist attack on Israel and the situation with the Baltic pipeline. This winter, prices will again depend on weather, gas demand recovery in Europe, competition for LNG from Asia and any supply disruptions. We believe volatility will continue into the winter and for the coming years.

歐洲天然氣價格明顯低於去年。現在，出於所有實際目的，存儲已滿，這是預期的。然而，天然氣市場緊張，而且仍然非常敏感。我們已經看到與澳洲可能發生的罷工、以色列的恐怖攻擊以及波羅的海管道局勢有關的價格飆升。今年冬天，價格將再次取決於天氣、歐洲天然氣需求復甦、亞洲對液化天然氣的競爭以及任何供應中斷。我們認為波動性將持續到冬季和未來幾年。

During the quarter, we have seen strengthening liquids prices. And we captured these higher prices through increased liquids production across our portfolio. Our NCS gas production, however, is down due to planned maintenance but also due to unplanned extended turnarounds. And I will come back to production later in my presentation. We had strong liquid sales and trading that drove our MMP results above the increased guidance for the quarter.

在本季度，我們看到液體價格走強。我們透過增加整個產品組合的液體產量來抓住這些更高的價格。然而，由於計劃內的維護以及計劃外的延長週轉，我們的 NCS 天然氣產量有所下降。我將在稍後的演講中回到製作。我們擁有強勁的流動性銷售和交易，推動我們的 MMP 業績高於本季成長的指引。

This fall, we have passed significant milestones and I'm proud of the hard work and collaboration of our colleagues who make this happen. In early October, we saw first power at Dogger Bank, the world's largest offshore wind farm. When fully complete, its 3.6 gigawatt capacity with 277 turbines will produce enough energy to power the equivalent of 6 million British homes. This is a large and profitable project with inflation-adjusted offtake contracts that support value creation.

今年秋天，我們已經實現了重要的里程碑，我為實現這一目標的同事們的辛勤工作和合作感到自豪。十月初，我們在全球最大的離岸風電場 Dogger Bank 首次發電。全部完工後，其裝置容量為 3.6 吉瓦，配備 277 台渦輪機，將產生足夠為 600 萬英國家庭供電的能源。這是一個大型且獲利的項目，具有支持價值創造的通膨調整承購合約。

So we see progress, but the offshore wind industry is also experiencing challenges with inflation, higher interest rates and supply chain bottlenecks. Our petition to New York for price adjustment of projects on the U.S. East Coast was denied, together with similar petitions from many other developers.

因此，我們看到了進步，但離岸風電產業也面臨通貨膨脹、利率上升和供應鏈瓶頸的挑戰。我們向紐約提出的要求調整美國東海岸項目價格的請願書以及許多其他開發商的類似請願書都被拒絕。

Contrary to in the U.K. and Poland, off-take contracts here or in the U.S. are not inflation-adjusted. So based on this, we have taken an impairment on the U.S. East Coast projects. We are now assessing the impact of New York's decision and we are working closely with the state as they further develop their 10-point action plan to expand and support the renewable industry.

與英國和波蘭相反，這裡或美國的承購合約並未經過通貨膨脹調整。基於此，我們對美國東岸計畫進行了減損。我們現在正在評估紐約州決定的影響，並與紐約州密切合作，進一步製定擴大和支持再生能源產業的 10 點行動計畫。

Last night, New York advanced and expedited renewable energy procurement process, as they call it, as part of the 10-point plan. We welcome this. But it is important for me to say that our project, they must be financially robust to proceed. More broadly, we remain confident that offshore wind will be important for the energy transition and that we can be a leader in this industry.

昨晚，作為十點計畫的一部分，紐約推進並加快了再生能源採購流程。我們對此表示歡迎。但對我來說重要的是，我們的專案必須有足夠的財務實力才能繼續進行。更廣泛地說，我們仍然相信離岸風電對於能源轉型至關重要，並且我們可以成為該行業的領導者。

Our strategy to profitably grow in renewables remains firm. We have a strong portfolio within offshore wind, but also within onshore renewables, where we have accessed attractive opportunities when prices for offshore wind have been too high. For example, our bolt-on acquisitions of BeGreen in Denmark, Wento in Poland and Rio Energy in Brazil.

我們在再生能源領域實現獲利成長的策略依然堅定。我們在離岸風電和陸上再生能源領域擁有強大的投資組合，當離岸風電價格過高時，我們在陸上再生能源領域獲得了有吸引力的機會。例如，我們補充收購了丹麥的 BeGreen、波蘭的 Wento 和巴西的 Rio Energy。

Energy security remains very important. We have mature projects with high value and low emissions. And just last week, we brought Breidablikk on stream, on costs and 4 months ahead of schedule. At plateau, Breidablikk is expected to send 55,000 to 60,000 barrels per day to the market. This is a subsea tie-back to the Grane platform in the North Sea. And it is a good example of our use of existing infrastructure, generating production with low cost and low emissions. The field is expected to be paid off in less than 2 years.

能源安全仍然非常重要。我們擁有高價值、低排放的成熟項目。就在上週，我們讓 Breidablikk 投入運行，並比計劃提前了 4 個月，降低了成本。在高峰期，Breidablikk 預計每天向市場輸送 55,000 至 60,000 桶石油。這是與北海 Grane 平台的海底回接。這是我們利用現有基礎設施、以低成本和低排放進行生產的一個很好的例子。該項目預計將在不到兩年的時間內收回成本。

We also received a PDO approval for our Snøhvit future projects, which will electrify our Hammerfest LNG plant and significantly reduce emissions by 850,000 tonnes per year. And last, but not least, in the quarter, we reached a final investment decision and got approval for Rosebank in the U.K., a significant project for our international portfolio.

我們的 Snähvit 未來專案也獲得了 PDO 批准，該專案將使我們的 Hammerfest 液化天然氣工廠實現電氣化，並每年大幅減少 85 萬噸排放。最後但並非最不重要的一點是，在本季度，我們做出了最終投資決定，並獲得了英國 Rosebank 項目的批准，這是我們國際投資組合的一個重要項目。

We continue with strong capital distribution, in line with what we communicated at our Capital Markets update. For the quarter, the Board approved an ordinary cash dividend of $0.30 per share as well as continuing the extraordinary dividend of $0.60 per share for a total of $0.90 in cash dividend. We continue our share buyback program. The fourth and final tranche will be $1.67 billion, in line with the program for 2023 of total $6 billion. For this year, we are delivering a total capital distribution of around $17 billion.

我們將繼續進行強有力的資本分配，這與我們在資本市場更新中傳達的內容一致。本季度，董事會批准派發每股 0.30 美元的普通現金股息，並繼續派發每股 0.60 美元的特別股息，現金股息總額為 0.90 美元。我們繼續我們的股票回購計劃。第四筆也是最後一筆金額將為 16.7 億美元，與 2023 年總額 60 億美元的計畫一致。今年，我們的資本分配總額約為 170 億美元。

Then turning to safety. In August, there was a fatality of a crew member who fell overboard on an LPG tanker in Malaysia. The vessel was in operation for Equinor and the tragic incident is affecting everyone involved. So this is a strong reminder that even with a positive safety trend, we must keep focusing on safety in all our activities. Safety will remain our top priority.

然後轉向安全。 8月，馬來西亞一艘液化石油氣油輪上發生一名船員落水身亡的事件。該船當時為 Equinor 運營，這一悲慘事件影響了所有相關人員。因此，這強烈提醒我們，即使安全趨勢積極，我們也必須在所有活動中繼續專注於安全。安全仍將是我們的首要任務。

In the quarter, we produced 2,007,000 barrels of oil and gas per day. And as you see on the slide, this is essentially more oil but less gas than in the third quarter last year. Our liquids production increased 12% compared to this quarter last year, driven by Johan Sverdrup in Norway with the increased production capacity, Peregrino in Brazil, the partner-operated Vito field in the U.S. Gulf of Mexico and the addition of Buzzard in the U.K.

