Equinor ASA (EQNR) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Angela and I'll be your conference operator today. At this time, I would like to welcome everyone to the Equinor second quarter analyst conference call. (Operator Instructions) I will now like to turn the call over to the presenters. You may begin.

謝謝你的支持。我叫安琪拉，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Equinor 第二季分析師電話會議。 （操作員說明）我現在想將通話轉給簡報者。你可以開始了。

Thank you, operator. My name is Bard Glad Pedersen. I'm heading up Investor Relations in Equinor. Welcome all to the analyst call for our second quarter results. As usual, I'm here together with our CFO, Torgrim Reitan, who will take us through the results before we open the Q&A. So with that, I hand it to you, Torgrim.

謝謝你，接線生。我叫巴德·格萊德·佩德森。我負責 Equinor 的投資者關係。歡迎大家參加分析師電話會議，了解我們第二季的業績。像往常一樣，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之前向我們介紹結果。那麼，我就把它交給你了，托格瑞姆。

Thank you, Bard. Good morning, and thank you for joining us, and I hope that you are enjoying your summer. So let's dive into the results. So the second quarter demonstrates good progress, and it confirms what we said at our Capital Markets Day. Today, we delivered solid financial results, driven by continued strong operational performance.

謝謝你，巴德。早安，感謝您加入我們，希望您度過一個愉快的夏天。那麼讓我們深入研究一下結果。因此，第二季取得了良好的進展，這證實了我們在資本市場日所說的內容。今天，在持續強勁的營運績效的推動下，我們取得了穩健的財務表現。

In the quarter, we report adjusted operating income of $7.5 billion before tax and an IFRS net income of $1.9 billion. Year to date, we have delivered cash flow from operations after tax of $7.7 billion. The taxes in the second half of 2024 will be lower, and we expect cash flow from operations to be in line with what we said -- what we have said around $17.5 billion for the year.

本季度，我們報告調整後稅前營業收入為 75 億美元，國際財務報告準則淨利為 19 億美元。年初至今，我們已實現稅後營運現金流 77 億美元。 2024 年下半年的稅收將會降低，我們預計營運現金流將與我們所說的一致——我們所說的今年約為 175 億美元。

I will revert to this. Adjusted earnings per share were $0.84. Across the portfolio, we are making strategic progress. On the NCS, we started production from the Kristin South area earlier this month, and the partner operated Hanz field came on stream in April. Together with our partners, we made an investment decision for the field which will accelerate the production and maintain high gas export levels.

我將回到這一點。調整後每股收益為 0.84 美元。在整個產品組合中，我們正在取得策略進展。在 NCS，我們於本月初從 Kristin South 地區開始生產，合作夥伴營運的 Hanz 油田於 4 月投產。我們與合作夥伴一起對該油田做出了投資決定，這將加速生產並保持較高的天然氣出口水準。

This investment is highly valuable with the net present value to Equinor of more than $500 million. We continue to high grade our oil and gas portfolio. In Norway, we align our ownership interests across licenses through a swap with Petoro. Aligning ownerships will be important for accelerating production, reducing costs, and driving the full potential in key areas.

這項投資價值極高，Equinor 的淨現值超過 5 億美元。我們繼續提高我們的石油和天然氣投資組合的評級。在挪威，我們透過與 Petoro 的互換來調整我們的所有權權益。調整所有權對於加速生產、降低成本和充分發揮關鍵領域的潛力非常重要。

In the US, we closed the swap transaction in Onshore Gas with EQT, creating more longevity and robustness and reducing the breakeven for those assets with more than 30% key in million tons in injection capacity per year.

在美國，我們與 EQT 完成了陸上天然氣的掉期交易，從而延長了壽命和穩健性，並降低了每年註入能力超過 30% 的資產的盈虧平衡點。

Finally, for Empire Wind, we achieved a new higher strike price of $155 per megawatt hour earlier this year. We continue to move forward with the project and our next external milestone will be the financial close. The competitive capital distribution continues in line with what we have said at our Capital Markets Day. For the quarter, the Board approved an ordinary cash dividend of $0.35 per share and in addition, $0.35 in extraordinary dividend.

最後，對於 Empire Wind，我們在今年稍早實現了每兆瓦時 155 美元的更高執行價格。我們將繼續推進該項目，我們的下一個外部里程碑將是財務結算。競爭性資本分配繼續與我們在資本市場日所說的一致。本季度，董事會批准每股 0.35 美元的普通現金股息，此外還批准每股 0.35 美元的特別股息。

At CMU, we introduced a two-year share buyback program to increase predictability. The program is $10 billion to $12 billion in total with $6 billion allocated this year. In line with this, we announced a third tranche of up to $1.6 billion starting tomorrow. For 2024, we expect to deliver a total capital distribution of $14 billion. Safety remains our top priority and our long-term safety trend is positive.

在卡內基美隆大學，我們推出了為期兩年的股票回購計劃，以提高可預測性。該計畫總額為100億至120億美元，今年撥款60億美元。與此一致，我們宣布從明天開始進行第三筆高達 16 億美元的撥款。 2024 年，我們預計資本分配總額為 140 億美元。安全仍然是我們的首要任務，我們的長期安全趨勢是正面的。

Our reported safety performance has never been better. But we do know that this is a race without a finishing line. In June, we presented the internal investigation report of the helicopter accident in February. We will use the report to further strengthen our work.

我們報告的安全表現從未如此出色。但我們知道，這是一場沒有終點線的比賽。 6月份，我們提交了2月直升機事故的內部調查報告。我們將利用該報告進一步加強我們的工作。

We delivered around 3% production growth this quarter in line with our expectations. On the NCS, we had strong operational performance and good regularity. Total production was up 5% from the same quarter last year and gas production was up 13%, with strong contribution from Troll and Oseberg.

本季我們的產量增加了 3% 左右，符合我們的預期。在NCS方面，我們的營運表現強勁，規律性良好。總產量較去年同期成長 5%，天然氣產量增加 13%，其中 Troll 和 Oseberg 做出了巨大貢獻。

The ramp up of new fields like Breidablikk and Hans also contributed. In addition, turnarounds were well executed impacting production less than expected. So we have reduced the overall turnaround impact for the year to 55,000 barrels per day. For E&P International, production was up 2.5%. The Buzzard field in the UK and US contributed positively, partly offset by turnarounds and lower production in Brazil.

Breidablikk 和 Hans 等新領域的崛起也做出了貢獻。此外，週轉工作執行得很好，對生產的影響也小於預期。因此，我們已將今年的整體週轉影響減少至每天 55,000 桶。 E&P International 的產量增加了 2.5%。英國和美國的 Buzzard 油田做出了積極貢獻，但部分被巴西的扭虧為盈和產量下降所抵消。

For E&P US, production was down in the quarter as expected. US Offshore was impacted by the planned turnaround on Caesar Tonga. Within our onshore gas production, we indicated there would be curtailments, and we saw some of that in June.

對於 E&P US，本季產量如預期下降。美國離岸公司受到凱撒湯加計畫週轉的影響。在我們的陸上天然氣生產中，我們表示將會削減產量，我們在 6 月就看到了其中一些。

For the year, we still expect curtailments based on our operators' commercial decisions to create higher value. Our renewables production is significantly higher than last year, mainly driven by onshore power plants in Brazil and Poland. In the UK, offshore wind production increased. At Dogger Bank A, 27 turbines have been installed, but full commercial production is now expecting during first half of 2025. And this impacts our production outlook this year.

今年，我們仍然預計根據營運商的商業決策進行限電，以創造更高的價值。我們的再生能源產量顯著高於去年，主要由巴西和波蘭的陸上發電廠推動。在英國，離岸風電產量增加。 Dogger Bank A 已安裝 27 台渦輪機，但目前預計將在 2025 年上半年實現全面商業生產。

Now over to our financial results. Liquids prices remain higher than last year. And this quarter, we saw an increase in European gas prices. As expected, storage levels in Europe are healthy, but the market remains fragile and small changes can give large fluctuations. Going forward, prices will depend on the weather, European demand and competition for LNG, as well as uncertainty related to transit through Ukraine and as always supply-side disruptions should that happen.

