Equinor ASA (EQNR) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kat, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equinor Analyst Call second quarter. (Operator Instructions)

感謝您的支持。我叫 Kat，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Equinor 第二季分析師電話會議。（操作員指示）

I would now like to turn the call over to BÃ¥rd Glad Pedersen, Senior Vice President, and Head of Investor Relations. Please go ahead.

現在我想將電話轉給資深副總裁兼投資者關係主管 BÃ¥rd Glad Pedersen。請繼續。

Thank you, operator, and thank you to all of you for calling in. I'm here today together with our CFO, Torgrim Reitan. As usual, he will present our second quarter results before we open up for a Q and A session. As usual, we will keep this within one hour in total. So with that, I hand it to you, Torgrim to take us through the numbers.

謝謝接線員，也謝謝大家的來電。今天我和我們的財務長 Torgrim Reitan 一起來到這裡。像往常一樣，他將在我們開始問答環節之前介紹我們的第二季業績。與往常一樣，我們將總共將其保持在一小時內。因此，我把這個交給你，托格里姆，來帶我們了解這些數字。

Okay. Thank you, BÃ¥rd, and good morning, and thank you for joining us. I hope you are enjoying your summer. Before we get to our results, let me draw your attention to the photo of Johan Castberg, a truly impressive field. Johan Castberg has ramped up to plateau production in less than three months to 220,000 barrels per day. The oil is of high quality, and we are now realizing a premium around $6 per barrel compared to Brent.

好的。謝謝你，BÃ¥rd，早安，謝謝你加入我們。我希望你度過一個愉快的夏天。在我們了解結果之前，請容許我先提請大家注意一下 Johan Castberg 的照片，這是一個真正令人印象深刻的領域。約翰·卡斯特伯格 (Johan Castberg) 在不到三個月的時間內將產量提高至每天 220,000 桶。這種石油品質很高，與布蘭特原油相比，我們現在的溢價約為每桶 6 美元。

Today, we report solid financial results, driven by strong operational performance, new fields onstream and strong production growth from US onshore. We report adjusted operating income of $6.5 billion before tax. Our IFRS net income of $1.3 billion was impacted by an impairment on our US offshore wind. I will come back to this.

今天，我們報告了穩健的財務業績，這得益於強勁的營運業績、新油田的投產以及美國陸上產量的強勁增長。我們報告的調整後稅前營業收入為 65 億美元。我們的 IFRS 淨收入為 13 億美元，受到美國離岸風電減損的影響。我稍後會再討論這個問題。

Year to date, our cash flow from operations after tax has been strong at $9.3 billion. Our adjusted earnings per share was $0.64. Energy markets continue to be impacted by geopolitical unrest, conflicts and uncertainty around tariffs and trade wars. We have seen significant volatility in oil markets. The European gas market is impacted by lower storage levels.

年初至今，我們的稅後營運現金流強勁，達到 93 億美元。我們的調整後每股收益為0.64美元。能源市場持續受到地緣政治動盪、關稅和貿易戰衝突及不確定性的影響。我們看到石油市場出現大幅波動。歐洲天然氣市場受到儲存量下降的影響。

Inventories are now almost 20-percentage-points lower than last year and also well below the average of the last five years. Warm weather in Europe has, over the past weeks, driven additional gas to power demand. At the same time, we see storage filling in Asia, also driving demand and less LNG is now coming to Europe. In these times of uncertainty, we continue to focus on what we are able to control. Our operations and how we maintain resilience.

目前庫存比去年低了近20個百分點，也遠低於過去五年的平均值。過去幾週，歐洲溫暖的天氣推動了額外的天然氣發電需求。同時，我們看到亞洲的庫存正在增加，這也推動了需求，而流入歐洲的液化天然氣正在減少。在這些不確定的時期，我們繼續關注我們能夠控制的事情。我們的營運以及我們如何保持彈性。

We are committed to cost and capital discipline, and we report a flat cost development in the quarter, which is our goal for the year. Our CapEx guidance stays firm. And our balance sheet remains robust through a lower price environment. Across the portfolio, we are making strategic progress. Johan Castberg reached plateau quickly, as I mentioned. We took the final investment decision on Johan Sverdrup Phase 3 and Fram South in the Troll area. All of this supports longevity on the NCS, maintaining production levels all the way to 2035.

我們致力於成本和資本紀律，並報告本季成本持平，這是我們今年的目標。我們的資本支出指導保持堅定。在較低的價格環境下，我們的資產負債表依然保持強勁。在整個投資組合中，我們正在取得策略進展。正如我所提到的，Johan Castberg 很快就達到了頂峰。我們對 Johan Sverdrup 第三期和 Troll 地區的 Fram South 做出了最終投資決定。所有這些都支持 NCS 的長壽，直至 2035 年仍能維持生產水準。

Recently, we announced 2 large, long-term contract -- long-term agreements for the supply of gas to UK and Germany. This demonstrates that large commercial players in Europe see the need for Norwegian gas for power production and the industry, for decades to come. Internationally, we continue to optimize the portfolio. This quarter, we increased our US onshore gas production by 50% based on the transactions we did last year, and we captured almost 80% higher gas prices.

最近，我們宣布了兩份大型長期合約——向英國和德國供應天然氣的長期協議。這表明，歐洲大型商業企業看到了未來幾十年發電和工業對挪威天然氣的需求。在國際上，我們不斷優化產品組合。本季，我們根據去年的交易情況將美國陸上天然氣產量提高了 50%，天然氣價格也上漲了近 80%。

In Brazil, we have announced the divestment of the Peregrino field for a value of $3.5 billion. And we now focus our attention on the development of Bacalhau and Raia. We expect first oil at Bacalhau this autumn, and Raia, a domestic gas field, is expected to start production in 2028. Within our Renewables business, we have secured a project financing package of EUR 6 billion for the Baltic 2 and 3 offshore wind farms in Poland. This is at favorable terms, supporting double-digit equity returns.

在巴西，我們宣布以 35 億美元的價格出售 Peregrino 油田。現在我們把注意力集中在 Bacalhau 和 Raia 的開發上。我們預計今年秋天 Bacalhau 會產出第一批石油，而國內天然氣田 Raia 預計將於 2028 年開始生產。在我們的再生能源業務中，我們已為波蘭波羅的海2號和3號離岸風電場獲得了60億歐元的專案融資。這是有利的條件，支持兩位數的股權回報。

On Empire Wind 1, the stop work order was lifted in May, and the project is back in execution. This is positive, and I'm very glad to report that. However, we are making an impairment of $955 million in the quarter. The main driver for this is the changes in regulations for future offshore wind projects in the US. Part of the impairment is related to the undeveloped Phase 2 of Empire Wind.

對於 Empire Wind 1 號風電項目，停工令已於 5 月解除，工程已恢復實施。這是積極的，我很高興地報告這一點。然而，本季我們損失了 9.55 億美元。其主要驅動因素是美國未來離岸風電專案法規的變化。部分損害與 Empire Wind 尚未開發的第二階段有關。

However, the largest portion is related to the South Brooklyn Marine Terminal. The development of the terminal assumed future projects would use it. This is now unlikely with the current framework conditions. And this new reality is reflected in the updated book value for Empire Wind 1 and the South Brooklyn Marine Terminal.

然而，最大的部分與南布魯克林海運碼頭有關。該航站樓的開發假設未來的項目將會使用它。在目前的框架條件下，這種情況不太可能發生。這個新現實反映在 Empire Wind 1 和南布魯克林海運碼頭的最新帳面價值。

The impairment also includes the effect of higher tariffs on steel and a more limited amount related to the stop work order. The development we have seen leads to lower life cycle returns on Empire Wind. But the best way to protect value for our shareholders in the current situation was clearly to move forward with the project. And on a portfolio basis, our offshore wind projects in operations and execution still deliver double-digit equity returns. Then to capital distribution. For the quarter, the Board approved an ordinary cash dividend of $0.37 per share. And a third tranche of share buyback of up to $1.265 billion, including the state's share. In total, we expect to deliver around $9 billion in capital distribution for the year, in line with what we said at the CMU.

