Equinor ASA (EQNR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Equinor analyst call first quarter results. (Operator Instructions). And finally, I would like to advise all participants, this call is recorded. Thank you. I'd now like to welcome BÃ¥rd Glad Pedersen, Senior Vice President and Head of Investor Relations to begin the conference. BÃ¥rd over to you.

大家好，歡迎參加 Equinor 分析師第一季業績電話會議。（操作員指令）。最後，我想告知所有參與者，本次通話已被錄音。謝謝。現在，我歡迎資深副總裁兼投資者關係主管 BÃ¥rd Glad Pedersen 開始會議。交給你了。

Thank you, operator and thank you all for calling in for the presentation of Equinor's first quarter results. I'm here together with our CFO, Torgrim Reitan. As usual, he will give an introduction about our results, and then we'll open for the Q&A. I know it's a busy reporting day, and we will keep the session within one hour. So with that, I hand it to you, Torgrim.

謝謝接線員，也謝謝大家打電話來聽 Equinor 第一季業績報告。我和我們的財務長 Torgrim Reitan 一起來到這裡。像往常一樣，他將介紹我們的成果，然後我們將開始問答環節。我知道今天是一個繁忙的報告日，我們將把會議時間控制在一小時內。因此，我把它交給你了，托格里姆。

Thank you, BÃ¥rd and good morning everyone, and thank you for joining. I know you are interested in the situation we are facing on Empire Wind. I will address that but let me start by saying that today, we are reporting strong financial results for the quarter.

謝謝你，BÃ¥rd，大家早安，謝謝你的加入。我知道您對我們在 Empire Wind 面臨的情況很感興趣。我會解決這個問題，但首先我要說的是，今天我們報告了本季強勁的財務表現。

Gas production was particularly strong in Norway and the US, capturing higher prices. We reported adjusted operating income of $8.6 billion before tax, and an IFRS net income of $2.6. Cash flow from operations after tax came in strong at $7.4 billion. Our adjusted earnings per share was $0.66. Earnings per share based on net income was $0.97, impacted by currency effects and book value gains.

挪威和美國的天然氣產量尤其強勁，價格較高。我們報告的調整後稅前營業收入為 86 億美元，IFRS 淨收入為 26 億美元。稅後營運現金流強勁，達 74 億美元。我們的調整後每股收益為 0.66 美元。基於淨收入的每股收益為 0.97 美元，受到貨幣效應和帳面價值收益的影響。

We are in turbulent times. The significant increase in tariffs and risk of trade wars creates uncertainty and volatility in the global economy and global supply chains. The uncertainty, combined with increased production from OPEC+ led to a drop in oil prices. It has recovered somewhat, but uncertainty do prevail.

我們正處於動盪時期。關稅大幅增加和貿易戰風險為全球經濟和全球供應鏈帶來不確定性和波動性。這種不確定性，加上 OPEC+ 產量增加，導致油價下跌。目前，其規模已回升，但不確定性仍然存在。

These circumstances confirm the importance of a strong balance sheet and resilience toward lower commodity prices. We are well prepared for market volatility. We have a strong cash position of around $25 billion and the net debt ratio is below 7%. Strong cost control and capital discipline remain a priority for us.

這些情況證實了強勁的資產負債表和抵禦大宗商品價格下跌的能力的重要性。我們已經為市場波動做好了充分的準備。我們的現金狀況強勁，約 250 億美元，淨負債比率低於 7%。強而有力的成本控制和資本紀律仍然是我們的首要任務。

For the quarter, we delivered capital distribution in line with our CMU guiding. The Board approved an ordinary cash dividend of $0.37 per share and a second tranche of share buyback of up to $1.265 billion, including the State's share. In total, we expect to deliver $9 billion in capital distribution for the year.

本季度，我們按照 CMU 指導進行了資本分配。董事會批准每股 0.37 美元的普通現金股息和第二批高達 12.65 億美元的股票回購，其中包括國家股份。總體而言，我們預計今年的資本分配將達到 90 億美元。

Before I get to our financial results, I want to address Empire Wind, and I want to be clear. This situation is extraordinary and unprecedented. Equinor has, over decades, built a material position in the US, a core country to us. Since the early 2000s, we have invested around $60 billion mainly within oil and gas.

在介紹我們的財務結果之前，我想先談談 Empire Wind，我想說清楚一點。這種情況非常特殊，史無前例。幾十年來，Equinor 已在美國這個我們的核心國家建立了重要地位。自 21 世紀初以來，我們已在石油和天然氣領域投資約 600 億美元。

In the first quarter, we produced around 425,000 barrels of oil equivalents per day and delivered earnings of more than $500 million. During recent years, we have on the invitation from authorities, also invested to build a renewable business in the US.

第一季度，我們每天生產約42.5萬桶石油當量，實現收益超過5億美元。近年來，我們應有關部門的邀請，也在美國投資興建再生能源業務。

In 2017, we signed the federal lease for Empire Wind, after being successful in a bid round hosted by BOEM. Since then, we have worked to mature and realize this 810 megawatt project. The site assessment plan for the project was approved back in 2018. Then, we submitted a construction and operations plan in January of 2020. This plan was approved by the Department of Interior in February of 2024.

2017 年，我們在 BOEM 主辦的競標中成功奪冠，並簽署了 Empire Wind 的聯邦租約。自那時起，我們一直致力於完善和實現這個810兆瓦的計畫。該項目的場地評估計劃早在2018年就已獲得批准。然後，我們在2020年1月提交了建設和營運計劃。該計劃於2024年2月獲得內政部批准。

It was not a rushed process by any means. It took more than four years from submittal to approval after extensive documentations, consultations and review. So based on this approval and an improved off take contract with New York, we took a final investment decision and started construction in the Spring of 2024.

無論如何，這不是一個倉促的過程。經過大量的文獻資料、諮詢和審查，從提交到批准歷時四年多。因此，根據這項批准以及與紐約達成的改進的承購合同，我們做出了最終投資決定，並於 2024 年春季開始建造。

Project financing is a pre-requisite for Empire Wind, and this was also secured last year. Empire Wind has already passed 30% completion. The project invests more than $1.2 billion in supply chains across the US, and so far, around 1500 local workers have been involved in the development.

專案融資是 Empire Wind 的先決條件，去年也已獲得此項擔保。Empire Wind 已完成 30%。該計畫在美國各地的供應鏈上投資超過 12 億美元，迄今為止，已有約 1500 名當地工人參與了該計畫的開發。

On April 16, we received an order from BOEM to halt all ongoing activities related to the Empire Wind on the Outer Continental Shelf. We have complied with this order. However, the order did not include any information about the alleged deficiencies in the approval.

4 月 16 日，我們收到 BOEM 的命令，要求停止外大陸架與帝國風有關的所有正在進行的活動。我們已遵守該命令。然而，該命令並未包含任何有關批准中所謂缺陷的資訊。

And our position is clear. The stop work order is unlawful. It is disregarding applicable law and the prior reviews and the valid approvals of all agencies, including BOEM and NOAA. So Equinor has invested in good faith, and this is now a question about the sanctity of contracts, the legal protections and rights afforded through lawfully issued permits and the security of investments based on valid approvals granted in the US.

我們的立場是明確的。停工命令是違法的。它無視適用法律以及包括 BOEM 和 NOAA 在內的所有機構的先前審查和有效批准。因此，Equinor 是出於善意進行投資的，現在的問題是關於合約的神聖性、透過合法頒發的許可證所提供的法律保護和權利以及基於美國有效批准的投資安全性。

Empire Wind is an important project for Equinor, and we believe it contributes positively to New York and the United States. So we are seeking to engage with the administration to clarify the situation, and we are considering our legal options.

