Equinor ASA (EQNR) 2021 Q4 法說會逐字稿

Ladies and gentlemen, I'm really pleased to welcome you to the presentation of our fourth quarter and full year results and our capital markets update. We would have preferred, of course, to have done this in person, but that's not been possible this time. So we'll try to make it as real as we can live with you from here in Oslo.

女士們，先生們，我很高興歡迎您參加我們第四季度和全年業績的介紹以及我們的資本市場更新。當然，我們更希望親自完成這項工作，但這一次是不可能的。因此，我們將努力使它盡可能真實，因為我們可以從奧斯陸這裡與您一起生活。

We will have presentations from Anders Opedal, our Chief Executive Officer; and Ulrica Fearn, our Chief Financial Officer, of around 20 to 25 minutes each. Then we'll have a question-and-answer session of around 45 minutes with Anders and Ulrica, but also all of the EVPs who are here with us in the room today and also some of those who will be leading the breakout sessions afterwards for those of you who have signed up. We expect to close the call around 1:45 Norwegian time.

我們將聽取首席執行官 Anders Opedal 的演講；和我們的首席財務官 Ulrica Fearn，每人大約 20 到 25 分鐘。然後我們將與 Anders 和 Ulrica 進行約 45 分鐘的問答環節，還有今天與我們一起在房間裡的所有 EVP 以及隨後將領導分組會議的一些人那些已經報名的人。我們預計在挪威時間 1:45 左右結束通話。

We've got a lot to get through. So let me please pass over through to Anders Opedal. Thank you, Anders.

我們有很多事情要做。因此，請讓我轉至 Anders Opedal。謝謝你，安德斯。

Thank you very much, Peter, and good morning, everyone, and welcome. I really look forward to presenting our strong results and Capital Markets Update together with my team today. I will focus on 3 main topics. First and foremost, we report earnings at record level due to our strong operational performance and the high prices. This is also the basis for our increased capital distribution. I will come back to that.

非常感謝您，彼得，大家早上好，歡迎您。我非常期待今天與我的團隊一起展示我們的強勁業績和資本市場更新。我將專注於 3 個主要主題。首先，由於我們強勁的運營業績和高價格，我們報告了創紀錄的收益。這也是我們增加資本分配的基礎。我會回到那個。

Second, we continue to progress on our 3 strategic priorities. We turn ambitions into actions for optimized oil and gas, high-value growth in renewables and developing new market opportunities in low-carbon solutions.

其次，我們繼續推進我們的三個戰略重點。我們將雄心轉化為優化石油和天然氣、可再生能源的高價值增長和開發低碳解決方案的新市場機會的行動。

Third and finally, we announced a step-up in our climate ambitions. By 2030, we aim to reduce our group-wide net emissions by 50% while maintaining high value creation and growing returns.

第三也是最後一點，我們宣布提高我們的氣候雄心。我們的目標是到 2030 年將整個集團的淨排放量減少 50%，同時保持高價值創造和不斷增長的回報。

Let me start with our strong results for 2021. Last year, we saw continued impact from the pandemic and unstable and increasing energy prices. We focused on protecting our people, safe and reliable operations and cost and capital discipline. I am incredibly proud of our people and partners delivering very strong results, both operational and financial during a pandemic that has impacted our lives.

讓我從 2021 年的強勁業績開始。去年，我們看到了大流行的持續影響以及不穩定和不斷上漲的能源價格。我們專注於保護我們的員工、安全可靠的運營以及成本和資本紀律。我為我們的員工和合作夥伴在影響我們生活的大流行期間在運營和財務方面取得了非常出色的成果感到無比自豪。

Safety is my most important responsibility. The serious incident frequency has a positive trend, and we have achieved our best result to date. We will continue the collaboration with our employees and safety delegates, partners and suppliers to improve our shared safety results. Our goal, always safely home from work every day.

安全是我最重要的責任。嚴重事件頻率呈積極趨勢，我們取得了迄今為止最好的成績。我們將繼續與我們的員工和安全代表、合作夥伴和供應商合作，以改善我們共享的安全成果。我們的目標，每天下班時始終安全回家。

Our strong operational performance laid the foundation for our financial results in 2021, both for earnings after tax and cash flow are very strong. We reduced the unplanned losses on our producing assets by almost 30% compared to the 5-year average.

我們強勁的運營業績為我們在 2021 年的財務業績奠定了基礎，無論是稅後收益還是現金流都非常強勁。與 5 年平均水平相比，我們將生產資產的計劃外損失減少了近 30%。

In 8 months last year, Johan Sverdrup achieved nearly 100% production efficiency and delivered 230,000 barrels per day to Equinor. Strong operations, new wells and fields onstream and optimized gas production increased our production by more than 3%, above the 2% expected for the year. We achieved adjusted earnings of $10 billion after tax. Our free cash flow for the year ended at $25 billion after tax and capital distribution. The cash flow is improved from the temporary tax regime and the phasing of tax payments on the Norwegian Continental Shelf.

在去年的 8 個月裡，Johan Sverdrup 實現了近 100% 的生產效率，每天向 Equinor 交付 230,000 桶。強勁的運營、新的油井和油田投產以及優化的天然氣生產使我們的產量增加了 3% 以上，高於今年預期的 2%。我們實現了調整後的稅後收益 100 億美元。我們今年的自由現金流在稅後和資本分配後為 250 億美元。臨時稅收制度和挪威大陸架分階段納稅改善了現金流。

Return on capital employed was 23%, 23% in 2021, well above the range we gave in June. Optimizing our oil and gas portfolio is about creating value while improving and reducing emissions. For 2021, we achieved an upstream intensity of 7 kilo CO2 per barrel of oil equivalent. It was improved by lower emissions, portfolio changes and high production, including volumes from the electrified fields, Johan Sverdrup and Martin Linge.

所用資本回報率為 23%，2021 年為 23%，遠高於我們 6 月份給出的範圍。優化我們的石油和天然氣產品組合是在創造價值的同時改善和減少排放。 2021 年，我們實現了每桶油當量 7 公斤二氧化碳的上游強度。它通過降低排放、投資組合變化和高產量得到改善，包括來自電氣化領域、Johan Sverdrup 和 Martin Linge 的產量。

Our Renewable business booked substantial capital gains of $1.4 billion in 2021. We delivered solid operations, securing high availability from our wind farms. The last 2 years have demonstrated the large price movements our sector is exposed to. And this winter, the energy realities in Europe have demonstrated the importance of stable and reliable deliveries of gas from Norway. Currently, we see low inventories, low spare capacity and too low energy investments over time. In the breakout session later, Irene will share some details on what impact we expect.

我們的可再生能源業務在 2021 年錄得 14 億美元的巨額資本收益。我們提供了穩健的運營，確保了風電場的高可用性。過去 2 年證明了我們行業所面臨的巨大價格波動。今年冬天，歐洲的能源現實證明了從挪威穩定可靠地輸送天然氣的重要性。目前，隨著時間的推移，我們看到庫存低、備用產能低和能源投資太低。在稍後的分組討論中，艾琳將分享一些關於我們預期的影響的細節。

This complexity in the energy markets adds to the challenge of transforming the energy system while providing enough energy. The energy transition is necessary, but must also be balanced to ensure energy security and affordability. Achieving the net zero targets of society and industry will depend on growth in renewables and low-carbon solutions. We are positioned to create value as these markets develop. With our technology, capabilities and customers, we can shape value chains and grow profitability, all while remaining competitive with low cost and low emissions from production of oil and gas.

能源市場的這種複雜性增加了在提供足夠能源的同時改造能源系統的挑戰。能源轉型是必要的，但也必須平衡，以確保能源安全和可負擔性。實現社會和工業的淨零目標將取決於可再生能源和低碳解決方案的增長。隨著這些市場的發展，我們有能力創造價值。憑藉我們的技術、能力和客戶，我們可以塑造價值鏈並提高盈利能力，同時通過石油和天然氣生產的低成本和低排放保持競爭力。

As European gas demand surged last autumn, we turned every valve to increase volumes. New measures were taken. And for 2021, we increased our production of gas to Europe by more than 5%. We delivered operational excellence when European households and industry needed it most. And for fourth quarter, we delivered 16.5% more gas to Europe than the same quarter in 2020. This was enabled by operational performance of almost 100% production efficiency on our onshore gas facilities. The strong competence and efforts of our people and suppliers made this possible.

去年秋天，隨著歐洲天然氣需求激增，我們轉動了所有閥門以增加產量。採取了新措施。到 2021 年，我們向歐洲的天然氣產量增加了 5% 以上。當歐洲家庭和行業最需要它時，我們提供了卓越的運營。在第四季度，我們向歐洲輸送的天然氣比 2020 年同期增加了 16.5%。這是由於我們的陸上天然氣設施的生產效率幾乎達到 100%。我們員工和供應商的強大能力和努力使這成為可能。

Looking ahead, the global supply chain disruptions and growing inflation are a shared concern for all industries. We will remain focused on cost and improvements and working on mitigating the inflation pressure. We know from experience that we must work closely with suppliers, mature and improve the projects, use design-to-cost methodology and ensure strict capital discipline, only sanction projects when they are good enough.

展望未來，全球供應鏈中斷和通脹加劇是所有行業共同關注的問題。我們將繼續關注成本和改進，並努力減輕通脹壓力。我們從經驗中知道，我們必須與供應商密切合作，使項目成熟和改進，使用按成本計算的方法並確保嚴格的資本紀律，只有在項目足夠好時才批准項目。

Since the Capital Markets Day last summer, our ambitions are being put into action. We optimize our oil and gas portfolio. Martin Linge and Troll Phase 3 were put on stream, both ramping up successfully. Troll Phase 3 is already paid back. And Martin Linge is expected to be paid back during 2022. And on that note, Aasta Hansteen, which started production in late 2018, is already paid back as well. Kjetil will elaborate on our progress on the Norwegian Continental Shelf.

自去年夏天資本市場日以來，我們的雄心正在付諸行動。我們優化我們的石油和天然氣組合。 Martin Linge 和 Troll Phase 3 已投入使用，均成功升級。巨魔第三階段已經得到回報。 Martin Linge 預計將在 2022 年收回。此外，2018 年底開始生產的 Aasta Hansteen 也已經收回。 Kjetil 將詳細介紹我們在挪威大陸架上的進展。

We focus our international portfolio on high-value assets and have exited 6 countries and 7 assets. Al will share more on the progress internationally, but let me mention Bacalhau. Phase 1 was sanctioned last summer and is 50% complete towards first oil in 2024. Last year, we made 8 commercial discoveries with 125 million barrels of oil equivalent net to Equinor. We focus our exploration strategy on value creation with prospects near infrastructure with short payback time and low emissions.

我們的國際投資組合專注於高價值資產，已退出 6 個國家和 7 項資產。 Al 將在國際上分享更多進展，但讓我提一下 Bacalhau。第一階段於去年夏天獲得批准，並在 2024 年完成了 50% 的第一批石油。去年，我們取得了 8 個商業發現，對 Equinor 淨油當量為 1.25 億桶。我們將勘探戰略的重點放在價值創造上，其前景靠近基礎設施，投資回收期短，排放量低。

Our oil and gas portfolio is expected to create significant free cash flow with an outlook of more than $40 billion in the period 2022 to 2026. And remember, this is in a $65 Brent scenario. In Renewables, we continue our progress pursuing high-value growth. In Korea, we have entered into collaboration to develop 3 gigawatt of offshore wind projects. We have secured additional capacity and have a competitive renewables portfolio.

我們的石油和天然氣投資組合預計將在 2022 年至 2026 年期間創造超過 400 億美元的可觀自由現金流。請記住，這是在布倫特原油價格為 65 美元的情況下。在可再生能源領域，我們繼續追求高價值增長。在韓國，我們已經開始合作開發 3 吉瓦的海上風電項目。我們已經獲得了額外的產能，並擁有具有競爭力的可再生能源產品組合。

Our flagship projects are progressing with Dogger Bank A and B well on track towards first power in 2024. Dogger Bank C has secured financing, and final investment decision has been made.

我們的旗艦項目正在順利推進，Dogger Bank A 和 B 有望在 2024 年實現首發。Dogger Bank C 已獲得融資，並已做出最終投資決定。

The floating wind farm, Hywind Tampen, is on track for start-up later this year and will support decarbonization of Gullfaks and Snorre.

浮動風電場 Hywind Tampen 有望在今年晚些時候啟動，並將支持 Gullfaks 和 Snorre 的脫碳。

The competition in the renewable industry has increased over the last years. We remain value driven and maintain our expectation of real base project returns of 4% to 8%. In Low Carbon Solutions, our technology and competence position us well. We are receiving increased interest from our customers in the development of hydrogen value chains and carbon transport and storage. In U.K., our low carbon portfolio is progressing. We reached a milestone when East Coast Cluster was selected as one of U.K.'s first carbon transport and storage projects. With the price development we have seen for CO2 in Europe, the market for transport and storage is emerging.

可再生能源行業的競爭在過去幾年中有所增加。我們仍然以價值為導向，並維持我們對 4% 至 8% 的實際基礎項目回報率的預期。在低碳解決方案中，我們的技術和能力使我們處於有利地位。我們的客戶對氫價值鍊和碳運輸和儲存的發展越來越感興趣。在英國，我們的低碳產品組合正在取得進展。當東海岸集群被選為英國首批碳運輸和儲存項目之一時，我們達到了一個里程碑。隨著我們看到歐洲二氧化碳價格的上漲，運輸和儲存市場正在興起。

Northern Lights is well on track to start up in 2024, and 4 potential customers have been granted EU funding for carbon capture. Our ambition is to have a capacity to transport and store 15 million to 30 million tonnes of CO2 per year by 2035.