現在來看看我們的財務表現。液體價格仍高於去年。本季，我們看到歐洲天然氣價格上漲。正如預期的那樣，歐洲的儲存水平保持健康，但市場仍然脆弱，微小的變化可能會帶來較大的波動。展望未來，價格將取決於天氣、歐洲需求和液化天然氣競爭，以及與透過烏克蘭過境相關的不確定性，以及一旦發生這種情況，供應方就會中斷。

Our E&P Norway results were driven by strong production, delivering adjusted operating income of $6.1 billion and $1.4 billion after tax. Our international E&P segments delivered $963 million in adjusted operating income and close to $700 million after tax.

我們的 E&P 挪威業績受到強勁生產的推動，調整後營業收入為 61 億美元，稅後收入為 14 億美元。我們的國際勘探與生產部門調整後營業收入為 9.63 億美元，稅後收入接近 7 億美元。

The Argerich well in Argentina was dry and expensed in the quarter. The overlift in the second quarter contributes to around $250 million in adjusted operating income for E&P Norway and around $170 million for E&P International. Our MMP results were driven by European piped gas and strong LNG trading and supported by successful power trading.

阿根廷的 Argerich 油井已乾涸，本季已支出費用。第二季的超額成長為 E&P 挪威公司和 E&P 國際公司帶來了約 2.5 億美元的調整後營業收入和約 1.7 億美元的調整後營業收入。我們的 MMP 結果是由歐洲管道天然氣和強勁的液化天然氣交易推動的，並得到成功的電力交易的支持。

These results were also impacted by turnarounds at Mongstad and high activity in low carbon solutions. Our renewables assets in operation contributed with $41 million this quarter. As we continue to build our renewable business, the adjusted operating income was negative as expected.

這些結果也受到蒙斯塔德扭虧為盈和低碳解決方案的高活躍度的影響。本季我們營運中的再生能源資產貢獻了 4,100 萬美元。隨著我們繼續發展再生能源業務，調整後的營業收入如預期為負。

We will continue to be disciplined and not overpay for access. And this is key to building a profitable business. Since the second quarter last year, adjusted OpEx and SG&A is up by 11%, driven by higher production, overlift effects, general inflation, and increased activity in renewables and low carbon solutions. We also see an underlying upstream cost increase of around 4%, quite in line with that production growth. We continue to maintain a strong focus on capital discipline and cost control.

我們將繼續遵守紀律，不會為訪問支付過高的費用。這是建立獲利業務的關鍵。自去年第二季以來，在產量增加、超額效應、整體通膨以及再生能源和低碳解決方案活動增加的推動下，調整後的營運支出和銷售管理費用增加了 11%。我們也看到潛在的上游成本增加了 4% 左右，與產量成長相當一致。我們持續高度重視資本紀律和成本控制。

Then to our cash flow. This quarter, our cash flow from operations was $1.9 billion after tax. We paid the final two NCS tax installments based on 2023 results totaling $7 billion in the quarter. For the second half this year, we will pay three NCS tax installments, one in the third quarter and the remaining two in the fourth quarter.

然後是我們的現金流。本季度，我們的營運現金流為稅後 19 億美元。我們根據 2023 年業績支付了最後兩筆 NCS 稅款，本季總計 70 億美元。今年下半年，我們將分三期繳納NCS稅，其中一期在第三季度，餘下兩期在第四季。

Each installment will be NOK31.3 billion, which is lower than in the first half of the year. We expect cash flow from operations for this year of around $17.5 billion after tax, as we said at the CMU. While gas prices currently are below, our CMU price assumptions, oil prices remain somewhat higher. And the impact from the lower gas prices is softened by the Norwegian tax system. Next year, we expect to be back at around $20 billion in cash flow from operations after tax.

每期金額為313億挪威克朗，低於上半年。正如我們在 CMU 所說，我們預計今年稅後營運現金流約為 175 億美元。雖然目前天然氣價格低於我們的 CMU 價格假設，但石油價格仍略高。挪威稅收制度削弱了天然氣價格下跌的影響。明年，我們預計稅後營運現金流將恢復到 200 億美元左右。

In the quarter, we paid total capital distribution of $2.5 billion. Organic CapEx was $2.9 billion and $5.7 billion year to date. After taxes, capital distribution and investments, our net cash flow came in negative as expected at $4.2 billion for the quarter. We have a solid financial position with $32 billion in cash and cash equivalents. And our net debt to capital employed ratio increased to negative 3.4% this quarter.

本季度，我們支付的資本分配總額為 25 億美元。年初至今，有機資本支出分別為 29 億美元和 57 億美元。扣除稅項、資本分配和投資後，本季我們的淨現金流量為負值，為 42 億美元。我們擁有穩健的財務狀況，擁有 320 億美元的現金和現金等價物。本季我們的淨負債與資本使用比率增至負 3.4%。

It is important to note that following our AGM in May, the States share of buybacks from last year was treated as a financial debt, impacting the net debt ratio for the second quarter. However, the payment of $4 billion was done in July, which will impact the cash flow in the third quarter. We are planning for a negative net cash flow for the year in line with what we indicated at the CMU, and we expect a positive net debt ratio by the end of the year.

值得注意的是，在 5 月的年度股東大會之後，去年的回購份額被視為金融債務，影響了第二季的淨負債比率。然而，7月支付了40億美元，這將影響第三季的現金流。我們計劃今年的淨現金流為負，與我們在 CMU 上表示的一致，我們預計到年底淨負債比率為正。

Finally, our guidance for CapEx and oil and gas production remains firm. We have updated our renewables production guidance. We now expect it to grow by around 70% this year, mainly reflecting the progress on Dogger Bank A.

最後，我們對資本支出和石油和天然氣生產的指導仍然堅定。我們更新了再生能源生產指南。我們現在預計今年將成長 70% 左右，主要反映了 Dogger Bank A 的進展。

Now I hand it back to you, Bard, and I do look forward to your questions. So thank you.

現在我把它交還給你，巴德，我非常期待你的提問。所以謝謝。

Thank you, Torgrim. We are then ready to start the Q&A, and I see that they have a good list of questions already. So that is good. (event instructions)

謝謝你，托格瑞姆。然後我們準備開始問答，我看到他們已經列出了一個很好的問題清單。所以這很好。 （活動說明）

Martijn Rats, Morgan Stanley.

馬丁‧拉茨，摩根士丹利。

Wondering whether the overlift in this quarter will be mirrored in an underlift maybe next quarter or the quarter thereafter. And also, if then, it's just a volume effect or if there's also a sort of a price/revenue sort of element to it. Can you sort of talk a little bit about that?

想知道本季的超額成長是否會反映在下個季度或之後的季度。而且，如果那樣的話，這只是數量效應，或者是否還有某種價格/收入的因素。你能談談這個嗎？

And then secondly, last quarter, you mentioned that European industrial gas demand was starting to show a bit of a sign of life. I think you mentioned something like up 5% on a weather adjusted basis. But sort of listening to your comments now and also other comments that you made this morning, maybe that has reversed. I was wondering if you could give us an update on that.

其次，上個季度，您提到歐洲工業天然氣需求開始顯示出一些復甦的跡象。我想你提到了根據天氣調整後上漲 5% 之類的東西。但現在聽聽你的評論以及你今天早上發表的其他評論，也許情況已經逆轉了。我想知道您能否向我們通報最新情況。

All right. Thank you very much, Martijn. So yes, this quarter we had an overlift situation both within the NCS assets and also internationally as such. So just want to remind you that on the NCS we had a similar underlift in the last quarter as we have an overlift in the current quarter. So there's no sort of carry forward or effect of that, it is sort of -- will fluctuate from quarter to quarter.

好的。非常感謝你，馬丁。所以，是的，本季我們的 NCS 資產和國際資產都出現了超額情況。因此，我想提醒您，在 NCS 上，我們在上個季度出現了類似的不足，而本季則出現了超額成長。因此，沒有任何結轉或影響，它會隨著季度的變化而波動。

And the same goes for international E&P. That sort of -- that fluctuates from overlift to underlift across quarters. So also, there is no sort of things that is carry forward related to this overlift, more than sort of a natural rhythm of production. In Norway, the overlift came across a large set of assets. And internationally, the overlift was related to Angola and Azerbaijan mainly.