Empire Wind 是 Equinor 的一個重要項目，我們相信它會對紐約和美國做出積極的貢獻。因此，我們正在尋求與政府接觸以澄清情況，並且我們正在考慮我們的法律選擇。

In our first quarter report, the halt order is treated as a subsequent event. The current book value for Empire Wind is $2.5 billion including the South Brooklyn Marine Terminal. The book value reflects our investments to date in the project. Of this around, $1 billion is covered by equity injections. The remaining $1.5 billion is drawn from project finance. Equinor US Holdings has provided guarantees for the equity commitment in the project financing.

在我們的第一季報告中，暫停令被視為後續事件。目前 Empire Wind 的帳面價值為 25 億美元，其中包括南布魯克林海運碼頭。帳面價值反映了我們迄今為止對該項目的投資。其中約10億美元透過股權注入的方式支付。剩餘的15億美元來自專案融資。Equinor US Holdings為該專案融資中的股權承諾提供了擔保。

If the project is forced to stop due to the US administration's decision, the $1.5 billion will be repaid from the equity commitment to the project finance lenders. In addition, various companies within the Equinor Group have exposures related to the Empire Wind project, including guarantees and termination fees towards suppliers.

如果該專案因美國政府的決定而被迫停止，這15億美元將從股權承諾中償還給專案融資貸款人。此外，Equinor 集團旗下的多家公司都與 Empire Wind 專案有相關風險，包括對供應商的擔保和終止費用。

This is an aggregated gross exposure on an Equinor Group level of $1.5 billion to $2 billion. This is before taking into account tax and any potential reductions from negotiations, settlements, legal actions and damages and rules of limitation of liabilities.

這是 Equinor 集團層面的總風險敞口，為 15 億美元至 20 億美元。這還沒有考慮稅收以及談判、和解、法律訴訟和損害賠償以及責任限制規則可能帶來的任何減少。

One thing is clear, our priority is to protect value for Equinor and our investors. And I'm of course, ready to take any questions on this during the Q&A. But now let's go through the results for the first quarter.

有一點很清楚，我們的首要任務是保護 Equinor 和投資者的價值。我當然準備好在問答環節回答任何有關此問題。但現在讓我們來看看第一季的業績。

Safety. That remains our top priority, and we have a solid safety trend. This quarter, the serious incident frequency was record low at 0.28 and the total recordable injury frequency was 2.2 per million hours worked for the last 12 months. We continue to learn from any incidents and work towards improvements.

安全。這仍然是我們的首要任務，我們擁有穩固的安全趨勢。本季度，嚴重事故發生頻率為 0.28，創歷史新低，過去 12 個月內可記錄的傷害總頻率為每百萬工作小時 2.2 次。我們不斷從任何事件中學習並努力改進。

In the first quarter, we produced 2.123 million barrels per day. We saw increased gas production and somewhat lower oil production than the same quarter last year, when it was extraordinary high. On the Norwegian continental shelf, we have good operations, and several fields have near historic high regularity, including Johan Sverdrup and Troll.

第一季度，我們的日產量為212.3萬桶。與去年同期相比，天然氣產量增加，而石油產量則略有下降，而去年同期的產量非常高。在挪威大陸架，我們的作業良好，包括 Johan Sverdrup 和 Troll 在內的幾個油田的產量規律性已接近歷史最高水準。

NCS production was impacted by the shutdown of Hammerfest LNG. This quarter, Castberg and Halten East started production. These fields at full production, will contribute 150,000 barrels net to Equinor. For E&P US, we are seeing the positive effect of our increased non-op position in Marcellus. We have high production, and we are creating value from higher gas prices.

NCS 的生產受到哈默菲斯特液化天然氣 (Hammerfest LNG) 關閉的影響。本季度，Castberg 和 Halten East 開始生產。這些油田全面投產後將為 Equinor 淨貢獻 15 萬桶石油。對於 E&P US 而言，我們看到了在 Marcellus 增加非營運職位所帶來的正面影響。我們的產量很高，而且我們正在透過更高的天然氣價格創造價值。

For E&P International, production was lower, as you should expect, due to the divestment of Nigeria and Azerbaijan. We produced 1.4 terawatt hours this quarter and have announced that we will establish a new power business area that will go live from September.

對 E&P International 來說，由於撤資尼日利亞和亞塞拜然，其產量有所下降，這是意料之中的事。本季我們生產了 1.4 太瓦時的電力，並宣布將建立一個新的電力業務領域，該領域將於 9 月開始投入使用。

Now to our financial results, liquids prices were lower this quarter, while gas prices were higher in Europe and the US. Storages in Europe ended the gas winter at 34% of total capacity, around 24 percentage points lower than last year. In the short term, we expect balances to be tight, and summer demand will be impacted by the need to fill storages in Europe. Uncertainty around Asian demand and potential supply disruptions may also cause further volatility.

現在就我們的財務結果而言，本季液體價格較低，而歐洲和美國的天然氣價格較高。截至今年冬季，歐洲天然氣庫存量僅佔總容量的 34%，比去年下降了約 24 個百分點。短期內，我們預期供應平衡將會緊張，夏季需求將受到歐洲補庫存需求的影響。亞洲需求的不確定性和潛在的供應中斷也可能造成進一步的波動。

This quarter, adjusted earnings in E&P Norway totaled $7.4 billion before tax, driven by higher gas prices. Our international segments combined, delivered more than $1 billion in adjusted operating income, and around $500 million after tax, supported by higher gas production, capturing higher prices in the US.

本季度，受天然氣價格上漲的推動，E&P Norway 的調整後稅前收益總計 74 億美元。我們的國際部門合併後實現了超過 10 億美元的調整後營業收入，稅後收入約為 5 億美元，這得益於天然氣產量的提高和美國價格的上漲。

Realized US gas price was actually $4.06, and this was stronger than Henry Hub. So it was a 74% increase from the same quarter last year. The E&P International tax rate was higher due to a one-off non-cash effect caused by the extension of the UK EPL period.

美國實際天然氣價格實際上為 4.06 美元，高於亨利港的價格。與去年同期相比成長了 74%。由於英國英超聯賽延長帶來的一次性非現金影響，E&P International 的稅率較高。

MMP came in below the guided range, impacted by lower liquids and LNG trading results and the drilling of two CCS wells. This is a one-off cost, and excluding these, we would have been close to the lower end of the range. The results of our renewables business reflect lower business development and early phase costs.

受液體和液化天然氣交易結果下降以及兩口 CCS 井鑽探的影響，MMP 低於指導範圍。這是一次性成本，除去這些費用，我們的成本就會接近該範圍的低端。我們的再生能源業務的表現反映出較低的業務發展和早期階段成本。

Across our portfolio, we continue to focus on cost control and capital discipline. The reported adjusted OpEx and SG&A was up 11%. This was impacted by a change in over/ unde lift position in the quarter, increased transportation costs and royalties, and adjusting for that, the increase was 3%.

在我們的投資組合中，我們繼續關注成本控制和資本紀律。報告的調整後營運支出和銷售、一般及行政費用上漲了 11%。這是受到本季超額/未達標情況變化、運輸成本和特許權使用費增加的影響，經過調整後，增幅為 3%。

At our CMU, we said that we are targeting flat cost levels for 2025, realizing improvements to beat inflation. This remains our target, but this quarter group OpEX and SG&A came in around 3% above this ambition, primarily due to increased maintenance and one-off costs, like the CCS wells.

