Equinor ASA (EQNR) 2025 Q3 法說會逐字稿

Welcome to everybody who has called in for the analyst call for Equinor's third-quarter results. Torgrim Reitan, our CFO, is here with me, and he will take you through the results before we open for the Q&A. As usual, we will close this session within one hour. So,with that, Torgrim, I hand you to take us through the results.

歡迎各位參加Equinor第三季業績分析師電話會議。我們的財務長Torgrim Reitan先生今天和我在一起，他將在問答環節開始前為大家介紹業績。和往常一樣，本次會議將持續一個小時。那麼，Torgrim，現在請你為大家介紹業績。

Okay. So,thank you, BÃ¥rd and good morning, and thank you for joining us. Before we get to our results, have a look at the photo of Bacalhau, which came on stream in October. It is the first presalt project in Brazil, developed by an international operator. We reserved more than 1 billion barrels and production capacity of 220,000 barrels per day. This will contribute significantly to our international growth.

好的。謝謝Bård，早安，謝謝各位的參與。在公佈結果之前，請先看一下Bacalhau油田的照片，該油田於10月投產。它是巴西首個由國際營運商開發的鹽下油田專案。我們已預留超過10億桶的儲量，日產能達22萬桶。這將極大地促進我們的國際業務成長。

The results and cash flow we report today are driven by strong operational performance. Production is up 7% from third quarter last year. Johan Sverdrup delivered close to 100% regularity and Johan Castberg is producing a plateau with a premium to Brent of around $5.

我們今天公佈的業績和現金流得益於強勁的營運表現。產量比去年第三季成長了7%。Johan Sverdrup 原油產量接近 100% 穩定，Johan Castberg 原油產量穩定，比布蘭特原油溢價約 5 美元。

The adjusted operating income was $6.2 billion before tax and net income was negative $0.2 billion, impacted by net impairments, mainly due to lower long-term oil price outlook. Year-to-date, our cash flow from operations after tax has been strong at $14.7 billion.

調整後的營業收入稅前為 62 億美元，淨收入為負 2 億美元，主要受淨減損影響，原因是長期油價前景不佳。今年迄今為止，我們稅後經營活動產生的現金流表現強勁，達到 147 億美元。

Our adjusted earnings per share was $0.37, impacted by negative results from financial items and a one-off effect related to decommissioning of Titan. Energy markets continue to be volatile. Geopolitical unrest, tariffs and trade tensions continue to impact pricing and trading conditions.

調整後的每股盈餘為 0.37 美元，受到財務專案負面影響以及與 Titan 退役相關的一次性影響。能源市場持續波動。地緣政治動盪、關稅和貿易緊張局勢持續影響價格和貿易狀況。

We are prepared for this. We have a solid balance sheet, strong production and a robust portfolio. In addition, we take forceful action to manage costs. These efforts are visible in our results. Costs are now stable year-to-date compared to last year, and this is in line with what we said at the Capital Markets update in February.

我們已做好準備。我們擁有穩健的資產負債表、強大的生產能力和穩健的產品組合。此外，我們採取強而有力的措施來控製成本。這些努力在我們的成果中得到了體現。今年迄今的成本與去年同期相比保持穩定，這與我們二月份在資本市場更新報告中所說的一致。

Operating costs for our Renewables business have decreased by around 50% compared to the third quarter last year, and we expect it to be down by 30% on an annual basis. And this is driven by less business development and reduced early phase work.

與去年第三季相比，我們再生能源業務的營運成本下降了約 50%，我們預計年化營運成本將下降 30%。這是由於業務拓展減少和早期階段工作減少所致。

On the NCS, we have stopped two early phase electrification projects that were not sufficiently profitable and this reduces costs now and CapEx going forward. By this, we are demonstrating that we can beat inflation and we can keep costs flat even if we are delivering strong production growth.

在NCS方面，我們已經停止了兩個早期電氣化項目，因為這兩個項目的獲利能力不足，這降低了目前的成本和未來的資本支出。透過這種方式，我們證明我們能夠戰勝通貨膨脹，即使我們實現了強勁的產量成長，我們也能保持成本不變。

At Bacalhau, we started production from the first producer and ramp-up will continue through 2026. On the NCS, we had seven commercial discoveries. And I want to highlight Aker BP’s important discovery in the Yggdrasil area, where we have a material ownership position.

在 Bacalhau，我們從第一台生產設備開始生產，並將持續增產至 2026 年。在北海大陸架上，我們有七項商業發現。我想重點介紹 Aker BP 在 Yggdrasil 區域的重要發現，我們在該區域擁有實質所有權。

And then let me also mention Smørbukk Midt. It was discovered and put in production during the third quarter, and we expect payback within six months.

然後，我還想提一下 Smørbukk Midt。該技術於第三季被發現並投入生產，我們預計六個月內即可收回成本。

As you know, we participated in Ørsted's rights issue. It was executed at a significant discount and overview of the underlying value in Ørsted supported our participation. The cash flow impact of around $900 million will be in the fourth quarter, impacting our net debt ratio by around 2 percentage points.

如您所知，我們參與了 Örsted 的股權發行。這項交易以大幅折扣完成，並且對 Örsted 的潛在價值進行了全面評估，這支持了我們參與此交易。約 9 億美元的現金流影響將在第四季度顯現，這將使我們的淨債務比率上升約 2 個百分點。

Following this decision, we will now seek a more active role by nominating a candidate for the Board. We believe a closer industrial and strategic collaboration between Ørsted and Equinor can create value for shareholders in both companies.

做出這項決定後，我們將透過提名候選人加入董事會來尋求更積極的角色。我們相信，Örsted 和 Equinor 之間更緊密的產業和策略合作可以為兩家公司的股東創造價值。

Then to capital distribution. For the quarter, the Board approved an ordinary cash dividend of $0.37 per share and a fourth and final tranche of the share buyback program for 2025, of up to $1.266 billion, including the state's share. With this, total capital distribution for the year will be around $9 billion.

然後進行資本分配。本季度，董事會批准了每股0.37美元的普通現金股息，以及2025年股票回購計畫的第四期也是最後一期，總額高達12.66億美元，其中包括州政府的份額。這樣一來，今年的總資本分配額將約為90億美元。

Safety remains our top priority. This quarter, we continue to have strong safety results. However, we had a tragic fatality at Mongstad. And you know that safety work needs to continue with full force. Learnings from the accident will be implemented.

安全始終是我們的首要任務。本季度，我們的安全業績依然強勁。然而，我們在蒙斯塔德發生了一起悲慘的死亡事故。你們也知道，安全工作必須繼續全力進行。我們將落實從事故中學到的教訓。

In the quarter, we produced 2,130,000 barrels per day. This is 7% up from last year, and we are on track to deliver on our guiding 4% production growth for the year. On the NCS, production was even stronger with 9% growth.

本季度，我們每天生產 213 萬桶。這比去年成長了7%，我們有望實現今年4%的產量成長目標。在北海，產量成長更為強勁，達到 9%。

Johan Castberg, a new field on stream of developments in the Barents, and strong performance at Johan Sverdrup are important contributors. NCS gas production was impacted by planned maintenance and the prolonged shutdown of Hammerfest LNG.

Johan Castberg、巴倫支海新油田的發展以及 Johan Sverdrup 的出色表現都是重要的貢獻者。受計畫維護和 Hammerfest LNG 長期停產的影響，NCS 天然氣產量受到影響。

US onshore gas production was up 40%, capturing higher prices, and US offshore was up 9% from last year. Internationally, outside the US, production was down due to the temporary stop at Peregrino and the divestment in Azerbaijan and Nigeria.

美國陸上天然氣產量增加了 40%，價格上漲；美國海上天然氣產量比去年增加了 9%。在國際上，除美國以外，由於佩雷格里諾工廠暫時停產以及在阿塞拜疆和奈及利亞的資產剝離，產量有所下降。

We produced around 1.4 terawatt hours of power this quarter, mainly driven by the start-up of new turbines at Dogger Bank A and contributions from onshore renewable assets. And Empire Wind in New York holds 54 monopiles are now installed and the project execution is progressing well.

