Equinor ASA (EQNR) 2024 Q4 法說會逐字稿

My name is BÃ¥rd Glad Pedersen, and I am heading up Investor Relations in Equinor.

我的名字是 BÃ¥rd Glad Pedersen，我是 Equinor 的投資者關係主管。

(Conference Instructions)

（會議指示）

Today, we will have two presentations here in the plenary session.

今天，我們將在全體會議上進行兩次演講。

It will be our CEO, Anders Opedal; and our CFO, Torgrim Reitan.

他將是我們的執行長 Anders Opedal；以及我們的財務長 Torgrim Reitan。

After their presentations, there will be a Q&A for analysts here in the room and all the members of the corporate executive team are here and ready to provide answers.

在他們的演講結束後，房間裡將有一個分析師問答環節，公司執行團隊的所有成員都將在這裡準備提供答案。

Later, after that, we will have three breakout sessions.

稍後，我們將進行三次分組會議。

One with Anders and Torgrim, one with Kjetil Hove and Philippe Mathieu, the Executive Vice Presidents for EPN and EPI; and one with Jens Økland and Irene Rummelhoff, the EVPs for Renewables and MMP.

一位是與 EPN 和 EPI 執行副總裁 Anders 和 Torgrim，一位是與 Kjetil Hove 和 Philippe Mathieu；其中一位是負責再生能源和 MMP 的執行副總裁 Jens Ãkland 和 Irene Rummelhoff。

But before all of that, we will do -- as we do in all Equinor meetings, we will start with a safety moment.

但在此之前，我們會像在所有 Equinor 會議上一樣，從安全時刻開始。

This will be with our EVP for Safety, Security, and Sustainability, Jannicke Nilsson.

這將與我們的負責安全、保障和永續性的執行副總裁 Jannicke Nilsson 一起進行。

And just before I hand it over to Jannicke I will remind you that the presentations here today will include forward-looking statements and non-GAAP measures.

在我將其交給 Jannicke 之前，我要提醒您，今天這裡的演示將包括前瞻性陳述和非 GAAP 指標。

Then we are ready to start, and I hand it over to you, Jannicke.

那麼我們就可以開始了，我把它交給你，Jannicke。

Thank you to, BÃ¥rd, and good morning to all of you.

謝謝你，BÃ¥rd，祝大家早安。

In Equinor, safety and security is strongly integrated in our leadership and culture.

在 Equinor，安全和保障已緊密融入我們的領導和文化中。

And as BÃ¥rd said, we start every meeting with a safety moment.

正如伯德所說，我們每次會議都是以安全時刻開始的。

Today, I would like to share a safety moment with you addressing the link between safety, security, and operational performance.

今天，我想與大家分享一個安全時刻，討論安全、保障和營運績效之間的連結。

On the left, you see the serious incident frequency.

在左側，您可以看到嚴重事件發生的頻率。

At the end of '24, the SIF had reduced to 0.3, a reduction of 73% since 2011.

截至 24 年底，SIF 已降至 0.3，自 2011 年以來下降了 73%。

Last year, we had the best safety results ever in the company.

去年，我們公司取得了有史以來最好的安全成績。

This demonstrates how systematic efforts over time gives results.

這表明，隨著時間的推移，系統性的努力將產生成果。

Still, we can never rest.

但我們永遠不能休息。

Last year was marked by a tragic helicopter accident where we lost a dear colleague.

去年發生了一場悲慘的直升機事故，我們失去了一位親愛的同事。

It requires continuous efforts to further improve to make sure all our people are safe every day.

我們需要不斷努力，進一步改進，確保我們所有人每天都安全。

Preventing major accidents and serious security incident is also important for energy security.

防止重特大事故和重大安全事件對能源安全也具有重要意義。

Equinor's gas supply has become vital for Europe's energy security and being a trusted energy provider is a role we take very seriously.

Equinor 的天然氣供應對歐洲的能源安全至關重要，我們非常重視成為值得信賴的能源供應商的角色。

To secure our people and assets, we need to perform well within all elements of security, with extra attention to cybersecurity, infrastructure, and business continuity.

為了保護我們的人員和資產，我們需要在所有安全要素方面表現出色，並特別關注網路安全、基礎設施和業務連續性。

We regularly test our ability to handle accidents while maintaining production.

我們定期測試我們在維持生產的前提下處理事故的能力。

By reducing serious incidents, we protect our people and also minimize production disruptions.

透過減少嚴重事故，我們可以保護我們的員工並最大限度地減少生產中斷。

We can also free up capacity to improve production efficiency, maintenance, and asset integrity.

我們還可以釋放產能來提高生產效率、維護和資產完整性。

This is reflected in our long-term positive trend on these parameters.

這反映出我們對這些參數的長期正向趨勢。

In '24, Johan Sverdrup and Troll, delivered a combined production efficiency close to 95%.

1924 年，Johan Sverdrup 和 Troll 的總生產效率接近 95%。

These elements are a result of systematic work to improve safety, security, and operational performance, which directly impact the energy production and our ability to secure flow from producing assets to the market.

這些要素是系統性工作的結果，旨在提高安全性、保障性和營運性能，直接影響能源生產以及我們確保生產資產流向市場的能力。

There is a strong link between safety, security, and operational performance.

安全、保障和營運績效之間有著密切的關聯。

Safety and security is integrated into everything we do, no matter what energy we produce, where we are, and who we work with.

無論我們生產什麼能源、我們在哪裡、與誰一起工作，安全都融入我們所做的每一件事。

We have great people in the company and also great suppliers and partners.

我們公司擁有優秀的員工，也有優秀的供應商和合作夥伴。

We work closely together with authorities.

我們與當局密切合作。

And together, we will continue to improve, making sure all people and assets are safe every day.

我們將共同努力，不斷進步，確保所有人員和資產每天都安全。

Now I would like to hand it over to Anders Opedal, our CEO, to take you through our capital market update.

現在，我想把時間交給我們的執行長 Anders Opedal，他來向大家介紹我們的資本市場最新情況。

Anders, the floor is yours.

安德斯，現在你來發言。

Yes, and good morning to all of you.

是的，大家早安。

It's really good to see you again.

我很高興再次見到你。

I've been looking forward to today.

我一直期盼著今天。

And Jannicke, thank you very much for the clear message on safety and security.

還有 Jannicke，非常感謝您對安全和保障發出的明確訊息。

Safety is my first priority and a clear commitment for all leaders and colleagues.

安全是我的首要任務，也是向所有領導和同事的明確承諾。

Safety and security is the fundamental for everything we do, also the value we create.

安全保障是我們所做的一切的根本，也是我們創造的價值。

Today, I have four messages for you.

今天，我有四個訊息要告訴你們。

First, we are positioned to deliver industry-leading returns.

首先，我們致力於提供業界領先的回報。

We are doubling our production growth, and we are increasing our free cash flow.

我們的產量正在翻倍成長，自由現金流也在增加。

And we are announcing a competitive capital distribution.

我們正在宣布有競爭力的資本分配。

And we demonstrate a consistent strategic direction adapting to changing markets and take clear actions to further increase value creation for shareholders.

我們展示了適應不斷變化的市場的一致策略方向，並採取明確的行動，進一步為股東創造價值。

We expect to deliver above 15% return on capital employed all the way to 2030.

我們預計到 2030 年，資本使用報酬率將超過 15%。

Return on capital employed is many ways the most holistic KPI, and we are well positioned to deliver on an industry-leading level on a lower price than we used last year.

資本使用報酬率在許多方面都是最全面的關鍵績效指標，我們有能力以比去年更低的價格提供業界領先水準的服務。

We expect more than 10% growth in our oil and gas production from 2024 to 2027.

我們預計 2024 年至 2027 年期間我們的石油和天然氣產量將增加 10% 以上。

We have increased our production outlook by progressing on our projects and high-value transactions.

我們透過推進專案和高價值交易提高了生產前景。

Over the next three years, we now expect $23 billion in free cash flow.

未來三年，我們預計自由現金流將達到 230 億美元。

This is a significant improvement achieved by optimizing the portfolio, cutting CapEx and addressing cost.

這是透過優化投資組合、削減資本支出和解決成本問題的重大進展。

The stronger free cash flow enables competitive shareholder distribution, an important priority for me and a clear commitment from the Board.

更強勁的自由現金流使得股東分配更具競爭力，這對我來說是一個重要的優先事項，也是董事會的明確承諾。

For 2025, the Board has decided on a total capital distribution of $9 billion.

董事會已決定 2025 年的總資本分配為 90 億美元。

It represents a $0.02 increase in the quarterly cash dividend and $5 billion for the share buybacks.

這意味著季度現金股利增加 0.02 美元，股票回購增加 50 億美元。

In 2024, we took actions to improve short-term financials and setting us up for further growth.

2024 年，我們採取行動改善短期財務狀況並為進一步成長做好準備。

I'm proud of our operational performance, industrial progress, portfolio-shaping transactions, and strong trading results.

我為我們的營運表現、產業進步、投資組合塑造交易和強勁的交易表現感到自豪。

All this is made possible by our great people, and I would like to use this opportunity to thank all our employees for their dedicated efforts to create these results.

這一切都歸功於我們優秀的員工，我想藉此機會感謝我們所有員工為創造這些成果所付出的不懈努力。

Through strong operational performance, we delivered return on capital employed of 21%.

透過強勁的營運業績，我們實現了21%的資本回報率。

The cash flow from operations was $18 billion after tax, higher than we indicated at the start of the year.

稅後經營現金流為 180 億美元，高於我們年初預測的水平。

And our capital distribution was exactly as promised.

我們的資本分配完全符合承諾。

Strong production, especially from the Norwegian Continental Shelf, contributed to the results.

強勁的產量，尤其是挪威大陸架的產量，為這一業績做出了貢獻。

In our international upstream business, 2024 was a year of change with large transactions, improving growth, and cash flow.

在我們的國際上游業務中，2024 年是變革的一年，交易量大、成長和現金流改善。

In our renewables and low carbon solutions business, we adapted to market challenges.

在我們的再生能源和低碳解決方案業務中，我們適應了市場挑戰。

Across our segments, we spent last year optimizing portfolio of assets and projects for strong value creation.

在我們的各個部門中，我們去年致力於優化資產和專案組合，以創造巨大的價值。

We face three global trends impacting energy markets.

我們面臨著影響能源市場的三大全球趨勢。

Energy demand is growing.

能源需求正在成長。

We expect higher production growth.

我們預計產量將成長更高。

Market and political uncertainty is high.

市場和政治不確定性很高。

We are robust and set up to create value from volatility.

我們實力雄厚，能夠在波動中創造價值。

The pace of the energy transition is uneven.

能源轉型步伐不平衡。

We have the flexibility to adapt.

我們有能力靈活地適應。

We are well positioned to create value in this context.

我們完全有能力在這種背景下創造價值。

First, energy demand is growing.

首先，能源需求不斷成長。

Global oil demand grows and expected above 100 million barrels through this decade.

全球石油需求不斷增長，預計未來十年將超過 1 億桶。

For gas, we expect demand to increase and stay above today's level all the way to 2050.

對於天然氣，我們預計需求將會增加，並且到 2050 年都將保持在目前的水平之上。

Asia drives demand short term, and we see US increasing going forward.

亞洲在短期內推動需求，我們預期美國未來需求將會成長。

This impacts the tight European gas market.

這對緊張的歐洲天然氣市場產生了影響。

Lower storage levels than last year creates potential for higher prices and volatility.

與去年相比，庫存水準較低可能造成價格上漲和波動。

And the market balance will be driven by weather, renewables production as well as competition for LNG.

市場平衡將受到天氣、再生能源生產以及液化天然氣競爭的影響。

For power, we foresee significant growth towards 2050, creating renewables and flex power opportunities and reduced demand for hydrocarbon over time.

對於電力，我們預計到 2050 年將顯著增長，創造再生能源和靈活電力機會，並隨著時間的推移減少對碳氫化合物的需求。

The second trend is the geopolitical tension, tariffs, and increased commodity markets uncertainty.

第二個趨勢是地緣政治緊張局勢、關稅和大宗商品市場不確定性增加。

Oil demand is increasing with slow growth in Asia and higher supply from non-OPEC countries add uncertainty to the price outlook.

隨著亞洲經濟成長放緩，石油需求不斷增加，而非歐佩克國家的供應增加為價格前景增添了不確定性。

Our response is not new but highly effective, robustness and resilience.

我們的應對措施並不新穎，但卻非常有效、穩健且富有彈性。

We combine our strong financial position with a competitive and flexible project portfolio.

我們將強大的財務狀況與具有競爭力且靈活的專案組合相結合。

Our marketing and trading business is also well positioned to capture value from volatility and market inefficiencies.

