Equinor ASA (EQNR) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Equinor Analyst Q1 call. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎並感謝您加入 Equinor Analyst Q1 電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Peter Hutton, Senior Vice President. Please go ahead.

我現在想將會議轉交給高級副總裁 Peter Hutton 先生。請繼續。

Thanks, Natalie, and welcome, everybody. Ladies and gentlemen, welcome to the Equinor Results Call for the first quarter of 2022. I'm Peter Hutton, and the Head of the Investor Relations team and the call will be led by Ulrica Fearn, Chief Financial Officer. Ulrica will present the results for around 15 minutes, and then we'll open up for questions as usual, and we'll aim to finish the call within the hour. Also on the call today, we're joined by Svein Skeie, who's the SVP of Performance Management and Risk; and May-Kirsti Enger, who is SVP of Group Accounting.

謝謝，娜塔莉，歡迎大家。女士們先生們，歡迎參加 2022 年第一季度的 Equinor 業績電話會議。我是 Peter Hutton，投資者關係團隊負責人，電話會議將由首席財務官 Ulrica Fearn 主持。 Ulrica 將展示大約 15 分鐘的結果，然後我們將像往常一樣開放提問，我們的目標是在一小時內完成通話。同樣在今天的電話會議中，績效管理和風險高級副總裁 Svein Skeie 也加入了我們的行列；以及集團會計高級副總裁 May-Kirsti Enger。

So with that, let me pass straight over to Ulrica for the presentation. Thank you.

因此，讓我直接交給 Ulrica 進行演示。謝謝你。

Well, thank you, Peter, and good morning, everyone. Today, we present strong financial results, which reflects continued effective progress to deliver on our ambitions and guidance that we outlined in our capital markets update. And it includes building on our competitive strengths, optimizing our upstream production at low cost and low emissions, grow profitably in our Renewables business and develop low-carbon solutions. All this whilst maintaining focus on cost and returns, generating cash and providing attractive returns to shareholders.

好吧，謝謝你，彼得，大家早上好。今天，我們展示了強勁的財務業績，這反映了我們在實現我們在資本市場更新中概述的雄心和指導方面的持續有效進展。它包括建立我們的競爭優勢，以低成本和低排放優化我們的上游生產，在我們的可再生能源業務中實現盈利增長以及開發低碳解決方案。所有這些同時保持對成本和回報的關注，產生現金並為股東提供有吸引力的回報。

In the first quarter, we do demonstrate our ability to put our ambitions into action. However, the background of the results reflect the dark realities of a war in Europe, adding to an already tight and volatile energy market. We acted decisively after the Russian invasion, announcing the plan for exiting our Russian assets just 3 days later. After 30 years in Russia, it's no longer possible for us to operate in the country. Before the invasion, we had some contracts for future delivery of oil products. On the partner-operated field, Kharyaga, one cargo has been lifted and sold after the invasion, of which Equinor received payment. No new contracts have been entered into and we comply with all relevant sanctions, and the process of exiting our Russian assets is progressing.

在第一季度，我們確實展示了將雄心付諸行動的能力。然而，結果的背景反映了歐洲戰爭的黑暗現實，加劇了已經緊張和動蕩的能源市場。我們在俄羅斯入侵後果斷採取行動，僅在 3 天后就宣布了退出俄羅斯資產的計劃。在俄羅斯工作了 30 年後，我們不再可能在該國開展業務。在入侵之前，我們有一些未來交付石油產品的合同。在合作夥伴經營的 Kharyaga 油田上，入侵後已運起並出售了一件貨物，其中 Equinor 收到了付款。沒有簽訂新合同，我們遵守所有相關製裁，退出我們俄羅斯資產的過程正在進行中。

We started the year with an already tight energy market, and the invasion of Ukraine and sanctions against Russia have added to that uncertainty. Energy from the Norwegian continental shelf now plays an essential role supporting energy security for Europe. Our main focus is to provide safe and stable production from our facilities. And since the start of the present energy situation, we have successfully done our utmost to produce and export more gas.

今年伊始，能源市場已經緊張，而入侵烏克蘭和對俄羅斯的製裁增加了這種不確定性。來自挪威大陸架的能源現在在支持歐洲能源安全方面發揮著重要作用。我們的主要重點是通過我們的設施提供安全穩定的生產。從目前的能源形勢開始，我們成功地盡了最大努力生產和出口更多的天然氣。

Several steps have been taken to increase our gas production with increased production permits and changing operation to export gas rather than inject to increase oil production in certain fields. We've also adjusted our planned turnarounds in order to maintain high production levels throughout the summer. And further, Hammerfest LNG is on track for safe startup on the 17th of May.

我們已採取多項措施來增加天然氣產量，增加生產許可證並改變運營方式以出口天然氣而不是注入以增加某些油田的石油產量。我們還調整了計劃周轉時間，以在整個夏季保持高產量。此外，Hammerfest LNG 有望在 5 月 17 日安全啟動。

So there's been much focus on gas, but the oil market is also affected by the war and the sanctions. The Sverdrup crude is a good replacement for Ural crude, and we noticed the effect on our cargoes. Last March, more than 60% of the volumes from Sverdrup went to Asia, whereas this year, all volumes have stayed in Europe. The energy crisis in Europe has moved energy security to the top of the agenda, yet the trilemma remains to be solved simultaneously achieving energy security, energy affordability and the necessary energy transition. We work along two lines. We're committed to support energy security whilst continuing to accelerate the transition needed for achieving the net zero ambition in 2050 and progress towards the net reduction of our own emissions by 50% by 2030.

因此，人們非常關注天然氣，但石油市場也受到戰爭和製裁的影響。斯沃卓普原油是烏拉爾原油的良好替代品，我們注意到了對我們貨物的影響。去年 3 月，Sverdrup 超過 60% 的銷量流向了亞洲，而今年，所有銷量都留在了歐洲。歐洲的能源危機已將能源安全提上議事日程，但在實現能源安全、能源可負擔性和必要的能源轉型的同時，這三難問題仍有待解決。我們沿著兩條路線工作。我們致力於支持能源安全，同時繼續加快實現 2050 年淨零排放目標所需的過渡，並朝著到 2030 年將我們自己的排放量淨減少 50% 的目標邁進。

At our general meeting, our investors will get the opportunity to support our energy transition plan through an advisory vote. The plan shows how we will help secure sufficient energy whilst cutting emissions, increasing the production of renewable energy and developing value chains to help our customers decarbonize. The energy transition plan provides an overview of specific measures and goals and is based on the strategy we presented last summer.

在我們的股東大會上，我們的投資者將有機會通過諮詢投票支持我們的能源轉型計劃。該計劃展示了我們將如何幫助確保充足的能源，同時減少排放、增加可再生能源的產量和發展價值鏈以幫助我們的客戶脫碳。能源轉型計劃概述了具體措施和目標，並以我們去年夏天提出的戰略為基礎。

We have seen good industrial progress in the quarter within all three strategic areas. On the Norwegian continental shelf, the fifth and final platform was installed at Johan Sverdrup and Njord A is back on the field. Both are on track for start-up in the fourth quarter. And so far this year, we have announced two commercial discoveries, both close to infrastructure in the Troll/Fram area.

本季度我們在所有三個戰略領域都看到了良好的工業進步。在挪威大陸架上，第五個也是最後一個平台安裝在 Johan Sverdrup，Njord A 又回到了現場。兩者都有望在第四季度啟動。今年到目前為止，我們已經宣布了兩個商業發現，都靠近 Troll/Fram 地區的基礎設施。

Within Renewables, our large projects are progressing well, with Empire Wind passing several milestones in the quarter and Dogger Bank starting offshore construction with laying the export cables. The Hywind Tampen turbines are currently being assembled and is on track for startup in the third quarter.

在可再生能源領域，我們的大型項目進展順利，Empire Wind 在本季度通過了幾個里程碑，Dogger Bank 開始海上建設並鋪設出口電纜。 Hywind Tampen 渦輪機目前正在組裝中，並有望在第三季度啟動。

Low carbon solutions are progressing well, with the Northern Lights project that will be the first commercial plant for CO2 storage with capacity for 1.5 million tonnes per year. We are in discussion with potential industrial customers to develop Phase 2 of Northern Lights, taking the capacity to 5 to 6 MTPA. And we were recently awarded two operatorships for CO2 licenses on NCS. The largest, Smeaheia, where our share is 100%, will have capacity to store 20 million tonnes of CO2 per year, and this equals around 40% of all of Norway's current CO2 emissions. And with this, we can help our customers and societies decarbonize and successfully achieve their climate ambitions.