減損還包括鋼鐵關稅上調的影響，以及與停工令相關的有限金額的影響。我們所看到的發展導致 Empire Wind 的生命週期回報率降低。但在當前情勢下保護股東價值的最佳方式顯然是推動該專案。從投資組合來看，我們正在運作和執行的離岸風電專案仍然實現了兩位數的股本回報。然後是資本分配。本季度，董事會批准派發每股 0.37 美元的普通現金股息。第三批股票回購金額高達 12.65 億美元，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約 90 億美元，與我們在 CMU 所說的一致。

So let's dive into our results. Safety remains our top priority. We again deliver our best safety results with a serious incident frequency of 0.27 and a personal injury rate of 2.2. We continue to learn from incidents and work hard towards improvements. In the second quarter, we produced 2,096,000 barrels per day, up more than 2% from last year. We are on track to deliver 4% production growth for the year.

那麼讓我們深入研究一下結果。安全仍然是我們的首要任務。我們再次取得了最佳安全業績，嚴重事故發生率為0.27，人身傷害率為2.2。我們將繼續從事故中汲取教訓，並努力改進。第二季度，我們的石油日產量為 2,096,000 桶，比去年同期成長 2% 以上。我們有望實現今年 4% 的產量成長。

On the NCS, our liquids production is up 4%, driven by the ramp-up of Johan Castberg and starting Halten East. And also high regularity on Johan Sverdrup and other fields had a significant impact. NCS production was impacted by planned maintenance and the shutdown of Hammerfest LNG.

在 NCS，我們的液體產量增加了 4%，這得益於 Johan Castberg 產量的成長和 Halten East 產量的啟動。而高規律性也對Johan Sverdrup等其他領域產生了重大影響。NCS 的生產受到計劃維護和 Hammerfest LNG 關閉的影響。

Our increased US onshore gas production is around double the production loss from divesting Nigeria and Azerbaijan, which impacted our international production. We produced 1.1 terawatt hours this quarter. Renewable production increased by 26%, mainly driven by the ramp-up of Dogger Bank A in the UK.

我們在美國陸上天然氣產量的增加大約是剝離尼日利亞和阿塞拜疆造成的產量損失的兩倍，這影響了我們的國際產量。本季我們生產了 1.1 太瓦時。再生能源產量增加了 26%，主要得益於英國 Dogger Bank A 油田產量的成長。

Now over to our financial results. Liquids prices were lower than the same quarter last year, while gas prices were higher in Europe and the US. This has impacted our results across segments. Adjusted operating income in E&P Norway totalled $5.7 billion before tax and $1.2 billion after tax. Our E&P International business delivered higher production from Brazil and new wells in Argentina and Angola.

現在來看看我們的財務表現。液體燃料價格低於去年同期，而歐洲和美國的天然氣價格則較高。這影響了我們各部門的表現。E&P Norway 的調整後營業收入總計稅前 57 億美元，稅後 12 億美元。我們的 E&P 國際業務在巴西實現了更高的產量，並在阿根廷和安哥拉開闢了新井。

Peregrino and assets under our UK IJV are classified as held for sale. This represents around $10 billion, and we do not report depreciation for these assets any longer. Our E&P US results were driven by high onshore gas production. Also, there was a one-off related to an increased cost estimate in the abandonment obligations for Titan. MMP delivered solid gas trading, but results were below the guided range, impacted by the Hammerfest LNG maintenance and weaker crude trading. Our renewable results reflect high project activity, but also significantly lower business development and early phase costs.

Peregrino 和我們英國 IJV 旗下的資產被歸類為持有待售。這大約相當於 100 億美元，我們不再報告這些資產的折舊。我們的美國勘探與生產業績得益於陸上天然氣產量高。此外，還有與「泰坦」放棄義務成本估算增加相關的一次性支出。MMP 的天然氣交易表現穩健，但受哈默菲斯特液化天然氣維護和原油交易疲軟的影響，業績低於預期範圍。我們的再生能源結果反映了較高的專案活動性，同時也顯著降低了業務開發和早期階段的成本。

This quarter, cash flow from operations was $9.2 billion. Total taxes paid was $7.2 billion, driven by two NCS tax instalments totalling around $6.8 billion. For the second half of this year, the NCS tax payments are expected to be NOK100 billion. These taxes will be paid across five equal instalments from August through December. This reflects a change from previously paying 6 tax instalments to now paying 10 annual tax instalments in Norway.

本季經營現金流為92億美元。繳納的稅款總額為 72 億美元，其中兩筆 NCS 稅款總額約為 68 億美元。今年下半年，NCS納稅額預計將達到1,000億挪威克朗。這些稅款將從八月到十二月分五次等額繳納。這反映了挪威從之前每年繳納 6 期稅款到現在每年繳納 10 期稅款的變化。

This quarter, we distributed $1.3 billion to our shareholders. Organic CapEx was $3.4 billion, and our net cash flow was negative $2.6 billion. We have a solid financial position with around $24 billion in cash and cash equivalents. Our net debt to capital employed ratio increased to 15.2% this quarter.

本季度，我們向股東分配了 13 億美元。有機資本支出為 34 億美元，淨現金流為負 26 億美元。我們的財務狀況穩健，擁有約 240 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上升至 15.2%。

This reflects the state's share of the buyback from last year booked as a finance debt, impacting the net debt ratio by around 8-percentage-points, as we said last quarter. The cash flow impact of this will be next quarter. At current forward prices, we expect the net debt ratio to remain around current levels towards the end of the year.

這反映了國家在去年以金融債務形式回購的份額，對淨債務比率產生了約 8 個百分點的影響，正如我們上個季度所說的那樣。這對現金流的影響將在下個季度顯現。以目前的遠期價格，我們預計到今年年底淨負債比率將保持在當前水準左右。

Finally, to our guidance. We maintain the guidance we communicated at our CMU in February. Our progress is in line with those ambitions, both in terms of production growth and investments, as well as capital distribution. So now back to you, BÃ¥rd, and then I look forward to the Q and A session.

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。我們的進展符合這些目標，無論是在生產成長和投資方面，還是在資本分配方面。現在回到你這裡，BÃ¥rd，然後我期待問答環節。

(Event Instructions) Biraj Borkhataria, RBC.

（活動說明）Biraj Borkhataria，RBC。

The first one is just on the Empire Wind impairment and the impairment testing. The 3% discount rate, I think, it's probably the lowest I've seen and it looks a bit odd relative to sort of 10- or 30-year treasury. So could you just give me some rationale as to why you use that number? And then the second one is on working capital. We had another release this quarter.

第一個是關於 Empire Wind 損害和損害測試。我認為 3% 的折現率可能是我見過的最低的折現率，相對於 10 年期或 30 年期國債來說，這個折現率看起來有點奇怪。那你能解釋為什麼你使用這個數字嗎？第二個是營運資金。本季我們又發布了另一個版本。

You talked about the lower volatility in trading. I'm trying to understand whether is this a more structural level of working capital that we should be at relative to the last few years because, I guess, lower volatility means less capital for trading. What should we expect going forwards?

您談到了交易波動性較低。我想了解的是，相對於過去幾年，這是否是我們應該達到的更具結構性的營運資本水平，因為我猜想，波動性越低，交易資本就越少。我們對未來該抱持怎樣的期待？

Okay. Thanks, Biraj. So first on Empire Wind, yes. So the 3% discount rate we use, I just want to be clear on a couple of things. That is an unlevered discount rate, and it is a real discount rate after tax as such. So I think that's two very important parameters going into that. Oil and gas investments, the discount rate we use for them is 5.5-percentage-points. So there's a difference here, 5.5 and 3% between those two projects.

好的。謝謝，Biraj。是的，首先是 Empire Wind。因此，對於我們使用的 3% 折扣率，我只想明確幾件事。這是一個無槓桿折現率，也是一個稅後實際折現率。所以我認為這是兩個非常重要的參數。對於石油和天然氣投資，我們使用的折現率是5.5個百分點。所以這兩個項目之間的折現率是5.5%和3%。

What justifies a lower discount rate within this project is actually that the revenue profile is fixed and is fixed for 25 years as such. So there's a lot of reasoning and analysis behind all the discount rates we are using. So these should be consistent and applied consistently across the portfolio that we use.