我們的行銷和交易業務也能從波動性和市場低效中獲取價值。

Through the last decade, with all the volatility and uncertainty we experienced, we delivered returns well above peers.

在過去的十年中，儘管我們經歷了所有的波動和不確定性，但我們實現的回報遠高於同行。

The third global trend is the uneven pace of the energy transition, moving fast in some markets, slow in most.

第三個全球趨勢是能源轉型步伐不平衡，有些市場轉型較快，大多數市場轉型較慢。

Even the massive renewable growth is currently energy addition, not energy transition.

即使再生能源的大規模成長目前也只是能源增加，而不是能源轉型。

Inflation, interest rates, supply chain issues, and regulatory uncertainty reduces the pace of the energy transition.

通貨膨脹、利率、供應鏈問題和監管不確定性減緩了能源轉型的步伐。

Segments like offshore wind and hydrogen are impacted.

離岸風電和氫能等領域受到影響。

We adapt to these realities, both phasing and prioritizing investments to maximize returns.

我們適應這些現實，分階段並優先考慮投資，以最大化回報。

To underline that value creation is at the core of our decision-making, we now retire the gross CapEx ambition.

為了強調創造價值是我們決策的核心，我們現在放棄了總資本支出目標。

In our view, the energy transition must be balanced and financially sustainable.

我們認為，能源轉型必須平衡且財務上可持續。

We are increasing our free cash flow generation and expect to deliver $23 billion from now to 2027.From 2024 to [2025] (corrected by company after the call), we expect a free cash flow growth above 50%.

我們正在增加自由現金流的產生，預計從現在到 2027 年將產生 230 億美元。

The largest driver is an $8 billion CapEx reduction.

最大的驅動力是80億美元的資本支出減少。

We reduced our investments in renewables and low-carbon solutions by 50% in this period compared to last year's outlook.

與去年的預期相比，我們在此期間對再生能源和低碳解決方案的投資減少了 50%。

In addition comes project financing of Empire Wind and the establishment of a joint venture in UK.

此外也為 Empire Wind 提供專案融資並在英國建立合資企業。

On operational costs, we take forceful action to offset inflation and maintain a stable cost level, all while growing production.

在營運成本方面，我們採取有力措施抵消通貨膨脹，維持穩定的成本水平，同時增加產量。

This drives long-term resilience.

這將推動長期的復原力。

On top of this comes our continuous improvement and scaling of technology.

除此之外，我們還在不斷改進和擴展技術。

We apply AI across exploration, concept selection, operation and maintenance, and create significant value.

我們將人工智慧應用於勘探、概念選擇、營運和維護等各個領域，並創造了巨大的價值。

As an engineer, I could, of course, talk a lot more about it, but let me just give you one example.

身為工程師，我當然可以就此談論更多，但我只舉一個例子。

We use AI in the planning of the Johan Sverdrup III project.

我們在 Johan Sverdrup III 專案的規劃中使用了人工智慧。

And then we generated over 1 million alternative field layouts and well trajectories and this added $12 million in value to the project.

然後我們產生了超過 100 萬種替代油田佈局和井軌跡，這為該項目增加了 1200 萬美元的價值。

So well, not that big, but remember, we have more than 50 projects on the Norwegian continental shelf and the true value creation comes when we do scale this up to all the projects.

所以，雖然不是那麼大，但請記住，我們在挪威大陸架有 50 多個項目，而真正的價值創造來自於我們將這項項目擴展到所有項目。

The improved free cash flow strengthens our capacity for competitive shareholder distribution.

自由現金流的改善增強了我們競爭性股東分配的能力。

For 2025, total distribution will be $9 billion.

到 2025 年，總分配額將達到 90 億美元。

A competitive, predictable and growing cash dividend has the highest priority when I allocate capital.

當我分配資本時，有競爭力、可預測且不斷成長的現金股利是最高優先順序的。

Our dividend policy is to grow the annual cash dividend per share in line with underlying earnings, and this remains firm.

我們的股利政策是使每股年度現金股利與基本收益保持一致，而這項政策始終保持不變。

Last year, we set an ambition to grow the quarterly cash dividend with $0.02 on an annual basis.

去年，我們設定了目標，每年將季度現金股利增加 0.02 美元。

We delivered on this in 2025.

我們將在 2025 年實現這一目標。

And you should expect us to continue doing that in the coming years.

您應該期望我們在未來幾年繼續這樣做。

We have a clear commitment to deliver competitive capital distribution, and we will use share buybacks to do this.

我們明確承諾實現有競爭力的資本分配，並且我們將透過股票回購來實現這一目標。

The stronger free cash flow we present today provides substantial capacity to deliver.

我們今天呈現的更強勁的自由現金流提供了強大的交付能力。

We have previously indicated a base level of $1.2 billion annually in share buybacks.

我們先前曾指出，每年股票回購的基準水準為 12 億美元。

This is not sufficient to be competitive in the current environment.

這不足以在當前環境下保持競爭力。

We therefore, remove this as a guiding because we plan to do more.

因此，我們刪除了此指導，因為我們計劃做更多。

To have flexibility to adapt and make sure we are competitive, we are not providing an exact guiding on long-term level.

為了靈活適應並確保我們的競爭力，我們沒有提供長期的確切指導。

We will revert to this for the individual years.

我們將針對各個年份重新討論這個問題。

We have a clear commitment to be competitive, a strong track record and a stronger free cash flow supporting distribution capacity.

我們明確致力於保持競爭力、良好的業績記錄和更強大的自由現金流來支援分銷能力。

We now expect to grow our oil and gas business and production by more than 10% by 2027.

我們目前預計到 2027 年我們的石油和天然氣業務和產量將成長 10% 以上。

We also increased our expected production in 2030 to around 2.2 million barrels per day, up from 2 million in last year's outlook.

我們也將 2030 年的預期產量從去年預測的 200 萬桶/日上調至約 220 萬桶/日。

We continue to cut CO2 emissions from our production to reduce cost and increase value creation.

我們持續減少生產過程中的二氧化碳排放，以降低成本並增加價值創造。

Our organic reserve replacement ratio came in above 110 last year; and including transactions, we achieved more than 150%.

去年我們的有機儲量替代率超過了110；如果算上交易的話，我們的成長率超過了 150%。

With this, we strengthened our long-term value creation.

由此，我們加強了長期價值創造。

Our international upstream segment is on track to become close to 1 million barrels per day business.

我們的國際上游部門業務量預計將接近每天 100 萬桶。

And we expect the free cash flow to grow from $1.3 billion last year to more than $5 billion in 2030.

我們預計自由現金流將從去年的 13 億美元成長到 2030 年的 50 億美元以上。

The Bacalhau FPSO is sailing to Brazil, expected onstream later this year.

Bacalhau FPSO 正在航行至巴西，預計今年稍後投入使用。

We closed several large transactions, focusing our international portfolio in core markets.

我們完成了幾筆大型交易，將我們的國際投資組合集中在核心市場。

In the US, we deepened our onshore gas position.

在美國，我們深化了陸上天然氣地位。

This increased our production outlook with around 80,000 barrels oil equivalent per day in a growing market.

在不斷增長的市場中，這使我們的產量預期提高到每天約 80,000 桶油當量的水平。

And after 40 years here in UK, we write the next chapter, creating the largest operator together with Shell.

在英國度過了40年之後，我們譜寫了新的篇章，與殼牌共同打造最大的營運商。

We supply 1/3 of UK's gas and given the winter season, let me assure you, we can provide stable supply of gas for decades to come.

我們供應英國 1/3 的天然氣，考慮到冬季，我向你們保證，我們可以在未來幾十年提供穩定的天然氣供應。

And let's move to the source of that gas, the Norwegian continental shelf.

讓我們來看看這種氣體的來源，即挪威大陸架。

I know you are interested in Johan Sverdrup.

我知道您對 Johan Sverdrup 感興趣。

Sverdrup delivered record oil production last year, more than any single field, any single year on the Norwegian continental shelf ever.

斯維爾德魯普去年的石油產量創下了歷史新高，超過了挪威大陸架上任何一個油田、任何一年的產量。

At my recent visit at the Sverdrup field, I got an update from our people describing how they systematically keep production high and increase recovery and they continue to succeed.

在我最近訪問斯維爾德魯普油田時，我們的員工向我介紹了他們如何系統地保持高產量、提高採收率，並不斷取得成功。

We now expect 2025 Sverdrup production to be close to the level of the last two years.

我們現在預計 2025 年斯維爾德魯普的產量將接近過去兩年的水平。

And with extensive recovery effort, including the Phase III project, we increased the recovery factor ambition to 75%, up from 65% when we took the investment decision.

透過包括第三階段專案在內的廣泛的復原工作，我們將恢復率目標從做出投資決策時的 65% 提高到了 75%。

We continue to invest and develop our NCS portfolio.

我們將繼續投資並開發我們的 NCS 產品組合。

With new volumes from 19 projects, we maintain high and stable production towards 2027; actually, a slight increase.

隨著 19 個項目的新產量，我們將在 2027 年之前保持高產量和穩定產量；事實上，還略有增加。

We continue to improve recovery around our hubs.

我們將繼續改善我們樞紐周圍的恢復情況。

Last year, Troll had record production after almost 30 years in production.

去年，Troll 在投產近 30 年後創下了產量紀錄。

And we extend the plateau of our gas plants, Kollsnes and Hammerfest LNG.

我們也擴大了 Kollsnes 和 Hammerfest LNG 天然氣工廠的產能。

We expect to maintain production in Norway at high level of 1.2 million barrels per day all the way to 2035.

我們預計到2035年挪威的石油產量將維持在每天120萬桶的高水準。

This is driven by projects now in planning or execution, increased recovery efforts, and infrastructure-led exploration.

這是由目前正在規劃或執行的項目、加強的恢復力度以及基礎設施主導的勘探所推動的。

These are volumes with short lead time, low cost, and low emissions.

這些產品的交貨時間短、成本低、排放量低。

We expect to deliver around $12 billion in cash flow from operations after tax all the way to 2035.

我們預計到 2035 年，稅後營運現金流將達到約 120 億美元。

We invest in renewables and low-carbon solutions to create shareholder value for decades to come.

我們投資再生能源和低碳解決方案，為未來幾十年的股東創造價值。

We are taking firm actions in response to challenges in the offshore wind industry.

我們正在採取堅決的行動來應對離岸風電產業的挑戰。

To increase value creation, we have high-graded the project portfolio and reduced spending.

為了增加價值創造，我們提高了專案組合的評級並減少了開支。

Towards 2027, we expect to invest around $5 billion in these segments.

到 2027 年，我們預計將在這些領域投資約 50 億美元。

The value-driven prioritization impacts the pace of growth, and we expect our production capacity at 10 to 12 gigawatt installed in 2030, including our share in Ørsted and Scatec.

價值驅動的優先順序影響著成長的速度，我們預計到 2030 年我們的生產能力將達到 10 至 12 千兆瓦，其中包括我們在Ãrsted 和 Scatec 的份額。

This is down from 12 to 16 gigawatts.

這從12千兆瓦下降到了16千兆瓦。

So far, we are delivering above 10% equity return on our current renewable assets in operations.

到目前為止，我們目前營運的可再生資產的股本回報率超過 10%。

Our focus on returns is persistent, and we will continue developing our portfolio to deliver 10% equity returns full cycle.

我們始終關注回報，並將繼續開發我們的投資組合，以實現全週期 10% 的股本回報。

This includes the development of the Empire Wind project in the US, a project in a challenging market with returns under pressure and uncertainty.

其中包括在美國開發 Empire Wind 項目，該項目處於一個充滿挑戰的市場中，回報面臨壓力和不確定性。

The project execution is progressing well.

專案實施進展順利。

We are working to de-risk the project.

我們正在努力降低專案風險。

Last year, we won a 30% higher strike price and secured financing of the project.

去年，我們以高出30%的執行價格獲得了該專案的融資。

All future CapEx is covered by the project financing and the tax credits.

所有未來的資本支出均由專案融資和稅收抵免承擔。

Moving forward is the best way to create and protect shareholder value.

勇往直前是創造和保護股東價值的最佳方式。

Not doing that would impact cash flow negatively due to substantial cancellation fees.

如果不這樣做，將會因高額的取消費用而對現金流產生負面影響。

We still plan to bring in a partner at the right time, but reflecting the uncertain timing of this, our CapEx and cash flow outlook presented today do not assume any farm down, this is a potential upside.

我們仍計劃在適當的時間引入合作夥伴，但考慮到時機的不確定性，我們今天提出的資本支出和現金流前景並不假設任何農場倒閉，這是一個潛在的上升空間。

As of now, expected life cycle returns are close to the double-digit portfolio requirement we present today.