本季我們生產了約 1.4 太瓦時的電力，主要得益於 Dogger Bank A 新渦輪機的啟動以及陸上再生能源資產的貢獻。紐約的帝國風能公司目前已安裝 54 根單樁，工程執行進展順利。

In October, Mærsk informed us of an issue concerning its contract for the wind turbine installation vessel that is planned to be used at the Empire Wind in 2026. We are working to solve this quickly.

10 月份，馬士基公司告知我們，其為計劃於 2026 年在帝國風電場使用的風力渦輪機安裝船簽訂的合約存在問題。我們正在努力盡快解決這個問題。

Now over to our financial results. Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the US. Adjusted operating income from E&P Norway totaled $5.6 billion before tax and $1.3 billion after tax. These results were impacted by production roles but also increased depreciations due to new fields coming on stream.

接下來是我們的財務表現。液體燃料價格低於去年同期，而平均汽油價格則有所上漲，尤其是在美國。挪威勘探與生產業務的調整後營業收入稅前總計 56 億美元，稅後總計 13 億美元。這些結果受到生產崗位的影響，但也受到新油田投產導致折舊增加的影響。

Our E&P International results reflect lower production but also lower depreciation. Peregrino and our assets tied to Adura IJV are classified as held for sale. As such, we no longer depreciate them. Our E&P US results are driven by increased production.

我們的國際油氣探勘開發業務表現反映出產量下降，但折舊也減少。Peregrino 和我們與 Adura IJV 相關的資產被歸類為待售資產。因此，我們不再對它們進行折舊。我們的美國油氣勘探開發業績得益於產量的提高。

But these results were impacted by a one-off effect related to decommissioning of the US offshore Titan field of $268 million. It has very limited cash flow effect in the quarter, but we are now booking expected future operating costs related to this. For MMP, we are changing our guiding and expect to deliver average adjusted operating income of around $400 million per quarter. The upside potential is larger than the downside risk to this guiding.

但這些結果受到了與美國海上泰坦油田退役相關的2.68億美元的一次性影響。這對本季的現金流影響非常有限，但我們現在正在計入與此相關的預期未來營運成本。對於MMP，我們正在調整業績預期，預計平均每季調整後營業收入約為4億美元。此指導原則的上漲潛力大於下跌風險。

The updated guiding is mainly due to changed market conditions. In addition, it reflects that we have previously divested some gas infrastructure. Our renewables results reflect high project activities, but also significantly lower business development and early phase costs.

指導原則的更新主要是由於市場環境的變化。此外，這也反映出我們先前已經剝離了一些天然氣基礎設施。我們的再生能源績效反映了較高的專案活動量，但也反映了業務開發和早期階段成本的顯著降低。

In our reported financial results, we have net impairments of $754 million. The main driver for these impairments is lower long-term oil price assumptions. Our E&P International business booked an impairment of $650 million tied to our assets being transferred to the Adura IJV due to lower price assumptions. More than half of the impairment is due to no depreciation on the assets held for sale. In the US offshore assets, we had impairments of $385 million, mainly due to lower price assumptions.

根據我們公佈的財務業績，我們的淨減損額為 7.54 億美元。造成這些減損的主要原因是長期油價預期下調。由於價格預期降低，我們的 E&P 國際業務因資產轉移到 Adura IJV 而提列了 6.5 億美元的減損損失。超過一半的減損是由於待售資產沒有提列折舊所造成的。美國離岸資產方面，我們出現了 3.85 億美元的減損損失，主要原因是價格預期偏低。

In MMP, we have a reversal at Mongstad of $300 million due to higher expected refinery margins. This quarter, cash flow from operations was $9.1 billion. We paid two NCS tax installments totaling $3.9 billion. Next quarter, we will have three installments of around NOK20 billion each.

在MMP，由於預期煉油利潤率較高，蒙斯塔德的利潤將出現3億美元的逆轉。本季經營活動產生的現金流量為91億美元。我們分兩期繳了NCS稅款，總計39億美元。下個季度，我們將分三期支付，每期金額約 200 億挪威克朗。

We distributed $5.6 billion to our shareholders, including the state's share of buybacks from last year of $4.3 billion. Organic CapEx was $3.4 billion, and our net cash flow was negative $3.6 billion. We have a solid financial position with more than $22 billion in cash and cash equivalents.

我們向股東分配了 56 億美元，其中包括州政府去年回購的 43 億美元股份。有機資本支出為 34 億美元，淨現金流為負 36 億美元。我們財務狀況穩健，擁有超過220億美元的現金及現金等價物。

Our net debt to capital employed ratio decreased to 12.2% this quarter. At current forward prices, we expect the net debt ratio at the end of the year to be in the lower end of the guided range, 15% to 30%, the same as we have said at earlier quarters.

本季我們的淨負債與已動用資本比率下降至 12.2%。以目前的遠期價格計算，我們預期年底淨負債比率將處於預期範圍的下限，即 15% 至 30%，與我們之前幾季所說的一致。

Finally, we maintain our guiding from CMU in February, both in terms of production and CapEx as well as capital distribution. So ,thank you. And then over to you BÃ¥rd for the Q&A session.

最後，我們維持了卡內基美隆大學2月的指導方針，無論是在生產和資本支出方面，還是在資本分配方面。所以，謝謝。接下來就交給你，Bård，來回答大家的問題。

(Conference Instructions) Irene Himona, Bernstein.

（會議說明）艾琳希莫娜，伯恩斯坦。

Thank you very much. Good morning. So,my first question is on the unit depreciation charge in Norway. It's up about 13% from Q2. Can we assume that is the new normal level going forward?

非常感謝。早安.所以，我的第一個問題是關於挪威的單位折舊費用。比第二季成長約13%。我們能否認為這將是未來的新常態水準？

And then my second question is on Ørsted. You obviously decided to participate in the rights issue. And to turn from a passive to an active shareholder with a Board seat. Can you elaborate a little bit on what it is that you think Ørsted is perhaps not doing very well where your active participation may help them improve. And then what type of industrial cooperation do you envisage that would benefit both sides?

我的第二個問題是關於 Örsted 的。顯然，您決定參與此次配股。從被動股東轉變為積極股東，並獲得董事會席位。您能否詳細說明一下，您認為 Örsted 在哪些方面做得不夠好，而您的積極參與可以幫助他們改進？那麼，您設想的哪一種產業合作方式能夠讓雙方受益？

Thank you, Irene. So, first of all, the unit depreciation charge on EPN is up. So that is driven by new assets onstream this quarter and in particular, Johan Castberg and also smaller developments coming onstream as well. So these will sort of depreciate over time. So you should expect a gradual reduction going forward on that basis. So that's the first one.

謝謝你，艾琳。首先，EPN 的單位折舊費用增加了。因此，這主要得益於本季新投產的資產，特別是 Johan Castberg 項目，以及一些較小的開發項目也即將投產。所以這些東西會隨著時間而貶值。因此，在此基礎上，你應該會預期未來價格會逐步下降。這是第一個。

The second one is related to Ørsted. Yes. So let me give you a little bit of further context around that. We participated in the rights issue. And clearly, that's sort of a recommitment to our shareholding, and we would like to use the opportunity to clarify more around how we think around the ownership position. And we do want to take a more active role as a shareholder with also a Board seat in due time.

第二個與厄斯特有關。是的。那麼，讓我再補充一些背景資訊。我們參與了此次配股。顯然，這算是我們對持股的重新承諾，我們希望藉此機會進一步闡明我們對所有權地位的看法。我們希望在適當的時候，作為股東發揮更積極的作用，並獲得董事會席位。

Then important for me to say that the offshore wind industry is living through its first real downturn with a lot of challenges. And we have seen that with Ørsted, and we have seen that in the share price development in Ørsted. So in times like that, consolidation is typically what happens. And we also do think that this industry needs consolidation.