在我們的 CMU，我們說過我們的目標是到 2025 年成本水準持平，實現改進以戰勝通貨膨脹。這仍然是我們的目標，但本季集團營運支出和銷售、一般及行政費用比這一目標高出約 3%，主要是由於維護和一次性成本（如 CCS 井）的增加。

This quarter, our cash flow from operations was $7.4 billion after tax. We paid one NCS tax installment of $3.1 billion. Next quarter, we will pay two equal installments. Those will be the last payments related to the 2024 earnings. Remember, the Norwegian tax system has a dampening effect when it comes to lower prices. If prices are lower, 78% will be offset by reduced taxes and investments are deducted immediately.

本季度，我們的營運現金流為稅後 74 億美元。我們支付了一筆 31 億美元的 NCS 稅金。下個季度，我們將支付兩筆等額的分期​​付款。這些將是與 2024 年收益相關的最後付款。請記住，挪威的稅收制度對降低價格有抑製作用。如果價格較低，78%將透過減少稅收和立即扣除投資來抵消。

As you know, there is a lag in the tax payment. We see through this when we decide our guiding and capital distribution.

大家知道，納稅有滯後現象。我們在製定指導方針和資本分配時就看透了這一點。

In June, we will decide the tax installments for the second half of this year based on our estimated 2025 full year earnings. This quarter, we distributed $2.5 billion to our shareholders. Organic CapEx was $3 billion, and our net cash flow was just above $2 billion.

6 月份，我們將根據預計的 2025 年全年收益來決定今年下半年的稅款分期付款。本季度，我們向股東分配了 25 億美元。有機資本支出為 30 億美元，而我們的淨現金流略高於 20 億美元。

We have a solid financial position with around $25 billion in cash and cash equivalents, and our net debt to capital employed ratio decreased to 6.9% this quarter. Next quarter, the State's share of the buyback will be booked as a finance debt, impacting the net debt ratio by around 8 percentage points.

我們的財務狀況穩健，擁有約 250 億美元的現金和現金等價物，本季我們的淨債務與資本使用比率下降至 6.9%。下個季度，國家回購的份額將記為金融債務，對淨債務比率產生約8個百分點的影響。

The actual payment and cash flow impact will be in the third quarter. Finally, to our guidance. We maintain the guidance that we communicated at our CMU in February. So by that, I'll leave the word to you BÃ¥rd to take us through the Q&A. So thank you very much.

實際支付和現金流影響將在第三季顯現。最後，感謝我們的指導。我們維持 2 月在 CMU 上傳達的指導方針。因此，我將把主題留給 BÃ¥rd 來帶領我們完成問答環節。非常感謝。

Thank you, Torgrim and we are then ready to start the Q&A. We have a good list already signed up. (Event Instructions)

謝謝托格里姆，我們現在開始問答環節。我們已經有一個好的名單了。（活動須知）

Teodor Nilsen, Sparebank 1 Markets.

Teodor Nilsen，Sparebank 1 市場。

(technical difficulty)

（技術難度）

Teodor, I'm sorry. But you are breaking up, so we are not able to hear your question. I suggest we take another one in the interest of time, and you will be the next on the list and hopefully the line will work better then.

特奧多爾，我很抱歉。但是您正在分手，所以我們無法聽到您的問題。為了節省時間，我建議我們再坐一次，你會是名單上的下一個，希望到時候線路能更好。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Very well, thank you.

很好，謝謝。

Thanks for the details on Empire Wind. I guess there's not much you can say, given it's a legal process, but I just wondered if you could talk a little bit about what this event is making you in terms of changes the way you think about the business, because your geographical exposure is a lot more concentrated than your peers.

感謝您提供有關 Empire Wind 的詳細資訊。我想您能說的不多，因為這是一個法律程序，但我只是想知道您是否可以談談這次事件對您看待業務的方式有何影響，因為您的地理分佈比同行集中得多。

Obviously, Norway is the backbone of the business and the home ground there, but if I look beyond Norway, the international footprint, it's been a conscious decision to be more concentrated. And obviously the US is the second largest footprint you have, and your peers are much more diversified. So does this in any way make you kind of change that approach, make you think a little bit differently? Maybe think you maybe want a bit of a more broader exposure? Just any comments on that would be helpful.

顯然，挪威是我們業務的支柱和本土，但如果我將目光投向挪威以外，放眼國際市場，我們就會意識到，我們更專注於此。顯然，美國是你們的第二大市場，而且你們的同行更加多元化。那麼這是否會在某種程度上讓你改變這種方法，讓你有一點不同的想法？也許您想獲得更廣泛的曝光？任何對此的評論都會有所幫助。

And then the second question is, on Bacalhau, there's maybe a little bit of confusion around expectations there. Just wanted you to clarify expectations on startup and time to get to plateau. Is there any reason we shouldn't assume a ramp up, go back, allow that in line with other FPSOs we've seen in Brazil, which is typically less than a year to get the full plateau. Thank you.

第二個問題是，關於 Bacalhau，人們可能對它的期望有些困惑。只是想讓你澄清對啟動和達到穩定狀態的時間的期望。我們有什麼理由不去假設產量會上升，然後回過頭來，讓它與我們在巴西看到的其他 FPSO 保持一致，通常不到一年的時間就能達到完全穩定狀態。謝謝。

So on your first question, the situation around Empire is both extraordinary and unprecedented. And we see it as sort of an unlawful act by the US State and we will treat it as that. Clearly, US is an important country to us. We have invested many, many years. And it generates $500 million in this quarter as such. So, it remains so.

關於你的第一個問題，帝國周圍的情況既特殊又史無前例。我們認為這是美國的一種非法行為，我們將予以處理。顯然，美國對我們來說是一個重要的國家。我們已經投入很多很多年了。本季它創造了 5 億美元的收入。所以，情況依然如此。

I think your bigger question is about your concentration of a portfolio, which is very much about our ability to take out scale effects and synergies and getting into critical size, where we do operate and where we are. So we think that makes sense. And clearly, if you look at the political risk in our portfolio compared to many others, we have a significant high share of OECD countries in there.

我認為你更大的問題是關於投資組合的集中度，這很大程度上取決於我們發揮規模效應和協同效應以及達到臨界規模的能力、我們的營運地點和我們所在的位置。所以我們認為這是有道理的。顯然，如果你將我們的投資組合中的政治風險與許多其他投資組合中的政治風險進行比較，你會發現我們的投資組合中 OECD 國家的份額相當高。

You know there are risks in all countries, and we need to deal with them the way it should be. And all this is very much boiling down to managing the situation around one asset and one investment. Then on Bacalhau. So startup is planned for 2025 and the ramp up is expected to go as planned.

你知道所有國家都有風險，我們需要以應有的方式來應對這些風險。而這一切，很大程度上都歸結於圍繞一項資產和一項投資的管理。然後是鱈魚。因此，該計劃於 2025 年啟動，並且預計增長將按計劃進行。

It is on location. Commissioning is ongoing, and hookup is also on its way. So things are moving according to plan. So there should not be confusion out there. I hope. So we are confident in the development of the assets. So thank you, Biraj.

它就在現場。調試正在進行中，連接也正在進行中。事情正在按照計劃進行。因此不應該存在混淆。我希望。因此我們對資產的發展充滿信心。所以謝謝你，Biraj。

Teodor Sveen Nilsen, SpareBank 1 Markets.

Teodor Sveen Nilsen，SpareBank 1 市場。

Teodore, please press *1.

西奧多，請按 *1。

Is this better?