截至目前，預期生命週期回報接近我們今天提出的兩位數投資組合要求。

In low carbon solutions, different technologies are progressing at different pace.

在低碳解決方案中，不同技術的進步速度不同。

Carbon capture and storage projects have many similar traits as oil and gas and our capabilities are in place.

碳捕獲和儲存項目與石油和天然氣有許多相似的特性，而且我們的能力也到位。

The regulatory framework are progressing, and customers are interested.

監管框架正在進步，客戶也很感興趣。

We are ready but we'll only execute if we get long-term commitment from our customers.

我們已經做好準備，但只有獲得客戶的長期承諾我們才會執行。

We have excess storage capacity of 60 million tonnes of CO2 per year, adding 20 million last year and maintained our ambition.

我們每年擁有 6000 萬噸二氧化碳的過剩儲存能力，去年增加了 2000 萬噸，並保持了我們的目標。

We have a focused strategy to deliver competitive shareholder returns based on 3 pillars: oil and gas, renewables and low-carbon solutions, building on our strength and technology leadership.

我們有一個重點策略，即基於三大支柱（石油和天然氣、再生能源和低碳解決方案）提供有競爭力的股東回報，並依賴我們的實力和技術領先地位。

We invest to develop a resilient business and create long-term value as energy markets change.

隨著能源市場的變化，我們進行投資以發展有彈性的業務並創造長期價值。

We see power from renewable sources and low carbon value chains as an important part of future energy systems.

我們認為再生能源和低碳價值鏈是未來能源系統的重要組成部分。

We have the people, skills, and ability to build industry over time.

我們擁有人才、技能和能力來長期建立工業。

Taking responsibility for cutting our own emissions is our most important contribution to address climate change.

承擔減少自身排放的責任是我們應對氣候變遷最重要的貢獻。

We have an industry-leading low level of emissions from production and maintain our ambition of net 50% reduction by 2030.

我們的生產排放量達到行業領先水平，並堅持到 2030 年淨減排 50% 的目標。

Continued effort to cut emissions while producing oil and gas reduces cost, increases returns, and increases the competitiveness.

在生產石油和天然氣的同時持續努力減少排放可以降低成本、增加回報並增強競爭力。

As I said earlier, the energy transition is currently moving slower than expected.

正如我之前所說，能源轉型目前的進展比預期的要慢。

We adjust to the market situation and opportunity set.

我們根據市場狀況和機會進行調整。

Today, we make the following changes: we lower our renewables ambition for 2030, we introduced a range for our net carbon intensity ambitions, and we retire our gross CapEx ambition.

今天，我們做出以下改變：我們降低了2030年的再生能源目標，引入了淨碳強度目標範圍，並取消了總資本支出目標。

But our strategic direction remains the same.

但我們的策略方向保持不變。

We continue to reduce emissions and build profitable business in renewables and low-carbon solutions towards our net-zero ambition.

我們將繼續減少排放，並在再生能源和低碳解決方案領域建立獲利業務，以實現淨零目標。

So to end, let me remind you of the key takeaways.

最後，讓我提醒大家的關鍵要點。

First, we are positioned to deliver an industry-leading return.

首先，我們致力於提供業界領先的回報。

We are doubling our expected production growth.

我們的預期產量成長將加倍。

We are increasing our free cash flow.

我們正在增加自由現金流。

And finally, this enables us to deliver a competitive capital distribution for 2025.

最後，這使我們能夠在 2025 年實現有競爭力的資本分配。

And as demonstrated today, we have substantial capacity for 2026 and beyond.

正如今天所展示的，我們擁有 2026 年及以後的巨大產能。

So I look forward to your question later when my great colleagues in the Corporate Executive Committee will also join.

因此，我期待您稍後提出問題，屆時公司執行委員會中的優秀同事也將加入。

But first, I will hand over to our CFO, Torgrim Reitan, and he will give you more details on our outlook and also, of course, the fourth quarterly results.

但首先，我將把麥克風交給我們的財務長 Torgrim Reitan，他將向您提供有關我們的前景以及第四季度業績的更多詳細資訊。

So Torgrim, the stage is yours.

所以托格里姆，舞台是你的。

And thank you very much for the attention.

非常感謝您的關注。

Thank you very much, Anders, and good morning, everyone.

非常感謝，安德斯，大家早安。

Very good to see you all again here in beautiful London.

很高興在美麗的倫敦再次見到你們。

So first, I'll share some reflections on the Capital Markets Day material before I go into the quarterly results and full year results.

因此，首先，在介紹季度業績和全年業績之前，我將分享一些關於資本市場日材料的看法。

So you have heard Anders say that we are taking firm actions.

所以你們聽到安德斯說我們正在採取堅決的行動。

We are improving all our key metrics, and then we are committed to provide a competitive capital distribution.

我們正在改進所有關鍵指標，然後我們致力於提供有競爭力的資本分配。

So I will provide more details into how we are going to continue to deliver industry-leading returns, how we are going to improve our free cash flow significantly, how we are going to increase our production and by all of this, improve the resilience of the company.

因此，我將提供更多細節，說明我們如何繼續實現業界領先的回報，如何大幅改善我們的自由現金流，如何提高我們的產量，並透過所有這些來提高公司的復原力。

So let's start with talking about the framework for how we would like to create shareholder value.

那麼讓我們先來談談我們如何創造股東價值的框架。

First, all the key metrics, they have improved.

首先，所有關鍵指標都有所改善。

And that is even with a lower price deck.

即使價格較低，情況也是如此。

Our oil and gas production continues to deliver very well, around $20 billion in cash flow from operations.

我們的石油和天然氣生產持續表現良好，營運現金流約為 200 億美元。

Then we have taken firm actions to reduce our organic CapEx.

然後，我們採取了堅決的行動來減少我們的有機資本支出。

We now expect that to be $13 billion per year over the period '25 to

我們現在預計，25 至 26 年間，每年的支出將達到 130 億美元。

['27] (corrected by company after the call) .

['27] （公司通話後更正）。

And after project financing of Empire Wind, the number will be even lower.

而在Empire Wind專案融資之後，這個數字將會更低。

Then we are resilient to lower prices.

這樣我們就能抵禦較低的價格。

We are cash flow neutral after all investments at $50 per barrel, that is $5 lower than last year.

完成所有投資後，我們的現金流保持中性，價格為每桶 50 美元，比去年低 5 美元。

And then clearly, we are going to run with a very solid balance sheet as you are very well aware of.

顯然，正如你們所清楚的，我們將擁有非常穩健的資產負債表。

So that brings me to the center of this slide.

這就是我要講的這張投影片的核心內容。

And that is what we solve for and how we do think it is best to create shareholder value, very, very important to us.

這就是我們要解決的問題，也是我們認為為股東創造價值的最佳方式，這對我們來說非常非常重要。

So first, return on capital employed.

首先，資本使用報酬率。

That is the metric.

這就是衡量標準。

It captures everything.

它捕捉到了一切。

And that has always been front and center in the way we operate and run this company.

這始終是我們經營和經營這家公司的重中之重。

So we will continue to deliver an industry-leading returns.

因此我們將繼續提供業界領先的回報。

Then free cash flow.

然後是自由現金流。

Improving free cash flow and $23 billion is what we now expect to provide over the next three years.

我們現在預計未來三年將改善自由現金流並實現 230 億美元收益。

So that, the $23 billion, leads me naturally into capital distribution.

因此，這 230 億美元自然而然地引導我進入資本分配。

So let me start with our track record.

那麼讓我先從我們的業績開始說起。

From '22 to '24, we returned $45 billion.

從2022年到2024年，我們歸還了450億美元。

We made extraordinary earnings in '22 and '23 and then we chose to share that with our shareholders and pay that back.

我們在22年和23年獲得了非凡的收益，然後我們選擇與股東分享並回報股東。

For '25, the Board is proposing a quarterly cash dividend of $0.37 per share and this is almost 6% up from last year.

董事會提議就 25 年派發季度現金股利為每股 0.37 美元，較去年同期成長近 6%。

On top of this, we expect to do a share buyback for $5 billion, leading to a total distribution of $9 billion for the year.

除此之外，我們也預計將回購 50 億美元的股票，使今年的總分配額達到 90 億美元。

The first tranche of $1.2 billion, that starts tomorrow.

首筆 12 億美元將於明天開始發放。

In '25, we are still returning extraordinary earnings and cash from previous years and the total distribution is around 45% of expected cash flow from operations.

在25年，我們仍在返還前幾年的非經常性收益和現金，總分配金額約佔預期經營現金流的45%。

So our capital structure and balance sheets are normalizing.

因此，我們的資本結構和資產負債表正在正常化。

So going forward, it will be our strong free cash flow that support a sustainable capital distribution.

因此，展望未來，我們強勁的自由現金流將支持可持續的資本分配。

Our starting point will always be to deliver a predictable and growing cash dividend.

我們的出發點始終是提供可預測且不斷成長的現金股利。

Then we will use share buyback to get to a competitive level in total distribution.

然後，我們將透過股票回購來達到總分銷的競爭水平。

So we are well aware of the approach of our peers, both in Europe and US, and we are confident that we will be competitive towards that.

因此，我們非常了解歐洲和美國同行的做法，我們相信我們將具有競爭力。

So let's look at how this all comes together.

那麼讓我們看看這一切是如何結合在一起的。

The blue bars show you a solid and stable cash flow, around $20 billion on average over the next three years.

藍色條顯示穩健而穩定的現金流，未來三年平均約為 200 億美元。

This is the average, and it is fairly stable.

這是平均值，而且相當穩定。

This year, we expect around $20 billion.

今年我們預計銷售額約200億美元。

But with the fall in gas price assumptions, we expect it to be a little bit lower next year before the cash flow again is growing and increasing in '27.

但隨著天然氣價格的下降，我們預計明年天然氣價格會略低一些，然後現金流在27年再次成長。

For '25 to '27, we plan for around $13 billion in annual organic CapEx.

從25年到27年，我們計劃每年的有機資本支出約為130億美元。

But remember, a $3 billion project financing of Empire Wind came in place last year at competitive terms and that will be drawn upon going forward.

但請記住，Empire Wind 的 30 億美元專案融資已於去年以有競爭力的條款到位，並將在未來使用。

We have hedged an all-in interest rate for that project of around 5%, and that equals around 4% after tax.

我們已經為該項目設定了約 5% 的總利率，相當於稅後約 4%。

When excluding the Empire Wind investments, which are covered by the financing, CapEx will be around $11 billion this year.

如果不包括融資涵蓋的 Empire Wind 投資，今年的資本支出將達到 110 億美元左右。

Average CapEx for '26 and '27 will be around $12.5 billion.

'26年和'27年的平均資本支出約為125億美元。

So we aim to draw quite a bit on the financing in '25, also covering parts of the CapEx in '26.

因此，我們的目標是在25年獲得相當多的融資，並在26年涵蓋部分資本支出。

Then we expect the tax credit from Empire Wind to be received in full in 2027 after production startup, and that is important.

然後，我們預計 Empire Wind 的稅收抵免將在 2027 年生產啟動後全額收到，這一點很重要。

Because this means that all remaining CapEx, all remaining CapEx for Empire Wind will be covered by project financing and the tax credit.

因為這意味著所有剩餘的資本支出，Empire Wind 的所有剩餘資本支出將由專案融資和稅收抵免承擔。

So the renewable CapEx you see behind me here is largely related to projects in execution.

因此，您在這裡看到的可再生能源資本支出主要與正在執行的項目有關。

Beyond this, we have flexibility.

除此之外，我們還具有靈活性。

So let me say a few words also on the outlook towards 2035.

因此，我也想就 2035 年的展望談幾句。

Last year, we spent quite a bit on that.

去年我們在這方面花了不少錢。

So I just want to give a brief update.

因此我只想簡要地介紹一下最新情況。

So return on capital employed, we expect that to be around 15% also in 2035.

因此，我們預期 2035 年的資本使用報酬率也將達到 15% 左右。

And the oil and gas activities expect that to provide $20 billion in cash flow from operations also in 2035.

預計到 2035 年，石油和天然氣業務也將產生 200 億美元的營運現金流。

However, the contribution from renewables and low-carbon solutions will be lower in 2035 than we said last year, that is due to the lower investment levels that we are now planning for.

然而，2035 年再生能源和低碳解決方案的貢獻將低於我們去年所說的，這是因為我們目前計劃的投資水準較低。

From '24 to '25, we expect more than a 50% growth in the free cash flow.

從 24 年到 25 年，我們預計自由現金流將成長 50% 以上。

We have reduced our CapEx by $8 billion over the next three years.