因此，我想強調的是，離岸風電產業正經歷第一次真正的低迷期，面臨許多挑戰。我們已經從 Örsted 的股價走勢中看到了這一點。所以在這樣的時期，通常就會發生整合。我們也認為這個產業需要整合。

We do think that a closer collaboration industrially and strategically between Ørsted and ourselves will create shareholder value for our shareholders, I mean Equinor shareholders but also Ørsted shareholders in a way. And we do believe that's sort of the competence base that we have, very well complement Ørsted and being part of the Board with a long-term industrial perspective in a company like this will benefit both parties.

我們認為，Örsted 與我們之間在工業和策略上更緊密的合作將為我們的股東創造股東價值，我是指 Equinor 的股東，但在某種程度上也包括 Örsted 的股東。我們相信，我們所擁有的能力基礎與 Örsted 非常互補，並且以長遠的行業視角加入這樣的公司董事會，將使雙方受益。

Then I do appreciate that there are uncertainties related to what this means. And let me be very clear that in the current environment, we are going to limit sort of capital commitments into offshore wind. It is an industry that is challenged.

那麼，我確實明白這其中存在一些不確定性。我要非常明確地指出，在當前環境下，我們將限制對離岸風電的資本投入。這是一個面臨挑戰的行業。

So the assets that we have in our own portfolio, we will continue to develop Empire Wind, Dogger Bank, and Baltic projects. Beyond that, we will be very, very careful with further commitments into offshore wind.

因此，對於我們自身投資組合中的資產，我們將繼續開發 Empire Wind、Dogger Bank 和 Baltic 專案。除此之外，我們將對進一步投資離岸風電計畫非常非常謹慎。

And the same goes to our holding in Ørsted. So the threshold to commit new significant capital is high for the time being. So I just want to leave that with you because I do appreciate that there are sort of questions to what might happen here.

我們對 Örsted 的持股也是如此。因此，目前投入大量新資金的門檻很高。所以我想把這個問題留給你們思考，因為我知道大家對這裡可能發生的事情還有一些疑問。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Just the first one on the MMP guidance. I wonder if you could just dive into a bit more detail around the change in factors there. And also, you've gone from a range of $400 million to $800 million to a single figure. And I was wondering if there's a sort of signal factor in there that either you see feweropportunities to trade or if you are just taking less risk given the environment is changing?

這只是MMP指南中的第一個。我想請您更詳細地談談這方面因素的變化。而且，金額範圍也從 4 億美元到 8 億美元縮小到了一個具體的數字。我想知道這其中是否存在某種信號因素，表明您認為交易機會減少了，或者只是因為環境變化而降低了風險？

And then just a follow up on the question before Ørsted, just trying to understand why you didn't consider a Board seat in the first place? Because I recall it just wasn't really part of the discussion at the time around the CMU. So just trying to get the understanding of -- obviously, the environment has changed, policy has changed but has your investment thesis on that business investment changed?

然後，我想就之前關於 Ärsted 的問題再補充一點，我只是想了解一下，為什麼您一開始沒有考慮過董事會席位？因為我記得當時在卡內基美隆大學，這根本不是討論的話題。所以，我只是想了解一下——顯然，環境發生了變化，政策也發生了變化，但是您對該商業投資的投資理念是否也發生了變化？

All right. So thanks, Biraj. So first, on MMP guiding, yes, we are changing the guiding to around $400 million on a quarterly basis. We're sort of -- we see that the risk is asymmetrical here. So more upside than risk to the downside.

好的。謝謝你，比拉傑。首先，關於MMP的業績指引，是的，我們將每季的業績指引調整為約4億美元。我們認為－這裡的風險是不對稱的。因此，上漲空間大於下跌風險。

It is a change. We used to have $400 million to $800 million as you might know. I think it's important to remind you what we had before the war in Ukraine, then the guiding was $250 million to $500 million as such. So what we see now is that the market has changed rather a lot.

這是一個變化。正如你可能知道的那樣，我們以前擁有 4 億到 8 億美元。我認為有必要提醒大家，在烏克蘭戰爭爆發之前，我們擁有的資金是 2.5 億到 5 億美元。所以我們現在看到的是，市場已經發生了很大的變化。

On the gas side, in Europe, the situation has normalized with both on the absolute price levels and volatility and also then the volatility globally and sort of the market globally is driven to a large extent by political decisions than actual structures in the market, making it quite harder to trade around and position ourselves around.

就天然氣方面而言，歐洲的絕對價格水平和波動性都已恢復正常，而全球波動性以及全球市場在很大程度上是由政治決策而非市場實際結構驅動的，這使得交易和定位變得更加困難。

So the sort of market dynamics that drives this, in addition, sort of we had earlier divested gas transportation assets, that we are sort of -- we don't have any more. So we take the opportunity to take that out as well. So -- and then why not a range? Because I mean you have seen that even if we had a broad range from $400 million to $800 million earlier, we tended to overshoot quite a bit, actually, even with the range . That just explains that the opportunity might be very good, and it might sort of -- we don't want to limit it to -- have it limited by a range.

因此，推動這一趨勢的市場動態，此外，我們之前已經剝離了天然氣運輸資產，我們現在——我們不再擁有這些資產了。所以我們也藉此機會移除它。那麼——為什麼不採用範圍呢？因為我的意思是，你們也看到了，即使我們之前設定的範圍很廣，從4億美元到8億美元，實際上我們往往還是會超出這個範圍很多。。這只是說明機會可能非常好，而且它可能——我們不想限制它——受到某個範圍的限制。

What we want to do is that on the invite to consensus that we send out a few weeks ahead of the quarter, we will give an update related to MMP results and specialties to give you a little bit more guiding into it. But on a regular basis on the longer term, I mean, around $400 million is a prudent number.

我們希望在季度開始前幾週發出的共識邀請函中，提供與 MMP 結果和專業相關的最新信息，以便為您提供更多指導。但從長遠來看，4億美元左右是一個比較穩健的數字。

Last point on this that this is not Equinor specific. This is what sort of all of us are currently experiencing. So if you listen to our peers and if you listen to the trading houses, we all see that you need to work much harder for every dollar you can make in the trading environment for the time being. So yeah, so that is that one.

最後一點是，這並非Equinor特有的問題。這就是我們所有人目前所經歷的。所以，如果你聽聽同儕們的意見，如果你聽聽交易公司的意見，我們都會發現，在目前的交易環境下，你需要付出更多努力才能賺到每一美元。是的，就是這樣。

The second question was related to Ørsted. We do believe that we have something to offer in the Board in Ørsted and it is particularly related to having a long-term industrial owner to -- that the company can rely on through cycles and then through developments.

第二個問題與厄斯特有關。我們相信我們能為 Ärsted 董事會做出貢獻，尤其在於擁有一個長期的工業所有者——公司可以在周期性波動和發展過程中依靠我們。

And as a company, we have extensive experience in managing cycles and thinking long term. In addition, we have clearly a lot of competencies related to project developments and the risk management as such. So we see that as something that can benefit both parties.

作為一家公司，我們在周期管理和長遠規劃方面擁有豐富的經驗。此外，我們在專案開發和風險管理方面顯然擁有許多能力。所以我們認為這對雙方都有好處。

Teodor Sveen-Nilsen, Sparebank 1 Markets.

Teodor Sveen-Nilsen，Sparebank 1 市場。

Good morning and thanks to take my my question. First one, just want to follow up on the Ørsted question recently asked here. I just want to know what has actually changed in what you can offer from the first time you acquired shares until now the recent share issue. So that is the first question.

早上好，感謝您回答我的問題。首先，我想就最近在這裡提出的關於 Ärsted 的問題進行後續討論。我只想知道，從您第一次獲得股份到最近這次股份發行，您所能提供的產品和服務究竟發生了哪些變化。這是第一個問題。

And second question that is on Bacalhau. Congrats on first oil there. How should we think around ramp up pace towards plateau ?