Northern Lights 有望在 2024 年啟動，4 家潛在客戶已獲得歐盟碳捕集資金。我們的目標是到 2035 年具備每年運輸和儲存 1500 萬至 3000 萬噸二氧化碳的能力。

We have the actions in place to create high value while transitioning to deliver energy in a low-carbon future and achieve our net zero ambition. In a $65 scenario, we expect to generate a free cash flow of around $25 billion towards 2026. This means our return on capital above 14% towards 2030 and speaks to the profitability of our portfolio. We expect more than 30% of our gross investment to be in renewables and low carbon solutions by 2025 and more than 50% by 2030. Over a year ago, we stated our ambition to become a net zero company by 2050. Since then, the pathway to get there has been part of every major discussion and decision. By cutting emissions and increasing our capacity in renewables and low-carbon solutions, our ambition is to reduce the net carbon intensity by 20% by 2030 and 40% by 2035.

我們已採取行動創造高價值，同時過渡到在低碳未來提供能源並實現我們的淨零目標。在 65 美元的情景中，我們預計到 2026 年將產生約 250 億美元的自由現金流。這意味著到 2030 年我們的資本回報率將超過 14%，並說明我們投資組合的盈利能力。我們預計，到 2025 年，我們總投資的 30% 以上將用於可再生能源和低碳解決方案，到 2030 年將超過 50%。一年多前，我們表示我們的目標是到 2050 年成為淨零排放公司。從那時起，到達那裡的途徑是每一個重大討論和決定的一部分。通過減少排放並提高我們在可再生能源和低碳解決方案方面的能力，我們的目標是到 2030 年將淨碳強度降低 20%，到 2035 年降低 40%。

The world needs deep and rapid emission cuts already this decade to get net zero by 2050. Our efforts are twofold. First, we take action on our own emissions. Second, by developing renewables and low-carbon solutions, we will make new business by helping our customers to decarbonize.

為了到 2050 年實現淨零排放，世界需要在這十年中進行深度和快速的減排。我們的努力是雙重的。首先，我們對自己的排放採取行動。其次，通過開發可再生能源和低碳解決方案，我們將通過幫助客戶脫碳來開拓新業務。

Today, we launched a step-up of our climate ambitions, focusing on reducing emissions under our own control. I'm pleased to present our new group-wide ambition, a net 50% reduction of emissions from our operations Scope 1 and 2 by 2030 compared to 2015. We aim for 90% of this to be delivered as absolute reductions. The new ambition is aligned with the Paris Agreement of a 1.5-degree pathway.

今天，我們啟動了我們的氣候雄心，專注於在我們自己的控制下減少排放。我很高興向大家展示我們集團範圍內的新目標，即與 2015 年相比，到 2030 年，我們的運營範圍 1 和 2 的排放量淨減少 50%。我們的目標是實現其中 90% 的絕對減排量。新的雄心與 1.5 度路徑的《巴黎協定》保持一致。

We are not starting from scratch. Since 2015, we have cut emissions from operations significantly. Our solid pipeline of abatement measures will help us cut emissions while maintaining high-value production from oil and gas. On the Norwegian Continental Shelf, power from shore will be an important contribution. We have several electrification projects in execution and under development.

我們不是從零開始。自 2015 年以來，我們大幅減少了運營排放量。我們堅實的減排措施管道將幫助我們減少排放，同時保持石油和天然氣的高價值生產。在挪威大陸架上，岸電將是一項重要貢獻。我們有幾個正在執行和開發中的電氣化項目。

In our international projects, we are taking advantage of offshore combined cycle technology, reducing emissions. Our ability to grow cash flow and returns comes from being a solid company. We focus on continuous improvement, cost control and capital discipline. Carri will share more on how we use technology and digitalization in our improvements efforts. By [2025] (corrected by company after the call), we aim to improve cash flow by $4 billion in total. We will continue to invest in our attractive portfolio. We are working proactively to reduce effects of cost pressure and inflation and further improve profitability in the projects. Ulrica and Arne Sigve will elaborate on this.

在我們的國際項目中，我們正在利用海上聯合循環技術來減少排放。我們增加現金流和回報的能力來自於成為一家穩健的公司。我們專注於持續改進、成本控制和資本紀律。 Carri 將分享更多關於我們如何在改進工作中使用技術和數字化的信息。到 [2025]（在電話會議後由公司更正），我們的目標是總共將現金流量提高 40 億美元。我們將繼續投資於我們有吸引力的投資組合。我們正在積極努力減少成本壓力和通貨膨脹的影響，並進一步提高項目的盈利能力。 Ulrica 和 Arne Sigve 將對此進行詳細說明。

We will maintain stable investments in our profitable oil and gas portfolio while investing in high-value growth in renewables and low-carbon solutions. Overall, we maintain our guided CapEx level from June for 2022 to 2024. Our balance sheet is solid, with net debt below 0, providing for strong credit ratings. This gives us access to capital at competitive terms. We maintain our ambition for our net debt ratio between 15% to 30%.

我們將在盈利的石油和天然氣投資組合中保持穩定投資，同時投資於可再生能源和低碳解決方案的高價值增長。總體而言，我們維持 2022 年至 2024 年 6 月的指導資本支出水平。我們的資產負債表穩健，淨債務低於 0，提供了強大的信用評級。這使我們能夠以具有競爭力的條件獲得資本。我們將淨負債率維持在 15% 至 30% 之間。

Our balance sheet is also a competitive advantage. For us, project financing is a commercial option, not our requirement. Our capital distribution remains competitive. And we have been firm in executing our policy and grow annual cash dividend, in line with long-term underlying earnings. The share buyback program launched last summer has been executed efficiently, Including the share buyback program launched in 2019, we have bought back 130 million shares, including the government share.

我們的資產負債表也是一個競爭優勢。對我們來說，項目融資是一種商業選擇，而不是我們的要求。我們的資本分配仍然具有競爭力。我們一直堅定地執行我們的政策，並根據長期基本收益增加年度現金股息。去年夏天啟動的股票回購計劃得到有效執行，包括2019年啟動的股票回購計劃，我們已經回購了包括政府股在內的1.3億股。

At our Capital Markets Day in June, we presented our capital distribution framework. Our dividend policy remains firm. We aim to grow the annual cash dividend in line with long-term underlying earnings. Typically, this has been an annual increase of $0.01 to $0.02 per share in the quarterly dividend, announced together with our fourth quarter results. We increased our quarterly dividend to $0.18 per share at the Capital Markets Day. The Board will propose to the Annual General Meeting to further increase in the cash dividend to $0.20 per share per quarter for fourth quarter 2021.

在 6 月的資本市場日，我們展示了我們的資本分配框架。我們的股息政策依然堅定。我們的目標是根據長期基本收益增加年度現金股息。通常情況下，與我們的第四季度業績一起公佈的季度股息每年增加 0.01 美元至每股 0.02 美元。在資本市場日，我們將季度股息提高至每股 0.18 美元。董事會將向年度股東大會提議，將 2021 年第四季度的現金股息進一步提高至每股 0.20 美元。

Also, at the Capital Markets Day, we announced a share buyback program at a level of $1.2 billion annually from 2022, with the option to use -- to be used more extensively to optimize capital structure. The USD 1.2 billion annual level can be expected, assuming an oil price in or above a range of $50 to $60 per barrel and expected net debt ratio within the 15% to 30% ambition and pending commodity prices.

此外，在資本市場日，我們宣布了從 2022 年起每年 12 億美元的股票回購計劃，並可選擇使用 - 更廣泛地用於優化資本結構。假設石油價格在或高於每桶 50 至 60 美元的範圍內，並且預計淨債務比率在 15% 至 30% 的雄心和未決的商品價格範圍內，則可以預期每年 12 億美元的水平。

Already in third quarter, we demonstrated our willingness to use share buyback more extensively. We increased the second tranche last year from $300 million to $1 billion. The Board proposes an increase up to $5 billion, including the government share for 2022. This is subject to the normal renewal of the Board authorisation of the Annual General Meeting in 2022.

早在第三季度，我們就表明我們願意更廣泛地使用股票回購。去年，我們將第二批從 3 億美元增加到 10 億美元。董事會提議增加至多 50 億美元，包括 2022 年的政府份額。這取決於董事會對 2022 年年度股東大會授權的正常更新。

The first tranche of $1 billion, including the government share, will start in the market tomorrow. This is lower than the annualized rate of $5 billion due to the narrower trading window this quarter. This level will be assessed quarterly, and we expect the level to remain at $5 billion in 2022 when commodity price outlook is strong and the development in the balance sheet is supportive.

包括政府份額在內的第一批 10 億美元將於明天開始投放市場。由於本季度交易窗口收窄，這低於 50 億美元的年化率。這一水平將每季度評估一次，我們預計到 2022 年，當商品價格前景強勁且資產負債表的發展得到支持時，該水平將保持在 50 億美元。

In addition, the Board proposes an extraordinary quarterly cash dividend for $0.20 per share for 4 quarters, starting from the fourth quarter 2021, subject to approval of the Annual General Meeting. The extraordinary quarterly cash dividend is backed by high commodity prices in the second half of 2021 and strong earnings outlook -- second half of 2021 strong earnings and outlook.

此外，董事會提議從 2021 年第四季度開始，在 4 個季度內以每股 0.20 美元的價格派發特別季度現金股息，但須經年度股東大會批准。非凡的季度現金股息得到 2021 年下半年高商品價格和強勁盈利前景的支持——2021 年下半年強勁的盈利和前景。

The total proposed distribution is cash dividend of $0.20, extraordinary cash dividend of $0.20, share buyback of up to $5 billion during the year, which potentially represent another $0.40 per quarter in 2022. The proposals and required authorisations will be presented to the Annual General Meetings in May 2022. This equates to a total capital distribution for 2022 of up to $10 billion in total, of which around half is expected to be in cash dividends and half in share buybacks. This demonstrates our commitment to offer attractive shareholder returns.

提議的總分配是 0.20 美元的現金股息，0.20 美元的特別現金股息，年內高達 50 億美元的股票回購，這可能代表 2022 年每季度再增加 0.40 美元。這些提議和所需的授權將提交給年度股東大會2022 年 5 月。這相當於 2022 年的總資本分配總額高達 100 億美元，其中約一半預計為現金股息，一半為股票回購。這表明我們致力於為股東提供有吸引力的回報。

So, let me sum up our main messages. We are on track to deliver on our focused strategy and accelerate the transition. We are progressing our portfolio in renewables and low carbon solutions, and have set a new group-wide ambition of net 50% emission reductions by 2030. In 2021, we delivered strong operational performance, adjusted earnings after tax of $10 billion and net cash flow of $25 billion. This enables us to deliver competitive shareholder returns while investing in the energy transition.

所以，讓我總結一下我們的主要信息。我們有望實現我們的重點戰略並加速過渡。我們正在推進我們在可再生能源和低碳解決方案方面的投資組合，並在集團範圍內設定了到 2030 年淨減排 50% 的新目標。2021 年，我們實現了強勁的運營業績、100 億美元的調整後稅後收益和淨現金流250 億美元。這使我們能夠在投資能源轉型的同時提供有競爭力的股東回報。

Thank you all for the attention, and I really look forward to your questions later. I also have the full and my great team with me that will join for the Q&A. So now Ulrica, the floor is yours.

謝謝大家的關注，我真的很期待你以後的問題。我還有一個完整的和我偉大的團隊將加入問答環節。所以現在 Ulrica，地板是你的。

Thank you, Anders, and thank you all for joining us today on the call today. It's always good to be able to present to our stakeholders even if it is still via video, and I hope that will change soon.

謝謝你，安德斯，謝謝大家今天加入我們的電話會議。能夠向我們的利益相關者展示總是好的，即使它仍然是通過視頻，我希望這種情況會很快改變。

I started at Equinor just after the Capital Markets Day in June. And I have, after that, spent time rapidly learning and bringing to execution the strategy that was presented then. And today, it's an opportunity to show how we are delivering on this strategy and our ambitions as we clearly demonstrated then, and we've demonstrated it again by our fourth quarter and our full year results.

6 月資本市場日之後，我開始在 Equinor 工作。在那之後，我花時間快速學習並實施當時提出的戰略。今天，這是一個展示我們如何實現這一戰略和雄心壯志的機會，正如我們當時清楚地展示的那樣，我們在第四季度和全年業績中再次證明了這一點。

So, let me first focus on these results, but also in the context of the strategy, provide you some further details on our portfolio and our financial framework. What we will show today is that we're able to capture high prices and thereby, report record adjusted earnings after tax for the quarter. Oil prices are high. And in the second half of 2021, we saw record gas prices in Europe with an average realized price of $28.8 per MMBtu compared to $5 a year ago. We have actively responded to the tight market and increased our gas production in Norway by 16.5% in the fourth quarter and by 5% for the full year to provide much-needed additional supply to industries and consumers in Europe. And the record gas prices, combined with our focus on optimizing gas volume, paid dividends quite literally.

因此，讓我首先關注這些結果，同時在戰略的背景下，為您提供有關我們的投資組合和財務框架的更多細節。我們今天將展示的是，我們能夠捕捉到高價格，從而報告本季度調整後的稅後收益。油價很高。在 2021 年下半年，我們看到歐洲的天然氣價格創下歷史新高，平均實現價格為每 MMBtu 28.8 美元，而一年前為 5 美元。我們積極應對緊張的市場，在第四季度將挪威的天然氣產量增加了 16.5%，全年增加了 5%，為歐洲的工業和消費者提供急需的額外供應。創紀錄的汽油價格，加上我們對優化汽油量的關注，確實帶來了回報。

Meanwhile, underlying upstream unit production costs was stable. And we delivered organic CapEx in line with our reduced guidance at $8 billion in 2021. And these factors all contributed to record cash flow from operations in the quarter of $11.3 billion after tax. And to put this into context, this cash flow more than covers our full year organic CapEx in just this one quarter.