該項目中較低折現率的合理性實際上是因為收入狀況是固定的，並且是 25 年內固定的。因此，我們使用的所有折扣率背後都經過了大量的推理和分析。因此，這些應該是一致的，並且在我們使用的整個投資組合中一致應用。

Your second question, Biraj, was related to working capital movements. So working capital is now $5 billion and is a reduction of $550 million as far as I remember. It is actually not driven by the trading activities. It is driven by movements in the upstream segments as such. And on your question whether this is sort of a normal level, it has been stable. The working capital within the trading environment has remained stable for the time being.

Biraj，您的第二個問題與營運資金流動有關。因此，據我記得，營運資金現在是 50 億美元，減少了 5.5 億美元。它實際上並不是由貿易活動所驅動的。它是由上游部分的運動所驅動的。至於你問的這是否是正常水平，答案是一直很穩定。貿易環境中的營運資金暫時維持穩定。

But on your point on sort of the volatility. There is a lot of volatility. The point is that the volatility is different than sort of the traditional volatility and the volatility is driven by political decisions, which makes it harder for traders to trade around. So there is less risk-taking in the trading environment currently, and this is going across the whole trading environment as such and that's sort of the nature of what's happening in the world for the time being. So thanks, Biraj.

但關於您提到的波動性問題。存在很大的波動性。關鍵在於，這種波動不同於傳統的波動，它是由政治決策所驅動的，這使得交易者更難以進行交易。因此，目前的貿易環境中風險承擔較少，這種情況正在影響整個貿易環境，這也是目前世界局勢的本質。所以謝謝你，Biraj。

Irene Himona, Bernstein.

艾琳希莫娜，伯恩斯坦。

My first one on the new tax system in Norway, just to clarify, I think you said that all of the 10 instalments for 2025 are payable over the 5 months August to December. Is that correct? And then how will it be spread into 2026? My second question on gearing at 15%. So you've now reached the low end of your – through the cycle – range of 15% to 30%.

我第一次詢問有關挪威新稅制的問題，只是為了澄清一下，我認為您說過 2025 年的所有 10 期分期付款都應在 8 月至 12 月的 5 個月內支付。對嗎？那麼它將如何蔓延到2026年？我的第二個問題是關於 15% 的槓桿率。因此，您現在已經達到了周期內 15% 到 30% 範圍的低端。

I just wonder, with Brent at less than 70 and this higher but unstructured volatility, is perhaps 15% to 20% preferable to 15% to 30% when the Board sets investor distributions.

我只是想知道，在布蘭特原油價格低於 70 且波動性較高但非結構化的情況下，董事會設定投資者分配時，15% 至 20% 是否比 15% 至 30% 更可取。

Okay. Thanks, Irene. So first, on the tax, the structure of the tax payments. So the tax payment will be evenly distributed over the years. So in the second half of this year, there will be five instalments, and then there will be five instalments in the first half next year.

好的。謝謝，艾琳。首先，關於稅收，稅收結構。因此，稅收將在各年內平均分配。所以今年下半年會有五期，明年上半年也會有五期。

So there are tax payments in all months, except for July and January. So it's just a way of distributing it even more evenly throughout the year than the six. So this is a minor adjustment to the payment schedule and we'll see to that we guide you for every quarter coming, how many instalments you should expect for the next quarter and all of that. So the reason why bringing it up is sort of -- if you want to update your cash flow models, please do. And Investor Relations is happy to provide even more details to this, as necessary.

因此，除七月和一月外，所有月份都需要繳稅。因此，這只是一種比六年更均勻分配的方式。因此，這是對付款計劃的一個小調整，我們將確保在接下來的每個季度為您提供指導，包括您預計下個季度需要支付多少分期付款等等。所以提出這個問題的原因是──如果你想更新你的現金流模型，請這樣做。如果需要，投資者關係部門很樂意提供更多詳細資訊。

Your second question around gearing 15%, yes. So the increase of 8-percentage-points from last quarter is driven by sort of the annual payments to the state regarding share buyback programs. So 15%, we expect that to be around that level towards the end of the year. So it is very important for us to run with a conservative balance sheet and a robust financial position. And that is going to be the case going forward as well.

您的第二個問題與 15% 的槓桿率有關，是的。因此，與上一季相比 8 個百分點的增長是由於股票回購計劃每年向國家支付的款項所致。因此，我們預計到今年年底這一比例將達到 15% 左右。因此，對我們來說，保持保守的資產負債表和穩健的財務狀況非常重要。未來的情況也將如此。

We have no intention to sort of change the range. The range is not a target in itself. It's something that is broadly seen as consistent with our rating ambitions. So there is no sort of mathematical link here as such. When it comes to the link to share buyback, and I think you mentioned that, I mean, share buyback is an important part of our capital distribution structure.

我們無意改變範圍。射程本身並不是目標。人們普遍認為這與我們的評級目標一致。因此，這裡不存在任何數學聯繫。談到與股票回購的聯繫，我想您提到過，股票回購是我們資本分配結構的重要組成部分。

We have not linked our capital distribution to development in cash flow from operations or free cash flow or what have you. But we are committed to remain competitive using those metrics when we compare ourselves to peers going forward. Meaning that there will be times where sort of the balance sheet will strengthen, and there are times when the balance sheet will sort of be weakened.

我們尚未將資本分配與經營現金流或自由現金流的發展或其他因素連結。但我們致力於在未來與同儕比較時使用這些指標來保持競爭力。這意味著資產負債表有時會增強，有時也會減弱。

So there's not sort of a mathematical relationship here. And these boundaries are not seen as absolutely in a way. We want to run with a very strong balance sheet and a strong cash position as we -- as you know that we have.

所以這裡不存在數學關係。從某種程度上來說，這些界線並不是絕對的。我們希望擁有非常強勁的資產負債表和強大的現金狀況——正如你們所知，我們已經擁有了。

Alejandro Vigil, Santander Bank.

亞歷杭德羅·維吉爾，桑坦德銀行。

Yes. The first one is about Brazil. Just trying to understand the timing of the Peregrino divestment. And also, the Bacalhau project, the expectations of production next year. Trying to understand if the Peregrino divestment is going to be offset by Bacalhau volumes next year.

是的。第一個是關於巴西的。只是想了解 Peregrino 撤資的時機。還有Bacalhau項目，預計明年投產。試圖了解 Peregrino 的撤資是否會被明年的 Bacalhau 產量所抵消。

And the second question is about the US onshore gas business that has been a clear focus of your strategy recently. If you see more opportunities of growth there through acquisitions and also if you are planning on investments in the downstream, in the gas-fired projects, for example, trying to leverage the AI boom in the US.

第二個問題是關於美國陸上天然氣業務，這是您最近策略的重點。如果您透過收購看到了更多的成長機會，並且您計劃在下游領域進行投資，例如在燃氣項目方面，請嘗試利用美國的人工智慧熱潮。

Okay. Thanks, Alejandro. So, yes, so the divestment of Peregrino is -- it is signed. It is not closed yet. So we expect to close the deal towards the end of the year. We are very satisfied with the price that we achieved and is value-creative. So -- and the reasoning behind doing that now is to concentrate on the new developments, Bacalhau and Raia and quite a few people will be moved from the Peregrino organization into a new organization, so this is from a portfolio high grading point of view.

好的。謝謝，亞歷杭德羅。是的，Peregrino 的撤資協議已經簽署。它還沒有關閉。因此我們預計該交易將在年底前完成。我們對所達成的價格非常滿意，並且具有價值創造力。所以 — — 現在這樣做的理由是為了集中精力於新的發展，Bacalhau 和 Raia 以及相當多的人將從 Peregrino 組織轉移到一個新組織，所以這是從投資組合高評級的角度來看的。

And Peregrino has been through a long life already. We have invested in to solidify it and make it high-quality, and it was good time to realize that value. Brazil remains very, very important and a key country for us going forward, and we will keep sort of investing and that brings me over to Bacalhau.

佩雷格里諾已經度過了漫長的一生。我們已經投入資金來鞏固它並使其高品質，現在是實現這一價值的好時機。巴西仍然非常非常重要，是我們未來發展的關鍵國家，我們將繼續投資，這讓我想到了 Bacalhau。

So Bacalhau is progressing well. Commissioning is ongoing on the remaining systems. We have two drilling rigs drilling, drilling wells working, and we had two installation vessels working on subsea. So this is going according to plan, and we will have quite a handful of wells producing by year-end on Bacalhau.