本季度，我們每天生產 2,007,000 桶石油和天然氣。正如您在幻燈片中看到的那樣，與去年第三季相比，石油數量基本上增加了，但天然氣數量減少了。與去年本季相比，我們的液體產量增加了 12%，這主要得益於挪威 Johan Sverdrup 產能增加、巴西 Peregrino、合作夥伴營運的美國墨西哥灣 Vito 油田以及英國 Buzzard 的增加。

Our NCS gas production, however, is down 16% this quarter, driven by planned maintenance, but also unplanned extended turnarounds on Troll A, and the Nyhamna gas processing plant. They're all back in normal production now, but the impact for the quarter was around 60,000 barrels per day. And we had a similar impact last quarter of around 70,000 barrels per day. Therefore, we have adjusted our guidance for production growth from around 3% to around 1.5% in 2023.

然而，本季我們的 NCS 天然氣產量下降了 16%，原因是計劃內的維護以及 Troll A 和 Nyhamna 天然氣加工廠計劃外的延長週轉。現在它們都已恢復正常生產，但該季度的影響約為每天 60,000 桶。上個季度我們也受到了類似的影響，產量約為每天 7 萬桶。因此，我們將2023年產量成長指引從3%左右調整至1.5%左右。

Power production for the quarter ended at 883 gigawatt hours, 373 of this is from our renewable assets, slightly higher than last year, driven by onshore renewables in Poland and Hywind Tampen being fully operational. Gas to power production was 510 gigawatt hours from our Triton Power plant, which is lower than in second quarter.

本季發電量為 883 吉瓦時，其中 373 吉瓦時來自我們的再生能源資產，略高於去年，這得益於波蘭陸上再生能源和全面運營的 Hywind Tampen。我們的 Triton 發電廠的天然氣發電量為 510 吉瓦時，低於第二季。

So let's now turn to our financial results. The prices for both oil and gas are lower than last year. Our realized gas price is down around 75%, 75%, and even more in the U.S. actually. Adjusted earnings in E&P Norway totaled $6.1 billion before tax, driven primarily by strong liquids production. Our E&P International delivered $809 million and our U.S. business posted adjusted earnings of $343 million. Both segments driven by higher liquid production, high realized liquids prices. Adjusted earnings after tax from our combined international segments was more than $900 million.

現在讓我們來看看我們的財務表現。石油和天然氣的價格都低於去年。我們的實際天然氣價格下降了 75% 左右，實際上在美國下降了 75%，甚至更多。挪威勘探與生產公司的調整後稅前收益總計 61 億美元，這主要是由強勁的液體產量推動的。我們的 E&P International 交付了 8.09 億美元，我們的美國業務調整後收益為 3.43 億美元。這兩個細分市場均受到液體產量增加和液體價格上漲的推動。我們國際業務合併後的調整後稅後盈餘超過 9 億美元。

In our marketing and midstream segment, our adjusted earnings came in above our increased guidance with $876 million. This was driven by strong liquid sales and trading due to our ability to capture opportunities in inefficient and our strong performance from our LNG and shipping activities.

在我們的行銷和中游部門，調整後的收益達到 8.76 億美元，高於我們增加的指引。這是由強勁的流動性銷售和交易推動的，因為我們有能力抓住低效率的機會，並且我們的液化天然氣和運輸活動表現強勁。

Our renewables business post negative results as we continue to invest in new projects and business developments.

隨著我們繼續投資新項目和業務發展，我們的再生能源業務出現了負面結果。

We see operating costs coming down with 2% from second quarter, from last quarter but costs have increased over several quarters. So we will continue with strong cost management and capital discipline. We have net impairments in the quarter of $971 million. This includes impairments for a field in the North Sea and the Mongstad refinery and the reversal for a field in the Gulf of Mexico. The impairment of our U.S. East Coast offshore wind project is $300 million. Here, we now have a remaining book value totaling around $300 million, $100 millions in the projects and around $200 million related to real estate in New York and cables.

我們預計營運成本較第二季、較上季下降 2%，但成本在幾季中有所增加。因此，我們將繼續實施強而有力的成本管理和資本紀律。本季我們的淨減損額為 9.71 億美元。這包括北海油田和蒙斯塔德煉油廠的減損以及墨西哥灣油田的逆轉。我們的美國東岸離岸風電計畫的減損金額為 3 億美元。現在，我們的剩餘帳面價值總計約 3 億美元，其中 1 億美元用於項目，約 2 億美元與紐約房地產和電纜相關。

Our total exposure also includes additional commitments related to infrastructure and contracts with suppliers. But you should also remember, we entered these U.S. East Coast projects early, and we paid less than $200 million on a 100% basis. Related, divested 50% and we booked a gain of $1 billion.

我們的總風險還包括與基礎設施和與供應商的合約相關的額外承諾。但你也應該記住，我們很早就進入了這些美國東海岸的項目，而且我們100%支付的費用還不到2億美元。相關的，剝離了 50% 的股份，我們獲得了 10 億美元的收益。

In the quarter, cash flow from operations was $11.3 billion and $7.6 billion after tax. We have paid one tax installment of around $3.7 billion and capital distribution of $3.1 billion. Next quarter, we are paying two NCS tax installments of around $3.75 billion each, and one additional tax payment of $1 billion due to increased commodity prices. After tax, capital distribution and capital expenditures, our net cash flow was positive $1.5 billion.

本季營運現金流為 113 億美元，稅後現金流為 76 億美元。我們已經支付了約 37 億美元的一筆分期稅和 31 億美元的資本分配。下個季度，我們將繳納兩筆 NCS 稅款，每期約 37.5 億美元，並因商品價格上漲而額外繳納 10 億美元稅款。扣除稅收、資本分配和資本支出後，我們的淨現金流量為正 15 億美元。

For the full year, we expect to have negative net cash flow, as discussed at CMU. And with higher tax payments next quarter, we expect negative net cash flow in the fourth quarter. So far, we have negative $5 billion for the year, and this is in line with our expectation.

正如卡內基美隆大學所討論的，我們預計全年淨現金流量將為負值。由於下季納稅額增加，我們預期第四季淨現金流為負。到目前為止，我們今年的虧損額為 50 億美元，這符合我們的預期。

We have a robust financial position with cash, cash equivalents and financial investments of $40.2 billion and the net debt to capital employed ratio of negative 22.9%. This includes tax normalization to even out taxes across the third and fourth quarter. And without that, the net debt ratio would have been around negative 30%.

我們擁有穩健的財務狀況，現金、現金等價物和金融投資為 402 億美元，淨債務與資本使用比率為負 22.9%。這包括稅收正常化，以平衡第三和第四季的稅收。如果沒有這一點，淨負債比率將約為負30%。

So let us conclude with our guiding. As stated last quarter, we saw a higher downside risk to our production guidance. Due to the unplanned production losses in the third quarter, we adjust our guidance to around 1.5% production growth in 2023. Organic CapEx is, so far, this year, $7.2 billion. We maintain our guiding of $10 billion to $11 billion for the year, and we expect to be in the lower end of this range. We will, as usual, revert to longer-term CapEx guidance at our Capital Markets update in February.

因此，讓我們以我們的指導作為結束。如上季所述，我們看到生產指引面臨更高的下行風險。由於第三季計畫外的生產損失，我們將 2023 年產量成長指引調整為 1.5% 左右。到目前為止，今年的有機資本支出為 72 億美元。我們維持今年 100 億至 110 億美元的指導，預計將處於該範圍的下限。像往常一樣，我們將在二月的資本市場更新中恢復長期資本支出指引。

So with that, I will hand it over back to you, BÃ¥rd, and I do look forward to your questions. So thank you very much.

因此，我將把它交還給你，巴德，我非常期待你的提問。非常感謝。

Thank you, Torgrim. And we are then ready to start the Q&A session. So operator, if you can remind of the instructions for that.

謝謝你，托格瑞姆。然後我們準備開始問答環節。接線員，請記住相關說明。

Thank you, BÃ¥rd. (Operator Instructions) And your first question comes from the line of Biraj Borkhataria from Royal Bank of Canada.

謝謝你，伯德。 （操作員說明）您的第一個問題來自加拿大皇家銀行的 Biraj Borkhataria。

I wanted to circle back on the U.S. wind position. So you've taken the impairment today. Last night, there was some news from the New York State around a request for consultations. So it seems like we're making an effort to expedite some of these things and push this thing forward. Where does this leave Equinor and Empire Wind? You obviously took the decision to impair because you couldn't negotiate the PPA, but I'm just wondering what the next steps are from here.