第二個問題是關於鱈魚的。恭喜你們在那裡首次產油。我們應該如何考慮如何加快速度直至達到平台期？

Yes. So thanks Teodor. On your first question, well, in the current situation, it was also important to signal that we were a supportive shareholder in what has sort of happened over the last few months. And then as part of that, being -- taking a Board seat is important.

是的。所以，謝謝你，特奧多爾。關於你的第一個問題，嗯，在目前的情況下，也需要表明我們作為股東，對過去幾個月發生的事情表示支持。作為其中的一部分，擔任董事會成員非常重要。

On Bacalhau, yeah. So Bacalhau started on October 15. And it is probably the most complex development that we have done. It is at more than 2,000 meters of water depth and it is massive. So I'm very proud of reporting that it is started.

是的，在巴卡勞島。所以馬介休從10月15日開始。這可能是我們做過的最複雜的開發專案。它位於水深2000多米處，而且體量巨大。因此，我非常自豪地宣布，它已經啟動了。

On your question on the ramp-up. I mean, there are two drill ships on location currently. There will be 19 wells being drilled on Phase 1, 11 producers, but also injectors, both water injectors and gas injectors as such. So this will sort of gradually happen.

關於您提出的啟動階段的問題。我的意思是，目前現場有兩艘鑽井船。第一階段將鑽探 19 口井，其中 11 口為生產井，還有註水井和注氣井。所以這會逐漸發生。

This is not going to be a ramp-up like you have seen on Johan Castberg. So this is sort of continued drilling and completion to 2025, and it will continue in 2026 as such. So this -- it's too early to say, give an exact date when it will be on plateau, but things are progressing well. Yes.

這不會像你在約翰·卡斯特伯格身上看到的那樣，是一個循序漸進的過程。所以，這項工作將持續到 2025 年並完成，2026 年也將繼續進行。所以現在說何時達到平台期還為時過早，但情況進展順利。是的。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Good morning. Thanks for taking my questions. I am going to start also on Ørsted. And it's, I guess, a bit tangentially related to what's going on. But as we think about potential outcomes one of the thoughts in the market is a formation of a joint venture between the two parties. And with that, there's a lot of speculation on cash, that would need to be contributed into the joint venture from Equinor standpoint.

早安.謝謝您回答我的問題。我打算也開始研究 Örsted。我想，這和現在發生的事情有點間接的關聯。但當我們考慮可能的結果時，市場上的一個想法是雙方成立合資企業。因此，人們紛紛猜測，從 Equinor 的角度來看，需要向合資企業投入多少現金。

So the question is really, as you look at your three offshore wind projects. How much equity capital have you spent in those projects thus far? And how much is left to be spent on those three projects?

所以問題其實是，當你檢視你的三個離岸風電專案時。到目前為止，您在這些專案中投入了多少自有資金？那麼，這三個項目還剩下多少預算呢？

And then my follow-up is on the global gas market. There's been maybe a surprising amount of LNG projects sanctioned year-to-date. You've seen China demand slowing down, some thoughts on Power of Siberia 2 coming online at some point next decade. Can you just talk about your outlook for the global gas market? And if it's shifted at all just given the developments that we've seen year-to-date in that market.

接下來，我將關注全球天然氣市場。今年迄今為止，獲批的液化天然氣計畫數量或許令人驚訝。鑑於中國市場需求放緩，我有一些關於《西伯利亞力量2》可能在下個十年某個時候上線的想法。您能否談談您對全球天然氣市場的展望？鑑於今年迄今我們在該市場看到的發展情況，這種情況是否發生了任何變化，目前尚不得而知。

Thanks, Jason. On Ørsted, the potential outcome here is -- I don't want to speculate on that, and it's not natural to say much more on that now. But clearly, there are various alternatives. I can give a little bit insight in sort of what is it that we will be looking for in this. We will be looking for in sort of improving the free cash flow for Equinor, that is one driver.

謝謝你，傑森。關於 Örsted，這裡的潛在結果是——我不想對此進行猜測，現在再多說一些也不自然。但顯然，還有其他多種選擇。我可以稍微透露一下我們在這個過程中要尋找的是什麼。我們將努力改善 Equinor 的自由現金流，這是其中一個驅動因素。

The other one is, are there ways where we can visualize or make clearer the underlying valuation within the offshore activity that we currently have, are there ways to do that. And the third one is that clearly, we we'll be very careful in -- with significant further capital commitments within offshore wind in the current environment. So those are the things which are sort of driving us.

另一個問題是，我們能否以某種方式將我們目前擁有的離岸活動中的潛在估值視覺化或更清晰地呈現出來？是否有辦法做到這一點？第三點是，很顯然，在當前環境下，我們會非常謹慎地對待離岸風電領域的重大進一步資本投入。所以，這些就是我們前進的動力。

When it comes to the three projects and remaining equity injections, I can give you a little bit of insight into it. Dogger Bank is well underway and sort of production is gradually ibeing started up. So there are sort of some more equity that will be injected. But clearly, project financing, I mean, the leverage of those projects is in sort of in the 70%s as such.

關於這三個項目和剩餘的股權注資，我可以給你一些見解。Dogger Bank專案進展順利，正在逐步啟動生產。所以還會注入一些股權。但很明顯，專案融資，我的意思是，這些專案的槓桿率大概在 70% 左右。

Within Empire Wind, what you will see there is that we have a significant equity injection in 2026, which is close to $2 billion. The year after, we expect to receive investment tax credit for approximately the same amount. So Empire Wind over the next two years is pretty cash flow neutral before it is finalized.

在 Empire Wind 公司，你會看到我們在 2026 年獲得了一筆數額巨大的股權注資，接近 20 億美元。隔年，我們預計將獲得大致相同金額的投資稅收抵免。因此，在計畫最終敲定之前，帝國風能公司未來兩年的現金流基本上保持中性。

And then we have the Baltic 2 and 3 projects in Poland with a very high leverage, good projects. So it's fairly limited equity that is needed to fund those. So I just want to leave with you that clearly there are three mega projects underway with limited remaining capital needs associated with them.

此外，我們在波蘭還有槓桿率非常高的波羅的海 2 號和 3 號項目，都是很好的項目。因此，為這些項目提供資金所需的股權相當有限。因此，我最後想告訴大家的是，目前有三個大型專案正在進行中，而這些專案剩餘的資金需求有限。

Okay. Let's see here. That was a long answer, but it was an important question. Then on sort of the global gas market. So first of all, I would like to say that in the short term, this winter, the market seems tighter than many actually thinks. We are on a storage level around 83%, which is 12 percentage points below the last year. So if we see a cold winter, it can really have a significant impact on the market.

好的。讓我看看。回答很長，但這個問題很重要。然後是全球天然氣市場的情況。首先，我想說的是，短期內，也就是今年冬天，市場供應似乎比許多人想像的還要緊張。我們目前的儲存水準約為 83%，比去年同期下降了 12 個百分點。所以，如果冬天寒冷，真的會對市場產生重大影響。

I would say if you see a normal winter, we might see prices were last year are set as such. So I would say in the short term, price is very much driven by weather and temperature as such. If you look a little bit further, and that's sort of where you have your question related to more LNG. And yes, there are more LNG coming. This is not new information. This is not a surprise. This is what the whole world has been sort of planning for, for quite a while.

我認為，如果冬季氣候正常，物價可能會恢復到去年的水平。所以我認為，短期內，價格很大程度上會受到天氣和氣溫的影響。如果你再深入研究一下，你會發現你提出的問題與更多的液化天然氣有關。是的，未來還會有更多的液化天然氣計畫。這並非新資訊。這不足為奇。這正是全世界籌劃已久的事。

And the question is, of course, how fast will this come on stream and will there be delays? So clearly something to watch. We see still actually a quite healthy demand from Asia, Asia in totality around 3% growth per year, and that sort of will take up a significant part here.