所以馬介休進展順利。其餘系統進行調試。我們有兩台鑽井平台正在鑽井，還有兩艘安裝船在海底作業。一切正在按計劃進行，到今年年底，我們將在 Bacalhau 擁有相當多的油井投入生產。

And then, of course, there will be -- so we assume production contribution in the second half from Bacalhau. Yes. And then there will be a lot of drilling activities going forward on Bacalhau, and it will be a significant contributor to our international production.

然後，當然會有——所以我們假設 Bacalhau 會在下半年做出生產貢獻。是的。隨後，Bacalhau 將會進行大量鑽探活動，這將對我們的國際生產做出重大貢獻。

On US onshore gas, yes. So around a year ago or nine months ago, we made two acquisitions from EQT into the Marcellus Play, increasing our exposure quite a bit into that asset. That adds close to 100,000 barrels a day with gas production under operatorship of Expand. Since then, gas prices has increased significantly, and that is now contributing very well to the cash flow and earnings of the company.

對於美國陸上天然氣，是的。大約一年前或九個月前，我們從 EQT 收購了 Marcellus Play，大大增加了我們對資產的曝險。在 Expand 營運下，天然氣產量將每天增加近 10 萬桶。自那時起，天然氣價格大幅上漲，這對公司的現金流和收益貢獻很大。

A little bit of color to why we do that. We do believe in natural gas in the long term. We see it as a very important part of energy transition and a significant part of the electrification of the world that is ongoing. And you're absolutely right, the location of Marcellus gas in the North-East fits well with sort of a big drive in the US to focus on data centers and build competitiveness related to AI.

稍微解釋一下我們為什麼這麼做。我們確實對天然氣的長期前景充滿信心。我們認為它是能源轉型的一個非常重要的部分，也是正在進行的世界電氣化的重要組成部分。您說得完全正確，馬塞勒斯天然氣田位於美國東北部，這與美國大力發展資料中心和打造人工智慧相關競爭力的策略非常契合。

And energy is seen as the big facilitator for competitiveness of the US economy over the next years. So we are well positioned with what we have. And on your question on whether we could be interested in sort of seeing more opportunities and into gas-fired power plants. There's no concrete plans, but we do see that there is a stronger and stronger link between gas markets and power markets going forward.

能源被視為未來幾年美國經濟競爭力的重要推手。因此，我們憑藉現有的資源處於有利地位。關於您的問題，我們是否有興趣看到更多機會並進入燃氣發電廠。雖然沒有具體的計劃，但我們確實看到未來天然氣市場和電力市場之間的連結將越來越緊密。

So we are watching that space naturally.

因此我們自然而然地會注意那個空間。

Peter Low, Redburn.

彼得洛，雷德伯恩。

The first was just on unit OpEx costs in Norway. It looks like they've increased by around 10% year over year. I think part of that is just FX, but I'm not sure that explains all of it. I was just wondering what else was going on there. Does it relate to the cost profile of the projects that are ramping up?

第一個是關於挪威的單位營運支出成本。看起來它們比去年同期增長了約 10%。我認為部分原因只是 FX，但我不確定這是否能解釋所有問題。我只是想知道那裡還發生了什麼事。這與正在加緊進行的項目的成本狀況有關嗎？

The second question was just, is there any notable maintenance or turnaround expected in the third quarter that you're able to flag?

第二個問題是，您是否可以指出第三季預計會出現任何值得注意的維護或轉變？

Okay. Thanks, Peter. So, when it comes to unit costs for NCS, unit production cost, we see that as a stable quarter-on-quarter, a broader topic is that's at a level of $6.7 per barrel. But it's sort of a good opportunity to broaden the discussion on costs. We said earlier this year that we aim this year to keep costs flat and fighting inflation and neutralizing the impact on inflation across the portfolio. So that is -- we really start seeing the impact of that.

好的。謝謝，彼得。因此，當談到 NCS 的單位成本、單位生產成本時，我們看到環比穩定，更廣泛的議題是每桶 6.7 美元的水平。但這也是擴大成本討論的好機會。我們今年稍早曾表示，我們今年的目標是保持成本穩定、對抗通貨膨脹並抵消通貨膨脹對整個投資組合的影響。所以，我們確實開始看到它的影響。

And there's a lot of initiatives and actions and momentum across the portfolio within operating and maintenance, strong push on efficiency. We have significantly reduced early phase in business development costs and also staff costs are coming down, and we hardly do external recruitments any longer, as such,. So this is -- and you see it in the number, you see that on a quarter-to-quarter basis, we have been able to keep that flat even if we are growing production. So this will also be reflected in the unit production cost.

在營運和維護領域，整個投資組合中有很多舉措、行動和動力，大力推動效率。我們大幅降低了業務開發初期的成本，員工成本也在下降，因此我們幾乎不再進行外部招募。所以這是——您可以從數字中看到，按季度計算，即使產量增加，我們也能夠保持穩定。所以這也將反映在單位生產成本上。

So when it comes to turnaround, maybe one thing to mention is Hammerfest LNG which has been in a turnaround situation for -- in the second quarter. That is still in maintenance, but we actually expect it to come back by the end of July and then being back in production in August and September.

因此，當談到扭虧為盈時，也許值得一提的是哈默菲斯特液化天然氣公司（Hammerfest LNG），該公司在第二季度已經處於扭虧為盈的狀態。它仍處於維護狀態，但我們實際上預計它將在 7 月底恢復，然後在 8 月和 9 月恢復生產。

So other than that, when it comes to the coming quarters. We see -- let's see here, is it around [50,000] (corrected by company after call) barrels per day in turnaround impact in the third quarter and lower in the fourth quarter, maybe 14,000 to 15,000 barrels per day as such. So the third quarter in total is on par with the second quarter as such.

除此之外，談到未來幾季。我們看到——讓我們看看，第三季度的扭虧為盈影響是否在每天 [50,000] 桶左右（公司在電話會議後進行了更正）而第四季度會更低，大概在每天 14,000 到 15,000 桶左右。因此，第三季整體情況與第二季持平。

Henri Patricot, UBS.

瑞銀集團的亨利·帕特里科特（Henri Patricot）。

Two questions, please. The first one, going back to the Peregrino disposal and the proceeds of close to $3 billion. How should we think about these? Is it mostly about strengthening the balance sheet or it potentially opens up the potential for some acquisitions to replace Peregrino volumes in international E&P or elsewhere?

請問兩個問題。第一個是回顧 Peregrino 的處置及其近 30 億美元的收益。我們該如何思考這些？這主要是為了加強資產負債表，還是有可能透過一些收購來取代 Peregrino 在國際 E&P 或其他領域的業務？

And then secondly, on the two deals that you mentioned, Torgrim, in the UK and Germany natural gas sales. Could you go through the benefits for Equinor of signing these long-term contracts and maybe also the rationale for sticking to spot prices rather than maybe find another pricing mechanism that could reduce your exposure to spot prices in a few years when we could see potentially low prices as the market is over-supplied?

其次，關於您提到的兩筆交易，Torgrim，在英國和德國進行天然氣銷售。您能否解釋一下 Equinor 簽署這些長期合約的好處，以及堅持現貨價格的理由，而不是尋找另一種定價機制，以便在幾年後我們可能看到由於市場供過於求而導致的低價時減少現貨價格的影響？

Yes. Okay. Thanks, Henri. So first on Peregrino. So the headline value of the deal is a $3.5 billion. The effective date was first of January 2024, which is important to note. So since then, there will be a pro&contra contract settlement in sort of ultimately when they closed this deal towards the end of the year. So the proceeds that we will receive is less than $3.5 million depending on the prices, is a little bit, but it is actually quite a bit of cash that sort of has been generated over the last two years that will need to be taken away from the headline number.