這樣好些了嗎？

No, I'm sorry, Teodor. It sounds like you're breaking up. Try, and I will interrupt you if it breaks up again.

不，對不起，特奧多爾。聽起來你們好像要分手了。嘗試一下，如果它再次中斷，我就會打斷你。

(technical difficulty)

（技術難度）

Sorry, Teodor, but we are not able to hear you, so either you need to find a better line and we will put you on the list, or if not, you are welcome to call me or any other member of the IR team after and we will try to respond to your question.

抱歉，Teodor，但我們聽不到您的聲音，因此您需要找到更好的線路，我們會將您列入名單中，或者如果沒有，歡迎您之後給我或 IR 團隊的任何其他成員打電話，我們會盡力回答您的問題。

John Olaisen, ABG Sundal Collier.

約翰·奧萊森，ABG Sundal Collier。

Thanks a lot for taking my question. I wonder a little bit about the sustainability of your dividend and total capital distribution. You don't make any change to the guidance, capital distribution of $9 billion in total for '25 but just wonder, if '25 is safe at $9 billion, regardless of oil and gas prices, or is that at some oil price should we expect the lower capital distribution also for '25?

非常感謝您回答我的問題。我對您的股息和總資本分配的可持續性有點疑惑。您沒有對指導方針做出任何改變，25 年的資本分配總額為 90 億美元，但只是想知道，無論石油和天然氣價格如何，25 年的 90 億美元是否安全，或者在某個油價下，我們是否應該預期 25 年的資本分配也會降低？

And also then maybe, is it possible to give some indication for '26. If oil price stays at, yeah, now we're at 62 at current levels. Is dividend sustainable at current oil and gas price levels? Or if yes, what level should we expect dividends to become at risk? If you could just talk a little bit about this, please. Great.

那麼，也許，我們能為 26 年給予一些指示嗎？如果油價維持在目前的水平，那麼現在的水平就是 62。在目前的石油和天然氣價格水準下，股息是否可持續？或者如果是的話，我們應該預期股利在什麼水準上面臨風險？請您稍微談談這個問題。偉大的。

Okay, all right, now, thanks. Thanks, John. So it's very important for us to be competitive when it comes to capital distribution. And sort of a little bit of a data points. We have distributed $45 billion over the last three years of capital distribution. And I hope that is read as a strong commitment to distribute capital.

好的，好的，現在謝謝。謝謝，約翰。因此，在資本分配方面保持競爭力對我們來說非常重要。還有一點數據點。在過去三年的資本分配中，我們已分配了 450 億美元。我希望這能被解讀為對分配資本的堅定承諾。

And the $9 billion this year as well. You should see that as very, very firm. I said at the Capital Markets Day that, it is important to run with a solid balance sheet and a lot of liquidity, and that enables us to see through sort of volatility as such, when we make decisions and when we sort of decide on capital distribution.

今年還有 90 億美元。您應該認為這是非常非常堅定的。我在資本市場日說過，擁有穩健的資產負債表和充足的流動性非常重要，這使我們能夠在做出決策和決定資本分配時看透這種波動性。

So you should take the $9 billion as a very, very strong commitment from our side. So on a lower price environment. Just want to remind you of some sensitivities. We have said, our cash flow for operations around $20 billion for 2025. That was based on a $70 oil and a $13 gas in Europe. If you assume a $10 lower oil price, which is 60, and a $2 lower gas, which is 11, that would reduce cash flow from operations of around $2 billion take it from 20 to 18 as such, creating still significant room for capital distribution.

因此，您應該將這 90 億美元視為我們所做的非常非常堅定的承諾。因此處於較低的價格環境。只是想提醒你注意一些敏感事項。我們曾說過，到 2025 年，我們的營運現金流將達到 200 億美元左右。這是基於歐洲 70 美元的石油價格和 13 美元的天然氣價格。如果假設油價下降 10 美元（即 60 美元），天然氣價格下降 2 美元（即 11 美元），那麼營運現金流將減少約 20 億美元，從 20 億美元降至 18 億美元，這仍然為資本分配創造了很大的空間。

It is very important for us to be competitive. We have the cash dividend that is going to be growing, and we want you to think about that as bankable. Then on top of that, we will use share buyback, and we will see to that we are competitive compared to our peer group through the cycle and all of that.

對我們來說，保持競爭力非常重要。我們的現金股利將會不斷成長，我們希望您認為這是值得信賴的。除此之外，我們還將進行股票回購，並確保在整個週期內我們與同業相比具有競爭力。

The last point I would like to make around a low price environment is that the Norwegian tax system, it has a significantly dampening effect, because as oil price and gas prices drop, 78% of the exposure is picked up by the tax bill. There is a lag in tax payments of six months, but clearly we are seeing through that when we put together our guiding and capital distribution as such.

關於低價環境，我想說的最後一點是挪威的稅收制度具有顯著的抑製作用，因為隨著石油和天然氣價格的下跌，78% 的風險敞口被稅收所吸收。納稅有六個月的滯後，但當我們把指導和資本分配結合起來時，我們顯然已經看到了這一點。

So we do see the Norwegian tax system to be a dampening effect and enabling us to manage very well in a low price environment. And then, of course, I mean, you know our cost base and our return on capital employed. It cost us $2 all in cash to get to Europe with our gas, selling into an $11 market.

因此，我們確實認為挪威的稅收制度具有抑製作用，使我們能夠在低價環境中很好地管理。然後，當然，我的意思是，你知道我們的成本基礎和我們的資本使用回報率。我們花了 2 美元現金將天然氣運到歐洲，然後銷往價格為 11 美元的市場。

So this is a business that works well in a low price environment, and we stay committed to our capital distribution. So thanks, John.

因此，這是一項在低價環境下運作良好的業務，我們將繼續致力於資本分配。所以謝謝你，約翰。

May I have one quick follow up on that?

我可以快速跟進嗎？

Yes, please, John.

是的，約翰。

When you talk about low price environment, in your view, what is a low-price environment? Because, I mean, you said that you have break even for new projects. Your new projects are break even below $40. Is 62 a low-price environment in your view? And when do we come into a more or medium or high price environment?

當您談到低價環境時，您認為什麼是低價環境？因為，我的意思是，你說過你的新專案已經達到收支平衡。您的新專案損益平衡點低於 40 美元。您認為 62 是低價環境嗎？我們什麼時候會進入中等或高價環境？

Yeah, both you and me, John, have lived long enough to know that we should never have a very strong view on what is a low price and what is a high price. My job is to make ourselves as robust as we can to a volatile price, and clearly, we are prepared for significantly lower prices than we see currently, both through sort of flexibility in our spending, a strong balance sheet, significant liquidity, and a tax system that actually helps on the way down as well. So, we'll see to that. You know we are well prepared to manage all of that.

是的，約翰，你和我都活得夠久了，我們都知道，我們永遠不應該對什麼是低價、什麼是高價有非常強烈的看法。我的工作是讓我們自己盡可能地穩健地應對波動的價格，顯然，我們已經為比目前低得多的價格做好了準備，這既是通過支出的靈活性、強勁的資產負債表、充足的流動性，也是有助於價格下降的稅收制度。所以，我們會注意這一點。你知道我們已經做好了充分的準備來應對這一切。

And maybe the last point I would like to make is that navigating through rough waters, it is important to have control of your own spending, and since we are operating most of our investments ourselves, we are sort of the captain of our spending program, makes us able to actually make the decisions necessary to make the adjustments that we have to do in a way. So we are prepared for significantly worse, not believing necessarily in that, but our job is to be prepared.