低碳解決方案進展順利，北極光項目將成為首個二氧化碳儲存商業工廠，年產能為 150 萬噸。我們正在與潛在的工業客戶討論開發北極光的第二階段，將產能提高到 5 到 6 MTPA。我們最近獲得了兩項 NCS 二氧化碳許可證的運營商資格。最大的 Smeaheia，我們的份額為 100%，每年將有能力儲存 2000 萬噸二氧化碳，這相當於挪威目前所有二氧化碳排放量的 40% 左右。有了這個，我們可以幫助我們的客戶和社會脫碳並成功實現他們的氣候雄心。

In the quarter, we delivered very strong financial results with -- driven by high prices of both oil and gas, but also supported by strong operational performance. The high cash flow strengthens our balance sheet, and in these uncertain times, we use this to build resilience. At our capital market update, we announced a significant step up in our capital distribution, and now we are delivering on this. Based on the continued strong prices from second half of 2021 and earnings in the quarter, the Board has decided on a cash dividend of $0.20 per share and an extraordinary cash dividend of $0.20 per share. Subject to approval at the AGM, we proposed a second tranche of the share buyback program of $1.33 billion, in line with the level communicated at CMU of up to $5 billion in 2022. With this capital distribution, we balance investing in the energy transition at the same time as we deliver competitive returns to our shareholders.

本季度，在石油和天然氣價格高企的推動下，我們實現了非常強勁的財務業績，同時也受到了強勁運營業績的支持。高現金流加強了我們的資產負債表，在這些不確定的時期，我們利用它來建立彈性。在我們的資本市場更新中，我們宣布了在資本分配方面的重大進步，現在我們正在實現這一目標。基於 2021 年下半年持續強勁的價格和本季度的收益，董事會決定派發每股 0.20 美元的現金股息和每股 0.20 美元的特別現金股息。待年度股東大會批准後，我們提出了 13.3 億美元的第二批股票回購計劃，與 CMU 傳達的 2022 年高達 50 億美元的水平一致。通過這種資本分配，我們平衡了對能源轉型的投資同時，我們為股東提供有競爭力的回報。

The 12-month average serious incident frequency is 0.5. Most incidents are associated with dropped objects and lifting operations. The total recordable injury frequency for the past 12 months is 2.4, and we continue to work systematically to find root causes and understand why incidents occur and learn from this.

12 個月的平均嚴重事件頻率為 0.5。大多數事件與掉落的物體和起重操作有關。過去 12 個月的總可記錄傷害頻率為 2.4，我們將繼續系統地尋找根本原因並了解事故發生的原因並從中吸取教訓。

We delivered a strong operational performance for oil and gas and electricity. Our equity production for hydrocarbons totaled 2,106,000 BOE per day, and adjusted for the sale of Bakken, the production is stable from the first quarter of last year. We have a high production efficiency with low unplanned losses while also taking several steps to increase production of gas to Europe. On NCS, the effect of this is clear with a 10% increase of gas production. Martin Linge is approaching full capacity and contributes strongly.

我們在石油、天然氣和電力方面取得了強勁的運營業績。我們的碳氫化合物權益產量總計每天 2,106,000 BOE，並根據 Bakken 的銷售進行調整，產量與去年第一季度相比保持穩定。我們的生產效率高，計劃外損失低，同時還採取了幾個步驟來增加對歐洲的天然氣產量。在 NCS 上，其效果很明顯，天然氣產量增加了 10%。 Martin Linge 正在接近滿負荷狀態，並做出了巨大的貢獻。

Our U.S. production is lower than last year, mainly due to the sale of Bakken and reduction in the drilling and completion activity onshore when the pandemic started. And in Brazil, the production from the first wells in the Roncador IOR project started, an important milestone for improved recovery on the field.

我們在美國的產量低於去年，主要是由於大流行開始時出售 Bakken 以及減少陸上鑽井和完井活動。在巴西，Roncador IOR 項目的第一口井開始生產，這是提高油田採收率的重要里程碑。

Our electricity production from renewables is up 13% compared to the same quarter last year to 511 gigawatt hours. The main contributor to the increase is the solar plant in Argentina, but with solid operations and better wind conditions, our offshore wind farms also increased their production.

與去年同期相比，我們的可再生能源發電量增加了 13%，達到 511 吉瓦時。增長的主要貢獻者是阿根廷的太陽能發電廠，但憑藉穩健的運營和更好的風力條件，我們的海上風電場也增加了產量。

Our adjusted earnings totaled $18 billion and $5.2 billion after tax. IFRS net operating income ended at $18.4 billion and IFRS net income at $4.7 billion. Energy prices increased in the quarter and so too did prices for electricity and CO2. In the quarter, we see impact on our costs through the higher CO2 costs, both for the EPS quotas and the Norwegian CO2 tax. In addition, higher electricity prices affect some of our plants, such as Tjeldbergodden and Mongstad. That being said, we have also seen the effect of higher electricity prices in our offshore wind farms that are exposed to the market price and good power trading results from Danske Commodities.

我們調整後的收益總計 180 億美元和 52 億美元的稅後收益。 IFRS 淨營業收入為 184 億美元，IFRS 淨收入為 47 億美元。本季度能源價格上漲，電力和二氧化碳價格也上漲。在本季度，我們看到更高的二氧化碳成本對我們的成本產生了影響，包括每股收益配額和挪威二氧化碳稅。此外，較高的電價影響了我們的一些工廠，例如 Tjeldbergodden 和 Mongstad。話雖如此，我們也看到了受市場價格影響的海上風電場電價上漲的影響，以及 Danske Commodities 的良好電力交易結果。

So in a world with increased inflationary pressure and high commodity prices, we follow the cost development in our operations and supply chains closely. Also, the electricity prices are closely linked to the high gas prices, and the gas price was indeed a strong driver of our results.

因此，在通脹壓力加大和商品價格高企的世界中，我們密切關注運營和供應鏈的成本發展。此外，電價與高油價密切相關，而天然氣價格確實是我們業績的強大推動力。

For our Norwegian upstream business, the average realized price was $140 per barrel of oil equivalent. High commodity prices are the main reason for the reversal of impairments in the quarter. In the U.S., our impairment reversals totaled $532 million, and a total of $817 million is reversed on the NCS. Including impairments of $1.1 billion as a consequence of exiting Russia, the net reversal of impairments is $266 million. The tax rate in the quarter is around 71% due to very strong results on the Norwegian Continental Shelf.

對於我們的挪威上游業務，平均實現價格為每桶石油當量 140 美元。大宗商品價格高企是本季度減值逆轉的主要原因。在美國，我們的減值轉回總額為 5.32 億美元，NCS 轉回總額為 8.17 億美元。包括因退出俄羅斯而造成的 11 億美元減值，淨減值轉回為 2.66 億美元。由於挪威大陸架的強勁業績，本季度的稅率約為 71%。

And now over to the segments. Our Norwegian upstream business had a record quarter with more than $16 billion in adjusted earnings before tax. EPN has successfully increased production and managed costs at a time when reliable supply is even more important. And our international upstream business outside the U.S. delivered strong results as well with adjusted earnings of more than $1 billion before tax.

現在轉到細分市場。我們的挪威上游業務創下了一個創紀錄的季度，調整後的稅前收益超過 160 億美元。在可靠供應變得更加重要的時候，EPN 成功地提高了產量並控制了成本。我們在美國以外的國際上游業務也取得了強勁的業績，調整後的稅前收益超過 10 億美元。

The U.S. upstream business, delivered high results even with somewhat lower production with adjusted earnings of more than $700 million before tax. And remember, we now benefit from tax loss carryforwards from previous periods. We are also benefiting from the long-term improvement work done and see improvements in the underlying costs here.

美國上游業務即使在產量有所下降的情況下也取得了不錯的業績，調整後的稅前利潤超過 7 億美元。請記住，我們現在受益於前一時期的稅收損失結轉。我們也從所做的長期改進工作中受益，並在此處看到基本成本的改善。

The Midstream and Marketing segment delivered adjusted earnings of $22 million. Also in this quarter, MMP recognized losses following different price hedging mechanisms and contracts entered into in periods with lower prices. Again, the positive effect of hedging bilateral contracts is recognized in internal price achieved by our upstream businesses. Within our reported numbers, MMP's results is, however, also strengthened by good trading results, including strong results from Danske Commodities.