我們將在未來三年內減少 80 億美元的資本支出。

In addition, we are forcefully addressing cost, driving significant improvements into the free cash flow.

此外，我們正在大力解決成本問題，推動自由現金流的大幅改善。

Inflation has been challenging across our industry.

通貨膨脹對我們整個產業都是一個挑戰。

We have worked very hard to fight this.

我們已盡最大努力對抗這現象。

And I must say it is encouraging to see that in the fourth quarter, we have almost stopped the underlying cost increase.

我必須說，令人鼓舞的是，我們幾乎在第四季度停止了潛在成本的增加。

Going forward, we aim to keep cost flat while delivering strong production growth.

展望未來，我們的目標是保持成本平穩，同時實現強勁的生產成長。

In renewables and low carbon solutions, we are cutting costs with around 20%.

在再生能源和低碳解決方案方面，我們的成本削減了約20%。

And we're doing that by prioritizing our early phase activities.

我們透過優先考慮早期階段的活動來實現這一目標。

So in total, the estimated impact is around $2 billion in cost savings towards '27.

因此，總體而言，預計到 27 年將節省約 20 億美元的成本。

And all of this are important background and drive the $23 billion in free cash flow over the next three years.

所有這些都是重要的背景，並推動未來三年 230 億美元的自由現金流。

Getting capital allocation right is key to create shareholder value.

正確的資本配置是創造股東價值的關鍵。

So our highest priority will always be to deliver a predictable and growing base dividend.

因此，我們的首要任務始終是提供可預測且不斷成長的基本股利。

Further, then we will continue to create value by investing into a high-return portfolio.

此外，我們將透過投資高回報投資組合繼續創造價值。

And as you have seen today, we are ready to use the flexibility.

正如大家今天所看到的，我們已經準備好運用這種彈性。

We are ready to use the flexibility in our investment program to ensure a competitive free cash flow and a sustainable capacity for our distribution.

我們準備好利用我們投資計劃的靈活性來確保有競爭力的自由現金流和可持續的分銷能力。

So out of the $23 billion in free cash flow, the surplus cash after paying or growing base dividend is around $11 billion.

因此，在 230 億美元的自由現金流中，支付或增加基本股利後的剩餘現金約為 110 億美元。

So this is setting us up well to deliver a competitive share buyback program.

因此，這為我們實施具有競爭力的股票回購計畫做好了準備。

So we are well prepared to deal with lower prices.

因此我們已經做好了應對價格下滑的準備。

First of all, we run a solid balance sheet, and we will continue to do that.

首先，我們的資產負債表穩健，我們將繼續這樣做。

And as you can see on the graph to the right, our cash flow is resilient.

正如您在右側的圖表中看到的，我們的現金流量具有彈性。

If gas prices in Europe is reduced by $2 per MMBtu, our cash flow from operations will be reduced by $0.8 billion, going from $20 billion to $19.2 billion.

如果歐洲的天然氣價格每百萬英熱單位降低 2 美元，我們的營運現金流將減少 8 億美元，從 200 億美元降至 192 億美元。

And here, the Norwegian tax system is key.

其中，挪威的稅制是關鍵。

It is neutral; it is linear; it is a net profit tax.

它是中性的；它是線性的；它是一種淨利潤稅。

So that means if prices come down, 78% will be offset by reduced taxes.

這意味著如果價格下降，78%將透過減稅來抵消。

And then investments on the NCS are deducted immediately.

然後，NCS 上的投資就會立即扣除。

So today, we invest around $6 billion annually on the Norwegian continental shelf.

所以今天我們每年在挪威大陸棚投資約60億美元。

After tax, that is actually less than $1.5 billion.

稅後，該金額實際上不到 15 億美元。

So please keep that in mind when you compare our investment programs with others.

因此，在將我們的投資計劃與其他投資計劃進行比較時，請記住這一點。

Our portfolio of low breakeven projects ensures robustness and also the significant flexibility in our investment program is key here.

我們的低損益平衡項目組合確保了穩健性，而且我們的投資計畫的高度靈活性也是關鍵。

Less than half of our CapEx is sanctioned from '27 and going forward.

從27年起，我們的資本支出中只有不到一半被批准。

And then we operate most of it ourselves, and we are in control.

然後我們自己操作大部分內容，掌控一切。

In addition, we are well prepared to handle volatility.

此外，我們已做好充分準備來應對波動。

Our MMP business has consistently delivered within or above the increased guiding range.

我們的 MMP 業務始終保持在增加的指導範圍內或之上。

We use our flexible assets to capture value from volatility, from price spikes, and geographical arbitrage opportunities.

我們利用靈活的資產從波動、價格飆升和地理套利機會中獲取價值。

And as you know, we have access to all the major gas hubs in Europe, and we sell our gas based on 70% day ahead and 30% month ahead.

如您所知，我們可以進入歐洲所有主要的天然氣樞紐，我們的天然氣銷售比例為 70% 的日內銷售比例和 30% 的月內銷售比例。

And that is important because that means when there is volatility, when there are price spikes, we will take advantage of it, and the money will find its way to our earnings.

這很重要，因為這意味著當出現波動、當價格飆升時，我們將利用它，錢就會變成我們的收益。

Oil and gas business has become even better.

油氣業務進一步改善。

And we get more out of the $10 billion in investments now than we have done earlier.

我們現在從100億美元投資中獲得的收益比以前更多。

So now we expect a growth of more than 10% towards 2027, that is double of what we indicated last year.

因此，現在我們預計到 2027 年成長率將超過 10％，這是我們去年預測的兩倍。

And production in 2030 is up from 2 million barrels per day to 2.2 million.

2030年，產量將從每天200萬桶上升至220萬桶。

Furthermore, free cash flow has improved from oil and gas and unit production cost is down.

此外，石油和天然氣帶來的自由現金流有所改善，單位生產成本下降。

So an even better program with quality growth from a project portfolio with low breakevens below $40 per barrel, high returns around 30% real internal rate of return, short payback time of around 2.5 years and then low carbon emissions of less than 6 kilo per barrel.

因此，一個更好的專案組合可以實現高品質的成長，其盈虧平衡點低於每桶 40 美元，回報率高，實際內部收益率約為 30%，投資回收期短，約為 2.5 年，碳排放量低，低於每桶 6 公斤。

Our IJV with Shell is a good example of how we use different structures, setting up a specialized entity.

我們與殼牌公司合作成立的國際合資企業就是一個很好的例子，展示了我們如何運用不同的結構來建立專業化的實體。

The IJV will be self-financed.

該合資企業將自籌資金。

It will cover Rosebank CapEx.

它將涵蓋 Rosebank 資本支出。

It will derisk our deferred tax assets.

它將降低我們遞延稅務資產的風險。

And it will add to our production growth.

這也會促進我們的生產成長。

And last, but not least, it will increase our free cash flow.

最後，但並非最不重要的一點是，它將增加我們的自由現金流。

We have created value in all different phases the renewable industry has lived through.

我們在再生能源產業經歷的各個不同階段都創造了價值。

We entered offshore wind early.

我們很早就進入了海上風力。

We secured leases at very low costs, and that is in the projects that we are currently executing.

我們以非常低的成本獲得了租約，這就是我們目前正在執行的項目。

Then we remained disciplined when market heated up, and we did not overpay for Seabed leases.

當市場升溫時，我們仍然保持紀律，並且沒有為 Seabed 租賃支付過高的費用。

Instead, we took advantage of market conditions, and we farmed down and achieved capital gains of around $2 billion.

相反，我們利用市場條件，擴大耕種規模，實現了約 20 億美元的資本利得。

We have experience with cycles, and we know that something good always comes out of a downturn.

我們有週期經驗，我們知道經濟低迷時期總是會出現一些好事。

And we do believe that offshore wind industry will come out of this difficult time, stronger and more robust.

我們堅信，離岸風電產業將會走出這段艱難時期，變得更加強大和穩健。

So we will remain disciplined.

因此我們將保持紀律。

And as you see, we have reduced our CapEx significantly.

正如您所看到的，我們大幅削減了資本支出。

And by the actions we are currently taking, we are well positioned to create value also now.

透過我們目前正在採取的行動，我們現在也處於有利地位來創造價值。

The challenging situation within offshore wind is also reflected in the valuation of Ørsted.

離岸風電領域的嚴峻情勢也反映在Ãrsted 的估值。

Last year, we acquired a 10% stake.

去年我們收購了10％的股份。

The share price has continued to come down since then, but we have a long-term perspective on this holding.

此後股價持續下跌，但我們對這檔股票有長遠看法。

And this is a more capital-efficient way to increase our exposure to offshore wind.

這是一種資本效率更高的增加我們涉足離岸風電的機會。

And today, you see that we are reducing our own CapEx to renewables.

今天，您會看到我們正在減少對再生能源的資本支出。

So we will focus on improving returns in our existing portfolio, building longer-term optionality at low cost and continue to deliver double-digit returns.

因此，我們將專注於提高現有投資組合的回報率，以低成本建立長期選擇權，並繼續實現兩位數的回報。

So let me turn to the fourth-quarter and full-year results.

那麼讓我來談談第四季和全年業績。

Last year, we had our best ever safety results.

去年，我們的安全成績達到了有史以來最佳水準。

But as you heard from Jannicke, this is a race without a finishing line, and we need to continue to improve.

但正如你從 Jannicke 那裡聽到的，這是一場沒有終點線的比賽，我們需要繼續進步。

For the year, we delivered 21% return on capital employed and $18 billion in cash flow from operations after tax.

全年我們實現了 21% 的資本使用回報率和 180 億美元的稅後經營現金流。

For the quarter, we report adjusted operating income of $7.9 billion before tax and an IFRS net income of $2 billion.

我們報告本季調整後的稅前營業收入為 79 億美元，IFRS 淨收入為 20 億美元。

Adjusted earnings were $0.63 per share.

調整後每股收益為 0.63 美元。

In the quarter, international production was impacted by a hurricane and curtailments in the US, partly offset by new wells in Angola and the UK.

本季度，國際生產受到颶風和美國減產的影響，但安哥拉和英國的新油井部分抵消了這一影響。

For the year, we had strong operational performance and delivered in line with our production guiding.

這一年，我們的營運表現強勁，並按照我們的生產指導交付。

We had record high renewables production in the quarter, mainly driven by onshore power plants in Brazil.

本季度，我們的再生能源產量創下了歷史新高，主要得益於巴西陸上發電廠的推動。

Then to the financials.

然後談財務。

Adjusted earnings in E&P Norway totaled $6.8 billion before tax, driven by strong operational performance.

得益於強勁的營運業績，E&P Norway 的調整後稅前利潤總計達 68 億美元。

Our International segment delivered close to $500 million in total and was impacted by underlift and one-off effects.

我們的國際部門總計實現近 5 億美元利潤，並受到了銷售額不足和一次性影響的影響。

Our marketing and midstream segment delivered solid results, driven by strong LNG and gas trading.

在強勁的液化天然氣和天然氣交易的推動下，我們的行銷和中游部門取得了穩健的業績。

Our organic CapEx was $12.1 billion for the full year, in the low end of our guidance.

我們全年的有機資本支出為 121 億美元，處於預期的低端。

For the fourth quarter, NCS tax payments totaled $5.8 billion.

第四季度，NCS 納稅總額達 58 億美元。

And for the first half of 2025, we expect to pay three tax installments of NOK35 billion each.

預計 2025 年上半年將繳納三期稅款，每期 350 億挪威克朗。

Our balance sheet is robust with over $23 billion in cash.

我們的資產負債表強勁，擁有超過230億美元的現金。

Our net debt ratio is 11.9%.

我們的淨負債比率為11.9%。

However, it is important to note that our trading business took advantage of market situations around year-end and working capital increased as a function of this.

然而，值得注意的是，我們的貿易業務利用了年底的市場情勢，營運資本也因此而增加。

So we do expect a lower net debt by the end of first quarter.

因此，我們確實預計第一季末淨債務將會下降。

So as you have seen, we have delivered on our guiding for '24.

正如您所看到的，我們已經實現了 24 年的指導目標。

And then let me take you through the guiding for '25.

然後讓我帶你了解'25 的指導。

We expect organic CapEx of $13 billion for the year and $11 billion after project financing.

我們預計今年的有機資本支出為 130 億美元，專案融資後為 110 億美元。

We are investing for growth in oil and gas, and we do expect a production growth around 4% this year, well on track to deliver the 10% by 2027.

我們正在投資石油和天然氣產業的發展，我們預計今年的產量成長率將達到 4% 左右，預計在 2027 年將實現 10% 的增幅。

So to conclude my presentation.

我的演講到此結束。

Based on our consistent strategy and the firm actions we are taking, we are in a good position to deliver premium returns, a stronger free cash flow, and a competitive capital distribution.