我最後想說的一點是，在艱難困苦中航行時，控制自己的支出非常重要。由於我們自己管理大部分投資，所以我們可以說是支出計畫的掌舵人，這使我們能夠做出必要的決定，以某種方式進行必要的調整。因此，我們做好了應對更糟糕情況的準備，雖然我們不一定相信這一點，但我們的工作就是做好準備。

Peter Low, Redburn Atlantic.

彼得‧洛 (Peter Low)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi. Thanks for taking my questions. The first was on Empire Wind and the impact of the pause on the CapEx budget. I thought you had a reasonably significant amount of investment this year going into Empire, given your halting work, would a portion of that not drop out? Can you perhaps just talk about the dynamics there?

你好。感謝您回答我的問題。第一個是關於 Empire Wind 以及暫停對資本支出預算的影響。我認為您今年在 Empire 上投入了相當多的資金，考慮到您目前的工作進展不順，其中一部分會不會流失呢？您能談談那裡的動態嗎？

And then a second question, actually, on CapEx, you alluded in your previous answer to potentially some flexibility in a lower price environment. Can you talk a bit about kind of where that flexibility could potentially come from and at what price level you might look to revisit your spending plans in the coming years? Thanks.

然後第二個問題，實際上，關於資本支出，您在先前的回答中提到了在低價環境下可能存在的一些靈活性。您能否談談這種靈活性可能來自哪裡，以及在未來幾年中您可能會在什麼價格水平上重新審視您的支出計劃？謝謝。

Okay, thanks, Peter. Yeah. So first of all, on Empire, our main focus is to manage that situation, getting clarity as quickly as we can, and taking the actions that is prudent in the current environment, to protect the value of the asset and the value for our shareholders. That is very, very top priority. When we know more, we will revert to guiding implications as such. But it is too early to conclude on that. But it is high priority for us to clarify the situation and take the necessary actions.

好的，謝謝，彼得。是的。因此，首先，對於 Empire，我們的主要重點是管理這種情況，盡快弄清楚情況，並在當前環境下採取審慎的行動，以保護資產價值和股東價值。這是非常非常優先的事項。當我們了解更多時，我們將會恢復這樣的指導意義。但現在就下結論還為時過早。但我們的當務之急是找出情況並採取必要的行動。

When it comes to CapEx. So just want to remind you on what we did on the Capital Markets Day. We actually have reduced our investments over the next three years by $5 billion and also the cost reduction is targeted at $2 billion. So we sort of put that forward at the Capital Markets Day. So for us, it's important to be ahead of the game, to set up a business that works in a low-price environment.

當談到資本支出時。所以只是想提醒你我們在資本市場日做了什麼。實際上，我們已經將未來三年的投資減少了 50 億美元，成本削減目標也定為 20 億美元。所以我們在資本市場日提出了這一點。因此，對我們來說，保持領先地位並在低價環境中開展業務非常重要。

On further flexibility. There are some flexibility in 2025. But you know, most of the investment program is related to ongoing projects. Coming 2026 and 2027, there is significant flexibility opening up as well, and those are discussions we have currently. What are we going to do with the flexible part of the investments and we're being well aware that when we start a project, you sort of lock up your capacity as always. It's always a bad idea to stop ongoing projects.

關於進一步的靈活性。2025年有一定的彈性。但你知道，大部分投資計畫都與正在進行的專案有關。到 2026 年和 2027 年，也會出現顯著的靈活性，這些是我們目前正在討論的。我們將如何處理投資的靈活部分，我們很清楚，當我們啟動一個專案時，你會像往常一樣鎖定你的產能。停止正在進行的專案總是一個壞主意。

Yoann Charenton, Bernstein.

約安‧查倫頓，伯恩斯坦。

Hi everyone. So we'd like to ask about the MMP business. And if you're able to tell us what was the contribution for cash flow, or contribution to cash flow from MMP in the first quarter and this quarter as well, you had the working capital relief. Is that possible to understand whether at the end of the quarter you have reached what you will consider as a normalized level for working capital.

大家好。因此我們想詢問有關 MMP 業務的問題。如果您能告訴我們第一季和本季 MMP 對現金流的貢獻是多少，那麼您就獲得了營運資金減免。是否可以了解在季度末您是否已經達到了您認為的正常營運資本水準。

Okay. Thanks, Yoann. So on the MMP results, a few data points. So the result in the quarter, $253 million impacted by two wells, CO2 wells, into Smeaheia reservoirs. So adjusting for that, the result would have been close to the lower end of the range.

好的。謝謝，Yoann。因此，在 MMP 結果上，有幾個數據點。因此，本季的結果是，兩口二氧化碳井進入 Smeaheia 水庫，影響了 2.53 億美元。因此，經過調整後，結果將接近範圍的下限。

Then, LNG trading is lower than normal. That is due to Melkøya, the LNG facility in the Arctic, has been done for maintenance for part of the quarter. And then in general, within the trading environment, there is a little bit of a risk-off for the time being. So there has been lower than normal result from that.

那麼，液化天然氣交易量就會低於正常水準。這是因為北極的液化天然氣設施 Melkøya 在本季的部分時間內進行了維護。整體而言，目前在交易環境中存在一些風險。因此，結果低於正常水平。

On working capital, so let me first say that the guiding that we have on cash flow from operations that is excluding working capital movements. So it's a clean number, in a way, not disturbed by working capital movements.

關於營運資本，首先我要說的是，我們對經營活動現金流的指導不包括營運資本流動。因此，從某種程度上來說，這是一個乾淨的數字，不受營運資本流動的影響。

In this quarter, there was a freeing up of working capital of $1.6 billion as such. So I mean, so that actually adds to the cash flow in the quarter. And of course, whether this is normal or not, it was, I would say the end of fourth quarter, it was higher than normal. This is a fair level of working capital, but you should expect that it moves depending on whether there are contango in the market or there are special situations as such.

本季已釋放 16 億美元營運資金。所以我的意思是，這實際上增加了本季的現金流。當然，無論這是否正常，我想說，第四季末的數據高於正常水平。這是合理的營運資本水平，但您應該預料到它會根據市場是否存在正價差或是否存在特殊情況而變動。

Volatility in general creates results, but it also takes working capital. So if you see volatility, and if you see changes in the curves, I mean, you'll see working capital movements as such, but it's a fair level, I would say. Alright. Thanks, Yoann.

波動性通常會創造成果，但也需要營運資金。因此，如果您看到波動性，如果您看到曲線的變化，我的意思是，您會看到營運資本的變動，但我想說這是一個公平的水平。好吧。謝謝，Yoann。

Matt Lofting, JPMorgan.

摩根大通的馬特‧洛夫廷 (Matt Lofting)。

Thanks for taking the questions. Most of mine have been asked. I'll perhaps just ask you two follow-ups. First on Empire Wind. I just wonder if you could share any thoughts on what situation or duration of the hold would be required in order to trigger a write-down of the $2.5 billion book value, as we move through 2025 and in particular sort of then get to year end impairment testing into the second half.

感謝您回答這些問題。我的大部分問題都被問過了。我可能只會問你兩個後續問題。首先是 Empire Wind。我只是想知道，隨著我們進入 2025 年，特別是進入下半年進行年末減值測試，您是否可以分享一下關於需要什麼情況或持有期限才能觸發 25 億美元賬面價值的減記的想法。

And then second, perhaps just coming back on MMP and some of the comments Torgrim that you just made. I just wonder, the extent to which in the current environment that the industry as a whole is seeing moderated trading conditions in terms of the opportunities and spreads that are there, versus a sort of a more temporary, risk-off approach. Thank you.