中游和營銷部門的調整後收益為 2200 萬美元。同樣在本季度，MMP 根據不同的價格對沖機制和在較低價格期間簽訂的合同確認了虧損。再次，對沖雙邊合同的積極影響體現在我們上游業務實現的內部價格中。然而，在我們報告的數據中，MMP 的業績也因良好的交易業績而得到加強，包括 Danske Commodities 的強勁業績。

Our Renewables business posted a negative result of $10 million, whereas the result -- the adjusted result from our producing facilities totaled $47 million. Only a few of our offshore wind farms are exposed to market prices, and these benefited from higher electricity prices. We are progressing the rapid development of the renewable portfolio, and the high activity level reduces the result of the segment.

我們的可再生能源業務公佈了 1000 萬美元的負面結果，而結果——我們生產設施的調整結果總計 4700 萬美元。我們只有少數海上風電場受到市場價格的影響，而這些都受益於更高的電價。我們正在推進可再生能源投資組合的快速發展，而高活動水平降低了該細分市場的業績。

Our cash flow from operations totals more than $20 billion. In the quarter, taxes paid for the Norwegian continental shelf totaled $4.1 billion, being one of the three remaining installments based on 2021 results, leaving two remaining installments for the second quarter of a total of more than $8 billion. In the second half of the year, our taxes on NCS will be based on the 2022 earnings.

我們的運營現金流總額超過 200 億美元。本季度，為挪威大陸架繳納的稅款總額為 41 億美元，是基於 2021 年結果的剩餘三期稅款之一，第二季度剩餘兩期稅款總額超過 80 億美元。下半年，我們對 NCS 的稅收將基於 2022 年的收益。

Cash to capital distribution in the quarter is just over $1 billion. This includes the third quarter dividend and the market share of the share buybacks executed in the first quarter. The government share of the share buybacks conducted in 2021 and beginning of 2022 will be paid for in the third quarter. At our Capital Markets Day, we announced a significant step-up in capital distribution. Also, this will be part of our cash flow in the second quarter.

本季度的現金資本分配剛剛超過 10 億美元。這包括第三季度的股息和第一季度執行的股票回購的市場份額。 2021 年和 2022 年初進行的股票回購的政府份額將在第三季度支付。在我們的資本市場日，我們宣布大幅增加資本分配。此外，這將成為我們第二季度現金流的一部分。

We maintain our strict capital discipline, and as mentioned, we follow the cost development in our projects closely. And supported by this, our net cash flow ended at $12.7 billion. This strengthens our balance sheet substantially. With the market movements we have seen over the last few years and the current uncertainty in energy markets as well as upcoming cash payments, it's a good time to retain this strong balance sheet position with more cash than debt.

我們保持嚴格的資本紀律，並且如前所述，我們密切關注項目的成本發展。在此支持下，我們的淨現金流以 127 億美元結束。這大大加強了我們的資產負債表。隨著我們在過去幾年中看到的市場走勢以及能源市場當前的不確定性以及即將到來的現金支付，現在是保持這種強勁的資產負債表頭寸的好時機，現金多於債務。

It's not long since our Capital Market Update and our strategy remains firm and we made no changes to our guiding. We expect to invest around $10 billion on average this year and next, contributing to new production of energy for energy security as well as accelerating the transition towards low-carbon energy sources.

不久之後我們的資本市場更新和我們的戰略仍然堅定，我們沒有改變我們的指導。我們預計今明兩年平均投資約 100 億美元，為能源安全的新能源生產和加速向低碳能源轉型做出貢獻。

And with that, I'll round off here and open up for questions. But before we open up for questions, I will also mention that I've got my team here, as Peter said, including Svein Skeie, who's currently heading up our Performance Management and Risk. Svein has been heading up Performance Management and Risk and answering analysts' questions for [more than] (corrected by company after the call) 44 quarters and including as CFO. So with that level of experience, it's great to see him moving on now into one of our businesses, joining MMP as SVP for new value chains from the 1st of June. And I'm sure a lot of people will pass on their best, Svein, but I'll do so here, and look forward to working with you in your new role, Svein. So thank you. Thanks. And we'll hand over to questions, Peter.

有了這個，我將在這裡結束並提出問題。但在我們提出問題之前，我還要提到我的團隊在這裡，正如彼得所說，包括 Svein Skeie，他目前正在領導我們的績效管理和風險。 Svein 一直在領導績效管理和風險，並在超過 44 個季度（包括擔任首席財務官）回答分析師的問題（在電話會議後由公司更正）。因此，憑藉這樣的經驗，很高興看到他現在進入我們的一項業務，從 6 月 1 日起加入 MMP 擔任新價值鏈的高級副總裁。我相信很多人都會發揮他們最好的一面，Svein，但我會在這裡這樣做，並期待在你的新角色中與你合作，Svein。所以謝謝。謝謝。我們將移交問題，彼得。

I do the same, and then we'll pass over back to Natalie to open up for questions.

我也這樣做，然後我們將轉回給 Natalie 提出問題。

(Operator Instructions) And the first question is from the line of Biraj Borkhataria from RBC.

（操作員說明）第一個問題來自 RBC 的 Biraj Borkhataria。

Two please. The first one is on your European gas sales. For Q2, and if you can answer for 2022, I just noticed there's quite a big divergence between NBP and TTF, just to help us model going forward. Are you able to give -- or let us know whether your European gas sales are weighted more towards NBP or TTF in the short term? And if you can provide a rough split, that would be helpful, too.

請給兩個。第一個是關於您的歐洲天然氣銷售。對於第二季度，如果你能回答 2022 年的問題，我只是注意到 NBP 和 TTF 之間存在很大差異，只是為了幫助我們繼續建模。您能否給予 - 或者讓我們知道您的歐洲天然氣銷售在短期內是否更偏向於 NBP 或 TTF？如果你能提供一個粗略的拆分，那也會很有幫助。

And the second question is on your distributions to shareholders. I understand there's no change in the plan today, but it's not surprising, given you just laid out the plan in February. But you're obviously in an extremely strong cash position, and CapEx guidance is also relatively modest versus history. Should we assume that you'll only review your distribution framework on an annual basis alongside full year results? Or will you look to review it maybe twice a year like some of your peers?

第二個問題是關於你對股東的分配。我知道今天的計劃沒有變化，但這並不奇怪，因為你剛剛在 2 月份制定了計劃。但你顯然處於非常強勁的現金狀況，而且資本支出指導與歷史相比也相對溫和。我們是否應該假設您只會在年度結果的基礎上審查您的分配框架？或者您是否會像您的一些同行一樣每年審查兩次？

Thank you very much, Biraj. Great questions. I'll start with the first one. And I won't give you a split here, I'm afraid, because it isn't fixed. And we haven't -- we've got significant flexibility, both here on physical delivery and trading between the two. And with direct volumes, we see more value to be made here and making the right choices. So it's an attractive source of value and commercially sensitive, so I'm afraid we won't disclose that.

非常感謝你，比拉傑。好問題。我將從第一個開始。恐怕我不會在這裡給你一個分裂，因為它不是固定的。而且我們還沒有——我們在實物交割和兩者之間的交易方面都有很大的靈活性。通過直接交易量，我們看到在這裡可以做出更多價值並做出正確的選擇。所以它是一個有吸引力的價值來源和商業敏感性，所以恐怕我們不會透露這一點。

On your second question on distribution, you're completely right. We just laid out our capital distribution. It was a big step we took in February. But we will stick to our capital distribution policy, as we've laid it out, which is reviewing where we are depending on the circumstances in the market and where we are. And we do that on a quarterly basis, where we are at the moment, and in this quarter, we have assessed to stay where we are, given the volatility, but we will also do so in the second quarter and onwards. So we will keep on doing that throughout the year.

關於分發的第二個問題，您是完全正確的。我們剛剛列出了我們的資本分配。這是我們在二月份邁出的一大步。但我們將堅持我們的資本分配政策，正如我們所製定的那樣，根據市場情況和我們所處的位置來審查我們所處的位置。我們每季度這樣做一次，我們目前所處的位置，在本季度，鑑於波動性，我們已經評估保持現狀，但我們也將在第二季度及以後這樣做。因此，我們將全年繼續這樣做。

Okay. Understood. Can I just follow up on the first one? I don't want to press it too hard, but I'd be interested to get your thoughts on whether you see any fundamental reason for the disconnect as seen today outside of kind of regional differentials in storage between NBP versus TTF? Any thoughts on that would be appreciated.