當然，問題在於這項服務何時才能上線，以及是否會有延誤？所以這顯然值得關注。我們看到亞洲的需求仍然相當健康，亞洲整體每年增長約 3%，這將在這裡佔據相當大的份額。

What else is to watch is actually US gas prices. And US gas prices has become recently much more a political topic internally, domestically in the US because everyone sees that with all data center and AI will have a significant impact on power prices and power has to come from somewhere and natural gas clearly important so.

另一個值得關注的其實是美國汽油價格。最近，美國天然氣價格在美國國內已成為一個更加重要的政治議題，因為每個人都看到，隨著資料中心和人工智慧的發展，電力價格將受到重大影響，而電力總要來自某個地方，天然氣顯然非常重要。

So utility bills in the households is more and more becoming an election topic as such, and that might put limitations on exports of natural gas. So this is clearly an area we follow very closely. But there's no doubt there is significant amount of LNG coming.

因此，家庭公用事業帳單正日益成為一個選舉議題，這可能會限制天然氣的出口。所以這顯然是我們密切關注的領域。但毫無疑問，會有大量的液化天然氣運抵。

And our gas $2 per MBTU, cost and transportation, selling into an $11 market, we are very, very robust. And as one maybe last point to mention here that is sort of the sanctioning on Russian LNG, potentially 17 BCM, that will leave the European markets as well.

我們的天然氣價格為每 MBTU 2 美元，加上成本和運輸費用，在每 MBTU 11 美元的市場中銷售，我們非常非常穩健。最後可能還要提一點，那就是對俄羅斯液化天然氣的製裁，可能涉及 170 億立方米，這些液化天然氣也將退出歐洲市場。

Chris Kuplent, Bank of America.

克里斯‧庫普倫特，美國銀行。

Just some, I guess, rather boring questions, to talk about detail. I wonder whether you can help us review what's happened in the nine months on your net working capital, great results, I guess, and whether you can combine that review with an outlook where you think we're heading?

我想問一些比較枯燥的問題，但為了討論細節。我想請您幫忙回顧過去九個月貴公司淨營運資本的情況，我想結果應該會很不錯。另外，能否結合回顧結果，並展望一下貴公司未來的發展方向？

And if I could ask you to do the same, particularly for your Norwegian business. I understand there's a lot of moving parts in terms of assets for sale outside of Norway, but Norway has seen a significant decline in the discount to Brent that you've been able to achieve in Q3. Again, I would love to have your review of that and outlook as possible.

如果可以的話，我也想請您這樣做，特別是對於您在挪威的業務。我知道在挪威以外出售的資產涉及許多變數，但挪威原油價格相對於布蘭特原油的折扣在第三季已經大幅下降，而您在第三季已經實現了這一目標。再次懇請您就此發表意見和看法。

Thanks, Chris. Yes. So working capital is clearly a very important part of what we manage and manage diligently. So this quarter, working capital is down by $1 billion. The total working capital now is $3.7 billion. So that is the reduction and during the year, actually down by some $3 billion.

謝謝你，克里斯。是的。因此，營運資金顯然是我們管理和認真管理的重要組成部分。因此，本季營運資金減少了10億美元。目前總營運資金為37億美元。所以這就是削減幅度，一年內實際上減少了​​約30億美元。

So the question you had is what is sort of normal level and what have you. I mean, the reduction we have seen is very much linked to commodity prices and MMP-related reductions. So I won't sort of give any outlook on this, but I would say given the structures in the markets, the volatility in the markets, and the absolute price levels, it is sort of a fair level.

所以你的問題是，什麼是正常水平等等。我的意思是，我們看到的減產與大宗商品價格和MMP相關的減產密切相關。所以我不會對此做出任何預測，但考慮到市場結構、市場波動性和絕對價格水平，我認為這算是合理的水平。

I mean, you remember during the energy crisis, we had a massive amount of working capital, and of course, earned a lot of money. But volatility and price levels are not there anymore. So -- but I would say it's a fair level. It's a fair level.

我的意思是，你還記得在能源危機期間，我們擁有大量的營運資金，當然，我們也賺了很多錢。但波動性和價格水平已不復存在。所以——但我認為這還算合理。這是一個合理的水平。

Then the second question was sort of a discount to Brent. Yes, I mean, Johan Castberg came on stream during the summer. And Johan Castberg is able to achieve $5 premium to Brent as such, and that clearly has an impact to the discounted Brent overall on the shelf

第二個問題有點像是給布蘭特原油打折。是的，我的意思是，Johan Castberg 在夏季期間開始直播。因此，約翰·卡斯特伯格原油能夠獲得比布蘭特原油高出5美元的溢價，這顯然會對市場上整體的布蘭特原油折扣價產生影響。

Henri Patricot, UBS.

亨利‧帕特里科特，瑞銀集團。

Thank you for taking my questions. Two, please. The first one, I was wondering if you can give us an update on latest thinking on timing of the Peregrino disposal? And then secondly, on Johan Sverdrup, you mentioned the field continues to produce at a very high level? Or are you thinking about the evolution of that going into 2026? And to what extent do we start to see a decline next year?

謝謝您回答我的問題。請給我兩個。第一個問題，我想請您介紹一下關於佩雷格里諾資產處置時間的最新想法？其次，關於約翰·斯維爾德魯普油田，您提到該油田的產量一直保持在非常高的水平？或者您是在考慮到 2026 年的發展趨勢？那麼明年我們會看到多大程度的下滑呢？

All right. Okay. And for Peregrino. So Peregrino was shut down during the autumn. It came back on stream on October 17 as such and is currently producing more than 100,000 barrels per day. So we have transacted and we will divest out of our 60% ownership position in the assets, and that will be divested to Prio in Brazil.

好的。好的。還有佩雷格里諾。所以佩雷格里諾餐廳在秋季關閉了。該油井於 10 月 17 日恢復生產，目前日產量超過 10 萬桶。因此，我們已經完成交易，我們將出售我們在這些資產中 60% 的所有權，並將這些所有權出售給巴西的 Prio 公司。

So there are two legs of this transaction. 40% of the 60%, we expect to close during the fourth quarter and the remaining 20% in the first quarter next year. So the headline transaction value was $3.5 billion with an effective date of January 1 '24, which is quite a while. So there will be a pro contra settlement since then.

因此，這項交易分為兩個階段。我們預計在第四季完成60%中的40%，剩餘的20%將於明年第一季完成。因此，這筆交易的總金額為 35 億美元，生效日期為 2024 年 1 月 1 日，時間相當長。所以從那時起就會出現雙方各執一詞的局面。

So what you should expect is that the consideration we will receive is a little bit below $3 billion that will be split into two-thirds of that in the fourth quarter and one-third in the first quarter. Just want to leave with you that this is -- in Brazil is still very important to us. The reason why we did it was twofold. It was attractive opportunity. And also, we are redeploying resources to Bacalhau and Raia in Brazil, sort of high grading the portfolio in Brazil. So the long-term commitment to Brazil is very much intact.

因此，你們可以預期，我們將收到的款項略低於 30 億美元，其中三分之二將在第四季度支付，三分之一將在第一季支付。我只想告訴你們，這一點——在巴西——對我們來說仍然非常重要。我們這樣做的原因有兩方面。這是一個很有吸引力的機會。此外，我們正在將資源重新部署到巴西的 Bacalhau 和 Raia，對巴西的投資組合進行升級改造。因此，對巴西的長期承諾仍然穩固。

Then Johan Sverdrup. Yeah. So Johan Sverdrup keeps delivering very well in the quarter, close to 100% regularity, which is a very good achievement in itself. We have worked the asset very, very hard to optimize production and recovery rates. Now we are looking at a recovery rate of 75%, in that asset. It was 65% when we sanctioned it and 65% is still a very, very high number.