我想繞回美國的風向。所以你今天已經接受減損了。昨晚，紐約州傳來一些有關磋商請求的消息。所以看來我們正在努力加快其中一些事情並推動這件事向前發展。 Equinor 和 Empire Wind 將何去何從？顯然，您做出了減損決定，因為您無法就購電協議進行談判，但我只是想知道接下來的步驟是什麼。

And then the second one is on Norwegian output. Arguably, you've had more than your fair share of unplanned outages this year. When you do your some audits and analysis, is there a common theme here in terms of the issues? Or all of these project specific? And how can investors get some comfort around your ability to produce reliably going forward given the issues this year?

第二個是挪威的產出。可以說，今年您遇到的意外停機次數超出了應有的範圍。當您進行一些審核和分析時，這些問題是否有一個共同的主題？或者所有這些項目都是特定的？考慮到今年的問題，投資人如何對你們未來可靠生產的能力感到放心？

Okay. Thank you very much, Biraj. So on your first question on U.S. wind, yes. So -- I mean, the petition towards the state, it was rejected. And that was the basis for the impairments that we have done. And right after we received that rejection, the state came out with a 10-point action plan for opportunities to rebid on our contracts.

好的。非常感謝你，比拉吉。關於你關於美國風能的第一個問題，是的。所以——我的意思是，向國家提出的請願書被拒絕了。這就是我們所做的減損的基礎。在我們收到拒絕後，州政府立即推出了一項 10 點行動計劃，為我們的合約提供重新競標的機會。

So -- and then as you say, last night, they came out with sort of how they want to run this process where they would like feedback from us next week on process, and then we'll see where that leads us.

所以，正如你所說，昨晚，他們提出了他們想要如何運行這個流程，他們希望我們下週就流程提供回饋，然後我們將看到這將引導我們走向何方。

So first of all, we -- clearly, we welcome that they push forward the action plan quickly and what they are doing now. I do find that as a signal of commitment and a willingness to fast forward a process.

首先，我們顯然歡迎他們迅速推進行動計劃以及他們現在正在做的事情。我確實發現這是一種承諾的信號和加快進程的意願。

For us, it's too early to conclude. But what I want to say is that for us to move forward with these projects, we need to see profitability that is sort of reflecting the risk at hand. So we will continue to work closely with the state as sort of the process unfold, and we will be more than happy to share more details when we know more naturally.

對我們來說，現在下結論還為時過早。但我想說的是，為了讓我們推進這些項目，我們需要看到能夠反映當前風險的獲利能力。因此，隨著這一進程的展開，我們將繼續與政府密切合作，當我們更自然地了解情況時，我們將非常樂意分享更多細節。

On your second question on the Norwegian output. So let me first go through the different sort of incidents or things that happened. We had Melkøya, during the summer with a gas leakage, an incident that sort of halted production from Snøhvit during summer and also into the third quarter. We had Nyhamna, which is a processing plant operated by Shell, where the turnaround was prolonged. And that sort of led to that we need to hold back production from Aasta Hansteen, which we operate, but also Ormen Lange operated by Shell needed to hold back in production due to the prolonged turnaround Nyhamna. And the third one is on Troll A, which was due to a turnaround. But as we were starting that up, we discovered some welding issues on some of the work. So we needed to revisit that, and that sort of delayed the start-up of Troll with 13 days as such.

關於挪威產出的第二個問題。因此，讓我先回顧一下所發生的不同類型的事件或事情。我們在夏天發生了 Melkiya 瓦斯洩漏事件，這一事件導致 Snĸhvit 的生產在夏季和第三季都停止了。我們有 Nyhamna，這是一家由殼牌營運的加工廠，週轉時間很長。這導致我們需要停止我們運營的 Aasta Hansteen 的生產，而且由於 Nyhamna 的周轉時間延長，殼牌運營的 Ormen Lange 也需要停止生產。第三個是在 Troll A 上，這是由於一次轉機。但當我們開始這項工作時，我們發現了一些工作中的一些焊接問題。因此我們需要重新審視這一點，這使得 Troll 的啟動延遲了 13 天。

My point is that these three events are not interconnected in any way. They are separate incidents. And all of these are plans of high integrity and high quality. And it's not going to -- I mean, we are confident that this will have no long-term impact as such. In general terms, I would say that the standard and quality of our facilities is very high and demonstrated by high production efficiency.

我的觀點是，這三個事件沒有任何關聯。它們是單獨的事件。而這一切都是高度誠信、高品質的計劃。我的意思是，我們相信這不會產生長期影響。總的來說，我想說我們設施的標準和品質非常高，並且透過高生產效率來證明。

I think on -- when we talk about production output next year and following year, let me give you a couple of data points. You have seen Breidablikk coming on stream recently. So that is sort of adding production next year, also Vito in the Gulf of Mexico. Then Johan Castberg is sort of a big new startup next year. That is planned to come towards the end of 2024. So it will have a limited impact on the full year. But in the last quarter, we expect that to have a good impact. We are also a start-up of Kristin South phase 1 with some volumes as such. But please remember, there is an underlying decline in the portfolio that we need to be aware of as well.

我想，當我們談論明年和下一年的產量時，讓我給你們幾個數據點。您最近已經看到 Breidablikk 上線了。因此，明年的產量增加，墨西哥灣的維託也是如此。明年，約翰·卡斯特伯格 (Johan Castberg) 將成為一家大型新創公司。該計劃計劃於 2024 年底實施。因此，對全年的影響有限。但在上個季度，我們預計這將產生良好的影響。我們也是 Kristin South 一期的初創企業，擁有一些此類卷。但請記住，我們也需要意識到投資組合有潛在的下降。

And then in 2025, we have Bacalhau phase 1 as a significant start-up. And also, there's a lineup of NCS assets that are coming with a good production output as such. So -- I mean, it's a solid portfolio with profitable assets coming on board. And what we have seen this year, we don't see that having a long-term impact on the ability to produce. So thanks, Biraj.

然後到 2025 年，我們將 Bacalhau 第一階段作為一個重要的新創公司。此外，NCS 資產陣容也具有良好的產量。所以——我的意思是，這是一個堅實的投資組合，其中包含可獲利的資產。我們今年所看到的情況，我們認為這不會對生產能力產生長期影響。謝謝，比拉吉。

Thank you, Torgrim, and thank you, Biraj, for your question. The next question will be Giacomo Romeo from Jefferies.

謝謝你，托格瑞姆，也謝謝你，比拉吉，提出你的問題。下一個問題將由 Jefferies 的 Giacomo Romeo 提出。

First question I have is on Dogger Bank. You announced first power in October. However, we noticed that only 4 turbines have been installed out of the 94 since the end of August. Just wondering what -- when do you expect to reach full power capacity, if we could have some clarity there, if possible?

我的第一個問題是關於 Dogger Bank 的。你在十月宣布了第一次權力。然而，我們注意到自 8 月底以來，94 台渦輪機中僅安裝了 4 台。只是想知道，您預計什麼時候能夠達到滿功率容量，如果可能的話，我們是否可以對此有一些澄清？

Just second question is you had the good contribution in MMP from crude products and liquids again, this quarter. Obviously, we normally talk about your gas and power trading business, but crude has -- and products have been -- has done very well and pretty consistently. Is anything else changed here in the way you sort of look at the optimization and trade around liquids? Some color there would be great.

第二個問題是，本季原油產品和液體產品再次對 MMP 做出了良好貢獻。顯然，我們通常談論的是天然氣和電力貿易業務，但原油和產品一直表現得非常好，而且相當穩定。您看待液體優化和交易的方式是否有其他變化？那裡有一些顏色會很棒。

Okay. Thank you very much, Giacomo. So first, on Dogger Bank. Yes, first power, very glad to see that. So this is sort of being installed. There are many turbines, and we expect sort of full power next year, in third quarter, as such for Dogger Bank A, really looking forward to that. And as you know, Dogger Bank projects are looking good from a profitability perspective. In the U.K., the contract for differences are adjusted for inflation, and with sort of the inflation seen in the U.K. over the last years, that has contributed well to a very attractive assets.