同時，上游單位生產成本基本穩定。我們根據我們在 2021 年減少的 80 億美元的指導交付了有機資本支出。這些因素都促成了該季度創紀錄的 113 億美元的稅後運營現金流。將這一點放在上下文中，這一現金流量僅在這一季度就超過了我們全年的有機資本支出。

At our Capital Markets Day in June, we introduced a more flexible capital distribution framework. We have actively used this flexibility by increasing our second tranche of share buybacks to $1 billion in the last quarter, and that tranche was completed last week. I'll come on to this framework and how it fits into our long-term financials later on in this presentation.

在 6 月的資本市場日，我們引入了更靈活的資本分配框架。我們通過在上個季度將第二批股票回購增加到 10 億美元來積極利用這種靈活性，並且該部分已於上週完成。我將在本演示文稿的後面部分介紹這個框架以及它如何適應我們的長期財務狀況。

But starting with production. We talk about value over volume as a strategy. And in these market conditions, volume is also value. We have delivered high efficiency and flexed production towards the most valuable opportunities. And during the fourth quarter, production in Norway was up 12% year-on-year. Our oil and gas production was up 5.6% or actually near 9% if you adjust for the sale of Bakken. So, these production results reflect new fields coming on-stream but also high production efficiency on the NCS.

但從生產開始。我們將價值超過數量作為一種策略。在這些市場條件下，數量也是價值。我們為最有價值的機會提供了高效率和靈活的生產。在第四季度，挪威的產量同比增長了 12%。如果根據 Bakken 的出售進行調整，我們的石油和天然氣產量增長了 5.6% 或實際上接近 9%。因此，這些生產結果既反映了新領域的投產，也反映了 NCS 的高生產效率。

Meanwhile, in renewables, power generation increased 10%, from 480 to 526 gigawatt hours. And we had continued high availability in offshore wind assets and added production from the solar plant in Argentina. Clearly, these results reflect the stronger commodity prices. And as you can see in our realized prices which increased to an average of over $100 per barrel oil equivalent.

同時，在可再生能源方面，發電量增加了 10%，從 480 吉瓦時增加到 526 吉瓦時。我們繼續保持海上風能資產的高可用性，並增加了阿根廷太陽能發電廠的產量。顯然，這些結果反映了商品價格走強。正如您在我們的實際價格中看到的那樣，平均每桶石油當量超過 100 美元。

Production performance and stable upstream cost per unit also contributed. Reported net operating income of $13.6 billion is over $10 billion higher than a year ago. It includes some $1.8 billion of impairments, mainly related to the Mariner field as per our announcement earlier this year. Adjusted earnings in the quarter were $15 billion pretax and $4.4 billion after tax at an effective tax rate of 71%. The tax rate is reflective of higher earnings in E&P Norway partly offset by losses in our MMP segment.

生產業績和穩定的上游單位成本也有所貢獻。報告的淨營業收入為 136 億美元，比一年前高出 100 億多美元。根據我們今年早些時候的公告，它包括約 18 億美元的減值，主要與 Mariner 油田有關。本季度調整後的稅前收益為 150 億美元，稅後收益為 44 億美元，有效稅率為 71%。稅率反映了 E&P 挪威較高的收益，部分被我們 MMP 部門的虧損所抵消。

The quarter saw record levels of earnings after tax and record cash flow for E&P Norway and E&P USA. E&P Norway achieved the highest quarterly production volume in nearly a decade. And gas production as a percentage of the total increased to 55% as we optimized our gas volumes. Adjusted OpEx and SG&A per barrel increased 14% in U.S. dollars and increased by around 11% in underlying Norwegian kroner. Half of this increase is attributable to increased environmental taxes and CO2 costs. And the other half was driven by Gassled removal costs. Underlying costs per barrel in Norwegian kroner were stable. DD&A per barrel increased by 29%, and this is driven by new fields and mainly due to Martin Linge, which started production in June and is expected to pay back within 2022 at present prices. Currency translation also contributed to the increase.

本季度 E&P 挪威和 E&P USA 的稅後收益和現金流量均創歷史新高。 E&P 挪威實現了近十年來最高的季度產量。隨著我們優化天然氣量，天然氣產量佔總產量的百分比增加到 55%。調整後的每桶運營支出和 SG&A 按美元計算增長 14%，按挪威克朗計算增長約 11%。這一增長的一半歸因於環境稅和二氧化碳成本的增加。另一半是由 Gassled 清除成本驅動的。以挪威克朗計算的每桶基本成本保持穩定。每桶 DD&A 增長了 29%，這是由新油田推動的，主要歸功於 Martin Linge，該公司於 6 月開始生產，按目前的價格預計將在 2022 年內收回。貨幣換算也促成了增長。

In E&P International, production was roughly flat with declines on some more mature fields. And this was partly offset by the 12,000 barrels per day of additional volumes from the Angara JV in Russia that we acquired last year. OpEx and SG&A, excluding royalty, increased by just under $50 million, all of which is explained by additional charges on one asset and one-offs in the fourth quarter of 2020, leaving underlying costs stable.

在 E&P International，產量基本持平，一些更成熟的油田產量下降。這部分被我們去年從俄羅斯安加拉合資公司收購的每天 12,000 桶的額外產量所抵消。 OpEx 和 SG&A（不包括特許權使用費）增加了不到 5000 萬美元，所有這些都是由於 2020 年第四季度對一項資產和一次性資產的額外費用造成的，從而使基本成本保持穩定。

In the U.S., production volumes were down 40,000 barrels per day, impacted by the sale of Bakken. Correcting for that, onshore production was flat, while offshore production was up 20,000 barrels per day. The increased volumes are generating strong cash flow due to our U.S. tax position. And underlying unit costs were down 4%. So altogether, these factors contributed to record earnings of $587 million or $574 million after tax.

在美國，受出售 Bakken 的影響，日產量下降了 40,000 桶。糾正這一點，陸上產量持平，而海上產量每天增加 20,000 桶。由於我們在美國的稅收狀況，增加的交易量正在產生強勁的現金流。基本單位成本下降了 4%。因此，這些因素共同促成了創紀錄的 5.87 億美元或 5.74 億美元的稅後收益。

In MMP, as advised, earnings last quarter of $2.2 billion included of around $2 billion of an unrealized gain on gas derivatives. This quarter shows a loss of around $1 billion, including the loss of around $1.4 billion on physical delivery of gas volumes, partly matching the gain on the derivatives in the last quarter. At year-end prices, an amount similar to that loss will be booked in total over the next 2 to 3 quarters.

在 MMP 中，如建議的那樣，上一季度 22 億美元的收益包括約 20 億美元的天然氣衍生品未實現收益。本季度顯示損失約 10 億美元，其中包括天然氣實物交付損失約 14 億美元，部分與上一季度衍生品的收益相匹配。以年終價格計算，未來 2 至 3 個季度將計入與該損失相似的金額。

And as a reminder, although these gas positions introduced volatility in the results of the MMP segment, they do allow us to capture the current high gas prices by converting forward gas contract prices to 70% day-ahead and 30% month-ahead prices. And you can see this effect in our invoice gas prices, which, consequently, tracks these short-term indices. This quarter, underlying results in MMP were within the normal guided range of $250 million to $500 million per quarter. And this included strong performance by Danske Commodities.

提醒一下，儘管這些天然氣頭寸在 MMP 部分的結果中引入了波動性，但它們確實使我們能夠通過將遠期天然氣合約價格轉換為 70% 的日前價格和 30% 的月前價格來捕捉當前的高天然氣價格。您可以在我們的發票汽油價格中看到這種影響，因此，它會跟踪這些短期指數。本季度，MMP 的基本業績在每季度 2.5 億美元至 5 億美元的正常指導範圍內。這包括 Danske Commodities 的強勁表現。

In our Renewables business, results showed improved earnings from operated assets of $52 million, up from $36 million a year ago. We are focusing on efficiencies and continue to make good progress on the development portfolio. For example, we announced the purchase and sales agreement with the state of New York earlier this month. And also, we completed the financial close of Dogger Bank C, contributing $180 million to cash flow. So this high level of activity increases business development costs and resulted in adjusted earnings of minus $38 million in the quarter.

在我們的可再生能源業務中，結果顯示運營資產的收益從一年前的 3600 萬美元增加了 5200 萬美元。我們專注於提高效率，並繼續在開發組合方面取得良好進展。例如，我們本月早些時候宣布了與紐約州的採購和銷售協議。此外，我們完成了 Dogger Bank C 的財務結算，為現金流貢獻了 1.8 億美元。因此，這種高水平的活動增加了業務開發成本，並導致本季度調整後的收益為負 3800 萬美元。

Our cash results also reflect our ability to capture market prices through solid operating performance and strict capital discipline. We posted record high cash flow of $25 billion after tax for the full year 2021 and this was around $9 billion for the fourth quarter. Our organic CapEx for full year 2021 was around $8 billion, in line with our guidance in the third quarter. The significant generation of cash flow in the fourth quarter has continued to strengthen our balance sheet, and we now have a net debt ratio below zero and this is down from 13.2% in the previous quarter and down with over 30 percentage points from the end of 2020. Note that Equinor's NCS tax installments in the for fourth quarter 2021 was NOK 55.5 billion. And based on actual earnings for 2021, the taxes payable are NOK 177 billion. In the second half of 2021, we paid NOK 67 billion, leaving NOK 110 billion to be paid during the first half of 2022.

我們的現金業績也反映了我們通過穩健的經營業績和嚴格的資本紀律來捕捉市場價格的能力。我們公佈了 2021 年全年稅後 250 億美元的創紀錄高現金流，第四季度約為 90 億美元。我們 2021 年全年的有機資本支出約為 80 億美元，符合我們在第三季度的指導。第四季度產生的大量現金流繼續加強了我們的資產負債表，我們現在的淨負債率低於零，這比上一季度的 13.2% 下降了 30 個百分點以上。 2020 年。請注意，Equinor 在 2021 年第四季度的 NCS 分期付款為 555 億挪威克朗。根據 2021 年的實際收入，應納稅額為 1770 億挪威克朗。 2021 年下半年，我們支付了 670 億挪威克朗，剩下 1100 億挪威克朗將在 2022 年上半年支付。

So now let's look at these results and put them into the context of the strategy that Anders already outlined. Execution of our strategy is well underway along all our main priorities with flexibility to address evolving markets as we progress. Our financial position, as mentioned, is very strong. And we capitalise on enhanced value in our oil and gas portfolio while transitioning to new growth areas. Central to our strategy is our ambition of becoming a net-zero company by 2050. And today, as Anders mentioned, we take a further step with an ambition of a 50% cut in net carbon emissions by 2030, demonstrating our commitment to make real progress in the energy transition.

所以現在讓我們看看這些結果，並將它們放在安德斯已經概述的戰略的背景下。我們的戰略正在按照我們所有的主要優先事項順利執行，隨著我們的進步，我們可以靈活地應對不斷變化的市場。如前所述，我們的財務狀況非常強勁。我們在向新的增長領域過渡的同時，利用石油和天然氣產品組合的增值。我們戰略的核心是我們到 2050 年成為淨零排放公司的雄心壯志。今天，正如安德斯所說，我們更進一步，目標是到 2030 年將淨碳排放量減少 50%，這表明我們致力於實現能源轉型取得進展。

In addition to this, we will simultaneously deliver strong cash flow and attractive returns as well as providing competitive capital distribution to our shareholders. We think this will be a distinguishing feature for Equinor leading in the Equinor -- in the energy transition. It's easier to do this simultaneously if commodity prices are high. But we believe we have the discipline, the capability and the financial strength to do so through the cycles, creating a long-term, sustainable, resilient and profitable business.

除此之外，我們將同時提供強勁的現金流和有吸引力的回報，並為我們的股東提供有競爭力的資本分配。我們認為這將是 Equinor 在能源轉型中領先 Equinor 的一個顯著特徵。如果商品價格很高，同時做到這一點會更容易。但我們相信，我們有紀律、能力和財務實力在周期內這樣做，創造長期、可持續、有彈性和盈利的業務。

Before taking you through some of the key highlights and measures across our business, I will point out that our strategic priorities are connected. We see synergies between our different businesses across operations, capabilities and technology, but also financial. The strong cash flow from our profitable oil and gas portfolio funds not only reinvestments to further high-grade our oil and gas portfolio, but also disciplined investment in our attractive renewables and low-carbon solution portfolios.

在向您介紹我們業務中的一些關鍵亮點和措施之前，我將指出我們的戰略重點是相互關聯的。我們看到我們不同業務在運營、能力和技術以及財務方面的協同作用。我們盈利的石油和天然氣投資組合資金的強勁現金流不僅用於再投資以進一步提高我們的石油和天然氣投資組合，而且還對我們有吸引力的可再生能源和低碳解決方案組合進行了嚴格的投資。

So, let me start with our advantaged portfolio in oil and gas and our key measures. Our oil and gas production outlook reflects Equinor's commitment to supply energy for society towards 2030 and simultaneously aim to reduce our emissions by 50% over that period. In 2021, the CO2 intensity was 7 kilos per BOE, which continues to be well below half of the industry average. Our oil and gas portfolio is cash flow positive at prices around $30 per barrel after investments, and this ensures resilience through the cycles. This portfolio is expected to generate over $40 billion of free cash flow over the next 5 years.