基於我們一貫的策略和採取的堅定行動，​​我們有能力提供優質的回報、更強勁的自由現金流和有競爭力的資本分配。

So thank you very much for your attention.

非常感謝您的關注。

And then I leave the word to you, BÃ¥rd, to guide us through the Q&A session.

然後我就把話題交給你了，BÃ¥rd，指導我們完成問答環節。

So thank you very much.

非常感謝。

Thank you, Torgrim; and thank you, Anders, for your introductions.

謝謝你，托格瑞姆；感謝安德斯的介紹。

We are now ready to start the presentation.

我們現在準備開始示範。

And as I said, also the full CEC team is ready to answer.

正如我所說，整個 CEC 團隊也準備好回答。

(Conference Instructions)

（會議指示）

Martijn Rats, Morgan Stanley.

摩根士丹利的 Martijn Rats。

This is Martijn Rats from Morgan Stanley.

這是摩根士丹利的 Martijn Rats。

Thanks for the presentation.

感謝您的演講。

I've got two questions, if I may.

如果可以的話，我有兩個問題。

Relative to the presentation from last year, of course, the strategy for renewables and low carbon is quite different.

當然，相對於去年的介紹，再生能源和低碳策略有很大不同。

And given that these things don't turn on a dime, I would imagine that your thinking on this probably started to change relatively soon after last year's presentation.

鑑於這些事情不會瞬間發生變化，我想您對此的想法可能在去年的演講後不久就開始發生變化。

So we got all the numbers and that makes a little sense.

因此我們得到了所有的數字，這有點有意義。

But I was wondering if you can perhaps tell a little bit the story of how did this discussion come about within the company.

但我想知道您是否可以稍微講述一下公司內部是如何進行這次討論的。

What are the things that started to change your mind at some point in 2024?

2024 年的某個時刻，哪些事情開始改變您的想法？

And how does that then develop into the plans that you are now presenting?

那麼它將如何發展成為您現在提出的計劃？

So the story behind these changes.

這些變化背後的故事是這樣的。

And the second one is perhaps a little bit more technical, but I was wondering if you could say a bit with the guidance that you're now giving, would you expect the trajectory for the balance sheet to be -- are we still tracking into that sort of range for gearing in the sort of 15% to 30% range?

第二個問題可能更技術性一些，但我想知道您是否可以根據您現在給出的指導說一下，您是否預計資產負債表的走勢會是——我們是否仍在追踪 15% 到 30% 範圍內的槓桿率？

Where is the comfort zone?

舒適圈在哪裡？

What's the path for the balance sheet?

資產負債表的路徑是什麼？

Thank you.

謝謝。

Okay.

好的。

Thank you.

謝謝。

Two very good questions.

兩個非常好的問題。

So as we said, we have taken clear actions during 2024.

正如我們所說，我們在 2024 年採取了明確的行動。

We have -- in last year's outlook, we had also added potential winning bids in the offshore wind industry.

在去年的展望中，我們也增加了離岸風電產業的潛在得標結果。

We anticipated lower bid levels and higher returns in some of those projects.

我們預期其中一些項目的投標水準會較低，回報率會較高。

That did not happen, and we deliberately did not win those bids.

但那並沒有發生，我們故意沒有贏得那些投標。

And then this CapEx is then, of course, removed.

然後，這筆資本支出當然就被消除了。

We also went in to take a close look at our onshore business and high-graded our portfolio.

我們也仔細審視了我們的在岸業務，並對我們的投資組合進行了高評級。

You've probably seen that we guided on around $13 billion in CapEx for 2024.

您可能已經看到，我們預計 2024 年的資本支出約為 130 億美元。

We ended up with $12.1 billion, and a substantial part of that was actually not executing projects in our onshore portfolio.

我們最終獲得了 121 億美元，其中很大一部分實際上並未執行我們在岸投資組合中的專案。

So this has been an ongoing development throughout the whole year.

因此，這是一個全年持續的發展。

And then looking also into our early phase portfolio, we saw that we had, in several countries, not the route to profitable projects and that's why we stopped those projects as well before we went into the bidding process.

然後，回顧我們早期的投資組合，我們發現在幾個國家，我們沒有找到盈利的項目，這就是為什麼我們在進入競標過程之前就停止了這些項目。

A little bit similar on low carbon solutions.

低碳解決方案有點類似。

As I said in my speech, different technologies move at a different pace.

正如我在演講中所說，不同的技術發展的速度是不同的。

And particularly on hydrogen, we see that customers are coming later to the table to commit to long-term contracts and then we are facing projects.

特別是在氫氣方面，我們看到客戶後來開始承諾長期合約，然後我們才面臨專案。

When it comes to the balance sheet, we anticipated in the positive territory by year-end 2024.

就資產負債表而言，我們預計到 2024 年底將進入正值區域。

And we said we added 5% to the Ørsted transactions.

我們說我們在Ãrsted 交易中增加了 5%。

MMP have used the time well lately to do value creation in using the balance sheet and that's why you see it's a little bit higher in the year-end.

MMP 最近充分利用了資產負債表的時間來創造價值，這就是為什麼您會看到它在年底略高一些。

We expect it to be a little bit lower end of first quarter.

我們預計第一季末這一數字會略低一些。

And then coming towards the end of the year. will be around the lower level of the guided range.

然後就快到年底了。將在引導範圍的較低水平附近。

Biraj Borkhataria, RBC

Biraj Borkhataria，RBC

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

So first one was on Sverdrup, which I'm sure you'll be happy to talk about.

第一個是關於斯維爾德魯普 (Sverdrup) 的，我相信你會很樂意談論這個。

But you previously talked about the declines coming through sort of in and around year-end or early '25.

但您之前談過，2025 年底或 2025 年初左右會出現下滑趨勢。

You put 8 wells on stream, I think, last year.

我想，去年你們已經投產 8 口井了。

The move today to sort of extending the plateau, is that a result of the performance of the latest wells or has something fundamentally changed in your understanding of the reservoir there?

今天擴大高原的舉措是最新油井表現的結果，還是您對那裡油藏的理解發生了根本性的變化？

Just some color on that would be helpful.

只要有一些顏色就可以有所幫助。

And the second question is on sort of major investments you have.

第二個問題是關於您有哪些重大投資。

You've got two different projects, Rosebank in the UK, Empire Wind in the U.S. You've taken on quite a lot of policy risk in different ways.

你們有兩個不同的項目：英國的 Rosebank 和美國的 Empire Wind。

In the UK, obviously, the right to produce is a question mark.

在英國，製作權顯然是一個問號。

And then Empire Wind, it seems like based on the headlines at the $2 billion of tax credits could be at risk.

然後是 Empire Wind，根據頭條新聞來看，20 億美元的稅收抵免似乎可能面臨風險。

So could you just talk a bit about why you continue to push ahead with both of those?

那麼，您能否談談為什麼您要繼續推進這兩項計劃？

Whether it was possible to pause given the uncertainty and how you're thinking about that upside downside risk?

考慮到不確定性，是否有可能暫停，以及您如何看待上行下行風險？

Yeah, thank you.

是的，謝謝。

On Sverdrup, Kjetil will give a much deeper detail into this also in the breakouts.

關於斯維爾德魯普 (Sverdrup)，Kjetil 將在分組討論中對此進行更深入的詳細說明。

But this is really good work by all people onshore and offshore on the Sverdrup field.

但這確實是斯維爾德魯普油田陸上和海上所有工作人員的傑出貢獻。

It's about delivering these wells and while drilling seeing potential to change the trajectory and have longer pay zones enabling higher production from the wells that we're actually drilling.

這是為了交付這些油井，並在鑽井過程中看到改變軌跡和擁有更長的產油區的潛力，從而提高我們實際鑽井的油井的產量。

And going forward, we will also do retrofitting into multilaterals and so on.

展望未來，我們也將對多邊平台進行改造等等。

So this is also the reason why we are able to keep up the high production.

這也是我們能夠維持高產量的原因。

We are producing water on the field, but the team has worked really hard to see how can you really separate oil and water at high speed, such that you can maintain high oil production while we're also able to remove the water.

我們在油田上產水，但團隊一直非常努力地研究如何真正高速分離油和水，以便在保持高石油產量的同時也能去除水。

This is about the separation process and so on.

這是關於分離過程等等。

So it's a combination of many, many actions both on the platforms, on the reservoir understanding and also drilling the wells and getting in very good results from these wells.

因此，這是在平台、油藏理解和鑽井方面採取的多種行動的結合，並從這些油井中獲得了非常好的結果。

Then Rosebank and Empire.

然後是羅斯班克和帝國。

Yes, the political landscape is changing.

是的，政治格局正在改變。

In many countries, we see a much more polarized views on energies and it's shifting as elections take place.

在許多國家，我們看到對能源的看法更加兩極化，而且隨著選舉的進行，這種觀點正在改變。

We welcome the latest verdict and ruling on the Rosebank because this enable us to continue doing the projects, while this is up for new requirements for the environment impact assessment.

我們歡迎有關羅斯班克的最新判決和裁定，因為這使我們能夠繼續開展項目，同時滿足環境影響評估的新要求。

We think we have a good project, it's progressing well.

我們認為我們有一個很好的項目，它進展順利。

And this is also a project that provides growth in UK, but we see the polarized debate around it.

這也是一個促進英國經濟成長的項目，但我們看到圍繞該項目的爭論兩極分化。

So it is a political risk, but we are confident that this project will move forward.

因此這是一個政治風險，但我們有信心這個計畫將會向前推進。

On Empire, to not having too long answer, go to the tax credit.

在帝國，對於沒有太長的答案，去討論稅收抵免。

When we took investment decisions on this, the tax credits were already in place.

當我們就此做出投資決策時，稅收抵免已經到位。

This was put in place in previous Trump administration.

這是川普上一屆政府就已實施的。

To make those changes, it requires Congress approval.

要做出這些改變，需要國會的批准。

So we don't think this will be up for a change very rapidly.

因此我們認為這種情況不會很快改變。

But of course, anything changing political landscape is a political risk.

但當然，任何改變政治格局的事情都是政治風險。

And that's why I said in my speech, it's so important that we constantly improve our project, have a robust balance sheet to ensure that we are robust as a company while energy policies may change during investment period.

這就是為什麼我在演講中說，不斷改進我們的專案、擁有穩健的資產負債表非常重要，以確保我們作為一家公司能夠穩健發展，而能源政策可能會在投資期間發生變化。

We advocate to all governments that we talk to that predictability and stability and regulatory framework, it's important.

我們提倡所有政府談論可預測性、穩定性和監管框架，這很重要。

Otherwise, energy companies like us and others cannot invest in those countries.

否則，我們等能源公司就無法在這些國家投資。

So that is the key message we're sending to our politicians in different countries.

這是我們向不同國家的政治人物發出的關鍵訊息。

Teodor Sveen-Nilsen, Sparebank 1 Markets.

Teodor Sveen-Nilsen，Sparebank 1 Markets。

Thank you.

謝謝。

Two questions.

兩個問題。

First, on your target to grow production to 2.2 million barrels per day by 2030, a definitely a positive move.

首先，你們的目標是到 2030 年將產量提高到每天 220 萬桶，這無疑是一個積極的舉措。

Could you just take us through where you expect that growth will come from and how much is organic growth and how much is inorganic growth?

您能否向我們介紹一下您預期的成長將來自哪裡，其中有機成長和無機成長分別佔多少？

Second question, that is on Empire.

第二個問題，是關於帝國的。

You have lifted or actually changed your guidance for return requirements for renewable to 10% nominal equity return.

您已經取消或實際改變了再生能源回報要求的指導至 10% 的名目股本回報率。

How does the Empire projects hit compared to that guidance?

與該指導相比，帝國計畫的效果如何？

And also on Empire, would you see a positive NPV, although you assume that tax credits will be canceled in that scenario?

另外，對於 Empire，您是否會看到正的 NPV，儘管您認為在這種情況下稅收抵免將被取消？

Yeah.

是的。

So let's divide the questions, Torgrim.

那麼讓我們分開回答這些問題吧，托格瑞姆。

But the 2.2 million barrels per day, where the growth is coming from, it's, of course, now the growth that we have talked about before, the Bacalhau project, the Raya project, the Sparta project that will come on stream in this period.

但是，成長的來源當然是每天 220 萬桶，也就是我們之前談到的成長，Bacalhau 專案、Raya 專案、Sparta 專案都將在此期間投產。

In addition to that, we have added 80,000 barrels oil equivalent from the transactions we did in US onshore and also the IJV for the UK will increase our production with 35,000 to 40,000 barrels a day on average towards 2030.