好的。非常感謝你，賈科莫。首先，在多格銀行。是的，第一力量，很高興看到這一點。所以這有點像是正在安裝。有很多渦輪機，我們預計明年第三季將達到全功率，就像 Dogger Bank A 一樣，我們真的很期待這一點。如您所知，從獲利角度來看，Dogger Bank 專案看起來不錯。在英國，差價合約是根據通貨膨脹進行調整的，並且隨著英國過去幾年出現的通貨膨脹，這對非常有吸引力的資產做出了巨大貢獻。

On your second question on MMP, yes. So -- I mean, MMP continues to deliver strongly, and this quarter above the increased guidance that we gave at the Capital Markets Day. And I also think it's worth noting that natural gas, which was sort of the big contributor last year, is still contributing solidly, but they are not the one doing sort of the heavy lifting in this result. That is the liquids trading as such.

關於你關於 MMP 的第二個問題，是的。因此，我的意思是，MMP 繼續表現強勁，本季高於我們在資本市場日給出的增加指引。我還認為值得注意的是，去年的主要貢獻者天然氣仍然做出了堅實的貢獻，但它們並不是在這一結果中做出重大貢獻的人。這就是液體交易本身。

So this comes out of arbitrage opportunities resulting from that global trading flows are changing due to Russian oil being delivered into Asia. So we see that creates opportunities when you have a good and large shipping fleet, combined with the qualities that we produce around the globe. So I'm very glad to see that we have been able to really take out the value opportunities that arise in the changing oil market as such.

因此，這是由於俄羅斯石油輸送到亞洲而導致全球貿易流變化而產生的套利機會。因此，我們認為，當您擁有一支優秀且龐大的運輸船隊，再加上我們在全球生產的優質產品時，就會創造機會。因此，我很高興看到我們能夠真正抓住不斷變化的石油市場中出現的價值機會。

So going forward, you should -- it's very hard to predict naturally who is going to be the biggest contributor from quarter-to-quarter. But as long as there are arbitrage opportunities within the oil market, we'll take them. And the gas results, they will typically be driven by volatility in the market and arbitrage opportunities between the various geographical markets as well. Those have been fairly muted in the third quarter but they have been very, very large early on. So when that changes, we are ready to take and then create more value from that project.

因此，展望未來，你應該——很難自然地預測誰將成為每個季度的最大貢獻者。但只要石油市場有套利機會，我們就會抓住它們。而天然氣的結果，通常是由市場波動和不同地域市場之間的套利機會所驅動的。這些在第三季相當平靜，但它們在早期就非常非常大。因此，當這種情況發生變化時，我們準備好從該專案中獲取並創造更多價值。

Thank you and thank you, Giacomo, for your question. The next one is Oswald Clint from Bernstein.

謝謝你，賈科莫，謝謝你提出的問題。下一位是來自伯恩斯坦的奧斯瓦爾德·克林特。

Yes, I wanted to also ask about MMP in the $400 million to $800 million a quarter guidance that was increased at the start of the year. Obviously, beating it this quarter is normally less exciting for natural gas. You just discussed the liquid side. But I remember the chart back in February had quite a lot more upside from optionality and optimization, that fuzzy blue bar was significantly higher. So -- I mean, the question is, as we roll into next year, is there any confidence building, I guess, internally that you can probably do more than this guidance or at least more than the lower end of that guidance range? That's the first one.

是的，我還想詢問年初增加的每季 4 億至 8 億美元指引中的 MMP。顯然，對於天然氣來說，本季的突破通常不太令人興奮。您剛剛討論了液體方面。但我記得二月份的圖表由於可選性和優化而有更多的上行空間，模糊的藍色條明顯更高。所以，我的意思是，問題是，當我們進入明年時，我想，內部是否有信心建立起你可以做的比這個指導更多的事情，或者至少比這個指導範圍的下限更多的事情？這是第一個。

And then secondly, yes, I had a follow-up. I wanted to know if you could tell us more about the Linnorm field in offshore NCS. It seems like it's a sizable one and may be moving forward. So just your latest discussions in the consortium around the concept and whether we could see this moving forward, please?

其次，是的，我有一個後續行動。我想知道您能否告訴我們更多有關 NCS 近海 Linnorm 油田的資訊。看起來這是一個相當大的項目，並且可能會向前推進。那麼，您在聯盟中圍繞這一概念的最新討論以及我們是否可以看到這一進展？

Okay. Thanks, Oswald. Yes. So MMP continues to deliver strongly. And I think it's fair to say that -- I mean, we have confidence in that we will be able to continue to deliver strong results from that segment.

好的。謝謝，奧斯瓦爾德。是的。因此，MMP 持續表現強勁。我認為可以公平地說 - 我的意思是，我們有信心我們將能夠繼續在該領域取得強勁的業績。

Going into next year, clearly, volatility will be important to monitor. And we have seen, in particular, with a lot of volatility in the market, we can make our balance sheet available to take risk and make significant profit. And we saw that in 2022 and from Danske Commodities and from the gas trading as well. So yes, we are confident that we will be able to deliver good value.

進入明年，顯然，波動性將成為監測的重要內容。我們已經看到，特別是在市場波動很大的情況下，我們可以讓我們的資產負債表能夠承擔風險並賺取可觀的利潤。我們在 2022 年從丹斯克大宗商品公司和天然氣交易中看到了這一點。所以，是的，我們有信心能夠提供良好的價值。

So on Linnorm, it is not operated by ourselves. This is operated by Shell. So it will be natural to confer with them on the specifics. But clearly, this is -- it is a gas and condensate field, and it is an asset that we like and support and we stand fully behind Shell in sort of the way forward on that asset.

所以在Linnorm上，它不是我們自己操作的。這是由殼牌公司經營的。因此，與他們討論具體細節是很自然的。但顯然，這是一個天然氣和凝析油田，這是我們喜歡和支持的資產，我們完全支持殼牌在該資產的前進方向上。

Thank you. And the next question is Teodor Sveen-Nilsen from Sparebank 1 Markets.

謝謝。下一個問題是 Sparebank 1 Markets 的 Teodor Sveen-Nilsen。

Congrats on strong results. Two questions. First on Sverdrup. The field is currently producing very well. Just when should we expect the current level also next year? Also noticed also that the lifting or loading has declined substantially over the past few weeks. Should we read anything out of that when it comes to fourth quarter production from Sverdrup?

祝賀取得了優異的成績。兩個問題。首先是斯沃卓普。該油田目前生產狀況良好。我們什麼時候才能預期明年也能達到目前的水準？也注意到過去幾週起重或裝載量大幅下降。當談到斯維爾德魯普第四季的產量時，我們應該從中讀出什麼嗎？

Second question is on NCS gas and, of course, there has been a lot of maintenance there in past few months, which has reduced production. Just wonder, could you discuss whether we should relate this to the very high production last year that some of the maintenance was skipped and that is the reason why we see low production this year? Or is that totally unrelated from last year's strong gas production?

第二個問題是 NCS 天然氣，當然，過去幾個月進行了大量維護，導致產量減少。只是想知道，您能否討論一下我們是否應該將此與去年的高產量聯繫起來，以至於跳過了一些維護，這就是我們今年產量低的原因？或者這與去年強勁的天然氣產量完全無關？

Okay. Thanks, Teodor. So on Johan Sverdrup, very glad to see how Johan Sverdrup is performing with high production efficiency, and we will continue to produce at high levels. But of course, with the increased capacity, we will also sort of come off plateau at some point in time. It is expected to be coming off plateau in 2024 and 2025 as such. But as you know, we are actively working with the reservoir and getting to understand it better and optimizing it on a daily basis.

好的。謝謝，特奧多。所以對於 Johan Sverdrup，非常高興看到 Johan Sverdrup 的高生產效率表現，我們將繼續高水準生產。但當然，隨著容量的增加，我們也會在某個時間點擺脫停滯狀態。預計將在 2024 年和 2025 年擺脫平台期。但如您所知，我們正在積極與水庫合作，以更好地了解它並每天對其進行最佳化。

We are also working on Johan Sverdrup phase 3, which will be a subsea development with two templates typically and eight wells that we will try to tie or we will tie into the platform. And the purpose of that development is, of course, to maintain a high level of production on Johan Sverdrup continuously. On sort of lifting and not -- you shouldn't put much to that. I mean, production is stable last weeks on Johan Sverdrup.