其次，也許只是回到 MMP 和您剛才對 Torgrim 所做的一些評論。我只是想知道，在當前環境下，相對於採取一種更暫時的避險方式，整個產業在多大程度上看到了緩和的交易條件（就存在的機會和利差而言）。謝謝。

Thanks, Matt. On Empire Wind and then your question on consequences for our accounts. So as you would understand what is happening now around the project is dramatic. It is extraordinary and unprecedented in a way. So we will do impairment testing related to the second quarter results.

謝謝，馬特。關於 Empire Wind，以及您對我們的帳戶造成的影響的問題。所以，正如你所理解的，目前圍繞該項目發生的事情是戲劇性的。從某種程度上來說，這是非同尋常且前所未有的。因此，我們將對第二季的業績進行減損測試。

There are so many outstanding topics yet still with the project, so it's too early to say anything about what the consequences might be to it, and hopefully we will be able to create more clarity around the situation by the second quarter. So there is a reason why we are very transparent on the economic exposure to you, but hopefully that will put you in a situation to be prepared and have an opinion about that.

該項目仍有許多未解決的問題，因此現在談論其可能產生的影響還為時過早，希望我們能夠在第二季度之前對情況做出更清晰的說明。因此，我們對您的經濟風險非常透明是有原因的，但希望這能讓您做好準備並對此發表意見。

Your second question related to MMP and the moderated trading opportunities. Yes, I think in general, the risk across the various markets are sort of new type of risks. I mean, the whole world is used to deal with macro uncertainty and maybe geopolitical turmoil.

您的第二個問題與 MMP 和適度交易機會有關。是的，我認為整體而言，各個市場面臨的風險都是一種新型風險。我的意思是，全世界都在應對宏觀不確定性，甚至是地緣政治動盪。

But what we currently see is sort of a different type of risk as such, and that makes everyone more careful in sort of taking risks. So that we see a risk across that.

但我們目前看到的是一種不同類型的風險，這使得每個人在承擔風險時都更加謹慎。因此，我們看到了其中存在的風險。

And it is a difficult environment to trade in. What is actually quite interesting to note is that if we see sort of increased tariffs or trade wars or whatever you call it, it might change the trade flows. And that creates opportunities normally, and we are well positioned with our shipping fleet, various oil qualities and our ability to realize higher prices.

這是一個艱難的貿易環境。實際上值得注意的是，如果我們看到關稅增加或貿易戰或無論你怎麼稱呼它，它可能會改變貿易流動。這通常會創造機會，我們憑藉自己的航運船隊、各種石油品質以及實現更高價格的能力，處於有利地位。

So I mean, traders can make value in situations with uncertainty. I think the fact is that the world needs to get to used to what we are talking about currently, to be fair. So actually, quite this quarter, quite good trading around refineries, actually, and the qualities we have on the liquid side. All right, that was a long answer, but it's a complex topic. Thanks, Matt.

所以我的意思是，交易者可以在不確定的情況下創造價值。公平地說，我認為事實是世界需要習慣我們目前正在談論的事情。因此，實際上，本季煉油廠的交易情況相當不錯，而且我們在液體方面的品質也相當不錯。好吧，這是一個很長的答案，但這是一個複雜的話題。謝謝，馬特。

Chirs Kuplent, Bank of America.

美國銀行的克里斯·庫普倫特（Chirs Kuplent）。

Hi there. Thank you. Hope you can hear me okay. Just two to tidy up for me. One more on MMP. I was wondering whether you could give us a little bit of your thinking when you issued your trading updates a few weeks ago, and I didn't really read into that trading updates, the weak results that you ended up reporting below the low end of the usual quarterly range.

你好呀。謝謝。希望你能聽到我的聲音。只需要兩個幫我整理一下。再說一個關於 MMP 的事情。我想知道您是否可以在幾週前發布交易更新時告訴我們一些想法，我並沒有真正讀到那些交易更新，也沒有讀到您最終報告的低於通常季度範圍低端的疲軟業績。

So maybe you can talk us through the visibility you had at that time and your thinking behind how to use that trading updates in order to guide consensus. And then lastly, just because it's an asset that I enjoy asking you every time, also today, that 260 Krones or so, if it was a good investment at 400, why wouldn't you buy more today?

因此，也許您可以向我們介紹您當時的知名度，以及您如何利用這些交易更新來指導共識的想法。最後，因為它是一種資產，所以我每次都喜歡問你，今天也是如此，260 克朗左右，如果 400 克朗是一項不錯的投資，那麼為什麼你今天不買更多呢？

Thanks, Chris. So on your question on MMP. Chris, it's a good question and what we try to do in a trading update is to give you some stare on the direction, and then we'd clearly, recognize that there are a lot of moving parts that are just hard to analyze and hard to model as such. And what this time around, there was a lot of transactions very late in the quarter that we were not able to pick up as part of the trading update as such.

謝謝，克里斯。關於您關於 MMP 的問題。克里斯，這是一個很好的問題，我們在交易更新中嘗試做的是讓您關註一下方向，然後我們會清楚地認識到有很多活動部件很難分析，也很難建模。而這一次，本季末有許多交易我們無法將其作為交易更新的一部分來收集。

So that's on your question related to the trading update. And the best advice I can give is to have a close and good dialog with our Investor Relation department around these topics.

這就是有關交易更新的問題。我能給的最好建議是就這些主題與我們的投資者關係部門進行密切而良好的對話。

Then on Ørsted. Yeah, so we hold 10% of the shares. We are an industrial and long-term owner. Clearly, the share price of Ørsted is impacted by the industry realities within offshore wind , so that is clearly reflected in the price.

然後前往阿斯特德。是的，所以我們持有 10% 的股份。我們是一家工業和長期所有者。顯然，Ãrsted 的股價受到離岸風電產業現實的影響，因此這在價格上得到了明確的反映。

If we sort of see beyond that and what they have, they have a quality portfolio of producing assets, delivering significant EBITDA and a good return on capital employed. So we see this as a quality company with a quality portfolio, clearly impacted by the reality that surrounds this industry for the time being.

如果我們進一步看清他們所擁有的，就會發現他們擁有優質的生產資產組合，實現了可觀的 EBITDA 和良好的資本回報率。因此，我們認為這是一家擁有優質投資組合的優質公司，顯然受到目前該行業現實的影響。

Thanks. And Chris, we are happy to take any feedback on the trading update. I just want to remind you that we did say that you should expect an impact from the CCS wells that we now report and we did also say that you should expect relatively weak results from LNG trading that we saw. But happy to discuss this further.

謝謝。克里斯，我們很高興接受有關交易更新的任何反饋。我只是想提醒您，我們確實說過您應該預期我們現在報告的 CCS 井會產生影響，我們也確實說過您應該預期我們看到的 LNG 交易會產生相對較弱的結果。但很高興進一步討論這個問題。

Great, thank you.

太好了，謝謝。

James Carmichael, Berenberg.

詹姆斯·卡邁克爾，貝倫伯格。

Good morning, guys. Just another one on Empire Wind. Obviously, you're sort of, I guess, following up Ørsted question. You're obviously an interested observer in what's going on with their portfolio in the US. Have you got any sort of indication on why it's only Empire Wind received this halt order at this stage, and I guess you must be concerned that others might follow. I don't know how much you can say on that, but any thoughts would be interesting.