好的。明白了。我可以跟進第一個嗎？我不想把它壓得太緊，但我很想知道你是否認為除了 NBP 與 TTF 之間的存儲區域差異之外，你是否看到任何根本原因導致斷開連接？對此的任何想法將不勝感激。

I think at high level -- I mean we do see differences, but whether they're fundamental and staying in restraint, that sort of gets taken into the sort of our thoughts and our positions. But of course, we are seeing opportunities here, but it's just there are some differences, and we seek to get a longer-term view of those and take the opportunities as they come along. But I won't share the very details behind that here.

我認為在高層次上——我的意思是我們確實看到了差異，但無論它們是基本的還是保持克制，這都會被納入我們的想法和立場。但是，當然，我們在這裡看到了機會，但只是存在一些差異，我們尋求對這些有更長遠的看法，並抓住機會。但我不會在這里分享背後的細節。

The next question is from the line of Oswald Clint from Bernstein.

下一個問題來自 Bernstein 的 Oswald Clint。

Svein, good luck to the new role. Look forward to seeing what these new value businesses are. Ulrica, so just on the topic of very sizable cash levels on the balance sheet. I know you mentioned uncertainty, resilience. But I wanted to ask you, just the appetite here to perhaps accelerate perhaps inorganically in some of the markets where you're seeing faster growth. But pointedly around natural gas, but specifically LNG. And whether the Board thinks or reviews or talks about should Equinor be bigger in the LNG value chain, whether that comes with participating in some new future green fields or some of the smaller companies who are building some of these? Is that something that you discuss or think might be kind of future business opportunity for Equinor?

Svein，祝新角色好運。期待看到這些新的價值業務是什麼。 Ulrica，所以只是關於資產負債表上非常可觀的現金水平的話題。我知道你提到了不確定性，彈性。但我想問你，這裡的胃口可能會在一些你看到更快增長的市場中以無機方式加速。但有針對性地圍繞天然氣，但特別是液化天然氣。董事會是否認為、審查或討論 Equinor 是否應該在液化天然氣價值鏈中變得更大，無論是參與一些新的未來綠地還是一些正在建設其中一些的小公司？您討論或認為這可能是 Equinor 未來的商業機會嗎？

And then the second question, just you mentioned monitoring inflation across the business. I mean there is talk here around U.S. steel costs and how it might affect U.S. offshore wind. Your partner yesterday was talking about being big enough to hedge steel and also to extract cost reduction synergies, and didn't feel to be too concerned about some of the news flow. So I wanted to get your comments or your thought process around protecting some of the big offshore wind developments that you're currently still building.

然後是第二個問題，剛才您提到了監控整個企業的通貨膨脹。我的意思是這裡有關於美國鋼鐵成本以及它如何影響美國海上風電的討論。您的合作夥伴昨天談到要大到足以對沖鋼鐵並提取成本降低協同效應，並且對一些新聞流感到不太關心。因此，我想就保護您目前仍在建設的一些大型海上風電開發項目徵求您的意見或您的思考過程。

Great. Thank you so much, Oswald. The first question on LNG and -- well, more in general, first, I think, in terms of reviewing capital expenditure. I think what are you reviewing investment opportunities. The best place for us to invest our money is back in the business for future revenue stream. And how we prioritize and invest those is clearly, in general, outlined by our strategy. Within that, in an environment like this, we have to make sure we understand that we've got the right velocity. And we will be searching for those opportunities that fit into the framework that we've laid out. And we will be doing that across the portfolio.

偉大的。非常感謝你，奧斯瓦爾德。關於液化天然氣的第一個問題——嗯，更籠統地說，首先，我認為，在審查資本支出方面。我想你在審查什麼投資機會。對我們來說，投資資金的最佳地點是回到業務中以獲得未來的收入來源。總的來說，我們的戰略清楚地概述了我們如何優先考慮和投資這些。在這種情況下，在這樣的環境中，我們必須確保我們了解我們擁有正確的速度。我們將尋找適合我們制定的框架的機會。我們將在整個投資組合中這樣做。

When it comes to LNG, we have a high exposure to LNG, and I think we're the largest seller to Europe. And we basically have a good position there already. We're overall sort of reviewing the overall position. But if -- what's happening here long term is one thing, in terms of how you then invest long term and quickly to react to the short-term market forces is the hard challenge. But we'll be keeping on across -- looking across the portfolio to see if there's anything that fits in with the direction we've already set.

在液化天然氣方面，我們對液化天然氣的敞口很高，我認為我們是歐洲最大的賣家。我們基本上已經在那裡有一個很好的位置。我們正在全面審查整體立場。但是，如果長期這裡發生的事情是一回事，那麼就您如何進行長期投資並迅速對短期市場力量做出反應而言，這是一項艱鉅的挑戰。但我們將繼續前進——查看整個投資組合，看看是否有任何符合我們已經設定的方向的東西。

And the second question is around inflation. I'd say -- and steel, et cetera. We are clearly monitoring it closely, as you say. And we do see some sort of costs coming up and as do everyone else. Of course, in our short-term already sanctioned projects, we have fairly strong positions. And we've been -- we've locked in our rates for that. In the longer outer year, a bit more exposed, but we will be drawing our -- in all of these categories, we've got a clear view of what's going on and how it impacts our contracts, how it impacts our products and working deeply with the suppliers, to be honest, firstly, secure the supply, and then secondly, secure the right prices.

第二個問題是關於通貨膨脹的。我會說——還有鋼鐵等等。正如你所說，我們顯然正在密切監視它。我們確實看到了某種成本的上升，其他所有人也是如此。當然，在我們已經批准的短期項目中，我們有相當強的立場。而且我們一直 - 我們已經為此鎖定了利率。在更長的外部年份，暴露更多，但我們將繪製我們的 - 在所有這些類別中，我們清楚地了解正在發生的事情以及它如何影響我們的合同，它如何影響我們的產品和工作與供應商深入交流，老實說，首先，確保供應，其次，確保合適的價格。

So we are monitoring it closely, but we do feel that we need to stay ahead, and we are ahead by having some contracted in already. And then we are starting to working now on the outer contracts So closely monitoring, seeing the trends, but not overly concerned, but we are seeing it coming into our books slowly.

因此，我們正在密切關注它，但我們確實認為我們需要保持領先地位，而且我們已經簽約了一些。然後我們現在開始著手處理外部合同，如此密切地監控，觀察趨勢，但並不過分擔心，但我們看到它慢慢地進入我們的賬簿。

The next question is from the line of Mehdi Ennebati from Bank of America.

下一個問題來自美國銀行的 Mehdi Ennebati。

So two questions, please. First one, maybe on your U.S. gas production in the Marcellus. Can you please tell us what you are expecting regarding that U.S. gas production trend? Or maybe can you just remind us how many -rigs do you currently have in the Marcellus? And how many rigs do you expect to get by the end of year, just for us to try to measure your exposure to that growing natural gas price.

請教兩個問題。第一個，也許是關於你在馬塞勒斯的美國天然氣生產。您能否告訴我們您對美國天然氣生產趨勢的預期？或者您能否提醒我們您目前在 Marcellus 擁有多少台鑽機？以及您預計到年底將獲得多少台鑽機，只是為了讓我們嘗試衡量您對不斷增長的天然氣價格的影響。

The second question is about your taxation in Norway. Is it fair to consider that, as usual, you will pay roughly twice the tax level in Q2 compared to Q1? Or should I take into account anything particular this quarter, just to make sure I'm not missing anything.

第二個問題是關於您在挪威的稅收。像往常一樣，考慮到您將在第二季度支付大約是第一季度的兩倍稅收水平是否公平？或者我應該考慮本季度的任何特殊情況，以確保我沒有遺漏任何東西。

And maybe just a small follow-up on that, the correlation between NBP and TTF. I understand that you don't want to tell us what it is currently, et cetera. But would you be able to tell us for last year, what was the portion of your European gas production that you were sending to the U.K., please?

也許只是一個小的後續行動，NBP 和 TTF 之間的相關性。我知道你不想告訴我們它目前是什麼，等等。但是，您能否告訴我們去年，您向英國輸送的歐洲天然氣產量是多少？

Thank you. I think that was three questions. I'll start with the tax in Norway. And in terms of installments, it's the same pattern as you've seen in the past. You shouldn't expect anything different from what it's been in the past.

謝謝你。我認為這是三個問題。我將從挪威的稅收開始。就分期付款而言，它與您過去看到的模式相同。你不應該期待與過去有什麼不同。

With regards to the U.S. gas and Marcellus, I'll -- we've got production -- let me see. I'll hand over to Svein to answer that question.