是的。好的。謝謝，亨利。首先談談 Peregrino。因此該交易的總價值為 35 億美元。生效日期為 2024 年 1 月 1 日，這一點值得注意。因此，從那時起，當他們在年底完成這筆交易時，最終會形成一種正反合約結算。因此，根據價格的不同，我們將收到的收益將少於 350 萬美元，雖然不多，但實際上這是過去兩年產生的相當多的現金，需要從總體數字中扣除。

On your question whether this opens up or other acquisitions, well, we do acquisitions and we do divestments more driven by the strategic reasoning and the value creation opportunities behind it. And over the last years, we have done quite a few, maybe worth mentioning a few. We have divested out of Nigeria and Azerbaijan, bringing in value. We have made acquisitions into US onshore.

關於您問這是否會開啟其他收購，嗯，我們進行收購和撤資更多是出於戰略原因和背後的價值創造機會。在過去的幾年裡，我們做了不少事情，也許值得一提。我們已經撤資尼日利亞和阿塞拜疆，帶來了價值。我們已經在美國境內進行了收購。

We have the Peregrino divestments. And then we are combining our portfolios in the UK with Shell and creating the largest operator in the UK as such. So it has been quite an active a couple of years within M&A. And you can rest assure that we will have a focus on a strong balance sheet, normally what we do on the M&A front.

我們有 Peregrino 資產剝離。然後，我們將把我們在英國的投資組合與殼牌合併，從而創建英國最大的營運商。因此，近年來併購領域一直非常活躍。您可以放心，我們將專注於強勁的資產負債表，這通常是我們在併購方面所做的。

Then on gas contracts, I think it's important for me to leave you with -- well, first of all, I mean, those contracts really demonstrates the attractiveness of Norwegian gas to EU. This is clearly driven by security of supply for the long-term customers. So we have signed three long-term contracts over the last 1.5 years. That is actually 20% of our natural gas position on the NCS and it actually covers 6% of the EU in imports.

然後關於天然氣合同，我認為有必要告訴大家——首先，這些合約確實證明了挪威天然氣對歐盟的吸引力。這顯然是為了確保長期客戶的供應安全。因此，我們在過去一年半內簽署了三份長期合約。這實際上佔了我們在 NCS 天然氣儲備的 20%，並且實際上涵蓋了歐盟 6% 的進口量。

And then your question is, so how does this work? Well, they are priced based on spot prices in general. They also have free sourcing associated with it. So we don't need to source them with our own gas. We can buy gas in the market if we find that suitable. So it's sort of -- it maintains full -- we have full flexibility in our gas production system. And also, it doesn't limit us in any way as such. It's just a contract that adds value.

那麼你的問題是，這是如何運作的？嗯，一般都是以現貨價格來定價的。他們還提供與之相關的免費採購。所以我們不需要用自己的天然氣來購買它們。如果我們認為合適，我們可以在市場上購買天然氣。因此，它在某種程度上保持了充分的靈活性——我們的天然氣生產系統具有充分的靈活性。而且，它不會以任何方式限制我們。這只是一份增值的合約。

It is important for me that you as investors have exposure to the European gas market when you buy the Equinor share. And we will continue to swap everything to an exposure equal to 70% day ahead and 30% month ahead in the portfolio, meaning that when you see volatility in the gas markets in Europe, you can rest assure that we will be able to capitalize on it and it will find its way to our earnings.

對我來說，當您作為投資者購買 Equinor 股票時，接觸歐洲天然氣市場非常重要。我們將繼續將所有資產交換為相當於投資組合中 70% 的日內風險敞口和 30% 的月內風險敞口，這意味著當您看到歐洲天然氣市場出現波動時，您可以放心，我們將能夠利用它，並將其轉化為收益。

Teodor Sveen-Nilsen, Sparebank 1 Markets.

Teodor Sveen-Nilsen，Sparebank 1 市場。

First question that is on Wisting. Could you please provide an update on Wisting also maybe how Wisting’s role will be in your ambition of keeping NCS production flat from 2020 to 2035? Second question, I just want to go back to the 3% discount rate to use for impairment testing for Empire. Definitely understand there's a difference between the rate we use for impairment testing and rate to use for investment decisions, still I just wanted to explain the relation between the 3% you used for impairment testing and the 4% to 8% real return that you indicate as ambition for renewable projects.

第一個問題是關於 Wisting 的。您能否提供有關 Wisting 的最新情況，以及 Wisting 將如何在您實現 2020 年至 2035 年保持 NCS 產量平穩的目標中發揮作用？第二個問題，我只想回到 Empire 減損測試的 3% 折扣率。當然，我明白我們用於減損測試的利率和用於投資決策的利率之間存在差異，但我只是想解釋一下您用於減損測試的 3% 與您為再生能源項目設定的 4% 至 8% 的實際回報率之間的關係。

Okay. Thanks, Teodor. So Wisting is a promising discovery in the very north in the Barents Sea, as some of you would know. And we are actively working that to bring it forward to an investment decision. And the investment decision might come next year, might come later. So we'll see.

好的。謝謝，Teodor。因此，正如你們中的一些人所知，威斯汀是巴倫支海最北部的一個有希望的發現。我們正積極努力，以期做出投資決策。投資決定可能會在明年做出，也可能稍後會做出。我們拭目以待。

We do believe that the project absolutely has the characteristics to become a good development for Equinor in the future. When it will ultimately be sanctioned and put in production, we will have to come back to when -- of course, when we know more about that.

我們確實相信，該計畫絕對具備成為 Equinor 未來良好發展的特質。當它最終獲得批准並投入生產時，我們必須回過頭來看——當然，當我們對此有更多了解時。

When it comes to the 2035 ambition and keeping NCS flat, the main driver behind that is projects that we have concrete and specific plans for. We have more than 200 IOR projects that are currently being matured to deliver into that. And also we have more than 200 prospects that we are maturing to get into that portfolio. And then this is a risked portfolio. So it's very hard to say whether Wisting is in or out. That is a natural part that we take that into the portfolio from a risk perspective towards 2035.

當談到 2035 年的目標和保持 NCS 平穩時，其背後的主要驅動力是我們有具體和特定計劃的項目。我們有 200 多個 IOR 專案正在逐步成熟並交付。而我們還有超過 200 個潛在客戶正在成熟並納入該投資組合。這就是一個有風險的投資組合。因此很難說威斯汀是否會加入。從 2035 年的風險角度來看，將其納入投資組合是理所當然的。

When I'm touching that point, I am an old man, and I remember in the IPO in 2001, that concern with investors was, but NCS is declining. Why is this attractive? And here we are after 25 years, producing more than in 2001 and actually looking at the production in 2035 on the same level.

當我觸及這一點時，我已經是個老人了，我記得在 2001 年的 IPO 中，投資者的擔憂是存在的，但 NCS 正在衰落。這為什麼有吸引力？25年後，我們的產量超過了2001年的水平，實際上，2035年的產量將達到相同的水平。

So I mean, it's a remarkable story of a basin that has kept giving. I used the opportunity for a sales pitch here Teodor. But anyway, it is an important part of the portfolio. On the 3% discount rate versus what we do for investment decisions. So the discount rate that we use for these purposes is meant to mirror our cost of capital and relevant cost of capital for these investments.

所以我的意思是，這是一個關於盆地不斷奉獻的非凡故事。我利用這個機會在這裡向 Teodor 進行銷售宣傳。但無論如何，它是投資組合的重要組成部分。3% 的折扣率與我們的投資決策相比。因此，我們為這些目的所使用的折現率旨在反映這些投資的資本成本和相關資本成本。

For investment decisions, we clearly are not satisfied with the cost of capital. We need a significant premium to that. And for renewables projects, we want to see double-digit returns on the money that we invest the equity that invest. So there's a -- these are not consistent. The 4% to 8%, we have abandoned. We don't use that anymore, Teodor. So we use more than 10% on the money that we invest.

對於投資決策，我們顯然不滿足於資本成本。我們需要為此支付相當高的溢價。對於再生能源項目，我們希望看到我們投資的股權獲得兩位數的回報。所以——這些並不一致。4%到8%我們已經放棄了。我們不再使用它了，Teodor。因此，我們使用的投資資金超過 10%。

Paul Redman, BNP Paribas Exane.