國際勘探與生產也是如此。這種情況在各個季度從過高到過低波動。因此，除了生產的自然節奏之外，沒有任何事情與這種超額增長相關。在挪威，超載行動涉及大量資產。從國際上看，超載主要與安哥拉和亞塞拜然有關。

On your question on industrial gas demand in Europe, yes, we see that continuous. It is -- we see approximately a 10% growth or increase in industrial gas demand in Europe. And of course, it is very glad to see that. And the total industrial gas demand in that market, we see that to be around 100 bcm on an annual basis. So it's sort of clearly an addition to the demand. When that is said, there are other drivers that are, I would say argue more important in sort of the price setting in Europe. And that is particularly the demand from Asia.

關於你關於歐洲工業天然氣需求的問題，是的，我們認為這種情況持續存在。我們預計歐洲工業天然氣需求將成長約 10%。當然，我們很高興看到這一點。我們認為該市場的工業氣體總需求每年約為 100 bcm。所以這顯然是對需求的補充。話雖如此，我認為還有其他驅動因素對於歐洲的價格設定更為重要。這尤其是來自亞洲的需求。

So clearly, that is something to watch very, very closely. And China, we see this year has an 8% growth in demand. So that is important to follow on. And then sort of that brings me into the concept of weather, because weather clearly means a lot for both storage levels and demand and what have you.

顯然，這是值得非常非常密切關注的事情。而中國，我們今年的需求成長了 8%。因此，繼續下去很重要。然後這讓我想到了天氣的概念，因為天氣顯然對存儲水平和需求以及你擁有的東西都意味著很多。

And this summer, we see that it is a warm summer in Asia and China and that actually increases demand for gas to power and air conditioning actually impacting demand of LNG. So weather is actually playing a role also in the summer.

今年夏天，我們看到亞洲和中國的夏季溫暖，這實際上增加了對天然氣發電和空調的需求，從而影響了液化天然氣的需求。因此，天氣實際上在夏季也發揮作用。

Then, I would like to draw your attention also towards Ukraine and the transit of Russian gas through Ukraine, currently around 13 bcm is coming in that direction. And Ukrainian government has said that they want to end that transit by year end. So we'll see, but also an area to watch when we try to get our hands around sort of demand supply balances in the European gas markets.

然後，我想提請您注意烏克蘭和俄羅斯天然氣通過烏克蘭的運輸，目前大約 13 bcm 正朝該方向移動。烏克蘭政府表示，他們希望在年底前結束這種過境。因此，我們將會看到，但當我們試圖解決歐洲天然氣市場的供需平衡問題時，這也是一個值得關注的領域。

Teodor Sveen Nilsen, Sparebank1.

特奧多·斯文·尼爾森，Sparebank1。

Good morning, and thanks for taking my questions. First, on your production guidance for oil and gas. Torgrim, at the first quarter presentation, I think you made some comments around that we should expect lower production and definitely seeing that during second quarter. So how should we think around the total production guidance for the year being flat year over year? Do you still see some downside risk to that? So that's the first question.

早上好，感謝您回答我的問題。首先，關於石油和天然氣的生產指引。托格里姆，在第一季的演講中，我認為您發表了一些評論，我們應該預計產量會下降，並且肯定會在第二季度看到這種情況。那麼，我們該如何看待今年總產量指引較去年同期持平的情況呢？您仍然認為存在一些下行風險嗎？這是第一個問題。

Second question, that is on renewable. I know that you have recently made some reorganization in your renewable business and that you may be looking to reduce the project portfolio somewhat. I just wonder how that will impact your long-term target. So 35 to 60 terawatt hours production by 2030. It looks a little bit ambitious now, so any thoughts around that and the reorganization would be useful? Thanks.

第二個問題，關於再生能源。我知道您最近對再生能源業務進行了一些重組，並且您可能希望稍微減少專案組合。我只是想知道這將如何影響您的長期目標。到 2030 年產量將達到 35 到 60 太瓦時。謝謝。

Thanks, Teodor. So first on production guidance. What we have seen this quarter is a strong operational performance in where we produce and also that maintenance has gone very effectively and then smoothly. So that is one element into it. The other one is that we have finalized, closed the Equity transaction, which actually adds a little bit of volume into the mix.

謝謝，特奧多。首先是生產指導。本季我們看到的是我們生產場所的強勁營運績效，而且維護工作也非常有效且順利。這就是其中的一個要素。另一個是我們已經完成並結束了股權交易，這實際上增加了一點交易量。

And then the reason why we said about a little bit of downside last quarter that was linked to curtailment of US Gas production, which we expected. We still expect some of that, but we do see a robustness in our production. So we say -- we actually stand firm on the guidance that we have.

然後，我們之所以說上個季度出現一點下行趨勢，與我們預期的美國天然氣產量削減有關。我們仍然期望其中一些，但我們確實看到了我們生產的穩健性。所以我們說——我們實際上堅定地堅持我們現有的指導。

I think when we talk about production, I just want to make you aware of sort of the turnaround program this summer, because in the second quarter, we have had a production turnaround of around 55 barrels per day. In the third quarter, it will be significantly higher. It will be 125,000 barrels per day as such. So this is a little bit contrary to the way it was last year, where sort of it was the second quarter that had the highest turnaround.

我想當我們談論產量時，我只是想讓你們了解今年夏天的周轉計劃，因為在第二季度，我們的產量週轉量約為每天 55 桶。第三季度，這一數字將顯著提高。預計產量為每天 125,000 桶。因此，這與去年的情況有點相反，去年第二季的周轉率最高。

So just for your modeling, so you're aware of that there is a significant turnaround program happening in this quarter. But taking all of that into account, production guidance remains firm. Then on renewables and targets and ambitions and all of that, we will build a renewables and low carbon business on top of our oil and gas business, which will continue to invest $10 billion a year as you are very well aware of.

因此，僅針對您的建模，您就會知道本季將發生重大週轉計劃。但考慮到所有這些，生產指導仍然堅定。然後，在再生能源、目標和雄心壯志以及所有這些方面，我們將在石油和天然氣業務的基礎上建立再生能源和低碳業務，正如你們非常清楚的那樣，該業務將繼續每年投資100 億美元。

It is very important for us that the investments we are doing are creating value, that they are robust and that they are profitable. So capital discipline needs to be the headline on sort of the way we conduct and build our business.

對我們來說非常重要的是，我們所做的投資能夠創造價值、穩健且有利可圖。因此，資本紀律需要成為我們開展和建立業務的方式的首要內容。

So and Anders has said this for a long time that sort of if he has to choose or we have to choose between delivering -- between value creating projects or volume targets, it will be value creating projects. So that is very sure.

因此，安德斯長期以來一直在說，如果他必須在交付之間做出選擇，或者我們必須在交付之間做出選擇——在創造價值的項目或數量目標之間，那將是創造價值的項目。所以這是非常確定的。

More specifically, the projects we have ongoing are moving forward, and they will contribute clearly to growing the renewables production. And we are moving in line with sort of towards the ambitions that we have said. But clearly, we will focus very much on reducing costs where we can and focus our efforts and investments into where we see that the value creation is happening. So yeah, so thanks.

更具體地說，我們正在進行的項目正在向前推進，它們將為增加再生能源產量做出明顯貢獻。我們正在朝著我們所說的雄心壯志前進。但顯然，我們將非常注重盡可能降低成本，並將我們的努力和投資集中在我們看到價值創造正在發生的地方。是的，所以謝謝。

Biraj Borkhataria, RBC.

比拉傑‧博哈塔里亞 (Biraj Borkhataria)，加拿大皇家銀行。

Hi, everyone. Thanks for taking my questions. I've got two. The first one's on the Rosebank sale. You've talked about selling down your interest in the past, but then suspended the sale due to the change in government.

大家好。感謝您回答我的問題。我有兩個。第一個在羅斯班克拍賣會上。您過去曾談到出售您的權益，但後來由於政府更迭而暫停了出售。

I was wondering if you had so far any clarity on fiscal changes, particularly around whether there could be any retroactive changes in the UK oil and gas taxes, because I suppose that would have quite a significant impact on the economics both for you and also for the potential buyers. So any color around your confidence in the fiscal regime there would be helpful.