因此，讓我從我們在石油和天然氣方面的優勢投資組合和我們的關鍵措施開始。我們的石油和天然氣生產前景反映了 Equinor 承諾到 2030 年為社會提供能源，同時目標是在此期間將我們的排放量減少 50%。 2021 年，二氧化碳排放強度為每桶油當量 7 公斤，繼續遠低於行業平均水平的一半。我們的石油和天然氣投資組合在投資後以每桶 30 美元左右的價格呈現正現金流，這確保了整個週期的彈性。該投資組合預計將在未來 5 年內產生超過 400 億美元的自由現金流。

I also want to highlight Equinor's commitment to securing gas supplies to the -- from the NCS to Europe, and we expect to produce more than 40 bcm annually towards 2026. With flexibility in production and our low cost of supply below $2 per MMBtu, we are positioned to create significant value.

我還想強調 Equinor 致力於確保從 NCS 到歐洲的天然氣供應，我們預計到 2026 年每年將生產超過 40 bcm。憑藉生產的靈活性和低於每 MMBtu 2 美元的低成本供應，我們定位於創造重大價值。

Our strong pipeline of development projects coming on-stream by 2030 provides a solid outlook to deliver around 6.5 billion barrels of oil equivalent net to Equinor, with low breakevens at below $35 per barrel, high returns of around 30% internal rate of return, fast paybacks of 2.5 years on average. And this portfolio gives us the flexibility to deliver and further high-grade. So Johan Sverdrup Phase 2 reflects this strong position very well. It's on track to start up later this year, adding 220,000 barrels a day at an operating cost below $2 per barrel and a CO2 intensity below 1 kilo of CO2 per barrel oil equivalent.

我們強大的開發項目將在 2030 年投產，這為向 Equinor 提供約 65 億桶石油當量淨額提供了堅實的前景，盈虧平衡點低於每桶 35 美元，內部收益率約為 30% 的高回報，快速平均回收期為 2.5 年。這個產品組合使我們能夠靈活地交付和進一步提高產品質量。所以 Johan Sverdrup Phase 2 很好地反映了這一強勢地位。它有望在今年晚些時候啟動，每天增加 220,000 桶，運營成本低於每桶 2 美元，二氧化碳濃度低於每桶油當量 1 公斤二氧化碳。

In order to be a leader in the energy transition, we are leveraging being an integrated energy company and are scaling our renewable and low-carbon solutions businesses. Both are built on our capabilities and operational competitive advantages funded by the oil and gas. You see here a strong pipeline of projects from the high-value growth in renewables. We presented our guidance around growth in renewables at the Capital Markets Day in June, so these numbers will be familiar. We're on track to deliver.

為了成為能源轉型的領導者，我們正在利用作為一家綜合能源公司的優勢，並正在擴大我們的可再生能源和低碳解決方案業務。兩者都建立在我們由石油和天然氣資助的能力和運營競爭優勢之上。您可以在這裡看到來自可再生能源高價值增長的強大項目管道。我們在 6 月的資本市場日發布了關於可再生能源增長的指導意見，因此這些數字很熟悉。我們正在按計劃交付。

The list of projects reflects the pace of development and mix of opportunities towards these ambitions. And Pål will go into more in this in on detail later. We're also financially positioned to ensure long-term returns. Applying strong capital discipline and leveraging our financial position enables us to utilize the most attractive financial structures and effectively manage risks such as merchant, inflation, interest rate and foreign exchange.

項目清單反映了實現這些雄心的發展速度和機會組合。 Pål 將在稍後詳細介紹這一點。我們在財務上也有能力確保長期回報。運用強大的資本紀律和利用我們的財務狀況，使我們能夠利用最具吸引力的財務結構並有效地管理商業、通貨膨脹、利率和外匯等風險。

We have talked consistently about the importance of flexibility and focus on costs. We have several examples on how we optimized our gas portfolio to capture valuable opportunities, and such an example is Aasta Hansteen. On Aasta Hansteen, we saw high production regularity of around 99% in the fourth quarter. We also increased capacity and production efficiency by utilizing the integrated operations centers, the IOC. With these combined elements, we capitalised on strong markets, and investments were paid back both before and after tax in the fourth quarter.

我們一直在談論靈活性和關注成本的重要性。我們有幾個例子來說明我們如何優化我們的天然氣組合以抓住寶貴的機會，Aasta Hansteen 就是這樣一個例子。在 Aasta Hansteen，我們在第四季度看到了 99% 左右的高生產規律。我們還利用綜合運營中心 IOC 提高了產能和生產效率。通過這些綜合要素，我們利用了強勁的市場，並在第四季度稅前和稅後收回了投資。

Even with today's strong results and high commodity prices, discipline remains critical. It's a mindset we keep and we've been driving across the business. The focus on cost can be seen as critical in the downturn, but it's just as important to capture these benefits in the upturn as we enter into more uncertain capital and supplier markets. And today, we reiterate our improvement ambition of $4 billion by 2025, as announced in June, and we're on track to deliver.

即使在今天的強勁業績和高商品價格下，紀律仍然至關重要。這是我們保持的心態，我們一直在推動整個業務。在經濟低迷時期，對成本的關注可以被視為至關重要，但在經濟好轉時抓住這些好處與我們進入更加不確定的資本和供應商市場同樣重要。今天，我們重申我們在 6 月宣布的到 2025 年 40 億美元的改進目標，我們正在按計劃實現。

In 2021, we have realized more than $1.8 billion in improvements. We are delivering on our ambition for low unit production cost of around $5 per barrel oil -- of oil equivalent. And Arne Sigve will talk a little bit more about this and our clear actions that we're taking later on in his section.

2021 年，我們實現了超過 18 億美元的改進。我們正在實現我們的目標，即每桶石油（相當於石油當量）約 5 美元的低單位生產成本。 Arne Sigve 將更多地談論這一點以及我們稍後將在他的部分中採取的明確行動。

So turning to our financial framework. Here, we help quantify and show the robustness of our cash flow from operations using the price scenarios of $50, $65 and $80 for Brent and reflecting gas prices of $22 per MMBtu in 2022 to $7 in 2024 in the $65 case. The bars in the graph highlight the robustness we have through the scenarios, carrying our CapEx at $50 in all periods. In the low $50 sensitivity scenario, we could, of course, also flex our CapEx, noting the high level of non-sanctioned CapEx in the '24, '25 and even more so from 2026 onwards.

所以轉向我們的財務框架。在這裡，我們使用布倫特原油 50 美元、65 美元和 80 美元的價格情景，並在 65 美元的情況下反映 2022 年每 MMBtu 22 美元到 2024 年 7 美元的天然氣價格，幫助量化和展示我們運營現金流的穩健性。圖表中的條形突出了我們在各個場景中的穩健性，我們的資本支出在所有時期都為 50 美元。在 50 美元的敏感度較低的情況下，我們當然也可以調整我們的資本支出，注意到 24 和 25 年以及從 2026 年起更高水平的未經批准的資本支出。

With this strong financial position and the cash generated in mind, I will take you through the way we look at capital allocation. Firstly, our capital expenditure reflects a full program delivering the advantaged portfolio I have just outlined across both oil and gas, renewables and low-carbon solutions, balancing and delivering on our high-value, low-carbon ambition whilst maintaining capital discipline and flexibility through the cycles. We have a high activity level and are able to move forward at pace and with efficiency. So we continue to look for opportunities to invest to high-grade and optimize this portfolio. And our guidance and ambitions, though, are based on organic opportunities. We do not see any strategic gaps in the portfolio and have demonstrated an opportunistic approach to M&A. And we will only screen for value and for where we can bring synergies and competitive advantage at an attractive price. And this might mean we could be net sellers.

考慮到這種強大的財務狀況和產生的現金，我將帶您了解我們看待資本配置的方式。首先，我們的資本支出反映了一個完整的計劃，該計劃提供了我剛剛在石油和天然氣、可再生能源和低碳解決方案中概述的優勢投資組合，平衡和實現我們的高價值、低碳雄心，同時通過以下方式保持資本紀律和靈活性週期。我們的活動水平很高，能夠快速高效地前進。因此，我們繼續尋找投資高品位的機會並優化該投資組合。然而，我們的指導和抱負是基於有機機會。我們在投資組合中沒有看到任何戰略差距，並展示了一種機會主義的併購方法。而且我們只會篩選價值以及我們可以以有吸引力的價格帶來協同效應和競爭優勢的地方。這可能意味著我們可以成為淨賣家。

Secondly, we have strengthened our financial positions and reduced the net debt ratio from about 30% at the end of 2020 to below zero at the end of 2021. And our ambition remains 15% to 30%. We're comfortable being outside this range for periods of time, but see this as a long-term resilient and effective range, demonstrating financial efficiency and discipline.

其次，我們加強了財務狀況，將淨負債率從 2020 年底的 30% 左右降至 2021 年底的零以下。我們的目標仍然是 15% 到 30%。我們很樂意在一段時間內超出這個範圍，但將其視為一個長期的彈性和有效範圍，展示了財務效率和紀律。

Finally, we're committed to deliver competitive shareholder distribution. Our cash dividend is expected to grow in line with our underlying earnings. And we have built in flexibility in our capital distribution framework via our share buyback program.

最後，我們致力於提供有競爭力的股東分配。我們的現金股息預計將與我們的基本收益保持一致。我們通過股票回購計劃在資本分配框架中建立了靈活性。

So, let me run through the third point in a little bit more detail with a reminder of the proposed increase in capital distribution we announced this morning. As Anders took you through, the total proposed distribution for the for fourth quarter is cash dividends of $0.20, extraordinary cash dividend of $0.20 and a share buyback of up to $5 billion during the year, which potentially represents another $0.40 per quarter in 2022. We also provide you with the drivers and visibility supporting each of these elements, each consistent with the distribution policy and the additional flexibility provided at the Capital Markets Day.

因此，讓我更詳細地介紹第三點，提醒我們今天早上宣布的增加資本分配的提議。正如安德斯向您介紹的那樣，第四季度的擬議分配總額為 0.20 美元的現金股息、0.20 美元的特別現金股息和高達 50 億美元的股票回購，這可能意味著 2022 年每季度再增加 0.40 美元。我們還為您提供支持這些元素的驅動因素和可見性，每個元素都與資本市場日提供的分銷政策和額外的靈活性相一致。

And today, we show you we deliver on what we say by using that flexibility in practice. This demonstrates our commitment to offer attractive shareholder returns. And now I will conclude with our guiding before opening for questions. Looking ahead, our CapEx guidance of 2022, '23 is around $10 billion and around $12 billion for '24, '25. For this year, we expect production growth to be around 2%.

今天，我們向您展示我們通過在實踐中使用這種靈活性來兌現我們所說的。這表明我們致力於為股東提供有吸引力的回報。現在，在開始提問之前，我將以我們的指導結束。展望未來，我們對 2022 年 23 年的資本支出指導約為 100 億美元，24 年和 25 年約為 120 億美元。今年，我們預計產量增長將在 2% 左右。

And with that, I hand it over to you, Peter, and look forward to your questions.

有了這個，我把它交給你，彼得，期待你的問題。

Thanks, Ulrica. So I pass over through to the operator here, who'll just remind you how to poll for a question. We have some on screen already.

謝謝，烏莉卡。所以我轉交給這裡的接線員，他會提醒你如何投票。我們已經有一些在屏幕上。

(Operator Instructions)

（操作員說明）

Great. Thanks. So we've got a number of questions coming in. So the first one is from Biraj Borkhataria at RBC.

偉大的。謝謝。我們收到了很多問題。第一個問題來自RBC 的Biraj Borkhataria。

The first one's on shareholder distribution. This year's free cash flow is obviously very high, given where oil and gas prices are and then you have the lagged tax effect. I'm just trying to understand that, given where the balance sheet is also and that you're likely to deleverage further in the short term, going forward, should we assume that shareholder distribution should be sort of equal to free cash flow or even potentially greater than free cash flow? I'm just trying to see how you balance that kind of framework. And with your gearing target of 15% to 30%, and you'll be way below that even with the buyback and the special dividend.

第一個是關於股東分配的。今年的自由現金流顯然非常高，考慮到石油和天然氣價格，然後你有滯後稅收效應。我只是想了解，考慮到資產負債表也在哪裡，並且你可能在短期內進一步去槓桿化，未來，我們是否應該假設股東分配應該等於自由現金流，甚至可能大於自由現金流？我只是想看看你如何平衡這種框架。如果你的資產負債率目標是 15% 到 30%，即使有回購和特別股息，你也會遠遠低於這個目標。

And then the second question is on low carbon. Your CapEx framework still points to a rising CapEx profile in that space. I was probably a little bit surprised not to see your name in the ScotWind wins. So maybe you could give a bit more color on the competitive dynamics in that space. You did touch on it, but whether anything's changing your view there, both in terms of the opportunity set and also the intensity of the competition.

然後第二個問題是關於低碳的。您的資本支出框架仍然指向該領域不斷上升的資本支出概況。沒有在 ScotWind 的勝利中看到你的名字，我可能有點驚訝。因此，也許您可以為該領域的競爭動態提供更多色彩。你確實談到了它，但無論是在機會集合還是競爭強度方面，是否有任何事情改變了你的看法。

Yes. Thank you very much for the question. And I know that also for the final question regarding ScotWind, Pål also would like to chip in a little bit. But let me start first with the capital distribution. The way we think around this is that we, as I alluded to earlier, we grow the cash dividend in line with long-term underlying earnings. And with the capital framework we provided to you during the Capital Markets Day, we said there is flexibility to grow this further for the share buyback with the criteria given.

是的。非常感謝您的提問。而且我知道，對於關於 ScotWind 的最後一個問題，Pål 也想加入一點點。但讓我先從資本分配開始。我們對此的思考方式是，正如我之前提到的，我們根據長期基本收益增加現金股息。借助我們在資本市場日向您提供的資本框架，我們表示可以根據給定的標準靈活地進一步擴大股票回購。

I think you have seen that we have demonstrated now in the third quarter and now also for fourth quarter that we're using that flexibility based on the earnings and the outlook. So we will continue to look at the outlook, the underlying earnings and come back to the different announcement at different quarters. You want to allude a little more to the cash?