保羅·雷德曼，法國巴黎銀行 Exane。

Yes. I guess my first question is just I think you said in the prelims remarks, the view is that debt would remain flat at current levels or the gearing would remain flat at current levels. I just wanted to ask what's included in that assumption? Price, is there a view on working capital included? How much Peregrino inflows do you expect? So just some of the steps that are taken to get to that assumption?

是的。我想我的第一個問題是，我認為您在初步評論中說過，觀點是債務將保持在當前水平，或者負債比率將保持在當前水平。我只是想問這個假設包含什麼？價格，是否包括營運資金的觀點？您預計 Peregrino 的流入量有多少？那麼，為了實現這個假設，需要採取哪些步驟呢？

And then a second question on the CapEx. I think for your $13 billion guidance for the year, you're using an 11 NOK-USD rate. What's the impact if that goes down to 10 – that FX rate impact?

然後是關於資本支出的第二個問題。我認為，對於您今年 130 億美元的目標，您使用的是 11 挪威克朗兌美元的匯率。如果降至 10，會對外匯匯率產生什麼影響？

Okay. Thanks, Paul. So in when it comes to net debt towards the year-end. So around current levels, I mean, it's -- we all know that prices can fluctuate. So in that statement, sort of based on where the prices are currently, forward prices as such and working capital assumptions in that is sort of fairly stable working capital assumptions.

好的。謝謝，保羅。因此，當談到年底的淨債務時。因此，在當前水平附近，我的意思是——我們都知道價格會波動。因此，在該聲明中，基於當前價格水準、遠期價格以及營運資本假設，這是相當穩定的營運資本假設。

And Peregrino, the closing of Peregrino is there are two separate transactions there. And we assume at least one of them to be in this side of new year and then the other one is a little bit more uncertain. So that's why we say around because, I mean, there are so many moving parts here.

Peregrino 的結束有兩筆獨立的交易。我們假設其中至少有一個會在新年到來時出現，而另一個則有點不確定。這就是為什麼我們說周圍，因為，我的意思是，這裡有很多活動部件。

But I just want to give you some sort of guidance on that. The step up during this year is happening in the second quarter. And after the second quarter, it is a stable development. Then on your CapEx. Yes, so $13 billion, we maintain that guidance, and we have used the currency assumption of 11 as you say.

但我只是想給你一些指導。今年的成長發生在第二季。而第二季之後則呈現穩定發展。然後是您的資本支出。是的，130 億美元，我們維持這一指導方針，並且正如您所說，我們使用了 11 的貨幣假設。

So there is a certain part of investments that is in Norwegian kroner. So hard to give an exact number, but around 30 percentage-ish points, I would say, is exposed to Norwegian kroner. So with a stronger Norwegian kroner it has sort of a pressure into the number, but we work very hard to manage all of this. And with all the efforts going on currently in the portfolio, we have decided to maintain the guidance.

因此，有一部分的投資是以挪威克朗進行。很難給出一個確切的數字，但我認為大約有 30 個百分點與挪威克朗有關。因此，隨著挪威克朗的走強，數字會受到一定壓力，但我們會非常努力地管理這一切。鑑於目前投資組合中正在進行的所有努力，我們決定維持這項指導。

Michele Della Vigna, Goldman Sachs.

米歇爾·德拉·維尼亞，高盛。

Two questions, if I may. I wanted to refer back to your comment on maintaining a competitive cash return to shareholders and whether perhaps you could elaborate a bit more on what metrics you're mostly looking at. If I look at your peers, most of them are using an operating cash flow payout. So I wonder if that would be something that you're referring to?

請問我有兩個問題。我想回顧一下您關於保持有競爭力的股東現金回報的評論，以及您是否可以更詳細地說明您主要關注的指標。如果我觀察一下你的同行，他們中的大多數都在使用營運現金流支出。所以我想知道這是否是您所指的？

And then secondly, thinking about some of the opportunities opening up globally, there is a very public process led by Galp on Namibia, which is one of the interesting new basins that are opening up. I was wondering if you're actively participating in that one?

其次，考慮到全球範圍內出現的一些機遇，Galp 在納米比亞領導了一個非常公開的進程，納米比亞是正在開放的有趣的新盆地之一。我想知道您是否積極參與其中？

Okay. Thanks, Michele. So capital distribution to be competitive. So of course, we know very well what our peers are using and all of that. So we want to remain competitive in that setting. I can give you maybe a couple of data points. The cash dividend is currently at $0.37 per share. We have grown that by $0.02 per year, and we want to keep growing that cash dividend sort of also in the future. So you should see that part of capital distribution as bankable, this will be something that we are extremely committed to keep on delivering through the cycles.

好的。謝謝，米歇爾。因此資本分配要具有競爭力。因此，我們當然非常清楚我們的同行在使用什麼等等。因此我們希望在這種環境下保持競爭力。我可以提供你一些數據點。目前現金股利為每股 0.37 美元。我們每年將現金股利增加 0.02 美元，我們希望未來也能繼續增加現金股利。因此，您應該看到資本分配的這一部分是可靠的，這將是我們在整個週期中致力於繼續實現的目標。

Then we will use on top of that share buyback to see to that the total package is competitive. And we will also use share buyback to sort of -- we had an extreme situation in 2022 with very, very high prices and we use share buyback to sort of distribute that part of the earnings in a way. So we want to use share buyback as that tool. So we don't have a formula, and I don't intend to introduce a formula. We know what the others are doing, and we want to put forward a share buyback program that keeps us competitive versus peers.

然後，我們將利用股票回購來確保整個方案具有競爭力。我們也將透過股票回購來應對——2022 年我們遇到了極端情況，當時股價非常高，我們透過股票回購來以某種方式分配這部分收益。因此，我們希望使用股票回購作為該工具。所以我們沒有公式，我也不打算引入公式。我們知道其他人在做什麼，我們希望提出一項股票回購計劃，以保持我們在同行中的競爭力。

When you measure us against those type of metrics, I'm not talking about yield, I'm talking about those type of metrics others are using. When that is said, from time to time, we are willing to use the balance sheet if we find that appropriate. And all this time, we find it appropriate to strengthen the balance sheet as such. So thanks, Michele.

當你用這些類型的指標來衡量我們時，我談論的不是收益，而是其他人正在使用的那些類型的指標。話雖如此，如果我們認為合適，我們願意不時使用資產負債表。一直以來，我們都認為加強資產負債表是適當的。所以謝謝你，米歇爾。

Then you had a second one. That was on Namibia. I'm not in a -- clearly, we know what's going on. And I won't comment on specifics on Namibia. But what I would like to say is that what we have done over the last few years is focusing our upstream E& P portfolio internationally, and that has served us well. And clearly, deepening into areas where we are is something that typically has priority.

然後你又有了第二個。那是在納米比亞。我不是——顯然，我們知道發生了什麼。我不會對納米比亞的具體情況發表評論。但我想說的是，過去幾年我們所做的就是將我們的上游勘探與生產投資組合集中在國際上，這對我們非常有利。顯然，深入我們所在地區通常是優先考慮的事情。

Martijn Rats, Morgan Stanley.

摩根士丹利的 Martijn Rats。

A lot of good questions have already been asked, but the answer, I just wanted to sort of follow up on what you just replied to Michele. As in this point about being competitive compared to peers is quite crucial and important. As you can imagine, we're all very interested in what the buyback will be in 2026.

已經有很多好問題被問到了，但答案是，我只是想跟進一下你剛才回答 Michele 的問題。從這一點來看，與同業相比具有競爭力是非常關鍵且重要的。你可以想像，我們都非常感興趣 2026 年的回購情況。

But if the buyback is meant -- if the buyback is going to be competitive, then it sort of implies that the CapEx also has to be competitive. In the sense that if -- in an overall financial framework, you can only be sort of competitive in one area if you do something similar in another area, too.

但如果回購意味著──如果回購具有競爭力，那麼這就意味著資本支出也必須具有競爭力。從某種意義上說，在整體財務框架中，如果你在某個領域也做類似的事情，你才能在另一個領域有競爭力。

And relative to CFFO, Equinor’s CapEx is quite high, the sort of CapEx percentage of CFFO is much higher than many of the other European peers. So I understand that you're saying, well, the distribution should also be competitive, but how can the distributions be competitive if the CapEx is at a much higher percentage of CFFO, how are we ending up in a competitive space then?