然後是約翰·斯維爾德魯普。是的。所以 Johan Sverdrup 在本季繼續表現出色，接近 100% 的出席率，這本身就是一項非常好的成就。我們已經對該資產進行了非常、非常艱苦的開發利用，以優化生產和回收率。現在我們看到該資產的回收率為 75%。我們批准這項措施時，比例是 65%，而 65% 仍然是一個非常非常高的數字。

So what we are currently working on is multilateral wells, a retrofit existing well into multilateral wells, so we have successfully done that. And then water management is very, very important because water management will continue to increase as we produce these wells. And that has also been done in a very good way.

所以我們目前正在研究多分支井，將現有井改造為多分支井，我們已經成功完成了這項工作。而且，隨著我們開採這些油井，水資源管理將變得越來越重要，因此水資源管理也變得非常非常重要。而且這項工作也完成得非常好。

And then we sanctioned Phase 3 this summer with the common stream by end of 2027. So in 2025, we were able to maintain the production more or less on the same level as '23 and '24. But we have fast forwarded a lot of production, so this asset will start to decline.

然後，我們在今年夏天批准了第三階段，目標是在 2027 年底前實現共同目標。因此，在 2025 年，我們能夠將產量維持在與 2023 年和 2024 年大致相同的水平。但我們已經加快了大量的生產，所以這項資產將會開始下降。

So next year, you should expect lower production from Johan Sverdrup than in 2025. But you know what we're doing, this is at core of our competence base. So we will clearly work very hard on maintaining as high production as possible from that asset.

因此，預計明年 Johan Sverdrup 油田的產量將低於 2025 年的產量。但你知道我們在做什麼，這是我們核心競爭力的展現。因此，我們一定會盡全力保持該資產盡可能高的產量。

Michele Della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

I wanted to come back to your comment about effectively restricting or being very capital efficient on offshore wind, given the acceleration in power demand we're seeing globally. I was just wondering, are there some other areas in the power markets where instead you see opportunities, and you could look at redeploying some of the capital you're taking away from offshore wind at this time of low returns for those developments.

我想回到您關於有效限製或高度重視離岸風電資本效率的評論，鑑於我們目前在全球範圍內看到的電力需求加速增長。我只是想知道，在電力市場的其他領域，您是否看到了機會，是否可以考慮將目前離岸風電項目回報率較低時從海上風電項目撤出的資金重新部署到其他領域。

Okay. Thanks, Michele. So, we do believe that there is value to be had within sort of the Power segment. And we have recently established a new business area called exactly Power as such. So what we clearly will be looking for are sort of opportunities that sort of builds on the portfolio we have and clearly -- and the customer base that we have. And we have a big presence related to our gas positions in Europe and in the US. So that's sort of the totality, the way we think about it.

好的。謝謝你，米歇爾。所以，我們確實認為電力領域蘊藏著價值。我們最近設立了一個名為「電力」的新業務領域。因此，我們顯然會尋找能夠鞏固我們現有投資組合和客戶群的機會。我們在歐洲和美國的天然氣業務方面擁有強大的影響力。所以這就是我們對這件事的整體看法。

I have to be very clear that sort of we have no intentions to significantly step up investments into this area. We are facing periods with lower prices. And for us, it will be very important to remain very capital disciplined in anything that we do. And everything we do need to have a significant profitability in returns before we commit any capital to it.

我必須非常明確地表明，我們目前沒有任何計劃大幅增加對該領域的投資。我們正面臨物價較低的時期。對我們來說，無論做什麼事，保持高度的資本紀律至關重要。我們所做的每一件事，都必須在投入任何資金之前，確保其具有可觀的獲利回報。

Peter Low from Rothschild & Redburn.

來自羅斯柴爾德和雷德伯恩的彼得·洛。

Perhaps a question on the cash tax paid in the quarter, which I think was maybe a bit lower than expected. So it looks like you paid two NCS installments of $3.9 billion, but the total cash tax paid in the cash flow statement was $3.8 billion. Were you getting refunds in other regions? Or can you perhaps explain that number a little bit?

或許可以問一下本季繳納的現金稅款，我認為可能比預期的要低。所以看起來你支付了兩筆 NCS 分期付款，金額為 39 億美元，但現金流量表中支付的現金稅總額為 38 億美元。您在其他地區收到退款了嗎？或者能否稍微解釋一下這個數字？

Yeah. Thanks, Peter. So a couple of things. So two tax installments in the second quarter, there will be three next quarter in Norway. So just be aware of that. It is a timing effect related to falling prices. So we are still paying taxes based on a higher price environment. So you just be aware of that.

是的。謝謝你，彼得。有兩件事。因此，挪威第二季將有兩筆稅款繳納，下個季度將有三筆。所以請注意這一點。這是與價格下跌相關的時機效應。所以我們現在仍然是按照較高的物價水準繳稅。所以你要注意這一點。

And also internationally, the reported tax is much higher than paid tax that goes particularly across the UK with the EPL and then sort of those bank investments being offset against tax and in the US as well. So yeah.

此外，在國際上，報告的稅額遠高於實際繳納的稅額，這種情況在英國尤為普遍，例如英超聯賽，以及銀行投資可以抵扣稅款的情況，在美國也是如此。是的。

Naisheng Cui, Barclays.

崔乃生，巴克萊銀行。

Just one follow-up on MMP guidance, please. I think you mentioned in your report that part of the reason you cut MMP guidance is because divestment of gas infrastructure assets. I wonder if you could isolate the impact on that place rather than the market condition change.

關於MMP指南，請問還有一點後續問題。我認為你在報告中提到，下調 MMP 指引的部分原因是剝離天然氣基礎設施資產。我想知道能否將影響因素單獨分析出來，而不是市場狀況的變化對當地的影響。

That's $40 million per [quarter] (corrected by the company after the call) We did that sort of 1.5 years ago or something like that 2 years ago. At that point in time, we delivered sort of guiding repeated in the quarter. So we didn't see the need to sort of strip that out. But when we now changed the guiding, we thought it was useful to mention it.

那是每季 4000 萬美元（公司在電話會議後更正）。我們大約在 1.5 年前或 2 年前就做到了這一點。當時，我們提供了某種指導，並在季度中反覆強調。所以我們認為沒有必要把它刪掉。但是，既然我們現在更改了指導方針，我們認為有必要提一下。

Just to be clear, the $40 million effect is on a quarterly basis. I think you might have said year, but it's per quarter.

需要說明的是，這 4000 萬美元的影響是按季度計算的。我想你可能說的是“年”，但實際上是“季度”。

Yes, that's per quarter. Yeah. Thanks, BÃ¥rd.

是的，那是每季的費用。是的。謝謝，Bård。

Paul Redman, BNP Paribas.

保羅‧雷德曼，法國巴黎銀行。

And I might be a little bit early, but I just wanted to ask about how you're thinking about the distribution program for next year. We're going into 2026 with quite volatile view on oil prices, difficult view into gas prices. Your debt came down this quarter, and I think you're guiding to a reversion of some of that into 4Q.

我可能有點早了，但我只是想問您對明年的分銷計劃有什麼想法。進入 2026 年，我們對石油價格的預期波動較大，對天然氣價格的預期也較困難。本季你的債務有所下降，我認為你預計第四季部分債務將會反彈。

So I just wanted to ask about how we should maybe think about a distribution program for 2026. And then just a confirmation on whether you're going to guide to that the 4Q results or at the Capital Markets Day later in the year.

所以我想問一下，我們應該如何考慮 2026 年的分配方案。然後，請確認一下，您打算在第四季度業績公佈時進行預測，還是會在今年稍後的資本市場日上進行預測。

Okay. Yeah. All right. So first of all, lots of good reasons to be prepared for lower prices and we are on that. Last year, we took down investments by $8 billion for a few years and also cost down. We will continue to push on this to improve free cash flow in the current environment. So this is an ongoing thing. I just want you to be aware of that. So that is so.