我們也致力於 Johan Sverdrup 第三階段，這將是一個海底開發項目，通常有兩個模板和八口井，我們將嘗試將其連接或連接到平台上。當然，這項開發的目的是為了持續維持 Johan Sverdrup 的高生產水準。關於舉重和不舉重——你不應該對此投入太多。我的意思是，上週 Johan Sverdrup 的產量穩定。

On your second question, Teodor, on the gas production, whether the production issues we have seen this year is related to last year's high production, and the answer to that is unrelated. So there's no sort of link back to that.

關於你的第二個問題，Teodor，關於天然氣產量，我們今年看到的產量問題是否與去年的高產量有關，答案是無關的。所以沒有任何回溯到這一點的連結。

Thank you, Teodor. The next question is Alastair Syme from Citi.

謝謝你，特奧多。下一個問題是花旗銀行的阿拉斯泰爾·賽姆 (Alastair Syme)。

Torgrim, can you talk about just back on the renewables about your supply chain commitments. I think I remember you saying that on Empire Wind 1, there was already quite a lot of contracting in place around turbine suppliers and maybe a boat, but there doesn't seem to be much remaining book value. So I was just wondering how we square that up? Or are we seeing break clauses or something in there?

Torgrim，您能談談您在再生能源方面的供應鏈承諾嗎？我想我記得你說過，在帝國風一號上，已經有相當多的圍繞渦輪機供應商甚至一艘船的合同，但似乎沒有多少剩餘的賬面價值。所以我只是想知道我們如何解決這個問題？或者我們看到了中斷條款或其他內容？

And then just secondly, I'm interested to hear what you're seeing in the recent gas demand data in recent weeks. We can all see the aggregate data but I'm sure you've got a lot more on what different customer groups are doing. So I'd be really interested to hear that.

其次，我有興趣聽聽您在最近幾週的天然氣需求數據中看到的情況。我們都可以看到匯總數據，但我相信您對不同客戶群的行為有更多了解。所以我真的很想聽聽這個。

Okay. Thanks, Alastair. So on renewables and supply chain commitment, so let me talk to the situation in the U.S. So the impairment that we have done is $300 million. As I said, we have now still $100 million in booked value in sort of the two assets. And in addition to that, we have $200 million booked related to real estate in New York and some equipment which is, in reality, cables.

好的。謝謝，阿拉斯泰爾。關於再生能源和供應鏈承諾，讓我談談美國的情況。我們所做的減值是 3 億美元。正如我所說，我們現在這兩項資產的帳面價值仍為 1 億美元。除此之外，我們還預訂了 2 億美元，與紐約的房地產和一些設備（實際上是電纜）有關。

Beyond that, we have commitments that is not sort of booked, but we still have them. They are mainly related to lease arrangement to a property in Brooklyn as such, which is a lease that -- and the property, that can be used for the purposes. And we have also contracts related to ships and turbines, which are typically can be used other places in the portfolio as well. But -- I mean, it's too early to give specific numbers on those, but that is sort of the exposure as such.

除此之外，我們還有一些尚未預訂的承諾，但我們仍然擁有它們。它們主要與布魯克林的一處房產的租賃安排有關，該租賃安排以及可用於上述目的的房產。我們還有與船舶和渦輪機相關的合同，這些合同通常也可以用於產品組合中的其他地方。但是——我的意思是，現在給出具體數字還為時過早，但這就是曝光本身。

We have -- yes. So in addition to that, we have a termination fee to the current offtake contracts, which is at $16 million as such. So I think that gives sort of the totality of the exposure at hand. And again, sort of we are welcoming the process that the New York State is starting. And we will work closely with them to see what sort of opportunities that can arise out of that. So thanks, Alastair.

我們有——是的。除此之外，我們還需支付 1,600 萬美元的當前承購合約終止費用。所以我認為這給出了當前曝光的整體情況。再次，我們對紐約州正在啟動的進程表示歡迎。我們將與他們密切合作，看看能從中產生什麼樣的機會。謝謝，阿拉斯泰爾。

On gas demand, yes. I mean, storages are for practical purposes full for the time being. But clearly, we see very tight markets and a rather nervous market where sort of small -- not small, but where happenings have typically a significant impact on oil prices. We have seen it on the terrorist attack on Israel, we have seen it on the pipeline, the Baltic pipeline, and we see quite a bit of volatility in the prompt particularly. So I think we just need to be prepared for a rather volatile and tight situation through this winter. Weather we will, of course, always be a significant thing and as well demand from Asia.

就天然氣需求而言，是的。我的意思是，出於實用目的，儲存暫時已滿。但顯然，我們看到市場非常緊張，市場相當緊張，規模雖小，但事件通常會對油價產生重大影響。我們在以色列恐怖攻擊中看到了這一點，在管道、波羅的海管道上也看到了這一點，尤其是在瞬息萬變中我們看到了相當多的波動。所以我認為我們只需要為今年冬天相當不穩定和緊張的局勢做好準備。當然，我們的天氣和來自亞洲的需求始終是一件重要的事情。

Demand is sort of -- I mean, in -- demand from industrial customers are not really coming back to prewar levels, but it is still sort of a healthy demand also from the industrial segments as I see it.

我的意思是，工業客戶的需求並沒有真正恢復到戰前的水平，但在我看來，工業領域的需求仍然是健康的。

Thank you. Next one is Henri Patricot from UBS.

謝謝。下一位是瑞銀集團的亨利·派崔克。

Two questions, please. The first one, I want to ask about M&A. We've seen quite a bit of consolidation in the U.S. upstream lately and we're seeing challenges in renewables. So I was wondering whether these recent developments are changing, in a way, your potential appetite for M&A and then your focus in terms of where you're likely to make acquisitions in the future in terms of regions but also between upstream and renewables?

請教兩個問題。第一個問題，我想問一下關於併購的問題。最近，我們在美國上游看到了相當多的整合，我們看到了再生能源的挑戰。因此，我想知道這些最近的事態發展是否在某種程度上改變了您對併購的潛在興趣，以及您未來可能在地區以及上游和再生能源之間進行收購的重點？

And then secondly, I wanted to ask about the CapEx. So you mentioned that you see CapEx for this year more in the lower end of the guidance range. Can you expand on what's driving CapEx towards the lower end for this year? And whether you see risk a bit to downside as well for the next few years? Or if there is just inflationary pressure and at least maybe more to the upside?

其次，我想問一下資本支出。所以您提到，您認為今年的資本支出較多處於指導範圍的下限。能否詳細說明一下推動今年資本支出下降的原因？您是否認為未來幾年風險也會有所下行？或者，如果只有通膨壓力，而且至少可能有更大的上行壓力？

Thanks, Henri. So first on M&A, yes. So -- I mean the two large acquisitions in the U.S., clearly, send some signals to the market, one that is that sort of oil and gas with -- to be attractive for a long period as such. And also, I think there is an element of energy security importance as well that is sort of driving that.

謝謝，亨利。首先是併購，是的。因此，我的意思是，美國的兩筆大型收購顯然向市場發出了一些訊號，其中之一就是石油和天然氣，使其在較長時期內具有吸引力。而且，我認為還有一個能源安全重要性因素在某種程度上推動了這個趨勢。

So I don't think it's unlikely that we will see more transactions of also bigger size going forward. But this time, it is a little bit different than last time around. Last time around, it was driven by a low price environment and cost synergies and efficiency. This is not a driver this time around, the different drivers. So I think what this will lead to is more uncertain this time around. So we will have to follow that closely.

因此，我認為未來我們不太可能看到更多規模更大的交易。但這一次，與上次有些不同。上一次，它是由低價環境以及成本協同效應和效率所推動的。這次不是一個司機，而是不同的司機。所以我認為這次會導致什麼更加不確定。因此，我們必須密切注意這一點。

But we have -- when we talk our portfolio as such, I mean, it is a strong portfolio within oil and gas already. I mean, we are growing towards 2026 and we will keep the same level all the way to 2030. And we have an average breakeven of $35 per barrel and internal rate of return on 30% of these projects. So this is a good investment program going forward.

但當我們談論我們的投資組合時，我的意思是，它已經是石油和天然氣領域的一個強大的投資組合。我的意思是，我們正在向 2026 年發展，並將一直保持相同水平直至 2030 年。我們的平均盈虧平衡點為每桶 35 美元，這些項目的內部回報率為 30%。所以這是一個很好的投資計劃。

When that is said, I mean, we are using M&A actively as a tool. And you have seen it last year. We have made an acquisition into oil and gas, (inaudible) in the U.K. And you have seen several acquisitions within the renewable space as well, Rio Energy, BeGreen in Denmark. So we will continue to use M&A actively to focus and deepen our oil and gas activities and to support the energy transition and building a new portfolio.