相對於 CFFO，Equinor 的資本支出相當高，CFFO 的資本支出百分比遠高於許多其他歐洲同行。所以我明白你的意思，好吧，分銷也應該具有競爭力，但如果資本支出佔 CFFO 的比例高得多，分銷如何具有競爭力，那麼我們如何才能進入競爭空間？

And secondly, the other point I wanted to ask about the buyback sort of somewhat of a mechanical point, but would you envision to continue to simply communicate to the market what the buyback is for the following year at the full year results?

其次，我想問的另一點是關於回購，有點機械化，但您是否打算在全年業績公佈時繼續簡單地向市場傳達下一年的回購計劃？

Or could you also move to more of a sort of quarterly sort of – come & go type guidance? Because I can imagine that looking into 2026, it might be quite hard to make up your mind on how the entire year is going to pan out already like right at the start. I was hoping you could say if you think about these two things.

或者您也可以轉向更多類似季度性的來來去去類型的指導？因為我可以想像，展望 2026 年，一開始就很難確定全年將如何發展。我希望你能說說你是否考慮過這兩件事。

Okay. Thanks, Martijn . So on the first one, actually, a very good question, and I'm very glad you asked it because there's something to comment around that because the Norwegian tax system creates a disturbance when you compare us to others. CapEx is a pretax number. Cash flow from operation is an after-tax number.

好的。謝謝，Martijn。因此，關於第一個問題，這實際上是一個很好的問題，我很高興你提出這個問題，因為有一些內容值得評論，因為當你將挪威的稅收制度與其他國家進行比較時，挪威的稅收制度會產生幹擾。CapEx 是稅前數字。經營現金流是稅後數字。

And when you look at our CapEx profile, a significant part of that is sort of in the Norwegian continental shelf with 78% tax deduction as we spend. So as you would understand, our after tax cash flow to CapEx is significantly lower and if you compare that number to our peers, you probably will get to another conclusion as such.

當您查看我們的資本支出概況時，您會發現其中很大一部分用於挪威大陸架，我們支出時可享受 78% 的稅收減免。因此，正如您所理解的，我們的稅後現金流與資本支出相比要低得多，如果您將該數字與我們的同行進行比較，您可能會得出另一個結論。

And then that number needs to be prepared on an equal basis with cashflow from operations post tax. There's a lot of details in this and clearly more than happy to follow up with you afterwards, Martin, through Investor Relations and all of that. But I'm very glad you asked that because it's such an important driver behind why we might look different than the others, while we are actually more similar than you should believe.

然後，需要按照稅後經營現金流的平等基礎來編制該數字。這其中有很多細節，馬丁，我們非常樂意透過投資者關係等方式與您進行後續跟進。但我很高興你問了這個問題，因為這是一個非常重要的驅動因素，解釋了為什麼我們看起來與其他人不同，而實際上我們比你想像的更相似。

Okay. Then on your second question on buyback. That is not a topic for discussion today – if there will be any changes to this. I mean, we will typically do that on a Capital Markets Day or something like that. But it's something that we have nothing to say about currently. And then if there is something new to it, it will have to come at such an event.

好的。然後是關於回購的第二個問題。這不是今天要討論的話題——是否會對此進行任何改變。我的意思是，我們通常會在資本市場日或類似的日子這樣做。但目前我們對此無話可說。如果有新東西的話，它就必須在這樣的活動中出現。

John Olaisen, ABG Sundal Collier.

約翰·奧萊森，ABG Sundal Collier。

A couple of questions very quickly. What is your latest view of the timing of when Johan Sverdrup will come off plateau? And secondly, you talked about cost inflation and the fighting cost inflation. Do you still see the same cost inflation? Or has cost inflation come down?

快速問幾個問題。您最近認為 Johan Sverdrup 何時能走出瓶頸？其次，您談到了成本通膨以及如何應對成本通膨。您是否仍看到相同的成本膨脹？還是成本通膨已經下降了？

Is cost inflation about coming down a little bit? And maybe are there differences between Norway and outside of Norway when it comes to cost inflation, I will assume you see some maybe some deflation in onshore in the US. So if you could comment a little bit on these things.

成本通膨是否會下降？也許在成本通膨方面，挪威和挪威以外地區之間是否存在差異，我認為您會看到美國境內可能存在一些通貨緊縮。所以如果你能對這些事情發表一點評論的話。

Perfect, John. So first on Johan Sverdrup. This quarter, we had a very high regularity on Johan Sverdrup. Actually 99%. So there's a great job done by the organization to keep it that way. Production this year in 2025, we say that's pretty close to the production levels we saw in 2023, '24, maybe around 720,000 barrels per day. So there are a couple of things I really would like to underline here that is going very well. One is sort of the work related to water management.

非常好，約翰。首先談談 Johan Sverdrup。本季度，我們對 Johan Sverdrup 的存取頻率非常高。實際上是 99%。因此，該組織為保持這種狀態做了大量工作。我們認為，2025 年的產量將非常接近 2023 年、2024 年的產量水平，約為每天 72 萬桶。因此，我真的很想在這裡強調幾件進展非常順利的事情。一是與水管理有關的工作。

And as you would understand, as you produce these wells, there will be sort of water produced and our ability to manage water as sort of that increases is extremely important. And this is a core capability that we have done for 40 years, but that is going well. We are also now drilling or retrofitting multilaterals into wells we have drilled earlier and multilaterals, several wells out of one wellbore. That is also producing well.

正如你所理解的，當你開採這些井時，就會產生水，而隨著水量的增加，我們管理水的能力極為重要。這是我們40年來一直致力於的核心能力，目前進展順利。我們現在還在之前鑽過的井中鑽多分支井或將多分支井改造成一個井筒內的多分支井。這也產生得很好。

So -- and then lastly, we made a final investment decision on Johan Sverdrup Phase 3 earlier this year. And all of these have enabled us to increase our assumptions when it comes to recovery rates from 65% to 75%. So I mean, it's going well with Johan Sverdrup. We have, the Phase 2 of Johan Sverdrup was designed to bring forward volumes at a very much higher level, but of course, coming off plateau earlier as such.

所以——最後，我們在今年稍早對 Johan Sverdrup 第三階段做出了最終投資決定。所有這些都使我們能夠將回收率的假設從 65% 提高到 75%。所以我的意思是，我和 Johan Sverdrup 相處得很好。我們的 Johan Sverdrup 第二階段旨在將產量提高到更高的水平，但當然，也會更早走出停滯狀態。

So the field will come off plateau. And I don't have a number for you, but I just want to leave with you that this has a high attention and we have our very best people working on these topics and we will give you an update later on that. When it comes to cost inflation, we see that we continue to be able to take out efficiency in the organization and in the portfolio. It comes from scale. In our operations, we can put on new developments without increasing the organization and limited cost. We are prioritizing very hard. We have a lot of opportunities but prioritizing very hard and taking out sort of efficiency across the more administrative or structural part of the company.

因此該領域將走出停滯狀態。我沒有具體數字可以告訴你們，但我只想告訴你們，這個問題引起了高度關注，我們有最優秀的人才在研究這些問題，稍後我們會向你們提供最新消息。當談到成本通膨時，我們發現我們能夠繼續提高組織和投資組合的效率。它來自於規模。在我們的營運中，我們可以在不增加組織和有限成本的情況下進行新的開發。我們正在非常努力地確定優先順序。我們有很多機會，但要嚴格確定優先順序，並在公司的行政或結構部分提高效率。

So that sort of internal thing is going well. Looking outside and inflation, there is still a tight market within the oil and gas sector. Still a heated market, but maybe a couple of points. We see that within drilling and well, high-end floater market has softened a bit. We also see that within engineering and construction, it is tight in Norway currently due to the tax package, and you know that very well, John, but that will drop off, so we actually see that sort of the pressure there will come off in the next maybe 12 months and also a little bit coming off in sort of the high-end floater market in Norway.