好的。是的。好的。首先，有許多充分的理由讓我們做好迎接更低價格的準備，而我們也正在為此努力。去年，我們削減了未來幾年80億美元的投資，同時也降低了成本。我們將繼續努力，以改善當前環境下的自由現金流。所以這件事還在持續進行中。我只是想讓你知道這一點。確實如此。

Secondly, capital distribution will have a priority in our capital allocation model. Cash dividend -- the cash dividend, you should consider that as a bankable. I mean, that will come. On top of that, we will use share buyback and share buyback will be used on a regular basis. It is a natural part of our capital distribution framework as such and we clearly aim to be competitive when it comes to the overall capital distribution.

其次，資本分配將在我們的資本配置模型中佔據優先地位。現金股利－你應該把現金股利看成是一筆可以存入銀行的資金。我的意思是，那一定會發生的。除此之外，我們也會進行股票回購，並且會定期進行股票回購。這是我們資本分配框架的自然組成部分，我們明確的目標是在整體資本分配方面保持競爭力。

And to be precise on competitive, I leave with you a couple of things. We know that our peers are using our formula related to cash flow. You should think about that type of sort of levels as sort of being competitive when it comes to ourselves.

而關於競爭，我最後還有幾點要跟大家分享。我們知道同行們正在使用我們與現金流相關的公式。你應該把這種水平看作是我們彼此之間的一種競爭。

I think it's worth mentioning that all we have specialties around the Norwegian tax. So percentage points, we only should be a little bit lower for consistency as such. Then your question on sort of what will happen next year as such. We will announce this on the fourth quarter results in February.

我覺得值得一提的是，我們所有人都專精於挪威稅法。所以，為了保持一致性，我們只需要將百分比降低一點點即可。那麼，你問的問題是，明年會發生什麼事？我們將在二月份公佈第四季業績時宣布此事。

There are a couple of specialties I would like to draw your attention to. And that is next year, we have a significant investments related to Empire Wind equity, that is around $2 billion. The year after, we will get it back through the investment tax credit.

我想重點介紹幾個特色領域。明年，我們將對 Empire Wind 的股權進行重大投資，金額約 20 億美元。第二年，我們將透過投資稅收抵免來收回這筆錢。

So when we consider capital distribution for 2026, we will look through that. We will take a two-year perspective when we do consider our capital distribution for the year. So -- and this is why it doesn't make sense to have -- that's why we are not sort of running with the formula because there might be years where we would like to lean on the balance sheet and there are other years where we clearly would like to build a balance sheet as well. But I think that is very important for me to say that those type of effects we will see through and we will see through that we are competitive when it comes to your capital distribution.

所以，當我們考慮 2026 年的資本分配時，我們會忽略這一點。我們將以兩年為單位來考慮年度資本分配。所以——這就是為什麼沒有意義——這就是為什麼我們不採用這種公式的原因，因為有些年份我們可能希望依靠資產負債表，而另一些年份我們顯然也希望建立資產負債表。但我認為非常重要的一點是，我們要說明的是，我們將看到這些影響，我們將看到我們在資本分配方面具有競爭力。

You also mentioned the net debt, and I just want to use the opportunity to say a few words there. We are currently at 12%. We expect to be in the low end of the range by year-end. There are a couple of things I would like to bring with you. There are two. Point one, there are three tax installments, there will be payment of the rights issue, $900 million in the quarter and there will also be part of the Peregrino transaction funds coming back.

您也提到了淨債務，我想藉此機會簡單說幾句。我們目前的佔比是12%。我們預計到年底時將處於該區間的低端。有幾樣東西我想帶給你。有兩個。第一點，有三筆稅款要支付，本季將支付 9 億美元的配股款項，此外，還將有一部分 Peregrino 交易資金返還。

But my point is we maintain the guiding for net debt to year-end, even if we have participated in the Ørsted right issue with $900 million, it is driven by strong underlying operations and cash flow and also improvement in net working capital as we talked about earlier. So a long answer, Paul, but an important question.

但我的觀點是，即使我們參與了 Ärsted 的 9 億美元配股，我們仍然維持年底淨債務的預期目標，這是由強勁的基礎運營和現金流以及我們之前討論過的淨營運資本的改善所驅動的。保羅，答案可能有點長，但這個問題很重要。

Martin Rats, Morgan Stanley.

Martin Rats，摩根士丹利。

Good morning. Well, only one for me. I wanted to ask about the impairment charge, because it's more of a question of just sort of trying to make sure I interpret this correctly. So the long-term oil price assumption has come down, but it's still $75 a barrel. But that has triggered $750 million of impairments, which sort of suggests that there were projects in your portfolio that had breakevens well above $75 a barrel. And I was wondering if that is the correct interpretation.

早安.嗯，我只想要一個。我想問一下關於減損費用的問題，因為我只是想確保我對它的理解是正確的。因此，長期油價預期有所下降，但目前仍為每桶 75 美元。但這引發了 7.5 億美元的減損損失，這在某種程度上表明，你的投資組合中有些項目的損益平衡點遠高於每桶 75 美元。我想知道這種解釋是否正確。

If your projects have breakevens below $75, but you lower the long-term assumption, it wouldn't trigger an impairment, right? Am I interpreting this correctly?

如果你的專案損益平衡點低於 75 美元，但你降低了長期假設，這不會引發減損，對嗎？我的理解正確嗎？

Martin, thank you for your question. Well, there are qualifications that needs to be made. So first of all, we have the assets on the UK side, which are impaired with $650 million. First of all, I would like to say, this has absolutely nothing to do with a transaction with Shell. This is an isolated effect, and it is driven by lower oil price assumption, as you said.

馬丁，謝謝你的提問。嗯，這其中需要設定一些條件。首先，我們在英國的資產已經減損 6.5 億美元。首先，我想說明，這與殼牌公司的任何交易都絕對沒有任何關係。正如你所說，這只是個別現象，是由油價走低的預期所驅動的。

A very important driver for this is that these assets are held for sale in the book. So they haven't been depreciated for -- since the beginning of the year. If they had been depreciated on a normal basis, the impairment would have been significantly lower.

造成這種情況的一個重要原因是，這些資產在帳面上被列為待售資產。所以它們自年初以來就沒有提列過折舊。如果以正常方式提列折舊，減損損失將會大大降低。

The second point on the UK portfolio is that part of that asset base is linked to the acquisition we did with Suncor and the Buzzard field, which sits in the balance sheet at sort of acquisition cost as such and that has also had an impact for that asset.

關於英國投資組合的第二點是，部分資產基礎與我們收購 Suncor 和 Buzzard 油田有關，該油田在資產負債表中以收購成本的形式存在，這也對該資產產生了影響。

There are two assets in the [Gulf of America] (corrected by the company after the call) also impaired. Those are also mainly driven by price. Those are assets run by -- operated by significant US operators. As such, one of the assets has been a challenging asset operational-wise for several years as such.

（公司在電話會議後更正）美洲灣的兩項資產也已減損。這些也主要受價格驅動。這些資產由美國大型營運商營運。因此，其中一項資產在營運方面多年來一直面臨挑戰。

So I mean, it is one asset in the [Gulf of America] (corrected by the company after the call) that has been a challenge. The remainder of the asset portfolio there is very robust for improvements. So thanks, Martin.

所以我的意思是，它是[美洲灣]（電話會議後公司更正）一直面臨挑戰的一項資產。該資產組合的其餘部分非常有潛力進行改進。謝謝你，馬丁。

JPMorgan, Matt Lofting.

摩根大通，馬特‧洛夫廷。

I just wanted to come back to Empire Wind, Torgrim, I think you mentioned in your opening remarks that there was an availability issue that's emerged on installation vessel with Mærsk. Could you just expand on what's happening there and sort of any risk that that poses to the future development progress of Empire Wind into next year?