大家早安。這只是 Empire Wind 上的另一個。顯然，我想您是在回答 Ãrsted 的問題。您顯然對他們在美國的投資組合的動態很感興趣。您是否有任何跡象表明為什麼目前只有 Empire Wind 公司收到了暫停命令？我想您肯定擔心其他公司可能會效仿。我不知道您對此能說多少，但任何想法都會很有趣。

And then just on the power business that you're setting up in September. I think it said. Maybe just a bit of color, I guess, on the assets that are going into that business, and the rationale for setting that up would be helpful. Thank you.

然後談談您將於 9 月啟動的電力業務。我認為它這麼說。我想，也許稍微介紹一下投入該業務的資產以及設立該業務的理由會有所幫助。謝謝。

Okay, thanks. Thanks, James. Yeah, when it comes to further stop work orders in the US, I'm not in a position to comment on that naturally. And then clearly, there are rumors around these topics all the time. I think the best one to ask is actually the US Federal Government about their ideas around those assets and industries and hopefully they can provide some clear answers to that.

好的，謝謝。謝謝，詹姆斯。是的，談到美國進一步的停工令，我當然無法對此發表評論。顯然，圍繞這些話題一直存在謠言。我認為最好的方法實際上是詢問美國聯邦政府有關這些資產和行業的想法，希望他們能夠對此給出一些明確的答案。

Then, when it comes to your question on the power business, clearly, we have power assets in two business areas, currently, within the renewables and within the MMP business. Clearly, these assets belongs more together to take a more fully approach to the power markets.

然後，當涉及到您關於電力業務的問題時，顯然，我們目前在兩個業務領域擁有電力資產，即可再生能源和 MMP 業務。顯然，這些資產更應該結合在一起，以更全面地進入電力市場。

Secondly, we do see that going forward, there will be a good and strong link between the gas market and the power market and having gas fired power plant as part of the power business area is important. So the assets that we are talking about is the Triton asset. We have power assets also in the UK, and clearly there is trading opportunities as well.

其次，我們確實看到，未來天然氣市場和電力市場之間將建立良好而牢固的聯繫，而將燃氣發電廠作為電力業務領域的一部分非常重要。所以，我們談論的資產是 Triton 資產。我們在英國也有電力資產，顯然也存在交易機會。

Martijn Rats, Morgan Stanley.

摩根士丹利的 Martijn Rats。

Yeah, good morning. I also have two, including on Empire Wind, I'm afraid. If the project is not permanently halted, but say there is a relatively positive outcome where at one point you could sort of go ahead, there would still be, I would imagine, a risk that you missed this year's weather window. And so I wanted to ask, how much of a delay can you have in the project? I would imagine it's probably not more than a few weeks or a few months before this year's weather window is lost.

是的，早安。恐怕我也有兩個，包括 Empire Wind 上的。如果專案沒有永久停止，而是取得了相對積極的結果，可以繼續進行，那麼我想，仍然會有錯過今年天氣窗口的風險。所以我想問一下，這個專案可以延遲多久？我認為，今年的天氣窗口可能只需幾週或幾個月就會消失。

And also, if this year's weather window is lost, and the whole thing, like all the cash flows shift a year into the future, what would be the NPV impact of such a delay? That's one thing I wanted to ask.

此外，如果今年的天氣窗口丟失了，整個事情，例如所有的現金流都轉移到一年後，這種延遲會對 NP​​V 產生什麼影響？這是我想問的一件事。

And then I can be just as perhaps a bit of a technicality. But earlier on, you talked about potential tax losses that this might generate. Are Equinor's sort of holdings in the United States, across both the offshore wind and the upstream, are they structured such a way that if there are any tax losses, say in Empire Wind, that they are available to the E&P business? Or it's a legally so separate that it's hard to kind of move these tax losses around. I was wondering if you could say a few things about that.

然後我可能也會講一點技術性的內容。但之前您談到了這可能產生的潛在稅收損失。Equinor 在美國離岸風電和上游領域的持股結構是否合理，如果出現稅收損失（例如 Empire Wind），這些損失是否可以用於 E&P 業務？或者從法律上來說，它們是如此分離，以至於很難轉移這些稅收損失。我想知道您是否可以就此說幾句。

Okay, thanks, Martin. I love the details of the questions here, so let's get to that. First of all, when it comes to Empire Wind, the project is progressing well. But the way these projects go is, everything hangs together. It's a timeline. There are suppliers, there are commitments and all of that. So when you run projects like this, you are dependent on that, sort of, it runs. And this project is in a critical phase. I mean, we are on time and schedule, and works well, but it is in a critical phase because we are about to start the offshore installation, and the installation window is now, in a way.

好的，謝謝，馬丁。我喜歡這裡問題的細節，所以讓我們開始吧。首先，談到 Empire Wind，該專案進展順利。但這些專案的進度是，一切都緊密相連。這是一條時間線。有供應商、有承諾等等。因此，當您運行這樣的專案時，您就依賴它的運作。該項目目前正處於關鍵階段。我的意思是，我們按時按計劃進行，並且進展順利，但現在正處於關鍵階段，因為我們即將開始海上安裝，從某種意義上說，現在正是安裝窗口期。

So it is a matter of urgency to get clearance on the situation. And the US authorities, they are very well aware of the urgency and the need for clarity, and that we are also considering all optionalities including taking legal steps to protect our situation and the value of our shareholders. So it is too early to talk about NPV impact.

因此，當務之急是獲得有關情況的批准。美國當局非常清楚問題的緊迫性和明確性的必要性，我們也在考慮所有選擇，包括採取法律措施來保護我們的處境和股東的價值。因此現在談論 NPV 影響還為時過早。

What we have shared is the gross exposure in a stopcase, and I think that is something that is important for us to share. But clearly, very important to urgently get clearance and make decisions on the way forward on this project.

我們所分享的是停車箱中的整體暴露情況，我認為這對我們來說是一件重要的事情。但顯然，緊急獲得批准並就該專案的進展做出決定非常重要。

On your second question on the tax losses available to upstream? Yes. So that is in place, and there is a common structure overseeing all the US activities here, where this is consolidated and can be used.

關於上游可獲得的稅收損失的第二個問題？是的。現在一切就緒，並且有一個共同的結構來監督美國在這裡的所有活動，這些活動在這裡得到鞏固並可以使用。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Thanks for taking my questions. I'm afraid I'm going to stay on topic with Empire Wind. I'm wondering, since it's been about two weeks since you've gotten the stop order notice. If you've had any engagement with US authorities, and if your senses, it's really the government that's dictating the timeline of a potential restart, or if there's things you could do proactively to move that along.

感謝您回答我的問題。恐怕我將繼續討論「帝國風」這個主題。我感到疑惑，因為您收到停工通知已經兩週了。如果您與美國當局有過任何接觸，並且您意識到，實際上是政府在決定可能重啟的時間表，或者您可以主動採取一些措施來推動這一進程。

And my second question, unrelated to Empire Wind, it looks like your US gas realizations have been quite strong. So I'm wondering, one, what's driving that and two, if there's an appetite to acquire more acreage in the lower 48 with gas exposure. Thanks.

我的第二個問題與 Empire Wind 無關，看起來你們在美國的天然氣實現情況相當強勁。所以我想知道，第一，是什麼推動了這一趨勢；第二，是否有興趣在美國本土 48 個州獲得更多有天然氣資源的土地。謝謝。

Thanks. Jason. So the government in the US, they have not shared with us the reason for the stop workorder. So it is a situation where we don't understand why. What we do know is that what has happened, we see that as unlawful. I mean, we have permits and approvals dating back one year ago, and we have always assumed that United States of America will honor contracts and permits they have issued in a way. So this is an unlawful action by them, and we are going to treat it like that. So I just want to be very clear on that.