關於美國天然氣和馬塞勒斯，我會——我們有生產——讓我看看。我將交給 Svein 來回答這個問題。

Yes. In general, on the U.S. onshore production, of course, this quarter compared to last year, the main impact coming then from Bakken, the oil part that we divested. But also in the Appalachian part of it. We see that there have been some natural decline there. We took down activity in the COVID period and took that down on our operated part and didn't have any rigs on that front. But also the non-op, both the north and south has also been taken down.

是的。總的來說，在美國陸上生產方面，當然，與去年相比，本季度主要影響來自巴肯，我們剝離的石油部分。但也在它的阿巴拉契亞部分。我們看到那裡有一些自然下降。我們在 COVID 期間取消了活動，並在我們運營的部分取消了活動，並且在這方面沒有任何鑽機。但也是非操作，無論是南北，也都被拿下了。

However, what we see now is that activity is coming up again. So currently, there are 4 rigs in some over the north and south that is drilling. And by that, we also expect now during the year that the production in the Appalachian will then start to pick up as a result of that one.

然而，我們現在看到的是，活動又來了。因此，目前，在北部和南部的一些地區有 4 座鑽井平台正在鑽探。到那時，我們現在還預計，今年阿巴拉契亞山脈的產量將因此而開始回升。

Thank you, Svein.

謝謝你，斯文。

When do you expect the production to pick up in the U.S.? Should we expect end of year or more end of this year?

您預計美國的生產何時會回升？我們應該期待今年年底還是更多年底？

It will gradually start to come back. We are now putting the DUCs in, the drilled, uncompleted. Those are the ones coming in firstly. And then you do the drilling and do the completions and then it comes gradually as during the year.

它會逐漸開始恢復。我們現在將 DUC 放入已鑽孔的未完成狀態。那些是最先進來的。然後你進行鑽探並完成完井，然後就像一年中一樣逐漸進行。

Very good. Thank you, Svein. And on the split, we can't supply. It's commercially sensitive for the -- even for the last year. Thank you.

很好。謝謝你，斯文。在拆分時，我們無法提供。它對商業敏感——即使在去年也是如此。謝謝你。

The next question is from the line of Lydia Rainforth from Barclays.

下一個問題來自巴克萊銀行的 Lydia Rainforth。

I have two questions. Actually, it's probably going to be three. Svein, I thought we have seen 11 years within that. Just in terms of the operational side, where -- what do you think has been the biggest change since you've been in that role? And where are the improvements still left to come within the business? And then I was just curious as to what the new value chain within the MMP that you're looking to develop?

我有兩個問題。實際上，它可能會是三個。 Svein，我以為我們已經看到了 11 年。就運營方面而言，您認為自從您擔任該職位以來最大的變化是什麼？企業內部還有哪些改進需要改進？然後我很好奇您希望開發的 MMP 中的新價值鍊是什麼？

And then secondly, if I could just pick up on Mehdi, I think. I'm not quite sure if I'm pronouncing that right. Just 20 million tonnes is a big number. Just give us the time frame on that kind of whether you're thinking about inorganic versus organic opportunities, whether that kind of -- that's enough in terms of how you want to develop that CO2 business, again, the willingness to pay for it.

其次，如果我能接受 Mehdi，我想。我不太確定我的發音是否正確。只有2000萬噸是一個很大的數字。只需給我們一個時間框架，您是否在考慮無機與有機機會，就您希望如何發展二氧化碳業務而言，是否就足夠了，再次，願意為此付費。

Thank you very much, Lydia. And I'll start with handing over to Svein for the first 2 questions.

非常感謝你，莉迪亞。我將首先將前 2 個問題交給 Svein。

Thanks a lot, Lydia. Reflecting over on that one, I think if you look now at the operational performance with the production efficiencies, the things that we have been able and to do over the years by bringing down unplanned losses quite a bit and then being able then to, in this quarter, as one example, high and reliable production. That has been a major thing. The huge benefit that we have seen from the integrated operation centers and being able then to deliver on that front.

非常感謝，莉迪亞。回想一下，我認為如果你現在看一下運營績效和生產效率，這些年來我們已經能夠和做的事情是通過減少相當多的計劃外損失然後能夠做到，在以本季度為例，高可靠生產。這是一件大事。我們從集成運營中心中看到了巨大的好處，並且能夠在這方面提供服務。

On the safety side, good performance. The trend coming in there, that has been very good. But then also the portfolio development there and the focus that we have had on the resilience and utilizing the optionality, working with it, bringing down the cost there. That has been an extremely good development over these years.

在安全方面，性能良好。那裡的趨勢非常好。但是還有那裡的投資組合開發以及我們對彈性和利用可選性的關注，與之合作，降低那裡的成本。這些年來，這是一個非常好的發展。

On the new value chain, of course, I will come back further to that one at a later stage, but it's also what we see that it's working then more towards the customers, ensuring the flow's there, looking at the energy that we are selling in totality. That is something that we really, really can work with and will work with in the coming years.

當然，在新的價值鏈上，我將在稍後階段進一步討論，但這也是我們看到的，它對客戶的作用更大，確保流動在那裡，著眼於我們銷售的能量總的來說。這是我們真正、真正可以合作的東西，並且將在未來幾年內合作。

Very good. And I think you had a question around Smeaheia and the CO2 storage. And the ambition around that is to develop the licensing to a 20 MTPA storage solution. And that's for Equinor projects. So clean hydrogen to Europe and H2BE in Belgium, but also for our external customers. And this is -- it is very exciting. It's -- it will enable us to expand our CCS business, which is crucial in succeeding to meet our goals and meeting the climate ambitions for industries that want to store CO2. So this is a big opportunity for us. And you said about investing further into this space. I mean here's a big focus that can really take us forward in that area. And making that happen is going to be a big focus for us going forward.

很好。我想你有一個關於 Smeaheia 和二氧化碳儲存的問題。圍繞這一目標的雄心是開發 20 MTPA 存儲解決方案的許可。這適用於 Equinor 項目。所以清潔氫氣到歐洲和比利時的 H2BE，也為我們的外部客戶。這是 - 這是非常令人興奮的。這是——它將使我們能夠擴展我們的 CCS 業務，這對於成功實現我們的目標和滿足想要儲存二氧化碳的行業的氣候雄心壯志至關重要。所以這對我們來說是一個很大的機會。你說要進一步投資這個領域。我的意思是這是一個很大的焦點，它可以真正帶領我們在該領域取得進展。實現這一目標將成為我們前進的重點。

The next question is from the line of Teodor Nilsen from SB1 Markets.

下一個問題來自 SB1 Markets 的 Teodor Nilsen。

Two questions. First, just on your previous guidance of 15% to 30% net debt to capital employed through the cycle, how should we think about that going forward? Are you moving away from that target leverage ratio?

兩個問題。首先，僅根據您之前的指導，即淨債務佔整個週期所用資本的 15% 至 30%，我們應該如何看待這一點？您是否正在遠離該目標槓桿率？

And my second question is just on supply chain and costs. You already explained that you have seen some cost increases for steel, for example. But I just want to know, are there any particular places in the value chain you see a more tighter supplier market than what you did a couple of years ago, other than just a commodity price effect?

我的第二個問題只是關於供應鍊和成本。您已經解釋過，例如，鋼鐵的成本有所增加。但我只是想知道，除了商品價格效應之外，在價值鏈中，您是否發現供應商市場比幾年前更加緊張？

Thank you, Teodor. And on the 15% to 30% range for our net debt ratio, we are sticking to that. We are in exceptional circumstances at the moment, and the world is very, very volatile. We believe, long term, 15% to 30% is our long-term target for net debt. And we don't have to go back far before we were at the top end of that. A year and a quarter ago, we were above 30%. So this is exceptional times and -- but we're not changing our 15% to 30% net debt ratio. We believe that is the long-term effective way of running the business under normal circumstances.

謝謝你，特奧多爾。在我們的淨債務比率在 15% 到 30% 的範圍內，我們堅持這一點。我們目前處於特殊情況，世界非常非常動盪。我們認為，從長期來看，15% 至 30% 是我們淨債務的長期目標。在我們處於最高端之前，我們不必回到很遠的地方。一年零一個季度前，我們的比例超過了 30%。所以這是非常時期，但我們不會改變 15% 到 30% 的淨債務比率。我們認為這是正常情況下長期有效的經營方式。

You're touching on cost and actually supply constraints. And I think, absolutely right. I mean we do see some costs, higher environmental costs, some higher operational maintenance cost. But really, there is also the other sort of supply chain constraint risk out there. And we do see some of that coming through.