話雖如此，我的意思是，我們正在積極使用併購作為工具。去年你已經看到了。我們在英國進行了石油和天然氣領域的收購（聽不清楚），您也看到了再生能源領域的幾項收購，例如力拓能源公司（Rio Energy）和丹麥的 BeGreen 公司。因此，我們將繼續積極利用併購來專注和深化我們的石油和天然氣活動，以支持能源轉型和建立新的投資組合。

So -- I mean, we will do that. And then it is very important for me to say that capital discipline is front and center when doing M&A, timing is of essence and quality is of essence.

所以——我的意思是，我們會這麼做。對我來說非常重要的是，在進行併購時，資本紀律是首要和核心，時機至關重要，品質至關重要。

Your second question on CapEx. So the reason for that we will come towards the lower end of the guiding this year is phasing of projects. So these are spending that typically will move on to later years.

關於資本支出的第二個問題。因此，我們今年將達到指導的下限的原因是專案的分階段。因此，這些支出通常會延續到以後幾年。

When it comes to -- from 2024 and onwards, we are in the midst of our planning season. We are prioritizing among a set of very attractive investment opportunities. There is competition for funds. So we are in the midst of doing that. I think it's fair to say that we will continue to demonstrate capital discipline. And then, of course, we note that there is inflationary pressure in the portfolio, which is particularly linked to the nonsanctioned part of the portfolio. But we are managing this well, and we will come back to this on the Capital Markets Day in February.

從 2024 年起，我們正處於規劃季節。我們正在優先考慮一系列非常有吸引力的投資機會。存在資金競爭。所以我們正在這樣做。我認為可以公平地說，我們將繼續表現出資本紀律。當然，我們注意到投資組合中存在通膨壓力，這與投資組合中未經批准的部分尤其相關。但我們在這方面處理得很好，我們將在二月份的資本市場日再次討論這一點。

Thank you. Next question is Kim Fustier from HSBC.

謝謝。下一個問題是來自匯豐銀行的 Kim Fustier。

My first question is on low carbon solutions. I think you recently bought a 25% stake in Chevron's Bayou Bend CCS project on the U.S. Gulf Coast. Could you just talk about the development time line and about what Equinor is bringing to a consortium?

我的第一個問題是關於低碳解決方案。我想您最近購買了雪佛龍位於美國墨西哥灣沿岸的 Bayou Bend CCS 專案 25% 的股份。您能否談談開發時間表以及 Equinor 將為聯盟帶來什麼？

And secondly, it seems that there's some controversy from environmental groups in Norway with respect to new NCS developments, including Breidablikk and [Ultrasil]. Could you comment on the operating environment in Norway? Could things maybe become more difficult going forward if these environmental groups gain more traction?

其次，挪威環保組織似乎對新的 NCS 開發有一些爭議，包括 Breidablikk 和 [Ultrasil]。能否評價一下挪威的經營環境？如果這些環保組織獲得更多關注，事情可能會變得更加困難嗎？

Okay. Thank you, Kim. So you're right, we made an acquisition into Bayou Bend in Texas. That's a car -- carbon CCS project and storage. Chevron is operator, and we now sit on 25% on that lease. So this is a reservoir of very high quality and with potentially significant capacity to store CO2. I mean, benefiting from the IRA, the regulation. So we are enthusiastic about that opportunity.

好的。謝謝你，金。所以你是對的，我們收購了德克薩斯州的 Bayou Bend。那是一輛汽車——碳 CCS 項目和存儲。雪佛龍是營運商，我們現在擁有該租約 25% 的權益。因此，這是一個非常高品質的水庫，具有潛在的巨大二氧化碳儲存能力。我的意思是，受益於 IRA 監管。所以我們對這個機會充滿熱情。

We typically bring quite a bit of experience when it comes to reservoir management and understanding of capacities and how to do this. And we have a long experience working together with Chevron in the Gulf of Mexico, also particularly working on the reservoir topics together with them. So we see that as a [clearly]. And then we shouldn't forget that we have more than 30 years of experience on CCS from the Norwegian continental shelf through our experience on [Slater] and also on some other fields as well.

在水庫管理和對容量的理解以及如何做到這一點方面，我們通常會帶來相當多的經驗。我們在墨西哥灣與雪佛龍有著長期的合作經驗，特別是與他們一起研究水庫主題。所以我們將其視為[顯然]。我們不應該忘記，透過我們在 [Slater] 以及其他一些領域的經驗，我們在挪威大陸架 CCS 方面擁有 30 多年的經驗。

On the -- your second question on the sentiment in Norway for future development. Yes, it is -- clearly, there is opposition in Norway as well as in other places. I would say there is a politically, a very strong and good consent and collaboration across political landscape to support the development of the Norwegian continental shelf. So I feel confident that this is an area where investing into oil and gas is giving a predictable and a stable environment as such.

關於你的第二個問題，即挪威對未來發展的看法。是的，確實如此——顯然，挪威和其他地方都存在反對意見。我想說的是，在政治上，整個政治格局都存在著非常強烈和良好的共識和合作，以支持挪威大陸架的發展。因此，我相信，在這個領域，投資石油和天然氣可以提供可預測且穩定的環境。

And then there will always be institutions and voices that are against what we do and we need to treat that with respect and openness. And clearly, we are in dialogue with everyone as such. So I don't find it to be any particular concerns in Norway compared to other places.

然後總會有機構和聲音反對我們所做的事情，我們需要以尊重和開放的態度對待它。顯然，我們正在與每個人進行對話。因此，與其他地方相比，我認為挪威沒有特別值得關注的問題。

Thank you. Next question is Peter Low from Redburn.

謝謝。下一個問題是來自 Redburn 的 Peter Low。

A question on the balance sheet. It remains firmly net cash. You've talked in the past about wanting to return to that 15% to 30% leverage ratio, and perhaps distributions being something that will kind of get you there. As we begin to think about 2024 shareholder distributions, can you give us any insight on kind of how quickly you'd like to get back to that leverage range?

關於資產負債表的問題。它仍然堅定地保持淨現金。您過去曾談到希望恢復到 15% 至 30% 的槓桿率，也許分配可以幫助您實現這一目標。當我們開始考慮 2024 年股東分配時，您能否告訴我們您希望多快回到該槓桿範圍？

And then the second one was just very quickly, you mentioned the impairment you taking the NCS due to, I think, an asset having kind of a lower reserve estimate than previously and then also reversal of an impairment in the U.S. Are you able to name those assets and, say, what led to that change in assessment?

然後第二個很快就發生了，你提到了你採取NCS 的減值，我認為，這是因為一項資產的儲備估計比以前要低，然後美國的減值也逆轉了。你能說出名字嗎？這些資產以及什麼導致了評估的變化？

Okay. Thanks, Peter. So on your first question on the balance sheet and capital distribution going forward. Yes, we are in a situation where we have a negative net debt of minus 22.9%. And we have a sort of a long-term guiding, which is sort of 15% to 30% net debt, which is sort of mathematically what is solidly supporting a strong A category credit rating on a stand-alone basis. We have a higher rating than that currently. So that's -- you should read that as sort of a range that we will sort of find as a more optimal capital structure of the company. And from time to time, we are above and then also below as such. So that is sort of a long-term aspiration.

好的。謝謝，彼得。關於您關於未來資產負債表和資本分配的第一個問題。是的，我們正面臨負淨債務為負22.9%的情況。我們有一種長期指導，即 15% 到 30% 的淨債務，從數學上講，這可以在獨立的基礎上有力地支持強大的 A 類信用評級。我們的評級比目前更高。所以，你應該把它理解為一個範圍，我們會發現這個範圍是公司更優化的資本結構。有時我們會在上面，然後也會在下面。所以這是一個長期的願望。

We are, and I have said earlier, that capital distribution is something that we are using currently to distribute cash that we have on the balance sheet to drive a more efficient capital structure of the company. And I've also said that we will continue to use that as one of our tools to achieve that going forward. It is, of course, nothing that I can go into any details on in this call. But clearly, we will come back to that in our fourth quarter call and capital markets update.