我想知道到目前為止，您是否對財政變化有任何明確的了解，特別是關於英國石油和天然氣稅是否可能有任何追溯性變化，因為我認為這將對您和英國的經濟產生相當重大的影響。因此，任何圍繞著你對財政制度信心的顏色都會有所幫助。

And then the second question is just on Empire Wind. Has there been any update on the project financing progress there? Are you still expecting that by year end? Thank you.

第二個問題是關於帝國風的。專案融資進度有最新消息嗎？年底你還期待嗎？謝謝。

Okay. Thank you, Biraj. On Rosebank, yeah, we acquired 40% of Rosebank together with other assets in the UK from Suncor last year. So currently, we hold 80% in that asset. So that is higher than we sort of like to be in assets like this. And we said early this year that we plan to farm down part of that.

好的。謝謝你，比拉吉。是的，就 Rosebank 而言，我們去年從 Suncor 收購了 Rosebank 40% 的股份以及英國的其他資產。目前，我們持有該資產 80% 的股份。因此，這比我們希望擁有的此類資產要高。我們今年稍早曾表示，我們計劃將其中的一部分用於種植。

So that's clearly dialogs that we have with other companies related to that asset. On your specific question on sort of change of government in the UK and tax uncertainty, we are a very significant energy investor in the US and have a close dialog on all levels with the government.

這顯然是我們與其他與該資產相關的公司的對話。關於你關於英國政府更迭和稅收不確定性的具體問題，我們是美國非常重要的能源投資者，並與政府在各個層面進行密切對話。

And they are very much aware of the needs and for our industry. In the manifesto, they put forward after the election, they have some statements that sort of we clearly recognize. One is that they want to create an attractive investment climate for industry. And also, they really would like to focus on growth and energy transition.

他們非常了解我們行業的需求。他們在選舉後提出的宣言中，有一些我們明確認可的聲明。一是他們希望為工業創造有吸引力的投資環境。而且，他們確實希望關注成長和能源轉型。

In that means that and our expectation is that any changes to the tax system needs to be balanced and business friendly. And in particular, that means capital allowances towards tax as such. And sort of what we read out of the manifesto is that sort of they will work on changes that safeguard a business-friendly environment as such. This is very important, and they are very much aware of that.

這意味著，我們的期望是，稅收制度的任何變化都需要平衡且有利於商業。特別是，這意味著稅收本身的資本減免。我們從宣言中讀到的內容是，他們將努力進行變革，以維護有利於商業的環境。這一點非常重要，他們也非常清楚這一點。

So but Rosebank is a great asset, low breakeven. We plan to start it up in 2027 and it's going to be an important part of our cash flow towards the end of this decade. Let's see. That was the first one, Biraj. That was a long answer on that one.

所以，羅斯班克是一筆龐大的資產，損益平衡點很低。我們計劃於 2027 年啟動，它將成為本十年末我們現金流的重要組成部分。讓我們來看看。這是第一個，比拉吉。那是一個很長的答案。

But then we have the second one and that was Empire Wind. Yeah, so Empire Wind, so we said at the Capital Markets Day that this year is the year of de-risking the Empire Wind project. So renegotiating the price contract with the State of New York, getting in place sort of project financing and levering, and then thirdly, farming it down.

但我們還有第二個，那就是帝國風。是的，所以帝國風，所以我們在資本市場日說，今年是帝國風項目去風險的一年。因此，與紐約州重新談判價格合同，落實項目融資和槓桿化，然後第三步，將其縮減。

So a little bit of an update on these topics for you. One is that we got the contract and the price increased from $118 to $155 per megawatt hour. The project finance is underway. So the bank group is coming together. And we plan to -- for a sort of a financial close towards the end of this year, and that will be sort of the next sort of official milestone for this project.

我們為您提供有關這些主題的一些最新資訊。一是我們拿到了合同，價格從每兆瓦時118美元漲到155美元。專案融資正在進行中。因此，銀行集團正在團結起來。我們計劃在今年年底前完成某種財務結算，這將是該專案的下一個官方里程碑。

And then thirdly, farming down the asset will be important for us. And currently, we hold it 100%. It is 100% consolidated in our accounts.

第三，對資產進行耕種對我們來說很重要。目前，我們100%持有它。它 100% 合併在我們的帳戶中。

And that is also reflected in the CapEx guidance that we have put forward. And if I remember right, we said it had in isolation and in CapEx impact of $1.2 billion this year and $1.5 billion next year. So if we successfully are able to farm down that assets and have it off balance sheet, reported CapEx will naturally be lower as such. So it is progressing according to plan.

這也反映在我們提出的資本支出指南中。如果我沒記錯的話，我們說過它對今年和明年的資本支出影響分別為 12 億美元和 15 億美元。因此，如果我們能夠成功地減少這些資產並將其移出資產負債表，則報告的資本支出自然會降低。所以它正在按計劃進行。

Lydia Rainforth, Barclays.

莉迪亞·雷恩福斯，巴克萊銀行。

Thank you and good morning. I actually have two questions. And actually just picking up on the low carbon spend and evolution there. So obviously, if you're talking about the idea that we need to be disciplined and risk of being value creating, I mean, at some point, you have to go actually this carbon, the low carbon spend actually is probably too much that we put in there that we just can't spend all of that money.

謝謝你，早安。我其實有兩個問題。實際上只是了解那裡的低碳支出和發展。很明顯，如果你談論的是我們需要遵守紀律和創造價值的風險，我的意思是，在某些時候，你實際上必須採取這種碳排放，低碳支出實際上可能超出了我們的承受範圍。

And then secondly on the cash return side, can I just ask how you're thinking about this? Because we got $14 billion this year that goes out and obviously it's quite a big part of your market cap. It's a little bit less next year, and then it's lower in kind of 2026. I mean, when we think about '26 in the guidance you've already given, and I know this is way out, but are we thinking about that as a minimum level? Or I'm just trying to get a sense of actually what's the underlying cash return to shareholders at this point. Thanks.

其次，在現金回饋方面，我可以問一下您對此有何看法嗎？因為我們今年有 140 億美元的支出，顯然這佔了你們市值的很大一部分。明年會少一點，然後到 2026 年就會更低。 ？或者我只是想了解此時股東的基本現金回報到底是多少。謝謝。

Okay. Thanks, Lydia. It was a little bit hard to hear you on your first question. I know it was related to low carbon solution and capital discipline, but maybe you can repeat that.

好的。謝謝，莉迪亞。聽到你的第一個問題有點困難。我知道這與低碳解決方案和資本紀律有關，但也許你可以重複一遍。

Thanks. I'm sorry. I'll do it a little bit slower as well. I was just thinking at some point, you've talked about it needs to be value-creating earlier in the call. At what point sort of do you go actually, we just can't spend all this money reallocate this low-carbon because the projects that are becoming in more expensive or they're just aren't those value creation opportunity. So effectively, do you struggle to spend the low carbon budget that you've got.

謝謝。對不起。我也會做得慢一點。我只是在想，你在電話會議的早期就談到了它需要創造價值。實際上，我們不能花所有這些錢來重新分配這種低碳，因為那些項目變得越來越昂貴，或者它們根本就不是那些創造價值的機會。那麼實際上，您是否正在努力花掉您擁有的低碳預算？

Okay. No, great Lydia. Okay. So yeah. I mean, currently, the project that is mature the most is the Northern Lights project. That is well supported by government and sort of has a return that is absolutely or is appropriate. Currently we are working on in the UK on carbon capture and storage projects, which are mature. It is the Net Zero Teesside and the NEP, the Endurance Storage project as well. So those are moving forward. And they are not providing our returns that is sort of appropriate as such.