除此之外，我們在美國陸上交易中增加了 80,000 桶石油當量，而且到 2030 年，英國的 IJV 將使我們的產量平均每天增加 35,000 至 40,000 桶。

And then the fantastic work that is being done on the Norwegian continental shelf, keeping the production, we'd also add to such that we have a consistent and growing production 2.2 million compared to the outlook 2 million that we had last year.

然後，我們在挪威大陸架上完成了出色的工作，保持了產量，我們還將增加產量，使我們的產量與去年預期的 200 萬相比保持穩定增長，達到 220 萬。

And then maybe a little bit on Empire and returns, Torgrim.

然後也許會談到一點關於帝國和回歸的事情，托格瑞姆。

Thank you very much, Anders and Teodor.

非常感謝，Anders 和 Teodor。

Just to build on what you say, Anders, the plan doesn't assume any inorganic activity.

安德斯，基於你所說的，該計劃不假設任何無機活動。

So that is based on an organic development of the company.

所以這是基於公司的有機發展。

I would say it's actually a very firm and good plan.

我想說這其實是一個非常堅定且好的計劃。

And compared to last year, we actually had assumed some divestments in the portfolio.

與去年相比，我們實際上已經對投資組合進行了部分撤資。

There are no divestments assumed to drive the free cash flow and all of that.

沒有任何資產剝離被認為可以推動自由現金流等等。

So this is truly an organic plan.

所以這確實是一個有機計劃。

On Empire Wind.

在帝國風中。

So if we talk about life cycle return on that project, that is close to 10% nominal equity returns.

因此，如果我們談論該專案的生命週期回報，那麼接近 10% 的名義股本回報。

And clearly, there are a couple of things that we need to remember here.

顯然，這裡有幾件事我們需要記住。

One is that it takes into account the farm-down that we did with BP.

一是它考慮到了我們與 BP 合作進行的農場削減。

And we also need to remember that BP actually has covered half of the development cost in that period here.

我們還需要記住，BP 實際上已經承擔了該時期一半的開發成本。

And thirdly, the project has been significantly derisked during the year with a 30% higher price financed at competitive terms as such.

第三，該計畫今年的風險已大幅降低，融資價格高出 30%，且融資條件極具競爭力。

And this altogether a $7 billion investment into these projects. $2 billion has been invested, and the remaining $5 billion will be covered by project financing and the ITC, the tax credits.

這些項目總計投資 70 億美元。已投資 20 億美元，剩餘 50 億美元將透過專案融資和 ITC（稅收抵免）支付。

So I mean, that's where the money comes from.

所以我的意思是，錢就是從那裡來的。

So when we sort of make a decision so what to do with this project?

那麼當我們做出決定時該如何處理這個專案呢？

It's okay.

沒關係。

So that is the way forward.

這就是前進的方向。

And then, of course, we need to think about, okay, so what is the alternative?

然後，當然，我們需要考慮，好吧，那麼還有什麼其他選擇呢？

And if we should do something with it, it would trigger significant cancellation costs.

如果我們對此採取措施，就會引發巨額的取消費用。

So it is better as we see it for our owners that we actually bring these projects through.

因此，我們認為，對於我們的業主來說，真正完成這些項目是更好的選擇。

So it's a de-risked project.

所以這是一個無風險的項目。

It's progressing well.

進展順利。

And of course, there are remaining uncertainties as such.

當然，仍然存在一些不確定性。

On your specific questions on how the NPV would look like without ITC?

關於您提到的具體問題，如果沒有 ITC，NPV 會是什麼樣子？

There are two levels of ITC.

ITC 有兩個等級。

It's 30%, which has been there for a long time.

這個數字是 30%，已經存在很久了。

And then 10% related to local content in the US, which has been decided by Congress and all of that.

然後 10% 與美國本地內容有關，這已由國會決定。

And there is a very long and strong history in the US of grandfathering projects, if there are going to be changes for things going forward.

如果未來的情況有所改變，那麼美國在祖父條款計畫方面有著非常悠久而強大的歷史。

So we feel that that is the best assumption here.

因此我們認為這是最好的假設。

When that is said, there is remaining uncertainty in the project.

話雖如此，該項目仍存在不確定性。

We need to understand that.

我們需要理解這一點。

And altogether, it is -- has been a challenging project, but close to 10% equity returns.

總而言之，這是一個具有挑戰性的項目，但股本回報率接近 10%。

So this is not great; it is okay.

所以這不是很好；沒關係。

Yeah.

是的。

And when it comes to project execution, so far, it's progressing well.

至於專案執行情況，到目前為止，進展順利。

We have all the contracts in place.

我們已經簽訂了所有合約。

We have all the suppliers in place.

我們已經擁有所有供應商。

And we have a great team in place in New York running this project.

我們在紐約有一支優秀的團隊負責這個專案。

But as you said, also uncertainty going forward.

但正如你所說，未來也存在不確定性。

Lydia Rainforth, Barclays.

巴克萊銀行的 Lydia Rainforth。

Thank you and good morning.

謝謝你，早安。

Can I just ask you -- you presented a picture of longevity of cash flow and probably further out than anybody else that we've seen.

我可以問您一下——您展示的現金流長壽圖景可能比我們見過的任何人都更為出色。

And part of that is actually keeping the cost base flat with growing production.

其中部分原因實際上是隨著產量的增加而保持成本基礎穩定。

So can you just talk how you actually do that because that's actually really impressive progress on cost?

那麼你能談談你實際上是如何做到這一點的嗎？

And then the second one is just on -- I think you talked a number of times about it being competitive distribution.

然後第二個問題是——我想你已經談到了競爭性分銷很多次。

What do you actually mean by that?

你這樣說到底是什麼意思？

Are we thinking about dividend yield versus paying out a percentage of cash flow?

我們考慮的是股息殖利率還是支付一定比例的現金流？

And part of that, I guess, is then if you have a choice between buying back your own shares versus putting more money into, say, Ørsted or to buy new stuff, how do you think about that just from a capital allocation at some point?

我想，部分原因在於，如果您可以選擇回購自己的股票，還是將更多資金投入Ãrsted 或購買新產品，那麼從資本配置的角度來看，您如何考慮這一點？

Thank you.

謝謝。

When it comes to cost, first of all, I would say, it's very encouraging to see that the cost development year on year on the fourth quarter was very good, and there was a flat underlying cost with some reduction due to one-off effects.

談到成本，首先我想說，看到第四季度的成本同比發展非常好，這是非常令人鼓舞的，而且基礎成本持平，由於一次性影響而有所減少。

And this is because we have worked on cost for a while.

這是因為我們已經研究成本一段時間了。

And particularly, when we talk about the Norwegian Continental Shelf, for instance, is our scale, a scale of operations that we're able to add more volumes, new projects into the same operating model.

特別是當我們談論挪威大陸架時，我們的規模、營運規模使我們能夠在同一營運模式下添加更多數量、新項目。

We are able to scale up the technologies and all the improvements goes to many of these platforms and operations.

我們能夠擴大技術規模，所有改進都將應用於許多平台和操作。

On the international business has been focusing on the reduced cost that we would see now from the IJV, but also moving from operated Utica to the non-op Marcellus, which is a much more cost-efficient place to produce oil and gas due to scale effects from Expand Energy.

國際業務一直專注於降低成本，我們現在可以從 IJV 看到這一點，同時也從營運的尤蒂卡轉向非營運的馬塞勒斯，由於 Expand Energy 的規模效應，馬塞勒斯是生產石油和天然氣的更具成本效益的地方。

When it comes to renewables and low-carbon solutions, as I mentioned earlier, it's about the early phase projects and high-grading all the early phase projects to ensure that we are able to only move forward with those that we think have a possible way to make the necessary return.

正如我之前提到的，談到再生能源和低碳解決方案，關鍵是要專注於早期項目，並對所有早期項目進行高評級，以確保我們能夠只推進那些我們認為有可能獲得必要回報的項目。

But at the same time, not removing so many that we don't have optionality for the future.

但同時，我們也不能取消太多，因為那樣我們會失去對未來的選擇。

So it's a balancing act there about creating optionality, at the same time, reducing the cost.

因此，這是一個平衡行為，既要創造可選性，又要降低成本。

When it comes to your second question which is really about capital allocation.

談到你的第二個問題，它實際上是關於資本配置的。

And as I said, our first priority is the cash dividend and grow the cash dividend in line with the long-term underlying earnings.

正如我所說，我們的首要任務是現金股息，並根據長期基本收益增加現金股息。

That is the first priority when we look at capital allocation.

這是我們考慮資本配置時的首要任務。

And you should expect us to continue doing that going forward.

您應該期望我們今後會繼續這樣做。

Then we have said we want to be competitive.

然後我們說我們想要有競爭力。

And Torgrim mentioned in his speech, but we are aware of our competitors.

托格里姆在演講中提到，但我們知道我們的競爭對手。

But we don't want to use a percentage of cash flow from operations directly because with the tax legs on the Norwegian continental shelf that will be a very volatile cash distribution or capital distribution.

但我們不想直接使用一定比例的經營現金流，因為挪威大陸棚的稅收會導致非常不穩定的現金分配或資本分配。

So to be able to have a more stable and predictable, we're focusing on how can we maximize and increase free cash flow, creating the necessary capital distribution capacity.

因此，為了能夠獲得更穩定和可預測的結果，我們專注於如何最大化和增加自由現金流，創造必要的資本分配能力。

And then I think you have seen over the last years that we have been competitive in this respect.

我想你們已經看到，在過去的幾年裡，我們在這方面一直具有競爭力。

And build on that and relate that to M&A activity because I mean we are pretty active when it comes to M&A.

在此基礎上，將其與併購活動聯繫起來，因為我的意思是我們在併購方面非常活躍。

You have seen that last year, divesting some and acquiring some.

去年你已經看到了這一點，剝離了一些，收購了一些。

And Lydia, you should expect that to continue in a way.

莉迪亞，你應該期待這種情況以某種方式繼續下去。

So that is about high grading the portfolio.

這就是關於高評級投資組合的問題。

And as you have seen what we have done improves free cash flow, and it actually improves capital distribution capacity.

正如您所看到的，我們所做的工作改善了自由現金流，並且實際上提高了資本分配能力。

And that has been very important for us when we shape the portfolio.

當我們制定投資組合時，這對我們來說非常重要。

So going forward, M&A will be very, very much focused on value creation and also ensuring that we can serve our investors with a competitive capital distribution.

因此，展望未來，併購將非常注重價值創造，同時確保我們能夠透過有競爭力的資本分配為投資者提供服務。

I think it's very, very important for us to say that.

我認為我們說這句話非常非常重要。

And when it comes to Ørsted, we have done 10%.

而說到Ãrsted，我們已經完成了 10%。

I mean there's not much more to say than that.

我的意思是沒有什麼好說的了。

But it is also important to say that we will run with a very solid balance sheet.

但同樣重要的是，我們將擁有非常穩健的資產負債表。

And we have no problem running below 15% to 30% net debt.

我們將淨債務控制在 15% 至 30% 以下，沒有任何問題。

That range was put in place when we were above to get down to it.

當我們在上面進行操作時，該範圍已經確定。

I mean super happy to run with a conservative balance sheet, ensuring capital distribution capacity, ensuring capacity to do value-creative M&A, if that should be something that we would like to do.

我的意思是，如果這是我們願意做的事情，我們非常樂意採用保守的資產負債表，確保資本分配能力，確保進行價值創造併購的能力。

So just to -- so we have that crystal clear that this is not either/or.

所以只是為了—所以我們非常清楚這不是非此即彼的問題。

Yoann Charenton, Bernstein.

約安‧沙倫頓，伯恩斯坦。

Thank you.

謝謝。

I would like to ask a question about the capital distribution.

我想問一個關於資金分配的問題。

I believe, and correct me if I'm wrong, but that's the first time that Equinor is offering buybacks that will exceed dividend this year.

我相信，如果我錯了請糾正我，但這是 Equinor 今年第一次提供超過股息的回購。

How important is this in addressing the need for your distribution to be competitive, having buyback exceeding dividend?

這對於滿足您的經銷競爭力、回購超過股利的需求有多重要？

And on the same point, what sort of commodity price environment we need next year, so in 2026, for you to continue to offer this buyback exceeding dividend going forward?

同樣，明年我們需要什麼樣的大宗商品價格環境，那麼在 2026 年，您能否繼續提供超過股息的回購？

So last year, we provided with a two-year guidance for our capital distribution because we were coming back from a very high commodity environment with a lot of excess cash that we have returned back to our shareholder but approaching a normalization where capital distribution will have to be sourced from our free cash flow and the distribution capacity.