我認為您已經看到，我們現在在第三季度和第四季度都證明了我們正在根據收益和前景使用這種靈活性。因此，我們將繼續關注前景、基本收益，並回到不同季度的不同公告。你想多提一點現金嗎？

I can add a little bit to the comment around the delayed tax payments. And that's absolutely correct. The earnings this year will have -- will trigger large tax payments next year. Of course, we're taking the long-term view into consideration when we look at this -- the capital distribution. So that's what our capital framework allows us to do is to step back, look at it a bit more longer term and say, here's what the holistic environment looks like, both the commodity prices and the macroeconomic environment and our outlook, taking into account the cash flows that we're expecting and then we make the decision from that. But yes, absolutely, next year, we will see the impact from those larger tax payments, and that's been taken into account.

我可以在關於延遲納稅的評論中添加一些內容。這是絕對正確的。今年的收益將有 - 明年將引發大量納稅。當然，當我們看待這個問題時，我們會考慮長期的觀點——資本分配。所以這就是我們的資本框架允許我們做的就是退後一步，從更長遠的角度來看，這就是整體環境的樣子，包括商品價格和宏觀經濟環境以及我們的前景，同時考慮到我們預期的現金流量，然後我們據此做出決定。但是，是的，絕對是，明年，我們將看到那些更大的稅收產生的影響，並且已經考慮到了這一點。

And for the competition in the renewables, yes, there is higher competition. But also, I want to remind you of the very, very good portfolio we already do have in execution. And we're focusing very much on delivering that portfolio now. We're focusing on also bringing some of these projects that are -- we have taken concept selection on, like Empire Wind and bring that up to final investment decision. But we will also looking into access more acreage, and this is a competitive area. And Pål, please add.

對於可再生能源的競爭，是的，競爭更加激烈。而且，我想提醒您我們已經在執行的非常非常好的投資組合。我們現在非常專注於交付該產品組合。我們還專注於引入其中一些項目——我們已經進行了概念選擇，比如 Empire Wind，並將其納入最終投資決策。但我們也會考慮獲得更多的種植面積，這是一個競爭激烈的領域。 Pål，請補充。

Yes. So to your question, I think the competition was confirming something that we've already seen in quite a few auctions recently. And I think more than 70 companies were actually competing for ScotWind. So yes, obviously, I was -- I don't like losing, so I was a bit disappointed that we didn't follow through. I think our people delivered a really good bid. But it doesn't really change the pathway that we're on. We are saying today that we have accessed around 2/3 of the pipeline that we need to deliver on the ambition. And I think we can actually -- we have a pipeline now that I think gives us the privilege of being quite disciplined and that we can actually afford to be disciplined.

是的。所以對於你的問題，我認為競爭正在確認我們最近在很多拍賣中已經看到的東西。我認為實際上有 70 多家公司在爭奪 ScotWind。所以是的，很明顯，我是——我不喜歡輸，所以我對我們沒有堅持到底感到有點失望。我認為我們的人提供了一個非常好的報價。但這並沒有真正改變我們所走的道路。我們今天要說的是，我們已經獲得了實現雄心壯誌所需的大約 2/3 的管道。而且我認為我們實際上可以 - 我們現在有一個管道，我認為這讓我們有幸受到紀律嚴明，而且我們實際上可以承受紀律。

But we are going to compete fiercely going forward. We haven't got a formal debrief from the Scottish authorities yet. And we would like to see that to understand why we didn't -- why we were not successful in that round and then use that with the aim to improve.

但我們將在未來進行激烈的競爭。我們還沒有收到蘇格蘭當局的正式匯報。我們希望看到這一點來理解為什麼我們沒有——為什麼我們在那輪比賽中沒有成功，然後用它來改進。

Thank you, Pål. And also for the visibility for the extraordinary dividend, this is now declared for the -- fourth quarter 2021 next three quarters(subject to AGM approval)

謝謝你，帕爾。並且對於特別股息的可見性，現在宣佈在接下來的三個季度 - 2021 年第四季度（須經年度股東大會批准）

Thanks, Biraj. Next question is from Oswald Clint at Bernstein.

謝謝，比拉傑。下一個問題來自 Bernstein 的 Oswald Clint。

Yes. Yes, perhaps just a simple one on -- again on distributions. Could you just talk about why you selected the extraordinary dividend this time? You've given us a full suite of distribution options, so why the special dividend? And obviously, it could have been funded through the buyback and the balance sheet. Anyway, so that's the first one.

是的。是的，也許只是一個簡單的 - 再次在發行版上。能否簡單談談您這次選擇超常紅利的原因？你給了我們一整套分配選項，那麼為什麼要派特別股息呢？顯然，它本可以通過回購和資產負債表獲得資金。無論如何，這是第一個。

And then secondly, it's a good strong message, Anders, about customers, which I hear from you today. and also talking around your carbon capture, your transport, your hydrogen. Your -- the 15 million to 30 million tonnes per annum by 2035 is still the same as last summer. So is that just giving you confidence in rolling out that type of business? Could we start to see more developments or even more CapEx going into that particular direction?

其次，我今天從你那裡聽到了關於客戶的強烈信息，安德斯。還談論你的碳捕獲，你的運輸，你的氫。到 2035 年，每年 1500 萬至 3000 萬噸的產量仍與去年夏天相同。那麼，這是否只是讓您有信心推出這種類型的業務？我們能否開始看到更多的發展甚至更多的資本支出進入這個特定的方向？

And perhaps in your response, just remind us, I guess, of the revenue model, some of the assumptions you're taking here to make the economics work around this transport carbon business. I see your comment here about customers receiving subsidy. So that would be great, to hear your thoughts.

也許在你的回復中，我想只是提醒我們收入模式，你在這裡採取的一些假設，以使經濟學圍繞這個運輸碳業務工作。我在這裡看到您對接受補貼的客戶的評論。聽聽你的想法，那就太好了。

Yes. Thank you very much for your question there. We want to -- we are investing our cash in a very profitable portfolio, but we also want to then distribute competitive dividend to our shareholders. And we -- to have optimizing our capital structure, we have found a balance between both cash dividend and share buybacks. And we -- there are different choice and options from the different investors and kind of preferences. So we have looked into both the long-term underlying earnings and grow that annually as we always do and announced in the fourth quarter. We have increased our share buyback. But we also saw that there are room for more capital distribution this year for optimizing our capital structure. And we decided to propose for the next four quarter a $0.20 extraordinary dividend.

是的。非常感謝您在那裡提出的問題。我們希望——我們將我們的現金投資於一個非常有利可圖的投資組合，但我們也希望隨後向我們的股東分配有競爭力的股息。我們 - 為了優化我們的資本結構，我們在現金股息和股票回購之間找到了平衡。我們 - 不同的投資者和偏好有不同的選擇和選擇。因此，我們研究了長期基本收益，並像往常一樣每年增長，並在第四季度宣布。我們增加了股票回購。但我們也看到，今年我們的資本結構還有更多的資本分配空間。我們決定為接下來的四個季度提供 0.20 美元的特別股息。

You're right, the customers are more and more interested to talk to us about carbon capture or the transport and storage that we are mostly in. And this is, of course, because of the increasing ETS and the CO2 tax that we have seen lately. I would like Irene to allude a little bit more on the options that we have built since the last time we discussed this at the Capital Markets Day. But the higher CO2 taxes, the customers moving into more and more finding solutions for reducing their CO2 they are emitting, make me more and more confident about the target and the ambition we set on the Capital Market Day. So Irene, if you allude a little bit more on the projects and how this is developing.

你是對的，客戶越來越有興趣與我們討論碳捕獲或我們主要從事的運輸和儲存。這當然是因為我們看到的 ETS 和二氧化碳稅的增加最近。我希望艾琳更多地提及自上次我們在資本市場日討論這個問題以來我們建立的選擇。但是更高的二氧化碳稅，越來越多的客戶開始尋找減少他們排放的二氧化碳的解決方案，這讓我對我們在資本市場日設定的目標和雄心越來越有信心。所以艾琳，如果你對這些項目以及它是如何發展的多一點暗示。

Well, happy to do that. As Anders said, there is a significant increase in interest from customers. Two types of customers, particularly, I think. Industrial customers like steel companies, ammonia, fertilizer and all of that, they all commit to net zero in 2050. They don't really have alternatives other than carbon capture and storage as of today. The other customers we're seeing are power plants.

嗯，很高興這樣做。正如安德斯所說，客戶的興趣顯著增加。我認為，尤其是兩種類型的客戶。鋼鐵公司、氨、化肥等工業客戶都承諾在 2050 年實現淨零排放。截至目前，除了碳捕獲和儲存之外，他們真的沒有其他選擇。我們看到的其他客戶是發電廠。

I think the whole energy crunch we've seen in Europe these days means that we need more dispatchable power. And CCGTs with carbon capture and storage is coming up as the savior in this picture. And we have a lot of incoming calls. And as Anders alluded to, CO2 prices, we offer a way for these customers to basically hedge their CO2 price by paying us a tariff for storing and transporting it. So, it's exciting right now, a lot of call from.

我認為我們這些天在歐洲看到的整個能源緊縮意味著我們需要更多的可調度電力。具有碳捕獲和儲存功能的 CCGT 正在成為這張圖片中的救星。我們有很多來電。正如安德斯所提到的，二氧化碳價格，我們為這些客戶提供了一種基本對沖二氧化碳價格的方法，向我們支付儲存和運輸的關稅。所以，現在很令人興奮，有很多電話來自。

And you also asked about the economic assumptions. And I think we said at the Capital Markets Day that come 2030, we should be able to capture, transport and store CO2 below EUR 100 per tonne. And we also said then that we expect the EU ETS price to be in that range, but we're seeing hitting those kind of marks already today, so.

您還詢問了經濟假設。我認為我們在 2030 年的資本市場日上說過，我們應該能夠捕獲、運輸和儲存低於每噸 100 歐元的二氧化碳。我們當時還說過，我們預計 EU ETS 的價格會在這個範圍內，但我們今天已經看到達到了這樣的水平，所以。

Thanks, Irene. And thanks, Oswald. Next question is from Anders Holte of Kepler.

謝謝，艾琳。謝謝，奧斯瓦爾德。下一個問題來自 Kepler 的 Anders Holte。

Congrats for a decent quarter, we have to say. My other simple one that's directed to Pål in terms of -- it's related to offshore wind. You touched upon the increased competition in ScotWind. It was quite fierce. I think we all saw that. But I guess just on a broader sense, like how do you view the outlook for offshore wind projects that you haven't sanctioned in light of the cost increase we're seeing in, more or less, all parts of the supply chain? One thing is projects where you have a signed contract for turbines and foundations. But in terms of projects that are yet -- not yet FIDs, like, where do you expect the returns to end up? And what's the impact on the cost increases on the overall project returns?

我們不得不說，恭喜一個不錯的季度。我的另一個簡單的問題是針對 Pål 的——它與海上風電有關。您談到了 ScotWind 日益激烈的競爭。這是相當激烈的。我想我們都看到了。但我想從更廣泛的意義上說，鑑於我們或多或少地在供應鏈的所有部分中看到的成本增加，您如何看待您尚未批准的海上風電項目的前景？一件事是您簽署了渦輪機和基礎合同的項目。但就尚未成為 FID 的項目而言，例如，您預計回報將在哪裡結束？成本增加對項目整體回報有何影響？

So as you said, it's a difference between the projects we have sanctioned and where we have kind of inflation behind us, and we have locked in that risk. So that's not sort of a major concern. And Dogger Bank A and B, for example, is in that category. When it comes to inflation, so as Anders said in his speech today, clearly, it is a concern and we're monitoring it very, very carefully. And especially in the renewable area that have slimmer margins than other parts of our business, that is a key point.

所以正如你所說，這是我們批准的項目與我們背後存在某種通貨膨脹的項目之間的差異，我們已經鎖定了這種風險。所以這不是一個主要問題。例如，Dogger Bank A 和 B 就屬於該類別。談到通貨膨脹，正如安德斯在今天的演講中所說，很明顯，這是一個令人擔憂的問題，我們正在非常非常仔細地監控它。尤其是在利潤率低於我們業務其他部分的可再生能源領域，這是一個關鍵點。

On the other hand, we could also see the effects more widely in this industry in terms of potentially taking -- tempering some of the heat on the competitiveness that we are seeing in the market. And that's a market where I think the strong balance sheet of Equinor is actually a big competitive advantage.

另一方面，我們也可以看到這個行業更廣泛的潛在影響——緩和了我們在市場上看到的競爭力的一些熱度。在這個市場，我認為 Equinor 強勁的資產負債表實際上是一個巨大的競爭優勢。

When it comes to the pre-FID projects, it's a bit early to say the impact of inflation. So clearly, we are monitoring that. And we're seeing prices in some segments coming up. We are trying to very carefully manage this through our procurement strategies and the timing for when we set contracts and also managing this together with the suppliers that we are taking. But we are not seeing a fundamental change to the business cases because of the inflation yet. And obviously, we don't know how sticky this is going to be. And in quite a few of these projects, we have still a lot of the procurement ahead of us. So it's a bit of a long answer and not being specific. But I -- it is an uncertainty that we need to manage going forward, and we need to do it on a portfolio level.

談到 FID 之前的項目，現在說通貨膨脹的影響還為時過早。很明顯，我們正在監控這一點。我們看到某些細分市場的價格正在上漲。我們正試圖通過我們的採購策略和簽訂合同的時間來非常謹慎地管理這一點，並與我們正在接受的供應商一起管理這一點。但是，由於通貨膨脹，我們還沒有看到商業案例發生根本性的變化。顯然，我們不知道這會有多粘。在很多這樣的項目中，我們還有很多采購工作擺在我們面前。所以這是一個有點長的答案，而不是具體的。但我 - 這是我們需要管理的不確定性，我們需要在投資組合層面上做到這一點。

And then what we also focus on here is, as Pål said, really, how we work with the projects and using the toolbox that we developed in the step project, simplifying and optimizing the projects. And this is exactly what Pål is doing together with Arne Sigve in renewable projects, and we do that in all other oil and gas projects as well.