好的。不，偉大的莉迪亞。好的。嗯是的。我的意思是，目前最成熟的專案是北極光專案。這得到了政府的大力支持，並且獲得了絕對或適當的回報。目前我們正在英國開展碳捕集與封存項目，這些項目已經成熟。這是 Teesside 的 Net Zero 和 NEP，還有 Endurance Storage 專案。所以這些正在向前推進。他們沒有為我們提供適當的回報。

On sort of beyond that, clearly quite a bit of work ongoing on CCS storage side and also CO2 gathering and transportation. And we are in discussion building a CO2 pipeline from the continent to the Norwegian continental shelf. We see that it will still take some governmental support to lift all of this, but we do believe that is going to build a meaningful and constructive return on business in a way. I would say within the low-carbon solutions, the hydrogen type of universe is not moving forward as quickly and sort of there are still work to be done before we see clearer roadmap to returns in the longer term there.

除此之外，顯然在 CCS 儲存以及二氧化碳收集和運輸方面正在進行大量工作。我們正在討論建造一條從大陸到挪威大陸架的二氧化碳管道。我們認為，仍然需要一些政府支持來實現這一切，但我們確實相信，這將在某種程度上建立有意義和建設性的業務回報。我想說，在低碳解決方案中，氫型宇宙的發展速度並沒有那麼快，在我們看到更清晰的長期回歸路線圖之前，仍有一些工作要做。

On the cash returns or capital distribution, $14 billion this year, that's right. That should translate into 18% or 19% directly yield. We have said that next year we have sort of the cash returned $0.35 per share, is growing but $0.02 per year and then [$1.2 billion] in sort of a standard share buyback. And then on top of that additional share buyback. So in total, between $4 billion and $6 billion next year.

就現金回報或資本分配而言，今年 140 億美元，沒錯。這應該轉化為 18% 或 19% 的直接收益率。我們說過，明年我們將獲得每股 0.35 美元的現金回報，並且每年增長 0.02 美元，然後以標準股票回購的方式[12 億美元]。然後是額外的股票回購。因此，明年的總金額將在 40 億至 60 億美元之間。

Then your question was, so what about 2026. And this is not a time and place to give you specifics on that, Lydia, but what I can say that we have the cash, the ordinary cash dividend, we have $1.2 billion in is in sort of standard share buyback. And then we have said that we intend to use capital distribution to bring in our gearing and balance sheet back to sort of -- in better balance as such. So but we will come back on this on the Capital Markets Day in February. And clearly, capital distribution to have that competitive is a key priority for us as leaders.

那麼你的問題是，那麼 2026 年呢？的股票回購。然後我們說過，我們打算利用資本分配來使我們的負債比率和資產負債表恢復到更好的平衡狀態。所以，我們將在二月的資本市場日回來討論這個問題。顯然，具有競爭力的資本分配是我們身為領導者的首要任務。

Brilliant. Thank you.

傑出的。謝謝。

Yoann Charenton, Bernstein.

約安‧查倫頓，伯恩斯坦。

Yes, good afternoon, Torgrim. I would like to ask about an update on M&A activities overall. I have three questions related to this. First, can you please tell us how many assets are classified as held for sale as of June.

是的，下午好，托格瑞姆。我想詢問有關併購活動的整體最新情況。我有三個與此相關的問題。首先，您能否告訴我們截至 6 月有多少資產被歸類為持有待售？

The second question is in relation to Rosebank. Are you able to say what is the impact of Rosebank on the Group CapEx this year? If I remember correctly, this year's plan farm-down was reflected in the full year CapEx guidance earlier this year?

第二個問題與羅斯班克有關。您能說說羅斯班克今年對集團資本支出的影響嗎？如果我沒記錯的話，今年的計劃農場縮減已反映在今年早些時候的全年資本支出指導中？

And then the third question is about basically any color you could provide on the timing for closing deals that have been announced, but that have yet to complete. And what is the overall impact on cash flow, please?

第三個問題基本上是關於您可以提供的任何有關已宣布但尚未完成的交易完成時間的顏色。請問這對現金流的整體影響是什麼？

Last one was closing on Azerbaijan.

最後一場正在逼近阿塞拜疆。

Yeah. Okay. Closing, right. Thanks. Thanks, Yoann. And yes, so firstly, it was a very specific question on held for sale and M&A. So currently it is Azerbaijan asset that is classified as held for sale. In addition to that we did a swap -- a value neutral swap with Petoro this quarter in various licenses. And the one leg of that swap, which we are divesting is classified as held for sale for the time being.

是的。好的。關閉，對。謝謝。謝謝，約安。是的，首先，這是一個關於持有待售和併購的非常具體的問題。因此，目前阿塞拜疆資產被歸類為持有待售。除此之外，我們還進行了交換——本季與 Petoro 在各種許可證中進行了價值中性交換。我們正在剝離的掉期的一側暫時被歸類為持有待售。

On the Rosebank, so yes, we said in the early of the year. That sort of we were planning to divest Rosebank and the part of Sparta. And -- but we also said this quarter that our CapEx $13 billion remains firm. And I just want to say that's sort of that guiding, we see that as a robust for progress of planned divestments as such. So we are comfortable delivering on what we have promised.

在羅斯班克，是的，我們在年初就說過。我們正計劃剝離羅斯班克和斯巴達的一部分。而且，我們本季也表示，我們 130 億美元的資本支出仍然保持穩定。我只想說，這就是一種指導，我們認為這是計劃撤資取得進展的強勁動力。因此，我們很樂意兌現我們的承諾。

And then the last question was closing of Azerbaijan right? Yeah, so we have both Nigeria and Azerbaijan, as assets we have actually signed an agreement on and moving towards closing. I won't promise anything. They are progressing. And as we have them, there are still some outstanding topics in sort of discussions with government, but it is progressing and is getting closer to closing of those transactions.

最後一個問題是關閉阿塞拜疆，對嗎？是的，我們有尼日利亞和阿塞拜疆，作為資產，我們實際上已經簽署了協議並正在接近關閉。我不會承諾任何事。他們正在進步。正如我們所掌握的那樣，在與政府的討論中仍然存在一些懸而未決的話題，但它正在取得進展，並且越來越接近完成這些交易。

Thank you, Torgrim.

謝謝你，托格瑞姆。

Peter Low, Redburn.

彼得洛，雷德伯恩。

Thank you. The first one was just on Dogger Bank, can you talk a bit about what the issues have been that have led to the delays that have resulted in you kind of reducing the power output guidance this year. And the second do is just to get an update on some of your upcoming major project startups in oil and gas, for example, Castberg. Is that still on track for first oil this year. Anything on Bacalhau, and its startup next year? Thanks.

謝謝。第一個是關於 Dogger Bank，您能談談導致延誤的問題是什麼，這些問題導致您降低了今年的功率輸出指導。第二件事就是獲取一些即將在石油和天然氣領域啟動的大型項目的最新信息，例如 Castberg。今年第一批石油是否仍有望實現？關於馬介休及其明年的新創公司有什麼消息嗎？謝謝。

Thanks, Peter. So on Dogger Bank, the operator of the development is SSE. So they should be the one that actually provides an in-depth explanation to this. Currently, there are 27 turbines fully or partly installed and there are 7 turbines in production for the time being. It so much lower than planned. And one of the reasons behind it is actually it has been a very windy summer. So I mean, providing it's a good location as such. But it's -- that is part of the reason as such. It is progressing and we expect it to be sort of fully in production in the second half of this year.

謝謝，彼得。因此，在 Dogger Bank 上，開發的營運商是 SSE。所以他們應該是真正對此提供深入解釋的人。目前，已全部或部分安裝的渦輪機有27台，目前有7台渦輪機正在生產。比計劃的低很多。背後的原因之一實際上是一個風很大的夏天。所以我的意思是，只要它有一個好的位置。但這是原因的一部分。它正在取得進展，我們預計它將在今年下半年全面投入生產。

On major projects, so Johan Castberg first, which currently sits in a fjord. It is sort of left the yard on the West Coast of Norway and sits in sort of the fjord and doing commissioning work, planning to sail away to the Barents Sea in August and on track to sort of come into production by the end of this year or in fourth quarter as such. There still is still significant work but it is progressing well. It is -- the expected production in 2025 is around 80,000 barrels per day. So it's a significant contributor to our production.