我只是想回到帝國之風號的話題，托格里姆，我想你在開場白中提到過，馬士基的安裝船出現了可用性問題。能否詳細說明那裡發生了什麼，以及這會對《帝國之風》明年的未來發展進程構成哪些風險？

Thanks, Matt. So first of all, I think it's fair to say that Empire Wind has had a demand in a year with a stop work order that has been reversed. And I just want to use the opportunity to say that the lost time has been catched up and we are back on track. And I must say that I'm very proud of what our organization has been able to do in a critical year like this.

謝謝你，馬特。首先，我認為可以公平地說，Empire Wind公司在一年內曾收到過停工令，但該停工令已被撤銷。我想藉此機會說明，之前耽誤的時間已經趕上來了，我們已經重回正軌。我必須說，我為我們組織在今年這樣一個關鍵年份所取得的成就感到非常自豪。

We are 55% complete. All monopiles are in the seabed. So on this issue, this is a dispute within Mærsk and Seatrium, which is the yard in Singapore. The vessel is more or less completed and finished and Mærsk has sort of canceled the contract as.

我們已經完成了55%。所有單樁均位於海底。所以，在這個問題上，這是馬士基和新加坡船廠 Seatrium 之間的糾紛。該船已基本完工，馬士基也算是取消了合約。

So we are close to the situation. We are working to either see to that this solution resolved or looking for other opportunities. Important for me to say that this is a well-functioning market, and there are other opportunities available in the market. So we will manage this, not risk-free in that way, but we will give you an update as this progress.

我們已經接近真相了。我們正在努力解決這個問題，或尋找其他機會。對我來說，重要的是要說明這是一個運作良好的市場，而且市場上還有其他機會。所以我們會設法處理這件事，雖然這樣做並非毫無風險，但我們會隨著進展向您報告最新進展。

James Carmichael, Berenberg.

詹姆斯·卡邁克爾，貝倫貝格銀行。

Just quickly on the UK and Rosebank. I was just wondering what the latest is on that approval process. And then I guess maybe just sort of general thoughts on the UK as we maybe get a bit closer to some clarity on the fiscal outlook here.

簡單說一下英國和羅斯班克的情況。我只是想了解一下審批流程的最新進展。然後，我想就英國的財政前景談談我的看法，因為我們可能離真相更加明朗一些了。

Okay. All right. So on Rosebank, as you might may be aware, the permit was sort of taken away due to that Scope 3 emission should have been taken care of in the award. So we have submitted our response recently to the regulator, and they turn around and put it into public conservation right away. That has started, and we expect the consultation to end at November 20.

好的。好的。所以，正如您可能已經知道的那樣，羅斯班克的許可證被取消了，因為範圍 3 的排放本應在授予的許可證中得到解決。因此，我們最近向監管機構提交了我們的回應，他們立即將其公開保存。這項工作已經開始，我們預計諮詢將於 11 月 20 日結束。

There is no set date for the decision, but clearly, we work very closely with the ministries to get this moving as quickly as possible as such. The second part of your question, what was that, James, about fiscal outlook in the UK?

目前還沒有確定做出決定的日期，但很顯然，我們正在與各部會密切合作，以盡快推進此事。詹姆斯，你問題的第二部分是什麼來著？是關於英國的財政前景嗎？

Yes. I guess just general thoughts on the UK, obviously, some uncertainty on the fiscal outlook, we've got some clarity there soon. Yes, just some context around that.

是的。我想說說我對英國的一些總體看法，顯然，財政前景存在一些不確定性，不過我們很快就會知道情況會明朗一些。是的，只是想提供一些背景資訊。

I think it's fair to say that there has been repeatedly tax changes on the UK side of years. This is nothing that we appreciate and clearly would advocate for strong and stable fiscal framework to create a basis for investing as such.

我認為可以公平地說，英國這邊多年來一直在不斷進行稅收政策的調整。我們對此並不贊同，並明確主張建立強大穩定的財政框架，為投資奠定基礎。

Kim Fustier, HSBC.

金·富斯蒂爾，匯豐銀行。

I noticed that one of your Norwegian competitors are deftly expressing concerns that there may not be enough projects on the NCS within a year or two to sustain a healthy domestic supply chain. Obviously, you're also moving away from big greenfield projects to smaller brownfields. So it's kind of an industry-wide issue. Just interested in hearing your views on sort of the outlook for the NCS supply chain and cost inflation.

我注意到你們的一位挪威競爭對手巧妙地表達了擔憂，認為在未來一兩年內，挪威大陸架上的計畫可能不足以維持健康的國內供應鏈。顯然，你們也正在從大型新建案轉向規模較小的現有計畫。所以這算是一個行業普遍存在的問題。只是想聽聽您對NCS供應鏈前景和成本上漲的看法。

All right. Thanks Kim. We are currently having a period with very high activity. A bit of that is driven by the tax incentive program put in place during COVID as such and many of these projects are soon coming into production. So it is natural that there will be a lower activity past that as such.. So I think our job as a company is to adapt to that and adjust. I think it's -- I just want to use the opportunity to talk about a project that we have established called NCS 2035, that is very much to what we said at the Capital Markets Day in the winter, you maintaining production level on the NCS all the way to 2035.

好的。謝謝金。我們目前正處於一個非常活躍的時期。其中一部分原因是受新冠疫情期間實施的稅收優惠政策的推動，而且許多此類項目很快就會投入生產。因此，此後活動量自然會減少。所以我認為我們公司的任務就是適應並調整。我想藉此機會談談我們建立的一個名為 NCS 2035 的項目，這與我們冬季資本市場日上所說的非常相似，即保持 NCS 的生產水平直至 2035 年。

That future will contain more but smaller discoveries. It will take quicker developments, and we have to operate at lower costs. So for instance, we will drill 30 exploration wells per year. And that is more than we do currently. And we will put forward six to eight subsea developments per year, which is also more than what we have done currently.

未來將會出現更多但規模較小的發現。這將需要更快的發展速度，而且我們必須降低營運成本。例如，我們每年將鑽探 30 口勘探井。這比我們目前所做的要多。我們將每年推出六到八個海底開發項目，比我們目前所做的還要多。

But by what we are doing, clearly, we will be a significant contributor to maintaining a high activity level on the Norwegian Continental Shelf and also the industry in Norway. So very optimistic about what we can achieve through different way of working and different ways of working with suppliers.

但很顯然，透過我們正在做的事情，我們將為保持挪威大陸架的高活動水平以及挪威的產業做出重大貢獻。我對透過不同的工作方式以及與供應商的不同合作方式所能取得的成就感到非常樂觀。

We are fast approaching the hour, but let's take one final question, and that is you Steffen Evjen from DNB.

時間快到了，但讓我們回答最後一個問題，這個問題來自 DNB 的 Steffen Evjen。

So a quick one. Just remind me on the tax credit in the US. What's the milestone you have to get that credit paid? Is that First Power or COD on the project?

簡單問一個。請提醒我美國的稅收抵免政策。要達到什麼階段性目標才能償還這筆貸款？是First Power還是COD參與了這個計畫？

Yeah, it is production start, that is sort of the criteria, and it is First Power. That is sort of the ultimate. So that is what we plan for in 2027.

是的，這是生產啟動，這是評判標準，而且是第一動力。那可以說是終極目標了。這就是我們2027年的計畫。

Thank you very much. We are now at the hour. I would like to thank you all for calling in and for your questions. As always, the Investor Relations team remain available. So if there's any outstanding questions, please give us a call, and we will do our best to help you. Thank you very much and have a good rest of the day

非常感謝。現在到了整點。感謝各位的來電和提問。投資者關係團隊一如既往地隨時為您提供服務。如果還有任何疑問，請致電我們，我們將盡力為您提供協助。非常感謝，祝您今天餘下的時間愉快！

Ladies and gentlemen, that concludes today's call. You may now disconnect. Thank you and have a great day.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。謝謝，祝您今天過得愉快。