所以這種內部事情進展順利。放眼外部和通貨膨脹，石油和天然氣行業內部市場仍然緊張。市場仍然很火爆，但可能只上漲了幾個點。我們發現，在鑽井和油井領域，高端浮式鑽井市場疲軟。我們也看到，在工程和建築領域，由於稅收政策的影響，挪威目前的供應緊張，約翰，你很清楚這一點，但這種情況會逐漸減少，所以我們實際上看到那裡的壓力將在未來 12 個月內減輕，挪威的高端浮動市場也會有所減輕。

When it comes to the yards and Asian yards, we see that is busy. We do think that will continue. There's a lot of FPSOs being built. And that leads me to subsea and Marine, which we do think will remain hard because FPSO going forward. They always have a large subsea scope as such.

當談到船廠和亞洲船廠時，我們看到那裡很繁忙。我們確實認為這種情況將會持續下去。目前有很多 FPSO 正在建造中。這讓我想到了海底和海洋，我們確實認為這方面仍將很困難，因為 FPSO 正在向前發展。他們總是擁有如此巨大的海底範圍。

So to summarize, I think in Norway, there might be a little bit of easing when all this activity related to the tax package is coming off. Apart from that is a fairly tight market John. So thank you very much.

總而言之，我認為在挪威，當所有與稅收方案相關的活動都取消時，可能會出現一些寬鬆的情況。除此之外，市場還相當緊張，約翰。非常感謝。

Kim Fustier, HSBC.

匯豐銀行的 Kim Fustier。

I wanted to ask about operations and just that ramp-up on your Castberg was remarkably fast. I mean, what's that ramp up in line with your plan and your expectations or was it in fact better than expectations? And what did you do in terms of preparation or anything that made this ramp up faster than others we've seen before?

我想問一下營運狀況，你們 Castberg 的提升速度非常快。我的意思是，這與你的計劃和預期相符嗎？或者事實上它比預期更好嗎？您做了哪些準備或其他什麼工作，使得這次升級比我們以前見過的其他人更快？

Okay. Thanks, Kim. Yes, thank you for the question. Yes, Johan Castberg is a mega greenfield development. And the fact that we were able to bring it on plateau in less than three months is just remarkable. We had assumed in our plans that we should be able to go quickly, but we actually ended up doing it even quicker than we had planned to. So, Johan Castberg is a 220,000 barrels per day at plateau production.

好的。謝謝，金。是的，謝謝你的提問。是的，Johan Castberg 是一個大型綠地開發專案。事實上，我們能夠在不到三個月的時間內就使它達到穩定狀態，這真是太了不起了。我們在計劃中假設我們應該能夠快速完成，但實際上我們完成得比計劃的還要快。因此，Johan Castberg 的穩定產量為每天 220,000 桶。

And it's going to be a significant contribution to the production growth this year and have a full impact in the second half of this year into the 4% production growth that we have put forward. So -- good installation of the ship and assets on the field.

這將對今年的產量成長做出重大貢獻，並在今年下半年對我們提出的4％的產量成長產生全面影響。因此——船舶和資產在現場安裝良好。

Nash Cui, Barclays.

巴克萊銀行的納許‧崔 (Nash Cui)。

Just a follow-up on the cost inflation side. I think one of your Norwegian peers mentioned about CapEx cost inflation, it's interesting that earlier you mentioned about 30% of your '25 CapEx is as opposed to Norwegian kroner. Just wonder how should you think about 2026 impact? And you mentioned that you still want to keep the CapEx guidance? Do you have to give up any opportunities?

這只是對成本通膨的後續關注。我認為您的一位挪威同行提到了資本支出成本通膨，有趣的是，您之前提到 25 年資本支出的 30% 與挪威克朗相反。只是想知道您應該如何看待 2026 年的影響？您提到您仍然希望保留資本支出指導嗎？你是否必須放棄任何機會？

Thanks, Nash. So managing currency exposure is a natural part of what we do. We define ourselves as a dollar company, revenues are in dollars, accounts are in dollars, investments largely in dollars, costs also in dollars, and you should think about as a dollar company.

謝謝，納許。因此，管理貨幣風險是我們工作的一個自然組成部分。我們將自己定義為一家美元公司，收入以美元計算，帳戶以美元計算，投資主要以美元計算，成本也以美元計算，您應該將自己視為一家美元公司。

And then we'll have to manage fluctuations in other currencies like Norwegian kroner and particularly Norwegian kroner and so on. So clearly, we have the intention to be able to tighten up the portfolio further, so we can actually stay within our current guiding even if there will be a little bit Norwegian kroner exposure in there. So that's the plan.

然後，我們必須管理其他貨幣的波動，例如挪威克朗，特別是挪威克朗等等。因此，很明顯，我們打算進一步收緊投資組合，這樣即使其中有一點挪威克朗的風險敞口，我們實際上也可以保持在目前的指導範圍內。這就是計劃。

Matt Lofting, JPMorgan.

摩根大通的馬特‧洛夫廷 (Matt Lofting)。

Most of mine have been asked, but I'll just ask you to Torgrim on MMP. I think you made some comments earlier around sort of the challenges in the recent environment around the trading businesses, less happy at that time to take risk in the second quarter. How do you see the environment going forward from here, thinking about the second half of the year? Do you expect or so to see today any changes around that? And or is the business in a position where if it doesn't change that the setup and the exposures can be better adapted to work around it?

我的大部分問題都已經被問過了，但我只想問你關於 MMP 的 Torgrim。我認為您之前就近期貿易業務環境中的挑戰發表了一些評論，當時不太願意在第二季承擔風險。考慮到今年下半年的情況，您如何看待未來的環境？您是否預計今天會看到有關該方面的變化？或者，如果不改變，業務是否能夠更好地適應設定和曝光來解決這個問題？

Okay. No, thanks, Matt. Yes, it’s a good question. There are still a lot of value to be had been within the trading environment even if the risk is different. And I can give you a couple of examples. Within our gas trading, we see a geographical arbitrage opportunities that is not linked to political risk in any way.

好的。不，謝謝，馬特。是的，這是個好問題。即使風險不同，交易環境中仍有許多價值可言。我可以舉幾個例子給你聽。在我們的天然氣交易中，我們看到了與政治風險無關的地理套利機會。

For instance, with Russian gas now getting out of the market, we see higher prices in the East than in the West, and we have access to all these markets through our pipeline systems and contracts and all of that. So currently, we are actually selling more gas towards the East than the West and taking out arbitrage opportunities and that -- and you'll see that in the MMP result, you saw that in the second quarter.

例如，隨著俄羅斯天然氣退出市場，我們看到東方天然氣價格高於西方，而我們可以透過管道系統和合約等進入所有這些市場。因此，目前，我們向東方銷售的天然氣實際上比向西方銷售的更多，並且獲得了套利機會，您會在第二季度的 MMP 結果中看到這一點。

Also, based on your portfolio of oil qualities and shipping fleets and contracts enables you to take out value of trading. So this is sort of a little bit back to basic when it comes to trading and sort of asset-backed trading and physical trading and all of that will still continue.

此外，根據您的石油品質、航運船隊和合約組合，您可以獲得交易價值。因此，就交易、資產支援交易和實體交易而言，這有點回歸基本面，所有這些都將繼續下去。

However, within sort of the more trades that are exposed to geopolitical changes and all of that. Traders are struggling for the time being and there's a little bit of risk-off on that part of the portfolio, something that we see across the whole trading community as such. Still quite a bit of value to be had, but the volatility almost say, volatility is different than it used to be and it's harder for traders to create value out of it.

然而，越來越多的行業受到地緣政治變化等的影響。交易員目前正在苦苦掙扎，投資組合的這一部分存在一些風險，我們在整個交易界都看到了這種情況。仍然有相當大的價值可獲得，但波動性幾乎可以說，波動性與以前不同，交易者更難從中創造價值。

Thank you, Torgrim. There was a lot of questions today, but we have now passed the hour, and I want to be respectful for everybody's time. We didn’t manage to get fully through the list. But of course, the Investor Relations team remain available for calls during today and later in the week to follow up. So then we can conclude the call. And I thank you all for calling in and for asking your questions. Have a good rest of the day.

謝謝你，托格里姆。今天有很多問題，但現在已經過了一小時，我想尊重每個人的時間。我們未能完整地了解整個清單。但當然，投資者關係團隊今天以及本週稍後仍可接聽電話進行跟進。那我們就可以結束通話了。我感謝大家的來電和提問。祝您今天過得愉快。