對於重大項目，首先是 Johan Castberg，該項目目前位於峽灣中。它離開了挪威西海岸的船廠，坐落在峽灣中，正在進行調試工作，計劃於八月駛往巴倫支海，並預計在今年年底投入生產。仍有大量工作要做，但進展順利。預計 2025 年產量約為每天 8 萬桶。所以它對我們的生產做出了重要貢獻。

You also mentioned the Bacalhau -- also progressing well. The vessel currently sits in Singapore in the yard and subsea work in Brazil is ongoing. We expect first oil in 2025 as such. So it is also progressing. And then we have spoken about Rosebank as another sort of large development and then there are two more, a little bit longer out in time, Raia in Brazil planning coming onstream in '28 and also Sparta in Gulf of Mexico in '28. So actually five very large greenfield developments moving forward, and they are moving forward according to plan.

您也提到了馬介休——也進展順利。該船目前停泊在新加坡的船廠，巴西的海底工作正在進行中。我們預計第一批石油將於 2025 年出現。所以它也在進步。然後我們談到了 Rosebank 作為另一個大型開發項目，還有另外兩個項目，時間稍長一些，巴西的 Raia 計劃於 28 年投產，墨西哥灣的 Sparta 將於 28 年投產。因此，實際上有五個非常大的綠地開發項目正在推進，而且它們正在按計劃進行。

Thank you.

謝謝。

Kim Fustier, HSBC.

金‧福斯蒂爾，匯豐銀行。

Thanks for taking my questions. I've got two, please. First one is I was wondering if there has been any progress on Wisting and on Bay du Nord. Both of these were previously put on hold, but there seems to have been some movement on engineering procurement lately. And maybe just some general comments you can offer on the cost and contracting environment in the offshore.

感謝您回答我的問題。我有兩個，拜託。第一個是我想知道 Wisting 和 Bay du Nord 是否取得了任何進展。這兩項工作先前均被擱置，但最近工程採購方面似乎出現了一些動靜。也許您可以就離岸成本和承包環境提供一些一般性評論。

And secondly, I see that you've acquired a small lithium project in the US, it's a very small amount, but I just wondered how serious you are about lithium. One of your US peers seems to be quite serious about it. So any comments you can offer there would be helpful.

其次，我看到你們在美國收購了一個小型鋰項目，金額很小，但我只是想知道你們對鋰有多認真。你的一位美國同行似乎對此相當認真。因此，您可以在那裡提供的任何意見都會有所幫助。

Thank you.

謝謝。

Okay. Thanks, Kim. So on Wisting and Bay du Nord, those are two projects sort of where we have said. they need to do some more work before they are ready. And sort of we have had good success with that over the years to say -- to push things back to improve them further. So both of them are progressing.

好的。謝謝，金。因此，關於 Wisting 和 Bay du Nord，這就是我們所說的兩個項目。在準備好之前，他們還需要做更多的工作。可以說，多年來我們在這方面取得了良好的成功——將事情推遲以進一步改進。所以兩人都在進步。

Wisting, we are maturing that towards a final investment decision in 2026. And that work is progressing. On Bay du Nord also progressing well. And we do hope and expect to bring that forward to this -- to sort of a concept select not too far into the future. We have an ongoing drilling program in those waters and that hopefully can prove up even more volumes there.

我們正在完善這一點，以期在 2026 年做出最終投資決定。 Bay du Nord 也進展順利。我們確實希望並期望將其推進到這一點——在不久的將來選擇一個概念。我們在這些水域正在進行鑽探計劃，希望能夠在那裡開採更多的石油量。

In the contracting environment it is generally rather tight market and we see clearly inflation. But in sort of the projects which are sanctioned, we have good control. I mean there're non-sanctioned project, I mean, we are not immune. So we see more exposure there. As a large sort of investors and operator, clearly, we were able to steer this on a portfolio level and limit the exposure to inflation as such. So we have what we need, but clearly, we're not immune to inflation.

在收縮環境下，市場普遍相當緊張，我們看到明顯的通貨膨脹。但對於那些被批准的項目，我們有很好的控制力。我的意思是，有未經批准的項目，我們也不能倖免。所以我們在那裡看到了更多的曝光。顯然，作為大量投資者和營運商，我們能夠在投資組合層面上進行引導，並限制通膨風險。所以我們已經擁有了我們所需要的，但顯然，我們也無法免於通貨膨脹的影響。

On lithium, yes, we made an acquisition interest on the lithium earlier this year. We see synergies between what we already do, and this, particularly with the subsurface and sort of activities. And we do see lithium as sort of an interesting commodity for the future as such and taking an early and small position into that line of business.

關於鋰，是的，我們今年稍早收購了鋰。我們看到了我們已經在做的事情和這之間的協同作用，特別是與地下活動和各類活動之間的協同作用。我們確實將鋰視為未來有趣的商品，並在該業務領域佔據了早期和較小的地位。

John Olaisen, ABG.

約翰·奧萊森，ABG。

Thanks for taking my question. Two very quick questions. First, could you please elaborate on the dry well, you've had in Argentina in Q2. Was the result so disappointed that you will give up exploration in the area. Or do you plan further exploration wells in the area? That's one first, please.

感謝您提出我的問題。兩個非常快的問題。首先，您能否詳細介紹一下第二季在阿根廷遇到的乾井情況。結果是否讓你失望到放棄對該地區的探索？或者您計劃在該地區進一步勘探井嗎？這是第一個，請。

Okay. Thanks, John. Yeah, so the Argerich well was dry. It was a frontier exploration well with naturally lower expectation for discovery. So that's the way it is. The license that Argerich sits in is called CAN 100, which is a very significant and large acreage. But clearly, we have not made up our minds on the way forward. And we will clearly analyze and consider what we will do here. We have covered area with seismic and we have good overview on the area.

好的。謝謝，約翰。是的，所以阿格里奇井已經乾了。這是一口前緣勘探井，對發現的期望自然較低。事情就是這樣。阿格里奇持有的許可證名為 CAN 100，這是一個非常重要且龐大的區域。但顯然，我們還沒有對前進的方向做出決定。我們會清楚地分析和考慮我們在這裡要做什麼。我們已經覆蓋了地震區域，並且對該區域有很好的了解。

Okay. No conclusion as of now, whether you're going to drill more or abandon?

好的。目前還沒有定論，是繼續鑽探還是放棄？

No, we haven't made a decision. I mean clearly still analyzing, but the well was dry.

不，我們還沒有做出決定。我的意思是顯然仍在分析，但井已經乾了。

Thank you. And my second question is related to the renewable business. Given the equity accounting practice, only a small portion of the underlying net debt from that part of the business is reflected in your balance sheet. But is it possible to give an indication of the size of the off-balance sheet [that] it relates to the renewable business, please?

謝謝。我的第二個問題與再生能源業務有關。鑑於權益會計實踐，該部分業務的基礎淨債務中只有一小部分反映在您的資產負債表中。但能否說明與再生能源業務相關的資產負債表外規模？

Yes, that is $3.54 billion.

是的，那就是 35.4 億美元。

So it's 3 point --

所以這是3點——

$3.54 billion at the end of the quarter.

本季末為 35.4 億美元。

Fine. That's very accurate. Is that number given somewhere in the report.

美好的。這是非常準確的。報告中是否給出了該數字？

No, it is not sort of written in the report, but we are happy to provide it in calls and discussions on an ongoing basis on the size of it.

不，它沒有寫在報告中，但我們很高興在電話和持續討論中提供它的大小。

Right (multiple speakers)--

右（多位發言者）--

John, thank you, but I think -- John, thank you have had your two questions and I have a lot on the list so --

約翰，謝謝你，但我想——約翰，謝謝你提出了兩個問題，我的清單上有很多問題，所以——

Thank you.

謝謝。

Henri Patricot, UBS.

亨利‧派崔克，瑞銀集團。

Well, thank you, everyone. Two questions please from my side, the first one in MMP and the other subsection in MMP, which was a more negative number this quarter. You mentioned developing low carbon projects. So I was wondering if that's something that we should expect to be an increasingly negative drag on earnings in MMP or was that quarter and particularly weak? Just a percent of performance to expect next few quarters in that particular subsection.