因此，去年我們為資本分配提供了兩年的指導，因為我們剛從非常高的商品環境中恢復過來，擁有大量過剩現金，我們已將這些現金返還給股東，但正在接近正常化，資本分配必須來自我們的自由現金流和分配能力。

That's why we guided on our share buyback between $4 billion to $6 billion, and we're now providing $5 billion, which is, as you said, a higher level than the cash dividend..

這就是為什麼我們預計股票回購金額在 40 億至 60 億美元之間，而我們現在提供的是 50 億美元，正如您所說，這比現金股息要高。

We don't have a rule of this.

我們沒有這方面的規定。

The cash dividend is about $4 billion.

現金股利約40億美元。

And next year, we will source the share buyback to be competitive from our free cash flow that we have provided today.

明年，我們將利用今天提供的自由現金流來回購股票，以保持競爭力。

So no kind of percentage that share buybacks need to be higher or lower.

因此，股票回購的百分比不必更高或更低。

You should see this as a total framework for being a competitive distribution, the growing cash dividend and share buybacks to ensure that we are competitive.You have seen, we will focus in any commodity environment to have a sufficient free cash flow to be competitive to distribute shareholder distribution.

您應該將其視為競爭性分配的總體框架，不斷增長的現金股息和股票回購確保了我們的競爭力。

Thank you.

謝謝。

We will take a caller and then we'll revert back to this room.

我們將接待一位來電者，然後回到這個房間。

So please open the line.

因此，請打開線路。

John Olaisen, ABG

John Olaisen，ABG

Thanks a lot for taking my question, ladies and gentlemen.

女士們、先生們，非常感謝你們回答我的問題。

I have two questions, if I may, very quickly.

如果可以的話，我有兩個問題想問一下。

Is guidance impacted by the UK joint venture with Shell in the UK or are you assuming CapEx investments -- CapEx and production like proportional to your stake in the joint venture?

指導方針是否受到與殼牌在英國的合資企業的影響，還是您假設資本支出投資 - 資本支出和生產與您在合資企業的股份成比例？

That's my first question.

這是我的第一個問題。

And the second question is regarding exploration.

第二個問題是關於探索。

I noticed that you're now saying 25 to 30 wells -- 175 wells between now and 2030 in Norway, that is closer to 30 wells per year compared to previous guidance of 20 to 30.

我注意到您現在說的是 25 到 30 口井——從現在到 2030 年，挪威將有 175 口井，與先前指導的 20 到 30 口井相比，這更接近每年 30 口井。

I just wondered, is that a correct observation?

我只是想知道，這是一個正確的觀察嗎？

And secondly, the exploration spending between now and 2030, how does it look in dollar terms and if it's included in the CapEx guidance, please?

其次，從現在到 2030 年的勘探支出，以美元計算是多少？

So let me say a little bit about exploration because your observation is right.

所以讓我稍微談談探索，因為你的觀察是正確的。

I think in 2021, we said that we will increase the exploration activity on the Norwegian continental shelf will be around 20 to 30 well.

我認為，我們說過，2021 年我們將增加在挪威大陸架的勘探活動，數量將達到 20 到 30 口井左右。

But Kjetil Hove and his team really worked on how are we able to move this more towards 30 than to 20.

但 Kjetil Hove 和他的團隊確實致力於研究如何將這一數字向 30 而不是 20 推進。

So we have a lot of prospects to drill.

因此，我們有許多可供鑽探的礦藏。

And we have rig capacity to work on this going forward.

而且我們有足夠的鑽孔機能力來完成這項工作。

Torgrim, on the CapEx?

托格里姆，關於資本支出嗎？

Thank you very much, John.

非常感謝，約翰。

On the exploration and whether that is taken into account in CapEx, that is based on assumption of capitalization of that exploration, which links to sort of expectation to deliveries.

關於勘探以及是否將其計入資本支出，這是基於對該勘探資本化的假設，這與交付預期相關。

And on the NCS, 80% of that program is related to close infrastructure exploration, meaning a very high degree of capitalization.

在NCS上，該計劃的80％與近距離基礎設施探索有關，這意味著非常高的資本化程度。

So most of that is taken care of into the investment program.

所以大部分問題都已納入投資計畫。

You had a question on the IJV, I didn't perfectly get it, John, but a few words.

你對 IJV 有一個疑問，約翰，我不是完全明白你的意思，但我還是想說幾句。

I mean it is a 50-50 joint venture.

我的意思是，這是一個 50-50 的合資企業。

So we will sort of as an owner take part in that.

因此我們將以所有者的身份參與其中。

But this will be deconsolidated from our balance sheet.

但這將從我們的資產負債表中分離出來。

So we will not report CapEx related to it.

因此我們不會報告與之相關的資本支出。

However, we will receive dividends coming out of this.

然而，我們將從中獲得紅利。

And clearly, what we have agreed with Shell is that that will have a priority as we set up and build the new company as such.

顯然，我們與殼牌公司已達成一致，當我們設立和建造新公司時，這一點將成為優先事項。

So this is clearly improving our free cash flow, and it is also improving productions.

所以這顯然改善了我們的自由現金流，也提高了產量。

So this is very good for our cash flow over the next few years.

所以這對我們未來幾年的現金流非常有利。

Michele della Vigna, Goldman Sachs.

高盛的米歇爾‧德拉‧維尼亞 (Michele della Vigna)。

Thank you very much, and congratulations on a very strong pipeline of start-ups for the next three or four years.

非常感謝，並祝賀你們在未來三、四年內擁有非常強大的新創企業團隊。

As we look beyond it, as you start to plan for growth in 2030 and beyond, especially if I look at international projects, there's not a huge amount of pre-FID projects.

當我們展望未來，開始規劃2030年及以後的成長時，特別是如果我看國際項目，會發現預先確定的 FID 項目並不多。

There's Bay du Nord.

那裡是北灣。

I'm wondering after such a successful restructuring of your international portfolio, perhaps it's the time again to look for more countries and more entry opportunity, and if you see this is the right time to do it or perhaps better to wait for the next downturn.

我想知道，在如此成功地重組您的國際投資組合之後，也許現在是時候再次尋找更多的國家和更多的進入機會了，如果您認為這是正確的時機，或者也許最好等待下一次經濟衰退。

And then if I may go back to Empire Wind.

然後我可以回到 Empire Wind。

I know there have been a lot of questions, but one of the risks that could potentially come through is for tariffs on equipment that is largely imported from Europe.

我知道有很多疑問，但可能的風險之一是對主要從歐洲進口的設備徵收關稅。

I'm just wondering if you see that as a potential risk or if perhaps you're already largely done with the sourcing of that equipment?

我只是想知道您是否認為這是一個潛在的風險，或者您是否已經基本完成了該設備的採購？

Thank you.

謝謝。

Thank you very much.

非常感謝。

Yes, we have worked really hard over the last years to optimizing the EPI portfolio and restructuring by both doing acquisitions and divestments.

是的，過去幾年我們非常努力地透過收購和撤資來優化 EPI 投資組合併進行重組。

And Philippe is working really hard also to see what is the next step between -- from 2030 and beyond in this portfolio.

菲利普也在努力思考 2030 年及以後該投資組合的下一步計劃。

We do have exploration, particularly in Angola, where we see we can add similar type of IOR techniques and infrastructure-led exploration.

我們確實進行了勘探，特別是在安哥拉，我們發現我們可以在那裡添加類似類型的 IOR 技術和基礎設施主導的勘探。

So that is something.

這確實有點意思。

And then we will always be there to see similar back to your questions about M&A.

然後，我們將始終關注您關於併購的類似問題。

But if we can see really value creating free cash flow deals adding to longevity, we will look into it, of course, as we always do.

但如果我們看到真正有價值的、能夠延長壽命的自由現金流交易，我們當然會像往常一樣對其進行研究。

So we have quite a lot of focus over the next years to work with longevity in EPI.

因此，未來幾年我們將高度重視 EPI 的長期發展。

But it needs to create long-term value and not only a lot of CapEx coming very early.

但它需要創造長期價值，而不僅僅是早期投入大量的資本支出。

Good questions around tariffs.

有關關稅的好問題。

We follow the news flow.

我們關注新聞動態。

It's a fluid market in terms of tariffs coming and not coming.

從關稅的來龍去脈來看，這是一個流動的市場。

But for the Empire Wind, we have a lot of supply chain in the US.

但對於 Empire Wind 來說，我們在美國有許多供應鏈。

And several of that equipment is already made, for instance, the cables and so on, but also a substantial part coming from Europe, for instance, the VTGs that will be produced in Europe by Vestas.

其中一些設備已經製造完成，例如電纜等，但也有相當一部分來自歐洲，例如維斯塔斯將在歐洲生產的 VTG。

So clearly, this is on our radar, but it's too early to say any potential impacts.

顯然，這已引起了我們的關注，但現在談論其潛在影響還為時過早。

Peter Low, Redburn.

彼得洛，雷德伯恩。

Hi, yeah.

嗨，是的。

Thanks for taking the question.

感謝您回答這個問題。

The first was on the operating cash flow guidance.

第一個是關於經營現金流指引。

I think you did $18 billion in 2024, and that was at $81 a barrel.

我認為 2024 年的收入為 180 億美元，當時的價格是每桶 81 美元。

I think in 2025, you're guiding to $20 billion at a $70 a barrel assumption.

我認為到 2025 年，按照每桶 70 美元的假設，石油需求將達到 200 億美元。

Can you perhaps just walk through where that improvement comes from year over year?

能否簡單介紹逐年進步的原因是什麼？

And then the second question was perhaps just to get some perspectives on the European gas market.

第二個問題可能只是為了了解一些關於歐洲天然氣市場的看法。

We started the year with pretty high pricing, a pretty tight environment.

今年年初，我們的定價相當高，環境相當緊張。

And how do you see that unfolding as we move through 2025 and beyond?

您認為 2025 年及以後這種情況將如何發展？

Thank you.

謝謝。

So now I want you, Torgrim, to take the first question.

所以現在我希望你，托格瑞姆，回答第一個問題。

And then I would like to draw also my excellent team.

然後我也想畫出我優秀的團隊。

So if you Irene could say a little bit more about our gas outlook short term and the medium term?

那麼艾琳，您能否再多談談我們對天然氣的短期和中期前景？

Yeah.

是的。

Thanks, Peter.

謝謝，彼得。

So the cash from operations in '24 was $17.9 billion, and that was at a realized oil price around $80, as you say, and European gas price of $11.

因此，24 年的營運現金流為 179 億美元，而當時的實際油價約為 80 美元，正如您所說，歐洲天然氣價格為 11 美元。

So the assumptions that we use for 2025 is $70 oil, but $13 gas in a way.

因此，我們對 2025 年的假設是油價為 70 美元，但天然氣價格為 13 美元。

So the price impacts between those years are equaling out in reality terms.

因此，從現實角度來看，這些年份的價格影響是相等的。

So I mean the price impact between those numbers is very limited.

所以我的意思是這些數字之間的價格影響非常有限。

However, but it will move from $17.9 billion to around $20 billion.

不過，它將從 179 億美元變為 200 億美元左右。

And that is driven by production growth.

這是由產量成長所推動的。

It is driven by cost improvements as you have seen.

如您所見，這是由成本改進所推動的。

And then on the CapEx side, you have seen that we are taking down investments in renewable significantly.

然後在資本支出方面，您會發現我們正在大幅削減對再生能源的投資。

And also, there is an element of project financing for 2025, taking down CapEx spending from $13 billion to $11 billion for 2025.

此外，2025 年還有專案融資因素，將資本支出從 130 億美元降至 2025 年的 110 億美元。

So that sort of gives you the mechanics when it comes to free cash flow movement.

這樣，當談到自由現金流流動時，這就給了你機制。

The cash flow from operations is very much driven by production growth and cost improvements and better underlying operations.

經營活動產生的現金流量主要受生產成長、成本改善和更好的基礎營運所驅動。

Irene?

艾琳？

Well, a few words on the gas prices.

好吧，關於油價我再說幾句。

I think we've seen them rise quite rapidly recently.

我認為我們最近看到它們的增長相當迅速。

It's due to the end of the Ukraine transit, but also maybe more importantly, the rumors, I guess, or indications that Germany, in particular, will force storage filling in the summer.

這是由於烏克蘭運輸的結束，但也許更重要的是，我猜有傳言或跡象表明，特別是德國將在夏季強制填充儲存空間。

So I think we're up for an exciting year.

所以我認為我們將會迎來令人興奮的一年。

We can easily see significant price spikes, I guess, when you get into the summer.

我想，進入夏季後，我們很容易看到價格大幅上漲。

There's high AC demand in Asia from weather coinciding with the regulated storage filling, I think we're up for some excitement.

由於天氣原因，加上蓄能器蓄水量適中，亞洲的空調需求量很大，我想我們會迎來一些興奮的情緒。

Beyond that, you have to get into '26-'27, I guess, before you see significantly new supplies.