然後，正如 Pål 所說，我們真正關注的是，我們如何處理項目並使用我們在 step 項目中開發的工具箱，簡化和優化項目。這正是 Pål 與 Arne Sigve 在可再生能源項目中所做的事情，我們也在所有其他石油和天然氣項目中這樣做。

And the next question is from Lydia Rainforth at Barclays.

下一個問題來自巴克萊的 Lydia Rainforth。

So 2 questions, if I could. Just in terms of the Renewables business and the idea of wind versus hydrogen and CCS, how do you think about the pace of both of those, so in terms of you end up splitting it equally between them?

所以2個問題，如果可以的話。就可再生能源業務以及風能與氫能和 CCS 的概念而言，您如何看待這兩者的發展步伐，那麼最終您會在它們之間平分秋色嗎？

And then secondly, just on the reserve side. And I know it's unusual now to ask questions on the reserve side. But could I just ask why the -- so you saw reserve replacement numbers, but the resource number actually came down, I think. So I was just wondering why that was.

其次，就在預備隊。而且我知道現在在預備隊方面提問是不尋常的。但是我能問一下為什麼——所以你看到了儲備替換數字，但我認為資源數量實際上下降了。所以我只是想知道為什麼會這樣。

Are you talking about the RRR coming down? Is that your question?

你是說RRR降下來了嗎？那是你的問題嗎？

Yes. So in terms of, if I look at the slides, I think the RRR was actually 113%, I think, for the year. But then the resource number seems to have fallen relative to last year. So I was just wondering why that was.

是的。因此，如果我看一下幻燈片，我認為今年的 RRR 實際上是 113%。但隨後資源數量似乎與去年相比有所下降。所以我只是想知道為什麼會這樣。

Well, from last year, we have increased this number. So this is a strong number, 113%. And also the ROP has also increased during this year. When it comes to the pace of renewables and low-carbon solutions, we have guided that on the -- in 2025, we will see that the gross CapEx will be above 30%, and then it moved to 50% of the totality in 2030. But we will see the renewables CapEx ahead of the low-carbon solution CapEx.

嗯，從去年開始，我們增加了這個數字。所以這是一個很強的數字，113%。此外，今年 ROP 也有所增加。當談到可再生能源和低碳解決方案的步伐時，我們已經指導——到 2025 年，我們將看到總資本支出將超過 30%，然後在 2030 年達到總額的 50% . 但我們將看到可再生能源資本支出領先於低碳解決方案資本支出。

Irene is now developing a very long and interesting project portfolio. Not all of them will probably progress to a final FID. But many of them are very interesting and that they'll probably start coming more in FID in '24, '25, we'll see, maybe before, some of them. And -- but the majority of hydrogen and CCS will come a little bit later than the renewable business.

Irene 現在正在開發一個非常長且有趣的項目組合。並非所有人都可能會進入最終的 FID。但他們中的許多人非常有趣，他們可能會在 24 年和 25 年開始更多地出現在 FID 中，我們可能會在之前看到其中一些。而且——但大多數氫氣和 CCS 將比可再生能源業務來得晚一點。

Thanks, Lydia. Next question from Teodor Sveen-Nilsen at Sparebank Global Markets.

謝謝，莉迪亞。 Sparebank Global Markets 的 Teodor Sveen-Nilsen 的下一個問題。

Also congrats on very strong results. Two questions from me, if I may. First, on the gas strategy. Have you been tempted to sell more gas as spot to the forward compared to your stated strategy of selling 70% spot?

也祝賀非常強大的結果。如果可以的話，我有兩個問題。首先，關於天然氣戰略。與您聲明的賣出 70% 現貨的策略相比，您是否曾想向遠期賣出更多的現貨天然氣？

Second question is on tax payments. Ulrica, you said that you expect cash tax payments to come up this year, of course. Are you in a position to guide specifically on the cash tax payments over the next few quarters? That would be useful.

第二個問題是關於納稅的。 Ulrica，你說你預計今年會支付現金稅，當然。您是否能夠具體指導未來幾個季度的現金納稅？那會很有用。

Okay. Thank you, Teodor. So maybe Irene, you can elaborate a little bit on the gas strategy and how we think of that. But I also have to underline the operational excellence in the gas that enable us to capture, really, the prices. And then also the gas strategy is an important part of how we capture prices.

好的。謝謝你，特奧多爾。所以也許艾琳，你可以詳細說明一下天然氣戰略以及我們如何看待這一點。但我還必須強調天然氣的卓越運營，使我們能夠真正掌握價格。此外，天然氣策略也是我們獲取價格的重要組成部分。

You might recall that pre-2019, we actually sold our gas on a mix of short-term and long-term indices. But we highlighted that we expect more volatility going forward and change that strategy to 70% day-ahead and 30% months ahead.

您可能還記得，在 2019 年之前，我們實際上是在短期和長期指數的組合上出售我們的天然氣。但我們強調，我們預計未來會有更多波動，並將該策略更改為提前 70% 和提前 30%。

So I guess your question is, should we go 100% day-ahead? I think 100% is probably not possible logistically. And also the month ahead prices capture more of the spikes then, of course, season-ahead prices as well. So I think if you compare our realized prices to the day-ahead NBP, we're pretty close, but not perfectly there. So I think we're quite happy where we ended up. And if you look at the last 2 years, I think we've actually made several billion dollars by introducing this new strategy compared to where we would have been with the pre-2019 strategy.

所以我想你的問題是，我們應該提前 100% 前進嗎？我認為 100% 在邏輯上可能是不可能的。而且，未來一個月的價格也捕捉到了更多的峰值，當然，前季價格也是如此。所以我認為，如果你將我們的實際價格與前一天的 NBP 進行比較，我們非常接近，但並不完美。所以我認為我們很高興我們最終的結果。如果你看看過去 2 年，我認為與 2019 年之前的戰略相比，我們通過引入這一新戰略實際上賺了數十億美元。

Thank you, Irene. Ulrica?

謝謝你，艾琳。烏莉卡？

Yes. Very short answer to that. Referring to 2021, just to remind us that we've got that full year Norwegian kroner tax, NOK 177 million of which we've got, which is what I referred to before, which we've got about NOK 110 million left to pay in the first half of next year. And of course, when it comes to 2022, we won't go into those taxes now.

是的。非常簡短的回答。提到 2021 年，只是為了提醒我們，我們已經繳納了全年挪威克朗稅，我們已經繳納了 1.77 億挪威克朗，這就是我之前提到的，我們還有大約 1.1 億挪威克朗需要繳納明年上半年。當然，到 2022 年，我們現在不會涉及這些稅收。

Hopefully more.

希望更多。

Exactly. It's a good thing. It's a good thing, this problem. It's the delay, it's the lag that make it a little bit more difficult to calculate. But it's pretty straightforward, 6 months delay on big earnings, and that's what we're paying for in this half we're in now.

確切地。這是一件好事。好東西，這個問題。是延遲，是滯後使得計算變得更加困難。但這很簡單，大筆收益延遲了 6 個月，這就是我們現在在這半年付出的代價。

Yes. And just a reminder on that one, we'll pay 1/3 of that NOK 110 in the first quarter and 2/3 of that NOK 110 billion in the second quarter.

是的。提醒一下，我們將在第一季度支付 110 挪威克朗的 1/3，在第二季度支付 1100 億挪威克朗的 2/3。

Next question. And thanks, Teodor. Next question is from Mehdi Ennebati at Bank of America.

下一個問題。謝謝，特奧多爾。下一個問題來自美國銀行的 Mehdi Ennebati。

First, I would like to congratulate you for these extremely strong results. Two questions, please, on my side. First one regarding your balance sheet. So now that you have a very strong -- what prevents you from clearly accelerating your energy transition? So you highlighted that you don't want to overpay. I understand this. But what prevents you as well from acquiring a renewable energy company? Is it just a matter of valuation? If those renewable energy company valuation keeps falling, you might be looking at it? Or do you think that you would rather prefer to develop your own project even though this will take much more time realizing an acquisition?

首先，我要祝賀你取得了這些非常好的結果。有兩個問題，請站在我這邊。第一個關於您的資產負債表。所以現在你有一個非常強大的——是什麼阻止你明顯地加速你的能量轉換？所以你強調你不想多付錢。我明白這一點。但是，是什麼阻止了您收購一家可再生能源公司呢？僅僅是估值的問題嗎？如果那些可再生能源公司的估值不斷下降，你可能會關注它？還是您認為您更願意開發自己的項目，即使這將花費更多時間來實現收購？

And the other question is about your free cash flow estimates, the one that you provide for 2022 and 2023. So there is a slide where you show what will be that free cash flow generation at $80 Brent. And on another other slide, I can see for 2022, you expect European gas to be 30 Mcf. Am I right there? Because during the presentation, I also heard $22 MMBtu which could be the average for '22 and 2023. So are you expecting $30 MMBtu in '22, meaning even above the forward curve and? What makes you so, let's say, optimistic on gas price for '22?

另一個問題是關於你的自由現金流估計，即你為 2022 年和 2023 年提供的那個。所以有一張幻燈片，你展示了在 80 美元布倫特原油時產生的自由現金流量。在另一張幻燈片上，我可以看到 2022 年，您預計歐洲天然氣為 30 Mcf。我在嗎？因為在演示過程中，我還聽說 22 美元 MMBtu，這可能是 22 年和 2023 年的平均值。那麼您是否期望 22 年 30 美元 MMBtu，甚至高於遠期曲線？比方說，是什麼讓你對 22 年的汽油價格如此樂觀？

So Ulrica, if you will answer the second question. And yes, we have a very strong balance sheet. And -- but we also have a very strong project portfolio, both in oil and gas and renewables. We have accelerated the investment in renewables already organically. We do not have any strategic gap in our portfolio. We'll, of course, be opportunistic in any kind of M&A activity. But at the same time, we will focus on -- same as we focus on value in our organic portfolio, we will also do that for any inorganic moves as well. So we are quite comfortable with the portfolio we have today, and also the kind of how strong this portfolio already is.

那麼，Ulrica，請您回答第二個問題。是的，我們有一個非常強大的資產負債表。而且 - 但我們在石油和天然氣以及可再生能源方面也擁有非常強大的項目組合。我們已經有機地加速了對可再生能源的投資。我們的投資組合中沒有任何戰略差距。當然，我們會在任何類型的併購活動中投機取巧。但與此同時，我們將專注於——就像我們關注有機投資組合的價值一樣，我們也會對任何無機動作這樣做。因此，我們對我們今天擁有的投資組合以及該投資組合的強大程度感到非常滿意。

And I'm not sure 100% understood the question. If it was what our gas assumptions were in the $80 case, then in 2022 was $30 as you said, '23, $18 and thereafter $12. But did I understand that question?

而且我不確定 100% 理解這個問題。如果這是我們在 80 美元的情況下的燃料假設，那麼在 2022 年是 30 美元，如你所說，23 美元，18 美元，然後是 12 美元。但我明白這個問題了嗎？

I think that's right. And in the $65, which is the central case, it's $22 and going down to, I think...

我認為這是對的。在 65 美元中，這是最重要的情況，它是 22 美元，而且我認為……

$12 and then $7.

12 美元，然後是 7 美元。

So my question is...

所以我的問題是...

Those are scenarios. They're not necessarily forecasts.

這些是場景。它們不一定是預測。

Thanks, Mehdi. Next question is from John Olaisen at ABG.

謝謝，邁赫迪。下一個問題來自 ABG 的 John Olaisen。

Yes. A question on 2022 production guidance. May I ask what are your assumptions for Norwegian gas production? I just wonder, if prices remain high, are you in a position to produce more gas in the summer of '22 than you did in the summer of '21?

是的。關於2022年生產指導的問題。請問您對挪威天然氣生產的假設是什麼？我只是想知道，如果價格仍然很高，您在 22 年夏天生產的天然氣是否比在 21 年夏天生產的更多？

At the moment, we are producing for everything we can of gas. The production in the summer is something that will be based on the prices we will see. We have a strong outlook for the prices for the summer. But we have -- what we guide on is a 2% production increase of the total portfolio for 2022.

目前，我們正在盡可能地生產天然氣。夏季的產量將取決於我們將看到的價格。我們對夏季的價格前景看好。但我們有——我們指導的是 2022 年總投資組合的產量增加 2%。

Yes. But again, I was just wondering if possible to give us some more information or indication of what kind of gas production this summer that 2% assumes.

是的。但同樣，我只是想知道是否有可能向我們提供更多信息或指示今年夏天 2% 假設的天然氣產量。

Well, we are not guiding on a summer gas production as such. We will, of course, ensure that we are producing, such we are capturing the market and the prices we see in the market.

好吧，我們並不是在指導夏季天然氣生產。當然，我們將確保我們正在生產，這樣我們就可以佔領市場和我們在市場上看到的價格。

But is it wrong to say that there could be a big, big swing factor? The production this year, I guess, could have a big swing factor due to gas production in summer Q2 and Q3?

但是，說可能存在很大很大的波動因素是錯誤的嗎？我猜今年的產量可能會因夏季第二季度和第三季度的天然氣生產而產生很大的波動因素？

Now I don't think you should assume anything like that. What I said, what we are guiding on is a 2% production increase in 2022.

現在我認為你不應該假設這樣的事情。我說的是，我們正在指導的是 2022 年產量增加 2%。

Okay. And a very quick question at the end. I just wondering for how long can you continue to focus on near-field exploration? I guess at some point, the potential for near-field exploration is slowly slowing down?