謝謝。傑森。因此，美國政府尚未與我們分享停工令的原因。所以我們不明白為什麼會出現這種情況。我們確實知道的是，我們認為所發生的事情是違法的。我的意思是，我們有一年前的許可證和批准，我們一直認為美國會以某種方式履行他們頒發的合約和許可證。所以這是他們的非法行為，我們會依法處理。所以我只是想非常清楚地說明這一點。

We are engaging on all levels that we can, and we use a massive efforts in all channels to get a dialog that is needed to create the necessary clarity. We have been extremely clear with them that this is of urgency. We have little time, and we will consider legal actions as such.

我們正在盡一切努力參與各個層面的工作，並透過各種管道做出巨大努力，以進行必要的對話，從而創造必要的清晰度。我們已經非常明確地告訴他們，事情十分緊急。我們的時間不多了，我們會考慮採取法律行動。

On the US gas realization, it's a little bit of more of a present to the team. We have a realized gas price in North America of $4.06. Henry Hub came in at $3.65. So this is actually quite a significant addition to that. Normally, the North-East trades at a discount to Henry Hub. So this is mainly linked to the way that we market and sell our gas, because we keep the title, even if it's operated by Expand.

對於美國天然氣的實現，這對團隊來說更像是一份禮物。北美的實際天然氣價格為 4.06 美元。亨利港的價格為 3.65 美元。因此這實際上是一個相當重要的補充。通常情況下，東北地區的交易價格低於亨利港。所以這主要與我們行銷和銷售天然氣的方式有關，因為即使由 Expand 經營，我們仍保留所有權。

We have title to the gas, and we market and trade and sell it ourselves. We are not hedging our gas. So we keep opposition open to volatility in the market. And what we have seen in the Northeast is periods of cold spells and very high natural gas prices. And the way we market and trade, we will be able to capture that. And that is what you have seen in this quarter.

我們擁有天然氣的所有權，並且我們自己行銷、交易和銷售它。我們沒有對沖我們的天然氣。因此，我們對市場波動持開放態度。我們在東北地區看到的是一段時間的寒冷天氣和非常高的天然氣價格。透過我們的行銷和貿易方式，我們將能夠抓住這一點。這就是您在本季度所看到的。

So that goes to a broader theme about what you should expect coming out of our gas machine. We want to keep our gas exposure close in time. In Europe, we sell our gas 70% day ahead and 30% month ahead, meaning that when there is volatility, when there are high prices, we will capture it, and they will go into the earnings and the cash flow of the company, and that's what we have seen in the US this quarter. This doesn't happen every quarter, I just want to say that, but when it happens, we'll be there.

因此，這涉及到一個更廣泛的主題，即您應該對我們的燃氣機抱有什麼樣的期望。我們希望及時保持對天然氣的接觸。在歐洲，我們提前 70% 出售天然氣，提前 30% 出售一個月的天然氣，這意味著當出現波動、價格高漲時，我們將抓住機會，這些收益將進入公司的收益和現金流，這就是我們本季在美國看到的情況。我只是想說，這種情況並不是每個季度都會發生，但當它發生時，我們就會在那裡。

Sorry, just on the question on appetite to acquire more US gas.

抱歉，我只是詢問了購買更多美國天然氣的意願。

Yeah. We made two acquisitions with EQT last year into that at the time when gas prices were actually quite a bit lower than where they are today. So that has increased our production out of the US with -- is it 80,000 barrels per day as such? So it's very good to see that that is coming in well in the first quarter. Going forward, I can't comment on that but, but clearly we do believe in natural gas in the long term, both in Europe and also elsewhere. So, thanks.

是的。去年，我們與 EQT 進行了兩次收購，當時的天然氣價格實際上比現在低很多。那麼這是否增加了我們在美國的產量——是每天 80,000 桶嗎？因此，很高興看到第一季的進展順利。展望未來，我無法對此發表評論，但顯然我們確實相信天然氣的長期前景，無論是在歐洲還是在其他地方。所以，謝謝。

Paul Redman, BNP Paribas.

法國巴黎銀行的保羅‧雷德曼。

I might as well follow the trend and stick with Empire Wind. But I just want to ask for some clarity on the urgency. So when is the weather window for offshore installation? And just to be really clear, if you missed that weather window, could we be in a situation where Equinor decides not to progress with the asset because the cost implications are just too high to generate the returns you want from this project?

我不妨順應潮流，堅持使用 Empire Wind。但我只是想就緊急程度提出一些澄清。那麼海上安裝的天氣窗口是什麼時候？需要明確的是，如果錯過了那個天氣窗口，我們是否會面臨這樣的情況：Equinor 決定不再推進該資產，因為成本影響太高，無法從該專案產生您想要的回報？

And secondly, just on the new power business area. Do you think you've got the organic assets that you need to develop the growth of this business, or are you looking inorganically for more power assets at the moment?

其次，談新能源業務領域。您是否認為您已經擁有了發展這項業務所需的有機資產，或者您目前正在尋找更具實力的有機資產？

Thanks, Paul. You know the Empire Wind project is urgent. It is a very extraordinary situation, and there has been created a very significant uncertainty about the way-forward of this project, and the questions we are facing is, of course, what about spending money in a situation with that significant uncertainty? So this need to be clarified very quickly. The whole construction schedule is sensitive to contractor availability, the weather window, and actually commercial requirements as well.

謝謝，保羅。你知道 Empire Wind 專案很緊急。這是一個非常特殊的情況，對該專案的未來發展產生了很大的不確定性，我們面臨的問題當然是，在這種非常不確定的情況下該怎麼花錢？因此需要盡快澄清這一點。整個施工進度受承包商可用性、天氣狀況以及實際商業要求的影響。

This project is also dependent on project financing to work, and as you would understand, lenders are very uncertain about the way-forward. So this is much more than about a weather window, which is crucial, but it's much more complex as such. So we just want to have clarity as quick as possible, and we are preparing for all outcomes.

該專案還依賴專案融資，正如您所知，貸方對未來的發展方向非常不確定。因此，這不僅僅是關於天氣窗口的問題，天氣窗口至關重要，但它本身就更加複雜。因此，我們只希望盡快得到明確的答案，並且我們正在為所有結果做好準備。

Second question on the new power business. Yeah, so, I mean there are currently assets that sits in different business areas that belong together, and the decision made is to combine them because clearly there are synergies there. So there are no sort of plans for an inorganic moves as such. But of course, I mean, that's -- we can't comment on what might come in the future in any part of the business as such, but it's not part of the current plans.

第二個問題關於新電力業務。是的，我的意思是，目前有些資產位於屬於同一家公司的不同業務領域，而我們決定將它們合併，因為顯然這樣可以產生綜效。因此，不存在任何無機舉措計劃。但當然，我的意思是，我們無法評論未來任何業務部分可能發生的事情，但這不是當前計劃的一部分。

Thank you. Thank you, Paul. That completes the list on our end, and we have managed to do it within the hour. I want to thank all of you for calling in and for your questions. And then remind you that the investor relations team is, of course, always available for follow ups later today or during the week. Thank you all for calling in and have a good rest of the day.

謝謝。謝謝你，保羅。至此，我們的任務清單就完成了，我們已經在一小時內完成了。我要感謝大家的來電和提問。然後提醒您，投資者關係團隊當然隨時可以在今天晚些時候或本週內進行跟進。感謝大家的來電，祝大家今天過得愉快。