您正在觸及成本和實際供應限制。我認為，完全正確。我的意思是我們確實看到了一些成本，更高的環境成本，一些更高的運營維護成本。但實際上，還存在其他類型的供應鏈約束風險。我們確實看到了其中的一些。

And, I mean, those freight rates have increased again, which means that -- it's mainly a cost, but it also starts impacting the supply chain itself. Engineering and construction, global engineering services, for example, is very tight. The number of FPSOs under construction is the highest in many years. And rigs utilization is fairly high.

而且，我的意思是，這些運費再次上漲，這意味著 - 這主要是成本，但它也開始影響供應鏈本身。例如，工程和建築，全球工程服務非常緊張。在建的FPSO數量是多年來最高的。鑽機利用率相當高。

So there are -- it's not just constrained. It's also very high capacity running on all different areas. And we need to be very, very observant of that and work closely with our suppliers, and this is a little bit why I referred back to not just cost but making sure that the security of supply is as high on our list as the cost of supply. So yes, we do see a tight market in many areas and depth -- deep supplier relationships is what we feel is going to be needed to get through this for both sides.

所以有 - 它不僅僅是受限制的。它在所有不同區域的運行能力也非常高。我們需要非常非常注意這一點，並與我們的供應商密切合作，這就是為什麼我不僅提到成本，而且要確保供應安全在我們的清單上與成本一樣高。供應。所以是的，我們確實在許多領域和深度看到了一個緊張的市場——我們認為需要建立深厚的供應商關係才能讓雙方都能度過難關。

The next question is from the line of Alastair Syme from Citi.

下一個問題來自花旗的 Alastair Syme。

Two questions. You talked about Norwegian tax payments in the second quarter, but would you care to make any comments about an early view on how you think those will come second half? And then secondly, the decision to raise gas up at Oseberg and Troll, my understanding that these were geological considerations. So other than the gas price, what's really changed to allow those capacities to be raised?

兩個問題。您談到了挪威第二季度的納稅問題，但您是否願意就您認為下半年將如何支付的早期看法發表任何評論？其次，決定在 Oseberg 和 Troll 開採天然氣，我的理解是這些都是地質考慮。那麼除了汽油價格之外，為了提高這些容量，真正發生了什麼變化？

Thank you. And when it comes to the first question, Alastair, I'm -- we won't be giving any guidance on that because that would be giving guidance into the second quarter, and we'll be coming on to that in a quarter. So I won't be doing that now, but it will come a little bit later.

謝謝你。當談到第一個問題時，阿拉斯泰爾，我 - 我們不會就此提供任何指導，因為那將在第二季度提供指導，我們將在一個季度內進行討論。所以我現在不會這樣做，但稍後會出現。

So in terms of Oseberg and Troll and the business cases behind that, it is -- I mean you're absolutely correct. It's a deep assessment as to what's right and what's the right economics and possibility from a gas versus -- export versus injection point of view. And every site has got its own specific features, and there will be a business case for each. And of course, at different price ranges, it will look different.

所以就 Oseberg 和 Troll 以及其背後的商業案例而言，它是 - 我的意思是你是絕對正確的。從天然氣與出口與註入的角度來看，這是對什麼是正確的，什麼是正確的經濟性和可能性的深入評估。每個站點都有自己的特定功能，並且每個站點都會有一個商業案例。當然，在不同的價格範圍內，它看起來會有所不同。

And so we are basing this on an ongoing basis on business cases that we will then reassess as we move forward, depending on the overall environment as well as the specific geological sort of features of that site, if that makes sense.

因此，我們將持續基於商業案例，然後根據整體環境以及該站點的特定地質類型特徵（如果有意義的話），我們將在前進的過程中重新評估這些案例。

The next question is from the line of Yoann Charenton from Societe Generale.

下一個問題來自法國興業銀行的 Yoann Charenton。

Congrats, Svein, on the new role. I understand it is sensitive to discuss this divergence in pricing comparing NBP to Continental Europe and benchmarks, so I won't ask about physical flows. But are you able to tell us if Equinor has taken paper position to mitigate the spread?

恭喜 Svein 擔任新角色。我知道討論將 NBP 與歐洲大陸和基准進行比較的定價差異很敏感，因此我不會詢問實物流量。但是您能否告訴我們 Equinor 是否已採取書面立場來緩解價差？

Second question, looking at the organic CapEx figures that was reported in the first quarter, just trying to understand because, I mean, indeed, it is down year-on-year despite higher full year guidance for the year than for 2022. Are you able to explain what are the drivers behind this low number? And can you provide a sort of ramp-up schedule throughout the year? Or we should look at basically organic CapEx ramping up?

第二個問題，看看第一季度報告的有機資本支出數據，只是想了解一下，因為我的意思是，儘管今年全年指引高於 2022 年，但它確實同比下降。你是能夠解釋這個低數字背後的驅動因素是什麼？你能提供一種全年的加速計劃嗎？或者我們應該看看基本的有機資本支出增加？

Very good. Now -- and on your first question, Yoann, I cannot tell you what our strategic positions are, and we have shared that we do take them at time to time. But I can't share with you what they are.

很好。現在——關於你的第一個問題，Yoann，我不能告訴你我們的戰略立場是什麼，我們已經分享了我們確實不時採取這些立場。但我不能和你分享它們是什麼。

And Peter, you can add to that.

彼得，你可以補充一下。

Just to save further time on the call. These are commercially sensitive positions. We trade around these. It gives our positions away. So it's nothing that we -- we've got interest in giving full disclosure, but not when it's going to compromise our trading position. So keep trying, but we can't give an answer on this one, I'm afraid.

只是為了節省更多的通話時間。這些是商業敏感的職位。我們圍繞這些進行交易。它暴露了我們的立場。因此，我們無關緊要——我們有興趣進行全面披露，但在這會損害我們的交易頭寸時不會。所以請繼續嘗試，但恐怕我們無法就這個問題給出答案。

And on the CapEx question, we have -- it's fairly normal levels, where we are at the moment. And we have a gross CapEx of $2.2 billion on that. And it's where we expect it to be. It will raise a little bit, as guided, to the end of the year. So we will come back towards the annual figure that we quoted and also will reflect, as we go along, increased activity rates on REN projects as we're coming through the year. So it's a little bit maybe back-ended from a phasing point of view, but we -- this is pretty much normal levels.

在資本支出問題上，我們有 - 這是我們目前所處的相當正常的水平。我們的總資本支出為 22 億美元。這正是我們所期望的。按照指導，它會在今年年底前稍微提高一點。因此，我們將回到我們引用的年度數據，並且隨著我們的進展，隨著我們一年的到來，REN 項目的活動率增加。所以從分階段的角度來看，這可能有點落後，但我們 - 這幾乎是正常水平。

And we are quite happy with this level of investment at the moment as well because, again, we get to -- we know what we need to go after. We want to deliver it in full before we're rushing into doing more that we can't -- biting off more than we can chew. So happy with the level, and it will ramp up a little bit due to the activity rates in REN for the rest of this year.

我們目前也對這種水平的投資感到非常滿意，因為我們再次得到 - 我們知道我們需要追求什麼。我們希望在我們急於做更多我們不能做的事情之前完全交付它 - 咬得比我們能咀嚼的更多。對這個水平非常滿意，並且由於今年剩餘時間 REN 的活動率，它會略微上升。

The next question is from the line of John Olaisen from ABG.

下一個問題來自 ABG 的 John Olaisen。

I noticed that you have reported what seems like full production from Russia in Q1. I just wondered, have you also booked revenues? And also, how about going forward in Q2 and for the rest of the year? Will you be able to -- will you report production revenues or ownership in these assets or not? And what will actually happen with your Russian assets? Do you presume they are gone forever? Or are you trying to sell those assets? Or what will actually happen, please, a little bit about the Russian assets, please?

我注意到您報告了第一季度俄羅斯的全面生產。我只是想知道，您是否也記錄了收入？此外，如何在第二季度和今年餘下時間繼續前進？您是否能夠報告這些資產的生產收入或所有權？你的俄羅斯資產實際上會發生什麼？你認為他們永遠消失了嗎？還是您想出售這些資產？或者實際上會發生什麼，請稍微介紹一下俄羅斯資產？

Yes, thank you. So as I sort of briefly mentioned before, our decision to exit Russia, we took on the 27th of February, and we're in the process now to exit those assets. And since then, we have stopped all investments into Russia after that date. And we took an impairment this quarter of over $1 billion. And there is, therefore -- given that we stopped all trading with oil products from Russia, there is nothing more to come in from a production point of view, from a revenue point of view or a cost point of view into our results going forward.