好的。最後是一個非常快速的問題。我只是想知道你能繼續專注於近場探索多久？我想在某個時候，近場探索的潛力正在慢慢放緩？

Yes. We see that we are not only focusing on near-field production, but most of our exploration wells so far is focused on this, on the Norwegian Continental Shelf. But we do have also exploration well outside or not that close to existing infrastructure.

是的。我們看到，我們不僅專注於近場生產，而且到目前為止，我們的大部分勘探井都專注於此，在挪威大陸架上。但我們也確實在現有基礎設施之外或不太接近現有基礎設施的地方進行了探索。

And internationally, particularly, we have a very excited well in a new basin in Argentina as well. So but most of it will be near field and -- but also some outside the near field. So there will be a combination of those two. You see the prospectivity around our existing field. So we have quite a longevity there. And Kjetil, might you also say a few words of the prospectivity for us in on the Norwegian Continental Shelf. And if you, Al, could add a little bit on the exploration for international?

特別是在國際上，我們在阿根廷的一個新盆地也有一口令人興奮的井。所以，但其中大部分將是近場和 - 但也有一些在近場之外。所以會有這兩者的結合。您會看到我們現有領域的前景。所以我們在那裡有相當長的壽命。還有 Kjetil，您能否也為我們在挪威大陸架上的前景說幾句話。如果你，艾爾，可以為國際探索增加一點點嗎？

I could do so, Anders. And as you said, in 2021, we clearly saw the attractiveness of the near field exploration, 8 discoveries in '21. So what you have said that during this decade, our plan is to drill between 20 and 30 wells on an annual basis. We have also said that around 80% of that will be near-field exploration and 20% will be more step-out. And I think that's what we are trying to do in this decade. And as we saw last year, this strategy has been quite attractive up to now, and that's what we are sticking to.

我可以這樣做，安德斯。正如你所說，在 2021 年，我們清楚地看到了近場勘探的吸引力，21 年有 8 個發現。所以你說過，在這十年中，我們的計劃是每年鑽 20 到 30 口井。我們還說過，其中大約 80% 將是近場勘探，20% 將是更多的跨步。我認為這就是我們在這十年中試圖做的事情。正如我們去年看到的那樣，到目前為止，這種策略一直很有吸引力，這也是我們堅持的。

Al, if you want the international exploration?

艾爾，如果你想進行國際探索？

Sure. So I think it's a very good point on the volume of near field and infrastructure-led exploration that we can expect to be successful in finding. Actually, we're growing more optimistic that -- with the increases in technology that we're seeing that we can actually maintain a lot of the production that we've seen from the fields by doing this kind of thing.

當然。所以我認為這是一個非常好的觀點，關於近場和基礎設施主導的探索，我們可以期待成功找到。實際上，我們越來越樂觀——隨著我們看到技術的進步，我們實際上可以通過做這種事情來維持我們從田間看到的大量生產。

I could draw your attention to a couple of areas where we're particularly interested going forward. The first is around our Brazilian portfolio and particularly around the Roncador field where we drilled an appraisal well last year into a carbonate reservoir. That showed some really interesting results, 1.5 billion barrels of oil in place there. So we'll be looking for more opportunities in that Roncador oil field, for example.

我可以提請您注意我們今後特別感興趣的幾個領域。第一個是圍繞我們的巴西投資組合，特別是在去年我們在碳酸鹽儲層中鑽探評估井的 Roncador 油田周圍。這顯示了一些非常有趣的結果，那裡有 15 億桶石油。例如，我們將在 Roncador 油田尋找更多機會。

A second example is in Canada around our Bay du Nord project where we're going to be drilling a couple of wells this year which, if they're successful, will be tie backs to the broader Bay du Nord project. So we do see the opportunities that you talk about. And as we bring more focus on those, we expect that can offset production decline.

第二個例子是我們在加拿大的北灣項目周圍，今年我們將在那裡鑽幾口井，如果他們成功，將與更廣泛的北灣項目聯繫起來。所以我們確實看到了你所說的機會。隨著我們更加關注這些，我們預計這可以抵消產量下降。

Thanks, Al. Thanks, John. Next question is from Christyan Malek at JPMorgan.

謝謝，艾爾。謝謝，約翰。下一個問題來自摩根大通的 Christyan Malek。

Can you hear me well?

你聽得清楚嗎？

We can.

我們可以。

Congratulations, first of all, on a very strong result. Two questions, first of all, just back to the capital frame and more to the philosophy around it. I want to understand in terms of decision-making process why you decided not to go back to your sort of pre-COVID dividends, $0.27 a share just based on the fact that it was a record cast flow.

首先祝賀你取得了非常好的成績。兩個問題，首先，回到資本框架，更多地回到圍繞它的哲學。我想從決策過程的角度了解為什麼你決定不回到你在 COVID 之前的那種股息，每股 0.27 美元只是基於這是一個創紀錄的演員流這一事實。

And just to understand your vision around what the progressive underlying dividend of the business, the particular context of the macro-volatility. And I could sympathize with that volatility. I just wanted to understand, in terms of just the decision-making process of a progressive versus special, whether we should be thinking about this as much more of a desirable framework going forward, or is this potentially sort of a warm up to raising the base dividend higher.

並且只是為了了解您對業務漸進式潛在紅利的看法，以及宏觀波動的特定背景。我可以同情這種波動。我只是想了解，就進步與特殊的決策過程而言，我們是否應該將其視為更多的理想框架，或者這是否可能是提高基礎股息較高。

And the second question just comes to the top of the frame in the context of your balance sheet. And what we're seeing is the potentially quite aggressive inflation in the renewables business, very commoditized environment with more competition. And so to that end, particularly with your net cash position, I just want to understand both the industrial and financial logic of buy versus build in the Renewables business given your lead in it.

第二個問題在資產負債表的背景下剛剛出現在框架的頂部。我們看到的是可再生能源業務中潛在的相當激進的通貨膨脹，非常商品化的環境和更多的競爭。因此，為此，特別是考慮到您的淨現金狀況，我只想了解購買與建立可再生能源業務的工業和財務邏輯，因為您在其中處於領先地位。

Christyan, although we said we could hear you very clearly, I think I lied a little bit on that one at the start. So I think I understood it. So I'll just try and translate the questions.

克里斯蒂安，雖然我們說我們可以很清楚地聽到你的聲音，但我想我一開始就在那個上面撒了一點謊。所以我想我明白了。所以我會試著翻譯這些問題。

That would be great.

那很好啊。

And if I get it wrong, Christyan, then step up, so I don't try and slip in an easy one on purpose.

如果我弄錯了，克里斯蒂安，那就站出來，這樣我就不會故意嘗試輕鬆地溜進去。

So I think the question was looking at the dividend, what about the potential to step-up the ordinary dividend towards what we said in terms of the $0.27 that we used to have and how that compares against the share buybacks and the extraordinary dividend?

所以我認為問題在於股息，將普通股息提高到我們過去所說的 0.27 美元的潛力如何，以及與股票回購和特別股息相比如何？

Yes, exactly.

對，就是這樣。

Yes. So as you remember, for the Capital Markets Day, we provided then our capital distribution framework where we started from $0.18 and said we will grow this annually by $0.01 to $0.02 based on the long-term underlying earnings. And we also said that we will grow from $0.18 at that point, but also adding an annual share buyback program on top of this, given the requirements that we set forth.

是的。所以你記得，在資本市場日，我們提供了我們的資本分配框架，我們從 0.18 美元開始，並表示我們將根據長期基本收益每年將其增長 0.01 美元至 0.02 美元。我們還表示，屆時我們將從 0.18 美元增長，但考慮到我們提出的要求，我們還會在此基礎上增加年度股票回購計劃。

We felt this was a better way to have a transparent and very clear and predictable capital distribution framework that are resilient through the cycles and the commodity cycles, but also through the energy transition. So we will continue to grow the cash dividend from 20 annually, based on the -- our view on the long-term underlying earnings.

我們認為這是一種更好的方法，可以建立一個透明、非常清晰和可預測的資本分配框架，該框架在周期和商品週期中具有彈性，而且在能源轉型中也具有彈性。因此，基於我們對長期基本收益的看法，我們將繼續每年從 20 年增加現金股息。

And as we have demonstrated in the quarters, both the third quarter and the fourth quarter, we have -- we're using the flexibility in the share buyback based on the commodity prices, based on the outlook, based on the strength of the balance sheet to also increase this based on our view of this strength. And to ensure that we have a competitive capital distribution, based on the very strong earnings in 2021 and the good outlook, we decided to have an extraordinary dividend for 4 quarters of $0.20.

正如我們在第三季度和第四季度所展示的那樣，我們已經根據商品價格、前景、餘額強度利用股票回購的靈活性基於我們對這種強度的看法，我們也增加了這一點。並且為了確保我們擁有具有競爭力的資本分配，基於 2021 年非常強勁的收益和良好的前景，我們決定在 4 個季度派發 0.20 美元的特別股息。

By this, you see that we are using the flexibility based on the earnings and the outlooks of the commodity prices. And I'm not sure if I heard the second question.

由此可見，我們正在使用基於收益和商品價格前景的靈活性。我不確定我是否聽到了第二個問題。

Christyan, just in case I didn't ask the question properly. So let me just sort of go through. Just as a reminder here is what Christyan, so you're talking around the $0.27. At the Capital Markets Day, we said we talked about the return to that one. That was from the $0.18 in the cash dividend. That $0.18 has gone to $0.20. It was around $0.09 per share equivalent on the share buyback. That has gone to $0.40 with the announcements today. And also noting on that point on the extraordinary dividend that is $0.20. You add those up, it's not $0.27. It's $0.80 per share. And the second question is around...

克里斯蒂安，以防我沒有正確地問這個問題。所以讓我來看看吧。就像這裡提醒的是克里斯蒂安，所以你說的是 0.27 美元左右。在資本市場日，我們說我們談到了回歸那個。這是來自現金股息中的 0.18 美元。 0.18 美元變成了 0.20 美元。股票回購約為每股 0.09 美元。今天的公告已經達到了 0.40 美元。並且還注意到0.20美元的特別股息。你把這些加起來，不是 0.27 美元。每股 0.80 美元。第二個問題是……

Sure. Just trying to -- sorry, I was just trying to refer to the basis or the financial cases to why not raise the underlying dividend versus the special. And it's not -- it's more just in terms of just what the -- and then clearly, you're saying that the macro is clearly volatile, and therefore, you'd rather take a measured approach through a special versus an underlying base increase? Is that just, to be clear, how to see it?

當然。只是想 - 對不起，我只是想參考基礎或財務案例，為什麼不提高基礎股息而不是特別股息。而且它不是 - 它更多地只是在什麼方面 - 然後很明顯，你是說宏觀顯然是不穩定的，因此，你寧願通過特殊而不是潛在的基礎增加來採取衡量的方法?只是，要清楚，如何看待它？

This is -- as I said, this is a way to have a predictable framework, but also a framework that is flexible in terms of changes in the commodity prices. But as Peter said, when announced the $0.18 cash dividend, we added $1.2 billion in the share buyback, which is -- adds up to the $0.09 back to the $0.27.

這是 - 正如我所說，這是一種擁有可預測框架的方式，也是一種在商品價格變化方面靈活的框架。但正如彼得所說，當宣布 0.18 美元的現金股息時，我們在股票回購中增加了 12 億美元，即 - 將 0.09 美元加起來回到 0.27 美元。

Sure. That's fair. And the second question. I wanted to just ask around the industrial logic or -- around build versus buy in the renewable space. And I think down the road, we could see major inflation, cost overruns. And obviously, with a very commoditized price environment given $2 trillion is trying to find a home in this space.

當然。這還算公平。還有第二個問題。我想問一下工業邏輯，或者——圍繞可再生空間的建造與購買。而且我認為在未來，我們可能會看到嚴重的通貨膨脹，成本超支。顯然，鑑於 2 萬億美元的價格環境非常商品化，正試圖在這個領域找到一個家。

So with that sort of backdrop, assuming maybe I'm wrong, but fast forward 2, 3 years, I mean, you're in a net cash position, by then -- I know this was asked already, but would just want to understand what is the industrial logic to build versus buy if that scenario were to play out. Would you consider revising how you think about your pipeline? I know you talked about value, but equally, we could see a very different picture in terms of returns if we see -- like, ultimately it becomes diluted.

因此，在這種背景下，假設我可能錯了，但快進 2 年、3 年，我的意思是，到那時，你處於淨現金位置——我知道這已經被問過了，但只是想如果這種情況發生，了解構建與購買的工業邏輯是什麼。你會考慮修改你對管道的看法嗎？我知道你談到了價值，但同樣，如果我們看到——比如，最終它會被稀釋，我們可能會看到一個非常不同的回報情況。

Okay. Yes. Hopefully, I heard your question right. Just also a reminder, we were very early out in the renewable space, being able to capture a lot of space early at very favorable prices and these projects are now in execution.

好的。是的。希望我沒聽錯你的問題。還要提醒一下，我們很早就進入了可再生空間，能夠以非常優惠的價格及早獲得大量空間，這些項目現在正在執行中。

Of course, we have seen, as Pål alluded to earlier in that question, that there is much more competition now. We see much higher prices. And of course, we have noted the change in valuation for equities in this space as well. But as I said, we have a very strong portfolio. We don't have any strategic gap.

當然，正如 Pål 在該問題前面提到的那樣，我們已經看到，現在競爭更加激烈。我們看到更高的價格。當然，我們也注意到了這一領域股票估值的變化。但正如我所說，我們擁有非常強大的產品組合。我們沒有任何戰略差距。

We are focusing on delivering our projects organically in this space now. And we will always focus on value, both on the inorganic and the organic development of the renewable portfolio. But as you saw some time ago, we bought Wento in Poland, a solar company that is now developing very well under Pål's leadership.