我之前已經說過，我們目前正在使用資本分配來分配資產負債表上的現金，以推動公司資本結構更有效率。我還說過，我們將繼續使用它作為我們未來實現這一目標的工具之一。當然，我在這次電話會議中無法透露任何細節。但顯然，我們將在第四季度電話會議和資本市場更新中回到這一點。

On your next -- or your second question, Peter, NCS impairment. Yes, that is Martin Linge. It is an asset that we took over from Total many years ago, and we have had issues with that asset repeatedly as well. So this time around, it is related to the reservoir, where we see that the production is postponed to come towards later in the production life of the field, meaning that the discounted value of the asset is going down. So that's Martin Linge. This is not a broad concern at all on the NCS. This is isolated to these assets.

關於你的下一個問題——或者你的第二個問題，Peter，NCS 障礙。是的，他就是馬丁·林格。這是我們多年前從道達爾手中接管的一項資產，我們也多次遇到該資產的問題。所以這一次，它與油藏有關，我們看到生產被推遲到油田生產壽命的後期，這意味著資產的折現價值正在下降。這就是馬丁·林格。這根本不是 NCS 廣泛關注的問題。這與這些資產是隔離的。

Yes. And then you -- we talked about the reversal in the U.S., that is related to an asset on -- in Gulf of Mexico, $290 million. So thanks, Peter.

是的。然後我們談到了美國的逆轉，這與墨西哥灣的一項資產有關，價值 2.9 億美元。所以謝謝，彼得。

Thank you, Peter. And Anders Rosenlund from SEB is the next question.

謝謝你，彼得。下一個問題是來自 SEB 的 Anders Rosenlund。

It feels like repeating almost the first or the previous question, but I'd like to revert to the overcapitalization situation, and the path you're pursuing is not remedying the situation. So what's the natural consequence of that? Is that more aggressive (inaudible) buybacks? Or you have to -- be developed you're seeing?

感覺就像重複第一個問題或前一個問題，但我想回到資本過剩的情況，而你所追求的道路並不能解決這種情況。那麼這樣做的自然結果是什麼呢？這是更激進（聽不清楚）的回購嗎？還是你必須－你所看到的得到發展？

Yes. So, yes, Anders, thanks. Yes, all said, I think it's important for me to reflect upon the volatility and uncertainty that we are facing as an industry. In 2020, we had the weakest result in history for Equinor. In 2022, we had the highest and strongest results. So within 2 years, we went to worst to best as such, and that is the volatility and exposure that we need to manage, meaning that we will have to and we shall run with a solid balance sheet to be able to weather any storms that is ahead of us.

是的。所以，是的，安德斯，謝謝。是的，總而言之，我認為反思我們作為一個產業所面臨的波動性和不確定性對我來說很重要。 2020 年，Equinor 取得了史上最弱的成績。 2022 年，我們取得了最高、最強的成績。因此，在兩年內，我們從最壞的情況到最好的情況，這就是我們需要管理的波動性和風險敞口，這意味著我們必須並且我們將擁有穩健的資產負債表，以便能夠抵禦任何風暴就在我們前面。

And then we are, of course, in an extraordinary situation now where capital distribution, it gives room for additional capital distribution, as you have seen this year. And then we said again, we will continue to use capital distribution as one of the tools to bring this back to a more efficient capital structure. So, yes. So -- but we'll speak much more to this in our Capital Markets Day in February. So looking forward to see you then.

當然，我們現在處於一種特殊的情況，資本分配為額外的資本分配提供了空間，正如您今年所看到的那樣。然後我們再次表示，我們將繼續使用資本分配作為工具之一，以使其恢復更有效率的資本結構。所以，是的。所以，我們將在二月的資本市場日對此進行更多討論。所以期待屆時見到您。

Thank you, Anders. Next one is Michele Della Vigna from Goldman Sachs.

謝謝你，安德斯。下一位是高盛的米歇爾·德拉·維尼亞 (Michele Della Vigna)。

And congratulations again on the strong delivery this quarter. My question really is about the security of your Norwegian pipeline infrastructure. We've seen issues in Sweden, in Finland, Estonia. Was just wondering, over the last couple of years, what has changed in terms of the focus on guaranteeing the security of those pipelines and that would make you comfortable that such an issue would not take place on the Norwegian continental shelf?

再次恭喜本季的強勁交付。我的問題實際上是關於挪威管道基礎設施的安全性。我們在瑞典、芬蘭、愛沙尼亞都看到了問題。只是想知道，在過去的幾年裡，在保證這些管道安全的重點方面發生了哪些變化，這會讓您放心，挪威大陸架上不會發生這樣的問題？

Thanks, Michele. It's a very, very important question. So thank you very much. Clearly, this is front and center for us these days. After the terrible attack on Ukraine, we are seen as the most important energy company in Europe. And clearly, we will do our utmost to serve Europe with natural gas and other energy sources as well.

謝謝，米歇爾。這是一個非常非常重要的問題。非常感謝。顯然，這是我們現在的首要任務和中心。在烏克蘭遭受可怕襲擊之後，我們被視為歐洲最重要的能源公司。顯然，我們將盡最大努力為歐洲提供天然氣和其他能源。

We have increased the security levels on all our installations and infrastructure on the shelf, and we have taken many measures. As you would understand, we have a very good dialogue with security institutions and safety and also -- yes, in international organization -- so to understand. And we have a lot of support from those institutions and also from -- support from military organizations as well.

我們提高了貨架上所有設施和基礎設施的安全級別，並採取了許多措施。正如你所理解的，我們與安全機構和安全部門以及——是的，在國際組織中——進行了很好的對話，所以可以理解。我們得到了這些機構以及軍事組織的大力支持。

What we have done over the last year is that we have mapped all our pipelines. We have screen them with sort of underwater equipment to -- all of them, and we are monitoring closely the situation. So this is front and center and top attention to the company. And we are doing everything we can together with Norwegian and international authorities to safeguard energy deliveries to Europe.

去年我們所做的就是繪製了所有管道的地圖。我們用某種水下設備對他們進行了篩選——所有這些人，我們正在密切監視情況。因此，這是公司最關注的焦點。我們正在與挪威和國際當局合作，竭盡全力保障向歐洲的能源輸送。

Thank you, Michele. Next is Henry Tarr from Berenberg.

謝謝你，米歇爾。接下來是來自貝倫貝格的亨利·塔爾。

Two, please. One is just on the -- to come back again to the offshore wind and the RFP process, et cetera. I guess, as you've said, you're looking at the opportunities going forward and that you need an economic return on those. Would it be right then to look at the request you put in for the uplift and think that that's the kind of level that you're going to want to see to get an economic return on those assets on Beacon and Empire?

請兩位。一是再次回到離岸風電和 RFP 流程等問題。我想，正如您所說，您正在尋找未來的機會，並且需要這些機會的財務回報。那麼，看看您提出的提升請求，並認為這是您希望看到的水平，以便從燈塔和帝國的這些資產上獲得經濟回報，是否正確？

And then the second question is just on the cost inflation you're seeing on the portfolio on the nonsanctioned assets. Is there a difference? Are there any hotspots particularly, either in Norway or outside that we should watch?

第二個問題是關於您在未經批准的資產投資組合中看到的成本通膨。有差別嗎？無論是在挪威還是國外，有什麼特別值得我們關注的熱點嗎？

Thank you very much, Henry. So offshore wind, yes. So very important for me to again say that, for us, to move forward with these projects. We need to have -- they need to be profitable and the returns need to match the risk that we are facing.

非常感謝你，亨利。所以離岸風電，是的。對我來說，再次表示，對我們來說，推進這些專案非常重要。我們需要——它們需要盈利，並且回報需要與我們面臨的風險相匹配。

It is too early to conclude but we put forward requests in the petition, and that clearly illustrates changes that needs to happen. I mean, we have communicated that we would like to see 4% to 8% real unlevered return from our businesses in -- within renewables, and that still is the case.