嗯，謝謝大家。我這邊有兩個問題，第一個是 MMP 的問題，另一個是 MMP 的小節，本季的負數更大。您提到發展低碳項目。所以我想知道我們是否應該預期這會對 MMP 的收益產生越來越大的負面影響，或者該季度是否特別疲軟？在該特定部分中，預計未來幾季的業績僅為預期的百分之一。

And then secondly, a follow-up on Dogger Bank. So you mentioned some delays to Phase A. I was wondering what the implications you see for a phases B and C for the projects and whether we should expect maybe some delays here as well and effectively full capacity of the project a bit later than expected? Thank you.

其次，是 Dogger Bank 的後續行動。所以你提到了 A 階段的一些延遲。謝謝。

Okay. No, thanks, Henri. So the MMP result came in at USD521 million, which is sort of within the guided range. And I'm happy to see that MMP. have been able to deliver within or above the guided range all since we introduced sort of the increased guiding. So I would argue that they continue to deliver strong results across the business.

好的。不，謝謝，亨利。因此，MMP 結果為 5.21 億美元，這在某種程度上處於指導範圍內。我很高興看到那個 MMP。自從我們引入了某種增強的引導以來，我們一直能夠在引導範圍內或之上提供服務。因此，我認為他們將繼續在整個業務領域取得強勁的業績。

This quarter, LNG trading and gas trading in particular is worth mentioning. However, sort of the other areas within MMP delivered fairly around sort of what you should expect this quarter. The asset that has sort of been the maintenance is Mongstad and refinery. So that is sort of very limited results from that part of the business. But when that is an operations, they provide typically a meaningful part into the earnings from MMP. So I would say that MMP is sort of fair.

本季度，液化天然氣貿易和天然氣貿易尤其值得一提。然而，MMP 中的其他領域的表現與您本季的預期相當接近。負責維護的資產是蒙斯塔德和煉油廠。因此，這部分業務的結果非常有限。但當這是一項業務時，它們通常會為 MMP 的收入提供有意義的部分。所以我想說 MMP 是公平的。

On your question on the on low carbon spending, clearly we are in a growth phase and clearly there are business development and early phase costs. We have taken that into account into our guiding when we put forward. The cost that we do spend here is specific project related cost. It's not administration or general cost. They are linked to projects, but projects which are in an early phase. So you don't book it as investments. You have to book it as operational cost as well.

關於您關於低碳支出的問題，顯然我們正處於成長階段，並且顯然存在業務發展和早期階段成本。我們在提出的時候已經考慮到了這一點。我們在這裡花費的成本是特定項目相關的成本。這不是管理費用或一般費用。它們與項目相關，但項目仍處於早期階段。所以你不要將其作為投資。您還必須將其記為營運成本。

Right. The second question was Dogger Bank B and C. So this sort of they are and planned to come sort of following each other. We're sort of one year between them. So it's sort of a long term operational -- we do It one after the other two and all of that. So they are planned to come with one year between them.

正確的。第二個問題是 Dogger Bank B 和 C。我們之間相差一年。所以這是一項長期運作——我們一個接一個地做這件事，等等。所以他們計劃間隔一年。

So I'm not in a position to say whether what we see now is it impacting them. But what we do see is that Dogger Bank deal, we expect the first power in first half of '25 and full power first half of '26. And Dogger Bank C, first power first half '26 and at full power first half in '27, which is one year after what we expect from Dogger Bank A. So that's sort of the latest update I have. This SSE as operators is the one that really need to provide with more details here.

所以我無法說我們現在看到的情況是否會影響他們。但我們確實看到的是 Dogger Bank 交易，我們預計在 25 年上半年首次發電，並在 26 年上半年全面發電。 Dogger Bank C 於 26 年上半年首次通電，並於 27 年上半年全面通電，這比我們對 Dogger Bank A 的預期晚了一年。上證所作為運營商確實需要在這裡提供更多細節。

Thank you.

謝謝。

Michele della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

Thank you very much and congratulations on the good delivery. I will be quick. Two questions. First, I was wondering on the Johan Sverdrup, if you could provide us a little bit of an update one more quarter of good production. When do you expect the field to start declining if this has been pushed back into next year?

非常感謝並恭喜您順利交貨。我會很快的。兩個問題。首先，我想知道約翰·斯維爾德魯普（Johan Sverdrup）能否為我們提供再多四分之一的優質作品的更新資訊。如果推遲到明年，您預計該領域什麼時候會開始下降？

And secondly, we've heard of some disruptions in the offshore wind supply chains, especially in the UK. I was just wondering if you are finding it difficult to get especially the best source or effectively this is just normal course of business? Thank you.

其次，我們聽說離岸風電供應鏈出現了一些中斷，尤其是在英國。我只是想知道您是否發現很難獲得特別是最好的來源，或者實際上這只是正常的業務流程？謝謝。

Okay. Thanks, Michele. On Johan Sverdrup, progressing according to plan. As you remember, we sort of increased the production plateau level earlier this year to 755,000 barrels per day, and we expect it to come off that sort of increased total level towards the end of this year or next year. So the key here is to drill wells to manage water -- and manage water handling. So all of that is progressing according to plan.

好的。謝謝，米歇爾。約翰·斯維爾德魯普 (Johan Sverdrup) 正在按計劃進行。正如您所記得的，我們今年早些時候將產量穩定水平提高到了每天 755,000 桶，我們預計到今年年底或明年，產量將擺脫這種增加的總水平。因此，這裡的關鍵是打井來管理水，並管理水處理。所以這一切都在按計劃進行。

Two new wells this quarter. We planned 10 new wells during the year. And then it will be around 41 wells drilled on Johan Sverdrup. Next year, we will launch a drilling campaign focusing on multilaterals as well. And then we have Johan Sverdrup Phase 3 where we plan for a concept select in the fourth quarter and start it by end '27 on the Phase 3 here.

本季新增兩口井。我們年內計劃新鑽 10 口井。然後將在 Johan Sverdrup 鑽探約 41 口井。明年，我們還將開展以多邊為重點的鑽探活動。然後是 Johan Sverdrup 第三階段，我們計劃在第四季選擇一個概念，並在 27 年底開始第三階段。

I just want to say this is what we do. I mean, this is absolutely the core competence of the company. And here we apply all the competence and technology and sort of deep knowledge that we have. and managing reservoirs is sort of Equinor at its best, and we apply that at Johan Sverdrup. And it's progressing well and continues to deliver as we expect.

我只想說這就是我們所做的。我的意思是，這絕對是公司的核心競爭力。在這裡，我們運用我們所擁有的所有能力、技術和深厚的知識。管理水庫是 Equinor 的最佳做法，我們在 Johan Sverdrup 運用了這一點。它進展順利，並繼續按照我們的預期交付。

You had one more, offshore wind supply chain? Yeah, I think it takes too much to give a full answer on that. And we are sort of well on the projects that are ongoing, but clearly there are supply chain issues within offshore wind. We do recognize that, but for our own projects, we are good.

您還有一條離岸風電供應鏈嗎？是的，我認為對此給出完整的答案需要太多時間。我們正在進行的專案進展順利，但離岸風電顯然存在供應鏈問題。我們確實認識到這一點，但對於我們自己的專案來說，我們做得很好。

Paul Redman, BNP Paribas.

保羅‧雷德曼，法國巴黎銀行。

Hi, Paul, are you there?

嗨，保羅，你在嗎？

Yes. Can you hear me sorry?

是的。你聽得到我的抱歉嗎？

I hear you now. Thank you, Paul.

我現在聽到你的聲音了。謝謝你，保羅。

Perfect. On turnarounds quickly, you got into 125 mboe/d for 3Q '24. If I look at 3Q '23, what was the planned maintenance? And you also have a number for unplanned maintenance impacted did you last quarter? I'm trying to just see whether 125 mboe/d is more or less year on year.

完美的。週轉速度很快，24 年第 3 季的產量達到 125 mboe/d。如果我查看 23 年第 3 季度，計劃的維護是什麼？上個季度，您還有一些非計劃性維護受到影響嗎？我想看看 125 mboe/d 與去年同期相比是多還是少。

And then second, when we talk about value over volume in the renewable division, just building a little bit on Lydia's question, if there's areas where you think that you could slow down capital, do I see that as CapEx our of the plan or would you see a reallocation into other parts of the business? Thank you very much.