除此之外，我猜你必須進入'26-'27年，才能看到大量新的供應。

So it's going to be tight up until then.

因此，在此之前，情況都會很緊張。

Then the big question is, of course, will Asian demand growth keep pace with new supply.

那麼最大的問題當然是亞洲需求成長能否跟上新增供應的腳步。

And the big unknown is what's going to happen, I guess, with Russian volumes if there is some settlement between Ukraine and Russia.

我想，最大的未知數是，如果烏克蘭和俄羅斯之間達成某種協議，俄羅斯的石油產量會發生什麼變化。

I think the latter is probably a bit overestimated.

我認為後者可能有點被高估了。

The way we see it, it's probably going to be around [27] BCM (corrected by company after the call) through Nord Stream 2.

我們認為，透過北溪 2 號管道，產量可能將達到約 [27] BCM（公司在通話後進行了更正）。

Nord Stream 1 is permanently destroyed.

北溪一號管線已被永久摧毀。

We don't expect volumes to come through Poland.

我們預計不會有大量貨物透過波蘭運輸。

We do expect Ukraine to bring in other

我們確實希望烏克蘭能引進其他

[15] (corrected by company after the call) .

[15]（公司電話溝通後已更正）。

So maybe an additional Russian volume potential of around [40] (corrected by company after the call), but if you contrast that to the LNG import last year into Europe, which was 125, it's not really that significant.

因此，俄羅斯的額外進口量潛力或許為 [40] 左右（電話會議後公司進行了更正），但如果將其與去年歐洲的液化天然氣進口量 125 進行對比，就會發現其實並沒有那麼大的意義。

So I think strong market in next couple of years, then some more uncertainties.

因此我認為未來幾年市場將會強勁，但也會有一些不確定性。

Come to the Q&A or the breakout, and we'll give you a lot more interest.

歡迎來到問答環節或分組討論，我們會帶給您更多樂趣。

Thank you, Irene.

謝謝你，艾琳。

It's just one number I found very striking when we're looking into the gas market because the storage level coming out of this winter will be around 42%.

當我們研究天然氣市場時，我發現這個數字非常引人注目，因為今年冬季的儲存水準將達到 42% 左右。

And if you have then -- you want to go back to 90% storage level.

如果有的話——您想回到 90% 的儲存水平。

Actually, Europe needs to attract 230 more LNG cargoes than last year, which represent around 20% increase.

實際上，歐洲需要吸引比去年多 230 批液化天然氣貨物，增幅約 20%。

I think that's demonstrated a little bit the competition for LNG, we will see between Europe and Asia over the summer.

我認為這在一定程度上表明了液化天然氣的競爭，我們將在今年夏天看到歐洲和亞洲之間的競爭。

(Conference Instructions) Henri Patricot from UBS first and then Chris Kuplent from Bank of America.

(會議指示) 首先是瑞銀的 Henri Patricot，然後是美國銀行的 Chris Kuplent。

Yes, thank you. Just one follow-up on the financial framework. I think yet Torgrim, you said that going forward, the free cash flow is what would be used -- excess free cash flow we use for shareholder returns. So should we think that with the net debt back within your gearing range probably by the end of this year, you would normally use the balance sheet to pay extra shareholder returns to stay competitive. It will only be from free cash flow. Is that the right way to think about it or would you let net debt gearing move a bit higher within the range?

是的，謝謝。我只想問一下財務框架的一個後續問題。我認為，托格里姆，您說過，未來我們將使用自由現金流——超額自由現金流我們將用於股東回報。因此，我們是否應該認為，隨著淨債務在今年年底回到您的負債範圍內，您通常會使用資產負債表來支付額外的股東回報以保持競爭力。它僅來自自由現金流。這是正確的思考方式嗎？

No. Thanks, Henri. This year is sort of the last year, we sort of extraordinary elements from the past. So it has taken a little bit of time to share those magnificent results with our shareholders. So going forward, it will be on an ongoing business type of considerations related to capital distribution.

不，謝謝，亨利。今年可以說是最後一年了，我們從過去吸取了一些非凡的元素。因此，我們花了一點時間與股東分享這些輝煌的成果。因此，展望未來，這將是一種與資本分配相關的持續業務類型的考慮。

So I mean, excess cash or surplus cash, as we say, is clearly a number that you should have a look at as sort of the framework for the way we think about capital distribution. However, this is not mathematically, it is just providing us with a sufficient capacity to be competitive.

所以我的意思是，正如我們所說，過剩現金或剩餘現金顯然是一個數字，你應該把它看作是我們思考資本分配的方式的框架。然而，這並不是數學上的，它只是為我們提供了足夠的競爭力。

And then, of course, the balance sheet is always there, but it is in a place now where we think it's sort of right to operate and we have no plans to re-lever more than we are currently in a way. So this is actually a business that from now on will be an ongoing business. And the capital distribution capacity over time needs to come out of the way that we run our business.

當然，資產負債表始終存在，但是我們認為它現在處於一個可以正確操作的位置，我們沒有計劃以比目前更多的方式重新槓桿化。因此這實際上是一項從現在開始將會持續進行的業務。隨著時間的推移，資本分配能力需要從我們的業務經營方式中反映出來。

When that is said and as Irene hinted to, there might be periods with price spikes again. And clearly, we will see to that we are true to that, we are competitive in our capital distributions in those type of price environments as well.

話雖這麼說，而且正如艾琳所暗示的那樣，可能會再次出現價格飆升的時期。顯然，我們將確保我們忠於這一點，在那種價格環境下，我們的資本分配也具有競爭力。

But as I said, and Torgrim clearly tell you how we will steer the company going forward in terms of providing sufficient distribution capacity through free cash flow

但正如我所說，Torgrim 清楚地告訴你，我們將如何引導公司向前發展，透過自由現金流提供足夠的分銷能力

Chris Kuplent, Bank of America.

美國銀行的克里斯·庫普倫特（Chris Kuplent）。

Thank you. I'd like to focus on inorganic. And you mentioned there are no inorganic CapEx numbers in your slide pack and also no disposals. Does that mean you feel happy? You're not going to repeat what you did just recently and use your balance sheet for more M&A? Does it mean that M&A needs to be, if you like, self-funded? So any inorganic growth needs to be at least nearer term funded with inorganic, i.e., with disposals?

謝謝。我想專注於無機。您提到，幻燈片中沒有無機資本支出數字，也沒有任何處置。這是否意味著你感到幸福？您不會重複最近所做的事情，並利用資產負債表進行更多的併購嗎？這是否意味著，如果您願意的話，併購需要自籌資金？因此，任何無機成長至少在近期都需要透過無機（即處置）來資助？

And if you could maybe give us a little bit of an insight into the hurdle rates you are using, feel free to use the latest acquisition you made, how that 10% acquisition is giving you a comparable competitive return.

如果您可以向我們介紹您所使用的最低收益率，請隨意使用您最近進行的收購，看看這 10% 的收購如何為您帶來可比較的競爭回報。

You mentioned 10% for Empire Wind?

您提到 Empire Wind 的利潤率為 10% 嗎？

Thank you.

謝謝。

Yeah.

是的。

I think Torgrim alluded a little bit earlier to how we think around inorganic investments.

我認為托格里姆之前曾稍微提到我們對無機投資的看法。

You can think about the hurdle rate in between.

您可以考慮兩者之間的最低收益率。

But I think you should look at what we have done recently, both being in divestments and in acquisition and really looking at how we constantly improve our business by doing both of those elements.

但我認為你應該看看我們最近所做的事情，包括撤資和收購，並真正看到我們如何透過這兩個步驟來持續改善我們的業務。

And I think it's the balance, over time, you need to take a look at.

我認為，隨著時間的推移，你需要專注的是平衡。

If you could -- one way of looking at it is that we have divested in Azerbaijan and Nigeria and then reinvested in US onshore gas, high-grading the portfolio, creating more longevity and creating free cash flow in that respect.

如果可以的話——一種看法是，我們已經在阿塞拜疆和尼日利亞撤資，然後再投資於美國陸上天然氣，從而提高了投資組合的評級，延長了壽命，並創造了自由現金流。

So it's not only one single acquisitions or disposals; it's the totality over time you will have to look at to evaluate and how we then actually are improving our business by doing so.

所以這不僅僅是一次收購或處置；你必須從長期的角度來評估整個情況，並看看我們如何透過這樣做來改善我們的業務。

Okay.

好的。

Thanks, Chris.

謝謝，克里斯。

When it comes to sort of hurdle rates and the way we think about hurdle rates is that we use the same approach within M&A as we use on Johan Sverdrup and other places.

當談到最低收益率以及我們思考最低收益率的方式時，我們在併購中採用的方法與我們在 Johan Sverdrup 和其他地方採用的方法相同。

I mean they need to clearly provide an additional return to our cost of capital as such.

我的意思是，他們需要明確地為我們的資本成本提供額外的回報。

So that is the starting point.

這就是起點。

When it comes to M&A, it is very -- I mean, clearly, we do a lot of fundamental analysis as companies do and see to whether there's an underlying value in the company or assets that is sort of higher than what we are willing to pay.

說到併購，這非常——我的意思是，顯然，我們會像公司一樣進行大量基本面分析，看看公司或資產的潛在價值是否高於我們願意支付的價格。

But then, of course, it's also important that you, that we take into account that we have a sufficiently good timing on acquisition and divestiture.

但是，當然，同樣重要的是，我們要考慮到我們在收購和剝離方面有足夠好的時機。

And I would argue that in the past, we have a pretty good track record for actually working counter-cyclically.

我想說，過去我們在逆週期調節方面有著相當良好的記錄。

When it comes to Ørsted, the 10% that we acquired clearly justify, well justified when you compare it to the underlying values.

對於 Ãrsted 來說，我們獲得的 10% 顯然是合理的，如果將其與基礎價值進行比較，則非常合理。

And then of course, the share price has come down since then. We are very well aware of that, but we are a long-term investor in the company. And that company is typically a $4 billion EBITDA company in a way. It has a good return on capital employed.

當然，從那時起股價就下跌了。我們非常清楚這一點，但我們是該公司的長期投資者。從某種程度上來說，該公司的 EBITDA 通常為 40 億美元。其資本使用報酬率較高。

So the underlying delivery of the company is good. And that is sort of where we sort of do our evaluations and all of that. And then, of course, we need to be patient. And we are sure that when the offshore wind industry comes through this struggling time, Ørsted is a good and competitive company, a company that we would like to be partly owner of.

因此該公司的基本交付情況良好。這就是我們進行評估和諸如此類工作的地方。當然，我們需要耐心。我們確信，當離岸風電產業度過這個艱難時期時，Ãrsted 是一家優秀且具競爭力的公司，我們願意成為其部分股東。

Thank you, Anders and Torgrim, and thank you for everybody asking questions. We did not manage to get fully to the bottom of the list, but we are on over time. Anders and Torgrim will be in breakout sessions as well. So there will be opportunity to discuss further and ask additional questions.

謝謝 Anders 和 Torgrim，也謝謝大家提問。我們未能完全到達名單底部，但我們正在加班。 Anders 和 Torgrim 也將參加分組討論會。因此將有機會進一步討論並提出更多問題。

The breakout will start immediately after this, so you have time to fill your cup and then move to your rooms. Those of you who have signed up for the breakouts, you have a letter on your name tag, A, B or C. That's an indication of which room you should go to..

分組討論會在此之後立即開始，因此您有時間喝完咖啡然後前往自己的房間。那些已經報名參加分組討論的人，你們的名牌上會有一個字母，A、B 或 C。

And then there will be three groups of CEC members that will rotate between the room so that you all get to talk to all of them. Each session will be around half an hour, so a good opportunity to discuss. (Conference Instructions) So with that, Anders, I leave it to you to close this session.

然後會有三組 CEC 成員在房間之間輪換，以便大家可以與他們交談。每次會議大約持續半小時，因此是一個很好的討論機會。 (會議指示) 安德斯，現在由你來結束本次會議。

Yes. Thank you very much. And as always, thank you for the good and challenging questions. As I said, we are on track to deliver industry-leading returns doubling the production growth and free cash flow increases and a competitive capital distribution firm strategy but taking clear actions to improve the value for our shareholders. So thank you very much. Looking forward to the breakout session.

是的。非常感謝。像往常一樣，感謝您提出這些好且富有挑戰性的問題。正如我所說，我們正朝著實現行業領先回報的目標邁進，使產量增長一倍，自由現金流增加，並製定具有競爭力的資本分配公司策略，同時採取明確的行動來提高股東價值。非常感謝。期待分組討論會。

Thank you.

謝謝。