是的，謝謝。因此，正如我之前簡要提到的，我們決定退出俄羅斯是在 2 月 27 日，我們現在正在退出這些資產。從那以後，我們停止了對俄羅斯的所有投資。我們在本季度進行了超過 10 億美元的減值。因此，鑑於我們停止了與俄羅斯石油產品的所有貿易，從生產的角度，從收入的角度或成本的角度來看，我們未來的業績沒有更多的可取之處.

From Q2, you will not report production from Russia. Is that...

從第二季度開始，您將不再報告來自俄羅斯的產量。就是它...

That's correct.

這是正確的。

Yes. And what you see in the first quarter is effectively those production really in January and February.

是的。你在第一季度看到的實際上是 1 月和 2 月的實際產量。

Yes, January and February. There's a little bit from -- Kharyaga in March. But that's it. So it will be completely gone by the second quarter.

是的，一月和二月。有一點來自 - 三月的 Kharyaga。但就是這樣。所以到第二季度它將完全消失。

So January or February production was just -- was the same level as for the full quarter -- the previous quarter. Some of the things are improving in Russia when you're leaving.

因此，1 月或 2 月的產量只是 - 與整個季度的水平相同 - 上一季度。當您離開時，俄羅斯的一些情況正在改善。

Well -- yes, roughly, yes.

嗯 - 是的，粗略地說，是的。

Okay. But what do you think about your assets? Are you trying to sell them? Or do you presume they're lost? Or what will...

好的。但是您如何看待您的資產？你想賣掉它們嗎？還是你認為他們迷路了？或者會怎樣...

Well, as I said, what I can say is -- what I'm saying is that we are in the process of exiting those assets, and we're actively working on that.

好吧，正如我所說，我能說的是 - 我所說的是我們正在退出這些資產，我們正在積極努力。

Okay. My second part of the question is, if you could please give us an update on the Peregrino and the expected -- the timing of the restart of Peregrino, please?

好的。我的第二部分問題是，如果你能告訴我們關於 Peregrino 的最新信息以及預期的——Peregrino 重啟的時間，好嗎？

So it's on track to be -- to pick up, and we are where we need to be. And I think it's the fourth.

所以它正在走上正軌 - 拿起，我們就在我們需要的地方。我認為這是第四個。

It's during the summer.

現在是夏天。

During the summer, yes, that's right.

在夏天，是的，沒錯。

That's when we expect to start it up.

那是我們期望啟動它的時候。

Yes. So it resumes in summer 2022. And as I said, we're -- there's no news from where we were before, which is good.

是的。所以它會在 2022 年夏天恢復。正如我所說，我們 - 沒有來自我們之前的消息，這很好。

Is -- the summer, is that in -- will that be Q3. Or sorry, can you be a little bit more specific?

是 - 夏天，是在 - 將是第三季度。或者對不起，你能更具體一點嗎？

We've said summer 2022.

我們說的是 2022 年夏天。

And summer means summer in Brazil, not...

夏天在巴西意味著夏天，而不是...

No. Summer northern hemisphere is not summer in Brazil.

不。夏天的北半球不是巴西的夏天。

Our next question is from the line of Henri Patricot from UBS.

我們的下一個問題來自瑞銀的 Henri Patricot。

A couple of questions from my side. The first one, following on the topic of cost and inflation on the upstream side of the business. I mean you actually mentioned that there's a decline in underlying cost in the U.S. Is that something that we should expect to reverse for the rest of this year? And then what do you expect the rest of the upstream business?

我這邊有幾個問題。第一個，關注業務上游的成本和通貨膨脹主題。我的意思是你實際上提到美國的基本成本下降了。這是我們應該期望在今年餘下時間扭轉的情況嗎？那麼您對上游業務的其餘部分有何期望？

And then secondly, on the MMP trading performance, strong performance in the first quarter. Can you give us any sense as to whether that's something that we can expect to see in the second quarter?

其次，關於MMP交易表現，第一季度表現強勁。您能否告訴我們這是否是我們可以在第二季度看到的情況？

Thank you very much, Henri. On the costs, I mean, if you refer to the cost in the U.S., where we've had a bit of a benefit is that, that was our sort of restructuring of that business that's coming through at the moment. In terms of what we're expecting in general on cost, we do see a pressure on cost in upwards. However, we are very active in trying to, one, mitigate those costs, but two, find improvement programs. We've got a big improvement program that tries to also mitigate what is coming through anyway.

非常感謝你，亨利。關於成本，我的意思是，如果你指的是美國的成本，我們從中獲得了一點好處，那就是我們目前正在對該業務進行重組。就我們對成本的總體預期而言，我們確實看到了成本上漲的壓力。但是，我們非常積極地嘗試，一是降低這些成本，二是尋找改進計劃。我們有一個很大的改進計劃，試圖也減輕正在發生的事情。

So we are sticking to our sort of ambition to -- for UPC. And -- but it is -- we do see pressures coming into our results at the moment. I will say that some of those inflationary pressures come into our revenues as well. So that's the little bit of a saving grace. But yes, we do see pressures and try to mitigate them. And for now, we're sticking with our CapEx guidance as it is, and we're sticking with -- we're trying to mitigate it through other means if we can't directly.

因此，我們堅持我們的雄心壯志——為 UPC。而且 - 但它是 - 我們確實看到目前我們的結果面臨壓力。我會說，其中一些通脹壓力也會影響到我們的收入。所以這是一個節省的恩典。但是，是的，我們確實看到了壓力並試圖減輕它們。就目前而言，我們堅持我們的資本支出指導，並且我們堅持 - 如果我們不能直接通過其他方式來緩解它，我們會嘗試。

MMP, on what's coming through on MMP is two things. We've explained to you and also the invitation to consensus is the impact of -- from the positions that we have, but it's also mitigating that good trading in this quarter across the board. We have, basically across a different element of the portfolio in this market, managed to create a bit of upside anyway. In volatile markets, there is more of that to be had. So it's both. It's a downside that we've indicated, but it's also better trading coming the other way. And I called out Danske Commodities before.

MMP，關於 MMP 的進展有兩件事。我們已經向您解釋過，共識的邀請是來自我們所擁有的職位的影響，但它也全面緩解了本季度的良好交易。基本上，我們在這個市場的投資組合的不同元素上，無論如何都設法創造了一些上行空間。在動蕩的市場中，還有更多的事情要做。所以兩者兼而有之。這是我們已經指出的不利因素，但反過來交易也會更好。我之前叫過 Danske Commodities。

Okay. So those I can follow up on the key thing to make those is the level of volatility in both the oil and gas market to get a sense of performance, especially in the second quarter?

好的。所以我可以跟進的關鍵是石油和天然氣市場的波動程度，以了解業績，尤其是在第二季度？

Sorry, I couldn't quite catch that. I'm sorry.

抱歉，我完全聽不懂。對不起。

Just for the trading performance, a little key driver to watch is the level of volatility in oil and gas markets?

僅就交易表現而言，需要關注的一個關鍵驅動因素是石油和天然氣市場的波動程度？

What's the key drivers? I mean it started before Ukraine, really. And it's the tightness of supply and the shift in demand on the back of COVID that started it. And then you've got the overall supply and demand complication from the Ukraine conflict on top of that.

關鍵驅動因素是什麼？我的意思是它開始於烏克蘭之前，真的。正是供應的緊張和 COVID 背後的需求轉變開始了它。除此之外，還有烏克蘭衝突導致的整體供需複雜化。

And I will say, we can probably say we've seen more volatile markets after that and recently rather than less, and it seems to be continuing. So it's an unfortunate situation that drives a lot of volatility. But -- so we're glad to be able to leverage back on that to make sure we can secure supplies and take our positions accordingly.

我會說，我們可能會說，在那之後和最近，我們看到了更加動蕩的市場，而不是更少，而且這種情況似乎還在繼續。所以這是一個不幸的情況，導致了很大的波動。但是 - 所以我們很高興能夠利用這一點來確保我們能夠確保供應並相應地採取我們的立場。

The next question is from the line of Jason Kenney from Santander.

下一個問題來自桑坦德的 Jason Kenney。

Just building on a couple of earlier ones on CO2 storage, I think Lydia was asking. Can you kind of walk me through a theoretical future value chain or project DCF? I mean is it like an upstream cash flow with upfront CapEx and ongoing OpEx, and then volumes injected at a price rather than volumes produced at a realization? Or is it a bit more integrated than that?