其次，當我們談論再生能源部門的價值與數量相比時，只是對莉迪亞的問題進行了一些討論，如果您認為在某些領域可以放慢資本速度，我是否認為這是我們計劃的資本支出？非常感謝。

Okay. So good. So turnarounds, we expect 125 thousand barrels per day in the third quarter this year. And last year it was 38 mboe/d in the same quarter.

好的。超好的。因此，我們預計今年第三季產量將達到 12.5 萬桶/日。去年同一季為 38 mboe/d。

And I'm not sure I really got your question. And that was related to unplanned maintenance. We had some prolonged maintenance related to troll last year, but I think that impacted the fourth quarter more than the third quarter. But I think maybe you should call Investor Relation afterwards to get the more specifics on that. But my point is, it is sort of a significant program we have in the next quarter, but production guiding remains firm.

我不確定我是否真的明白了你的問題。這與計劃外維護有關。去年我們進行了一些與巨魔相關的長期維護，但我認為這對第四季的影響比第三季更大。但我認為也許您應該事後致電投資者關係部門以獲取更多具體資訊。但我的觀點是，這是我們下個季度的一項重要計劃，但生產指導仍然堅定。

On value over volume, well we are planning to invest $10 billion into our oil and gas activities and that sort of remains firm. It has a high priority in the capital allocation project and a preference for capital allocation process. And sort of if we should not make any changes, I mean, we have a guiding out there. And there's no sort of -- let me put this differently, I mean, we are not in a position where we want to change anything related to our CapEx guiding for the time being. Things are progressing according to plan.

就價值與​​數量而言，我們計劃向我們的石油和天然氣活動投資 100 億美元，而且這項投資仍然堅定。在資本配置項目中具有較高的優先權，並在資本配置過程中具有優先權。如果我們不應該做出任何改變，我的意思是，我們有一個指導。讓我換個說法，我的意思是，我們暫時不想改變任何與資本支出指引相關的事。事情正在按計劃進行。

And in the value-over-volume considerations, that is typically impacting more the early phase sort of activities than ongoing investment program. So I mean, you have seen that we haven't sort of won in lease runs recently. That is because we just find them to be too expensive. That is not impacting sort of our short-term investments. It's more sort of the longer-term investment, it will have an impact on. So I have not an update to give you on this for the time being, Paul. But clearly we are not starting new projects unless we see that they are value creative.

從價值與數量的角度考慮，這通常對早期階段的活動的影響大於正在進行的投資計劃。所以我的意思是，你已經看到我們最近在租賃方面並沒有取得勝利。那是因為我們發現它們太貴了。這不會影響我們的短期投資。這更像是一種長期投資，它將產生影響。所以，保羅，我暫時無法向您提供有關此事的最新消息。但顯然，除非我們看到新專案具有價值創意，否則我們不會啟動新專案。

Chris Kuplent, Bank of America.

克里斯‧庫普倫特，美國銀行。

Thank you for taking my question, board. And I'll turn keep it short one remaining. Torgrim, would you mind updating us what kind of macro was prevalent when these new tax installments were set up for the second half? That's it. Thank you.

感謝您提出我的問題，董事會。我將把它簡短地留下來。托格瑞姆，您介意向我們介紹一下下半年設立這些新的稅收分期付款時普遍採用的宏觀政策嗎？就是這樣。謝謝。

Yeah. No, great, Chris. So that will typically be close to forward prices that we are sort of in earlier this spring. So I don't have the number, Chris, particularly, but I think it will be around -- I think if you have a look at sort of the forward prices early June, I think that is a good estimate for sort of the assumptions we do for those calculations. [And I can't remember what it is], but have a look at that and you'll find the answers.

是的。不，太好了，克里斯。因此，這通常會接近我們今年春季早些時候的遠期價格。所以我沒有這個數字，克里斯，特別是，但我認為它會圍繞 - 我想如果你看看六月初的遠期價格，我認為這是對各種假設的一個很好的估計我們進行這些計算。 [我不記得它是什麼了]，但是看看它，你就會找到答案。

That's fine. Thank you very much.

沒關係。非常感謝。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Yeah, thanks for taking my question. Just one quick one for me. Next year you have a $2 billion range for shareholder distributions. Can you just talk about what the factors are? What do you consider the low end or the high end of the range? Is it commodity prices? Is it things like Empire Wind farm down? Is there kind of one or two items that could tilt the balance to the low end or the high end for next year? Thanks.

是的，謝謝你回答我的問題。對我來說只是一個快速的。明年，股東分配金額將達 20 億美元。能簡單談談影響因素有哪些嗎？您認為範圍的低端或高端是什麼？是商品價格嗎？是帝國風電場倒閉之類的事情嗎？是否有一兩個項目可以使明年的平衡向低端或高端傾斜？謝謝。

Thanks, Jason. Yeah. So between $4 billion and $6 billion in share buyback next years. So it is not linked to any farm-down or Empire Wind or anything like that. We haven't made up our mind yet, and we will communicate that on the Capital Markets Day. But typically parameters to consider is the strength of the balance sheet and sort of the macro outlook at that point in time. Those are the two major parameters that we'll sort of go into that consideration.

謝謝，傑森。是的。因此，明年的股票回購金額將達到 40 億至 60 億美元。所以它與任何農場或帝國風或類似的東西無關。我們還沒有決定，我們將在資本市場日傳達這項決定。但通常需要考慮的參數是資產負債表的實力以及當時的宏觀前景。這是我們將要考慮的兩個主要參數。

Matt (inaudible), JP Morgan.

馬特（聽不清楚），摩根大通。

Hi, guys. Thanks for the update. Just one question left, please. I just want to ask you about full year operating cash flow generation. It struck me that the run rate in the first half looked somewhat light at sub-$8 billion pre working cap relative to $17.5 billion or so. I think that you had referenced inferred for the full year.

嗨，大家好。感謝更新。只剩下一個問題了，拜託。我只想問你全年營運現金流的產生情況。讓我驚訝的是，上半年的運行率看起來有些清淡，預運行上限低於 80 億美元，而相對於 175 億美元左右。我認為您已經提到了全年的推論。

So obviously cash taxes expected to be lower in the second half, but equally, you're signaling a heavier turnaround effect early in 3Q. So how do you sort of see the run rate gap second half versus first half and then an absence of higher gas prices. Where does that additional cash generation come from? Thanks

顯然，下半年現金稅預計會降低，但同樣，您也暗示第三季初的扭虧為盈。那麼，您如何看待下半年與上半年的運行率差距以及汽油價格上漲的情況。額外的現金產生從哪裡來？謝謝

Okay. No, thanks, Matt. So you're right, $7.7 billion, first half and then $17.5 billion for the full year. So it's higher towards the end. We see actually a relatively flat cash flow from operations before tax to the four quarters this year and the tax -- there's is a shift in tax payment is actually the major explanations to this. And I will say that sort of should explain absolutely most of it.

好的。不，謝謝，馬特。所以你是對的，上半年為 77 億美元，全年為 175 億美元。所以到最後它會更高。實際上，我們看到今年四個季度的稅前營運現金流量相對平穩，而稅收方面的變化實際上是造成這種情況的主要原因。我想說，這絕對可以解釋大部分問題。

So the production is -- we are getting back quite a bit of US production in the second half of the year, and that has a very low tax associated with it. So that clearly helps on sort of the after-tax cash flow if you sort of compare that to sort of the after-tax cash flow of maintenance on NCS, which has a large tax coverage, if you like. So but it is majority -- the major explanation here is actually the tax payment.

因此，我們將在今年下半年收回相當多的美國產量，而且與之相關的稅收非常低。因此，如果你將其與 NCS 維護的稅後現金流進行比較，這顯然對稅後現金流有幫助，如果你願意的話，NCS 的稅收覆蓋範圍很大。所以，但這是大多數——這裡的主要解釋實際上是納稅。

Thank you. And thank you, everybody, for calling in and for your questions. We are just above 1 hour. As usual, let me remind you that our IR team remain available if there are any follow-up questions. So thank you and have a good rest of the day.

謝謝。感謝大家的來電並提出問題。我們才1小時多一點。像往常一樣，我要提醒您，如果有任何後續問題，我們的 IR 團隊將隨時為您服務。謝謝您，祝您今天休息愉快。