現在下結論還為時過早，但我們在請願書中提出了要求，這清楚地說明了需要發生的改變。我的意思是，我們已經表示，我們希望看到我們的業務在再生能源領域獲得 4% 到 8% 的實際無槓桿回報，而且情況仍然如此。

On cost inflation -- and that is the way I understood your question, that is more general, not only related to renewables. So I would say that across the supplier base, it is still a challenge. We see that within the raw materials in the situation is easing driven by sort of global growth, actually, it is easing, but we see a continued tightening in the supplier market. That is driven by energy prices but also the activity level.

關於成本通膨——這就是我理解你的問題的方式，這是更普遍的，不僅與再生能源有關。所以我想說，對於整個供應商群體來說，這仍然是一個挑戰。我們看到，在全球成長的推動下，原材料情勢正在緩和，實際上，情況正在緩和，但我們看到供應商市場持續收緊。這是由能源價格和活動水準所推動的。

And if I should go into more on your hotspots, let me pick a few on the rigs. We see that as a challenging environment. 50% of the fleets has been scrapped since 2015 and no or hardly any new builds as such. NCS will be strained. But as you have seen, we have taken on capacity with the costly rigs. So we are in a good shape there.

如果我應該詳細介紹您的熱點，請讓我挑選一些有關鑽孔機的熱點。我們認為這是一個充滿挑戰的環境。自 2015 年以來，50% 的機隊已被報廢，並且沒有或幾乎沒有新建此類機隊。 NCS 將會緊張。但正如您所看到的，我們已經使用昂貴的鑽孔機承擔了產能。所以我們在那裡狀況良好。

Then if we talk about engineering and construction, we see, short term, high utilization in [yards] in Norway. That is probably going to last a couple of more years until sort of the wave of new projects on NCS has come in production, internationally, driven very much by LNG newbuilds and FPSOs as such. So we see a tight situation there as well, but there are opportunities. There are opportunities. Yes.

然後，如果我們談論工程和建築，我們會看到短期內挪威[造船廠]的利用率很高。這種情況可能還會持續幾年，直到國際上新的 NCS 專案浪潮開始投產，這在很大程度上是由液化天然氣新建案和 FPSO 本身所推動的。因此，我們也看到那裡的情況很緊張，但也有機會。有機會。是的。

Then clearly, across the whole universe of electrification and K cables going into renewable and offshore wind, but also the electrification projects we have on the Norwegian continental shelf, we see tightness and limitations. So -- I mean, it is -- all of this is pointing to a rather tight situation across the supplier base and we see that sort of filtering into inflation in sort of the numbers that we are looking at. But as a big company as we are and a big procurer, we have a priority and we will be able to get access to what we will need. So thanks, Henry.

顯然，在整個電氣化領域以及進入再生能源和離岸風電的 K 電纜，以及我們在挪威大陸架上的電氣化項目中，我們看到了緊張性和限制。所以——我的意思是——所有這些都表明整個供應商的情況相當緊張，我們看到這種情況已經滲透到我們正在關注的數字中。但作為一家大公司和一家大型採購商，我們有優先權，我們將能夠獲得我們需要的東西。謝謝，亨利。

Thank you. We are fast approaching the hour, but let's try to cover 1 or 2 more. Chris Kuplent, Bank of America.

謝謝。時間很快就到了，但讓我們試著再講一兩個。克里斯‧庫普倫特，美國銀行。

I hope you can hear me okay. I'll try and keep it brief with only one, Torgrim. I know it's an unfair question and I hope for just February already. But I wanted to just see whether you would like to comment on the fact that you seem to be the only America and Europe when it comes to how you define shareholder distributions, i.e., in $1 billion rather than in a payout ratio. Do you feel consciously aware of that in the way you are thinking around how you're going to update us in February? And I'm not asking for a number or anything, just about the principle of guiding for future shareholder distributions through the cycle.

我希望你能聽到我的聲音。我會盡量簡短地只講一個人，托格瑞姆。我知道這是一個不公平的問題，我希望就在二月。但我只是想看看您是否願意對這樣一個事實發表評論：在如何定義股東分配（即以 10 億美元而不是派息比率）時，您似乎是唯一的美國和歐洲國家。在考慮如何在二月向我們更新最新消息時，您是否有意識地意識到這一點？我並不是要求一個數字或任何東西，只是要求在整個週期中指導未來股東分配的原則。

Thanks, Chris. I think it's -- I think it will be wrong for me to be specific here at all, but I can give you maybe one thing to reflect upon and that is in our cash flow, we typically have so many specialties related to Norwegian tax, with delayed payments and all of that. So that is sort of always a disturbing factor if you're going to think about as such. But we have what we have currently, and we hit $17 billion this year. And we will come back to this on Capital Markets Day in February.

謝謝，克里斯。我認為，我認為我在這裡具體說明是錯誤的，但我可以給你一件事來反思，那就是我們的現金流，我們通常有很多與挪威稅收相關的專業，延遲付款等等。因此，如果你要這麼想的話，這總是一個令人不安的因素。但我們已經擁有了目前所擁有的，今年我們的收入達到了 170 億美元。我們將在二月份的資本市場日再次討論這個問題。

Thank you. Then we'll do the final question, and that will be you, Paul Redman from BNP Paribas.

謝謝。然後我們將回答最後一個問題，由你來回答，來自法國巴黎銀行的保羅·雷德曼 (Paul Redman)。

Last but not least, I hope, everyone. Just one quick one. If the agreements with the New York government do not go in a positive direction, and Equinor did step away from the offshore wind portfolio, what could we expect to see at that point? Would we expect to see challenge on the longer-term gigawatt target? Would CapEx come down? Or when you look at the renewable portfolio, do you have other assets, which are high return potentially, fill the slot that the wind portfolio essentially cannot meet?

最後但並非最不重要的一點是，我希望大家。就快一點吧。如果與紐約政府的協議沒有朝著積極的方向發展，而 Equinor 確實放棄了離岸風電投資組合，那麼我們屆時會看到什麼？我們是否期望看到長期吉瓦目標面臨挑戰？資本支出會下降嗎？或者，當您查看再生能源投資組合時，是否有其他潛在高回報資產可以填補風電投資組合基本上無法滿足的空缺？

Okay. Thanks, Paul. So over the last few years, we haven't won new leases as such. I mean, we have used the opportunity to actually divest out of assets and capitalizing on our significant prices. And instead of sort of fighting for -- in these sort of reasons, we have actually built an onshore portfolio through acquisition of various platforms, both in Denmark, Brazil and Poland as such with quite a good pipeline of opportunities. So our target for 2030 remains firm. But what you might expect is that there will be, maybe a little bit shift of content between offshore and onshore in the delivery of that.

好的。謝謝，保羅。因此，在過去的幾年裡，我們沒有贏得新的租約。我的意思是，我們利用這個機會實際剝離資產並利用我們的高價。基於這些原因，我們實際上不是在爭奪，而是透過收購各種平台建立了陸上投資組合，這些平台在丹麥、巴西和波蘭都有相當多的機會。因此，我們 2030 年的目標仍然堅定。但您可能期望的是，在交付過程中，海上和陸上內容之間可能會有一點點轉移。

When it comes to sort of the U.S. project as such, I mean, they are part of our planning, and we are working closely with the New York State on the ongoing process as such. So -- I mean, we will come back to this later on when we know more about the process. We have not concluded yet and again, and that will probably be my final word. And the investments into U.S. wind will have to be profitable.

當談到美國的計畫時，我的意思是，它們是我們規劃的一部分，我們正在與紐約州就正在進行的進程密切合作。所以——我的意思是，當我們對這個過程有更多了解時，我們會再回到這個問題。我們一次又一次沒有得出結論，這可能是我的最終結論。對美國風電的投資必須能夠獲利。

Thank you, Torgrim. And let me remind you all that we are, of course, always available in the Investor Relations team. So if there is any follow-up after this call or any additional questions, please give us a call, and we will do our best. Then finally, thank you, all of you for calling in and for your questions during this hour. So thank you, and goodbye.

謝謝你，托格瑞姆。讓我提醒大家，投資人關係團隊當然隨時為您服務。因此，如果本次通話後有任何後續情況或任何其他問題，請給我們打電話，我們會盡力而為。最後，感謝大家在這一小時內致電並提出問題。所以謝謝你，再見。

This concludes today's conference call. Enjoy the rest of your day. You may now disconnect.

今天的電話會議到此結束。享受你一天剩下的時間。您現在可以斷開連線。