只是建立在早期的幾個關於二氧化碳儲存的基礎上，我想莉迪亞在問。你能帶我了解一下理論上的未來價值鍊或項目 DCF 嗎？我的意思是它是否像上游現金流一樣，具有前期資本支出和持續運營支出，然後以價格注入的數量而不是實現時產生的數量？或者它是否比這更集成？

I'm just trying to start thinking about the investment you're going to be making and looking at some paybacks and maybe even breakevens for projects within the next decade or so. Yes, I think that's it on CO2.

我只是想開始考慮你將要進行的投資，並考慮一些回報，甚至可能在未來十年左右的項目中實現盈虧平衡。是的，我認為這就是二氧化碳。

And then secondly, just -- I mean I don't know on the Kharyaga cargo that was sold in March. I don't know -- have you said whether you'll keep the profit from that? Or is it going to be allocated elsewhere?

其次，我的意思是我不知道 3 月份售出的 Kharyaga 貨物。我不知道 - 你有沒有說過你是否會從中獲得利潤？還是會分配到別處？

So we'll start on the CO2 question. I think I could answer that very long or I can also answer it very short. I mean the potential for CCS in Europe and this sort of type of projects that we're talking around is quite big. And sort of the basic mechanics comes down to the ETS price and what is more economical, I guess, for the customer to do one or the other. And several customers are showing interest in capturing and storing CO2 and are not directly worried about cost immediately. It's more the possibility of doing so, and that goes through the supply and demand side.

所以我們將從二氧化碳問題開始。我想我可以回答很長，或者我也可以回答很短。我的意思是 CCS 在歐洲的潛力以及我們正在談論的這類項目的潛力非常大。某種基本機制歸結為 ETS 價格，我想，對於客戶而言，哪種更經濟實惠。一些客戶對捕獲和儲存二氧化碳表現出興趣，並不直接擔心成本。這樣做的可能性更大，而且要經過供需雙方。

So this is about capturing the cost but also in the right way, and it varies with the sector and it varies of the sort of type of storage that you do. And transport and storage costs will, in general, benefit quite a lot from economies of scales. So this is -- taking all that into consideration and that the market is very, very young, it's -- that's part of Svein's job is to really work out what the value chain is going to look like here.

因此，這是關於捕獲成本，但也是以正確的方式，它因部門而異，並且因您使用的存儲類型而異。一般來說，運輸和儲存成本將從規模經濟中受益匪淺。所以這是 - 考慮到所有這些，並且市場非常非常年輕，這是 - 這是 Svein 工作的一部分，是真正弄清楚這裡的價值鏈會是什麼樣子。

But we do see that with the assumption of ETS prices, where they're sort of heading towards now, there is a viable business here that will make economic sense for a range of industries to implement CCS rather than paying those taxes for emitting. And we're sort of pretty much there or thereabouts at the moment with the ETS price to make a good economic business case for it.

但我們確實看到，在假設 ETS 價格的情況下，他們現在正朝著這個方向發展，這裡有一個可行的業務，這將對一系列行業實施 CCS 而不是為排放支付這些稅款具有經濟意義。並且我們目前幾乎就在 ETS 價格附近，可以為其提供良好的經濟商業案例。

So you will hear us working that through, and we'll share more specifically on the returns on that as we go through. But we do feel that there is a viable case that will give us sensible returns to then invest in. And the plan is to invest as we develop that as a sort of third area of focus going forward.

所以你會聽到我們正在努力解決這個問題，我們將更具體地分享我們經歷的回報。但我們確實認為，有一個可行的案例可以為我們提供合理的回報，然後進行投資。計劃是在我們將其發展為未來關注的第三個領域時進行投資。

And I think in terms of the cargo, we're -- yes, we've taken that cargo. And that's -- as we said, it was taken before and contracted before all this started.

我認為就貨物而言，我們是——是的，我們已經拿走了那批貨物。這就是——正如我們所說，它是在這一切開始之前拍攝的，並在所有這些開始之前就簽訂了合同。

So you're keeping the profit?

所以你在保持利潤？

So we've taken the cargo, yes.

所以我們已經拿走了貨物，是的。

The next question is from the line of Anders Rosenlund from SEB.

下一個問題來自 SEB 的 Anders Rosenlund。

We've already established that you have a long-term leverage target of 15% to 30%, and it's currently 32% negative. So how will Equinor get to its leverage target?

我們已經確定您的長期槓桿目標為 15% 至 30%，目前為負 32%。那麼，Equinor 將如何達到其槓桿目標呢？

Yes. It's -- I shared a little bit earlier on as well is that it's -- we've got quite a lot of demands on our cash going forward from here. The best place for that cash is clearly investing in the business, and we will be doing that to the tune, as I said, about $10 billion of CapEx. Secondly, we have a capital distribution program that we pushed quite a lot higher than in February. So that's another $10 billion to spend.

是的。這是 - 我之前也分享了一點是 - 我們對從這裡開始的現金有很多需求。這筆現金的最佳來源顯然是投資於業務，正如我所說，我們將根據情況進行投資，大約 100 億美元的資本支出。其次，我們有一個資本分配計劃，我們比二月份推高了很多。因此，這又是 100 億美元的支出。

And then we have got also a large tax payable sitting on our balance sheet which -- on the back of the revenues that we've got. And in terms of paying that, we'll basically shift the net debt ratio quite significantly into positive territory. So that's -- when we make these decisions, we look -- this is how we have to look at it. We need to look at it long term and into the future, taking into consideration all the calls that we have made, all the calls that will come and also the delay in the tax payments that we've got. So that's where we are.

然後，我們的資產負債表上還有一大筆應付稅款——基於我們所獲得的收入。在支付方面，我們基本上會將淨債務比率顯著轉變為正數。所以這就是——當我們做出這些決定時，我們會看——這就是我們必須看待它的方式。我們需要從長遠和未來著眼，考慮到我們已經發出的所有電話，所有即將到來的電話，以及我們已經得到的納稅延遲。這就是我們所在的位置。

We will continue, as I said before, to look across the portfolio and to understand whether there's any further great investments that fit into our strategic portfolio. But the big calls are coming in the next 6 months, and we've clearly got the balance sheet to be able to support that.

正如我之前所說，我們將繼續審視投資組合，並了解是否有任何進一步的偉大投資適合我們的戰略投資組合。但未來 6 個月內將出現重大呼籲，我們顯然已經擁有能夠支持這一點的資產負債表。

And then I just have a follow-up, because you're reiterating your guidance for CapEx spending through 2025, which is far into the future. Does that mean that, that has been reevaluated recently? Or is simply that a continuation of what you guided for in connection with the CMU?

然後我只是有一個跟進，因為你重申你對到 2025 年資本支出支出的指導，這是遙遠的未來。這是否意味著最近已重新評估？或者僅僅是你在 CMU 方面所指導的內容的延續？

Yes. It's exactly the same as we said in connection with the CMU. And we do keep assessing it and especially in a world where we are looking at, at the moment, but we feel comfortable with that level of spending. And it's a step up, which it should be, and it's a step up and a shift also in terms of where we spend that CapEx, more and more into the renewables business. So we're comfortable with the $12 billion for '24 and '25, and it's completely consistent with what we said in February and back in January the year before -- sorry, in June, the year before.

是的。這與我們在 CMU 中所說的完全一樣。我們確實一直在評估它，尤其是在我們目前正在關注的世界中，但我們對這種支出水平感到滿意。這是一個進步，它應該是一個進步，而且在我們將資本支出用於可再生能源業務方面，這也是一個進步和轉變。因此，我們對 24 年和 25 年的 120 億美元感到滿意，這與我們在 2 月和前一年 1 月所說的完全一致——對不起，在前一年的 6 月。

So there are no further questions at this time, and I would like to hand back to Peter Hutton for closing comments.

因此，目前沒有進一步的問題，我想請 Peter Hutton 結束評論。

Thanks, Natalie. Well, thanks, Ulrica. Thanks, May-Kirsti. Thanks, Svein. And thank you for your time this morning. I know things are busy. As always, if there's any further questions that you have, please contact Investor Relations on the usual numbers, and we will get back to you as we can. But thank you for the time this morning.

謝謝，娜塔莉。嗯，謝謝，烏莉卡。謝謝，May-Kirsti。謝謝，斯文。感謝您今天早上的寶貴時間。我知道事情很忙。與往常一樣，如果您有任何其他問題，請通過常用電話聯繫投資者關係部，我們會盡快回复您。但是謝謝你今天早上的時間。

Thank you.

謝謝你。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.

女士們，先生們，會議到此結束，你們可以掛斷電話了。感謝您的加入，祝您有愉快的一天。再見。