我們現在專注於在這個領域有機地交付我們的項目。我們將始終關注價值，包括可再生產品組合的無機和有機發展。但正如您前段時間所見，我們收購了波蘭的 Wento，這家太陽能公司現在在 Pål 的領導下發展良好。

Next question from Peter Low at Redburn.

Redburn 的 Peter Low 提出的下一個問題。

The first one is another one on the European gas market. I was interested in how you do see it evolving this year. I think you mentioned in the presentation, you do expect greater volatility going forward. What could Equinor do to benefit more from that? And then just kind of linked to that, on the higher gas production you achieved in 4Q, how long can you sustain output at that higher level in theory? Now I appreciate in practice, it will depend on price, but are there any technical constraints on maintaining it at that level?

第一個是歐洲天然氣市場上的另一個。我對你如何看待它今年的發展很感興趣。我認為您在演示文稿中提到，您確實預計未來會有更大的波動。 Equinor 可以做些什麼來從中受益更多？然後有點與此相關，在第四季度實現的更高天然氣產量上，理論上你能將產量維持在這個更高水平多長時間？現在我在實踐中很欣賞，這將取決於價格，但是將其維持在該水平是否有任何技術限制？

Yes. When in -- Irene will also present, in the breakout session, a little bit the outlook on the European gas, but maybe you can also do that here now as well. But before that, we are producing at very high level of gas. We are producing at max capacity. It's now about making sure that we have high production efficiency, keeping the production up. And we have developed the Troll Phase 3, which gives us a lot of flexibility to ensure that we can keep the production stable for a long time. So -- but Irene first and then Kjetil, a little bit also on your gas production capabilities.

是的。什麼時候——艾琳還將在分組會議上介紹歐洲天然氣的一些前景，但也許你現在也可以在這裡做。但在此之前，我們正在生產非常高水平的天然氣。我們正在以最大產能生產。現在是確保我們有高生產效率，保持生產。而且我們開發了 Troll Phase 3，這給了我們很大的靈活性，以確保我們可以長時間保持生產穩定。所以 - 但首先是 Irene，然後是 Kjetil，還有一點關於你的天然氣生產能力。

I know I can answer that, too.

我知道我也可以回答這個問題。

I know you're eager, so -- all of you to answer but...

我知道你們很熱心，所以——你們都來回答，但是...

So I'll limit myself to the gas market. Frankly, quite bullish near term. It's basically all about Russia these days. They're not sending the volumes we expected. And there's lots of nervousness in the market around Nord Stream 2 and to Ukraine crisis, et cetera.

所以我會把自己限制在天然氣市場上。坦率地說，近期相當看漲。這些天基本上都是關於俄羅斯的。他們沒有發送我們預期的數量。圍繞 Nord Stream 2 和烏克蘭危機等，市場存在很多緊張情緒。

We've seen some LNG being freed up from Asia as result of demand disruption, and that softened the prices a little bit. But notably, nothing of that LNG that came in here went into storage. So when you look at the storage today, there are 34-ish percent of normal levels, which means that we need to inject 80 Bcm approximately in the summer. That's twice our production actually. So it's a big number. So that will keep up prices over the summer and well into the winter and probably also into 2023.

由於需求中斷，我們已經看到一些液化天然氣從亞洲釋放出來，這使價格略微走軟。但值得注意的是，進入這裡的液化天然氣沒有任何東西進入儲存。因此，當您查看今天的存儲量時，有 34% 的正常水平，這意味著我們大約需要在夏天注入 80 Bcm。這實際上是我們產量的兩倍。所以這是一個很大的數字。因此，這將在夏季和冬季保持價格，甚至可能到 2023 年。

You also asked how can we capitalize on this. I think we've had record high gas trading results this year. We have that flexibility in our pipeline infrastructure. So we use that to trade around, and it's generated significant value. We also see the volatility in the power market, which is also reflected in the gas market than Danske Commodities, as Ulrica alluded to, have a record high result than -- actually, the result this year is half the value of the original, more than half the value of the original acquisition price. So I think our trading capability is worth pointing to in this setting.

您還問我們如何利用這一點。我認為我們今年的天然氣交易結果創歷史新高。我們的管道基礎設施具有這種靈活性。所以我們用它來交易，它產生了巨大的價值。我們還看到電力市場的波動，這也反映在天然氣市場上，正如 Ulrica 所暗示的那樣，丹斯克大宗商品的業績比 - 實際上，今年的結果是原來的一半，更多原收購價的一半以上。所以我認為我們的交易能力在這種情況下是值得指出的。

Yes. And I think as Anders alluded to, we are producing now more or less at max capacity of the facilities that we have. Of course, there are always small optimization that we are looking into. But I think that's where we are. And that's also the plans within this year.

是的。而且我認為正如安德斯所暗示的那樣，我們現在或多或少地以我們擁有的設施的最大產能進行生產。當然，我們總是在研究一些小的優化。但我認為這就是我們所處的位置。這也是今年內的計劃。

However, during the summer months, there will be turnarounds. Oseberg will have a turnaround. So during the turnarounds, it will be less, but our plan is to produce to the capacity that we're currently doing, and then we have the turnarounds.

然而，在夏季的幾個月裡，會有轉機。 Oseberg 將有轉機。所以在周轉期間，它會更少，但我們的計劃是生產到我們目前正在做的產能，然後我們就有周轉。

Okay. Thank you, we've -- we're getting close to the 45 minutes. We have another couple of questions. But I think, one of which has just dropped off. So I'll pass to the operator to call on the -- on whoever is next, or not. Do we have a call?

好的。謝謝，我們已經 - 我們接近 45 分鐘了。我們還有幾個問題。但我認為，其中一個剛剛下降。因此，我將傳遞給接線員，讓其呼叫 -- 下一個是誰，或者不是。我們有電話嗎？

My apologies. Our next question is from Anders Rosenlund of SEB.

我很抱歉。我們的下一個問題來自 SEB 的 Anders Rosenlund。

I do have 2 questions. My first question is on the group-wide emission target, down 50%, that's different from the way you communicated these targets previously. And I presume it's more ambitious than the previous 6 kilos a barrel as indicated in the CMU last summer. Could you help us quantify or clarify how much more ambitious this target is? And then I have a follow-up afterwards.

我確實有2個問題。我的第一個問題是關於集團範圍內的排放目標，下降 50%，這與您之前傳達這些目標的方式不同。而且我認為它比去年夏天 CMU 中指出的每桶 6 公斤更雄心勃勃。您能否幫助我們量化或澄清這個目標的雄心壯志？然後我有後續跟進。

Yes. Thank you. As you said, there are two different targets and the 6 kilo per barrel you referred to, that was new projects coming on-stream up to 2030. Our current carbon intensity is 7 kilo per barrel. But the new group-wide net 50% reduction of Scope 1 and 2 is more ambitious. This is where we aim to have 90% of this as absolutely reduction. So basically, we have taken our emissions that we had in 2015, and we say until 2030, the net reduction should be 50%. This will put us in line with the Paris Agreement and also in line with the target of limiting the global warming to 1.5 degrees.

是的。謝謝你。正如你所說，有兩個不同的目標，你提到的每桶 6 公斤，這是到 2030 年投產的新項目。我們目前的碳強度是每桶 7 公斤。但是，範圍 1 和 2 的新的集團範圍內淨減少 50% 的目標更加雄心勃勃。這是我們的目標，其中 90% 是絕對減少。所以基本上，我們已經採用了 2015 年的排放量，我們說到 2030 年，淨減排量應該是 50%。這將使我們符合《巴黎協定》，也符合將全球變暖限制在 1.5 度的目標。

We can do this because we have a lot of projects on the Norwegian continental shelf where we are able to use power from shore, like Oseberg, like Troll, where we electrify those fields with power from shore, taking down the absolute emissions from these fields. And we will continue with other fields as well. In addition, on -- in our international business, for instance, in Bacalhau, we're able to use CCTGs that normally used onshore to put that offshore, meaning that we are able to really have lower emission from our also new production as well. And this enable us to take our 50% net reduction of our emissions, the Scope 1 and 2 emissions.

我們可以做到這一點，因為我們在挪威大陸架上有很多項目，在那裡我們可以使用岸電，比如 Oseberg 和 Troll，我們用岸電為這些田地供電，減少這些田地的絕對排放.我們也將繼續研究其他領域。此外，在我們的國際業務中，例如在 Bacalhau，我們能夠使用通常在陸上使用的 CCTG 將其放置在海上，這意味著我們也能夠從我們的新生產中真正降低排放.這使我們能夠將排放量淨減少 50%，即範圍 1 和 2 排放量。

Of course, in addition to the power from shore, there will be some consolidation or removal of assets up to 2030. And we're also working on energy efficiency. We're working on new technology that can take down this emissions that we have. So it's an ambitious target, but we have started a long time ago. We have very good projects, a project organization that are really good executing on this type of projects. And we have a culture in the offshore and onshore organization, both internationally and in Norway to really find ways to reduce the use of energy producing oil and gas.

當然，除了岸電之外，到 2030 年，還會有一些資產整合或搬遷。我們也在努力提高能源效率。我們正在研究可以減少我們所擁有的這種排放的新技術。所以這是一個雄心勃勃的目標，但我們很久以前就開始了。我們有非常好的項目，一個在這類項目上執行得非常好的項目組織。我們在國際和挪威的海上和陸上組織中都有一種文化，可以真正找到減少能源生產石油和天然氣使用的方法。

Excellent. My second question, EPN natural gas was 40% of your production volumes in Q4. What share of adjusted operating income in Q4 was from EPN natural gas roughly?

出色的。我的第二個問題，EPN 天然氣在第四季度佔你們產量的 40%。第四季度調整後的營業收入中有多少份額來自 EPN 天然氣？

And I look to you, Ulrica.

我期待著你，烏莉卡。

We don't split that in the revenue. You've got the volumes, and we can apply it to that.

我們不會將其分成收入。你有捲，我們可以應用它。

Okay. So if I suggest 70%, that will be -- that wouldn't be too off -- too far off?

好的。因此，如果我建議 70%，那將是 - 這不會太離譜 - 太遠了？

If you look at your assessed volumes, you'll get a good number from that.

如果您查看評估的數量，您會從中得到一個很好的數字。

Okay. Next question is from Martijn Rats at Morgan Stanley.

好的。下一個問題來自摩根士丹利的 Martijn Rats。

Only one question for me. I was wondering if you could split out the production guidance of 2% growth. As I can imagine, that could be quite different for oil versus gas given the ramp-up of gas production recently. Have -- is it 2% for both oil and for gas? Or does that differ in offloads? That's basically my question.

對我來說只有一個問題。我想知道您是否可以拆分 2% 增長的生產指導。正如我可以想像的那樣，鑑於最近天然氣產量的增加，石油與天然氣的情況可能會大不相同。有——石油和天然氣都是2%嗎？或者這在卸載方面有什麼不同？這基本上是我的問題。

This 2% increase is for barrels of oil equivalent. So it includes both the oil and gas.

這 2% 的增長是針對石油當量的桶。所以它包括石油和天然氣。

Yes. No, I get that. But I would imagine, I don't know, it might be oil up 5% and gas down 4%. I'm sort of trying to figure out what the underlying components are.

是的。不，我明白了。但我想，我不知道，可能是石油上漲 5%，天然氣下跌 4%。我有點想弄清楚底層組件是什麼。

We are not splitting that and guiding on the split.

我們不會分裂它並指導分裂。

Sorry, about that, Martijn. Next question and final question is from Jason Kenney at Santander.

抱歉，關於那個，Martijn。下一個問題和最後一個問題來自桑坦德銀行的 Jason Kenney。

Couple of quick ones, actually. Just looking for guidance on tax for upstream U.S.A. in 2022 and perhaps medium term. And then also tax on the international ex-U.S.A., which has bounced around quite a lot actually over the last few quarters. Any guidance on tax would be great.

實際上，有幾個快速的。只是在尋找美國上游在 2022 年甚至中期的稅收指導。然後還對國際前美國征稅，實際上在過去幾個季度中反彈了很多。任何關於稅收的指導都會很棒。

Any guidance on tax is good, yes. If I got -- I mean we do guide on international tax between 30% and 45%. And we're -- we don't see anything assessed that we shouldn't be within that range now as well. And in the U.S., as you will be aware, we have a special situation where we're also basically zero on tax or close to. So those are the guidance that we got there, and we're remaining with them.

任何關於稅收的指導都是好的，是的。如果我得到 - 我的意思是我們確實指導 30% 到 45% 之間的國際稅。而且我們 - 我們沒有看到任何評估我們現在也不應該在那個範圍內。在美國，正如你所知道的，我們有一個特殊的情況，我們的稅收基本上也為零或接近零。所以這些是我們得到的指導，我們將繼續與他們在一起。

Okay. Is there an expectation when you might pay tax in the U.S.A.?

好的。是否有可能在美國納稅？

We have some years to go.

我們還有幾年的時間。

Okay. Thanks, everybody. That completes the questions. That completes the Q&A session. Thanks for all of you joining, and thank you for the team here today. Now I pass over to you to Anders to close.

好的。謝謝大家。這樣就完成了問題。問答環節到此結束。感謝大家的加入，感謝今天在這裡的團隊。現在我把你交給安德斯來結束。

Yes. Thank you very much for all of you that joined this call, really appreciate it. And as you have heard, we're accelerating the transition. We're growing cash flow and returns, and we also provided you with a competitive capital distribution. Thank you very much, and goodbye.

是的。非常感謝所有加入此電話會議的人，非常感謝。正如你所聽到的，我們正在加速過渡。我們正在增加現金流和回報，我們還為您提供有競爭力的資本分配。非常感謝，再見。