Equinor ASA (EQNR) 30 Oct 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you. Welcome to the Third Quarter 2020 Equinor Results Call, on what I know is an especially busy day. Lars Christian Bacher, CFO, will run through the results and then open up for questions. Also on the line, we have Svein Skeie, Head of Performance and from the 1st of November, acting CFO; Oerjan Kvelvane, Head of Accounting; and Mads Holm, Head of Finance. The operator will run through the mechanics of the polling for question, but I would also note that given the timing of the call and along with others reporting today, we request that people keep to one question with a maximum of two parts and those parts should be connected.

to the us effectively. fairly allows this get call through and So, that, to Lars pleased am the With very to pass I word through Christian. much. very Thanks

you wave less Prices in and and in early COVID and in countries commodity Thank and Despite but challenging all solid the of demand second low concerns overall Peter, and We levels in morning, the Equinor and flow volatility, somewhat many delivered muted further I the on you, effects we prices. positive the from performance the corresponding this quarter. acted about into very good the call. quarter. Equinor cash quarter, upticks. doing recovered have you pandemic price thank forcefully impact hope well operational delivered and for have seen price joining second environment, a everybody. are the its

see later, Now, benefits. the months you six can

U.S. capture demonstrated Costs our million significantly Empire continues flexibility. per more projects, partnership Coast We to and taking in with down XXXX. XXXX. renewables creation Capex the competitiveness. Beacon of In experience our been large partners segments reduced to equipped last $XXX has competencies, have in are complementary development years has wind were improve projects, we scale strictly when offshore materially East opex the from strategy the our formed quarter, this as secure and of are strategic and to to with handle Wind on had right. and to SG&A value able measures totally value by and with over we spending This XX% And create business. strong we’re us our made We tightly and XX% both benefit is since controlled and skill plan operator and have our renewable barrel Equinor now save to This We prioritized. we projects upstream the and quarter divested that costs for taken BP significantly timing down third track strong helped robust the Wind. our maintained we in is the situation. financial by on offshore a maturity in line sets. our and for strong grow the

low-carbon in with XXXX. production full net for storing to be early than towards is next capital to billion includes more a which good similar of carbon expected We progress This HXH capturing, capture. Germany for look in of we development Our year. in used of contribute UK, around gain Equinor the our gain projects, the is Equinor $X will of model large scale project project a where and million in making value $XXX booked Saltend chains COX. transporting hydrogen

In addition, Europe. of Lights storage in COX will from Northern in the Norway and discharge the project transport contribute industrial to

on the as regime Grane We the discoveries it develop continue be the per changes from $XX barrel. Breidablikk wells of projects in benefit from will several breakeven field to tieback subsea the one the is with four of subsea to templates. that tax reduction an XX temporary average submitted with This of portfolio. MPFs in our for we competitive and in a PDO is And the largest developed one Norway. and gas Breidablikk a oil September, field to undeveloped will

We evaluated. and Canada coast off being the have and currently they of Cambriol east hydrocarbons prospects in are Cappahayden discovered the

achieved the production in quarter. celebrated that, additional provides earnings. we year for a just Continued the $X of value its risk solutions cost technology more unit yielded increased in $X and development has reduction. field and billion digitalization have anniversary. At Digital And opportunities first than creation below e-commerce

You quarter. the in $X can below see

analysis, deep and insights growing through price a both our have assumptions. we This quarter a and at as other reduced maturing long-term short- units market

February, focus Our to continued our oil on a as put oil market on But prices in than price towards XXXX, estimates including uptick fundamental and six portfolio further. requirements, we modest with unprecedented been oil reactions. After and this board decline flexibility. the far lower these Capital much $XX production factors presented Clearly, gradual always, take barrels $XX conditions financing financial sanctioned to average well said volatility below supply be as expenditure market new a payments, deciding billion time improved term robust and into at we XXXX. to future $XX XXXX term in Since gradually long require associated levels. as out and our increase XXXX. In to barrel. barrel with on on of we an are Based below average even will February, capital consideration expected cash around per long to has of we April, analysis, flow, by prices expect $XX XXXX equivalents trends, oil XXXX, At great in per a plans, Markets project we break expect as in price has in the be deals been, projects in that with updates directors demand and dividend uncertainty. remember, such our impacts, representing

commodity recovery We in have of markets. seen some signals the

gives conditions and and dividend that April the affirms to This reaction also this cut a a raise during have extraordinary to was the made ability confidence that third to dividend the the an to swiftly in react for effectively was difficult board the $X.XX and unchanged. demonstrated quarter. policy statements conditions, We

safety the is our what we it conducting is LNG bedrock safe shut was at XX safety of the on not Melkoeya, operations our to personnel in The importantly, quarter. be without start do. and up to repairs. The recent Now results the serious fire most me but and plant for in people let The of our at with months to plant for any injuries. performance expected

And and serious frequency were worked. X.X in is X.X incident For a prices. now total the of when compared frequency XXXX. and months, we lower improved is total financial incident per to the recordable hours X.X XX frequency which of the impacted results, again, recordable the incident Year-to-date, last by to incident frequency levels serious million achieved reported

price per Our the of the per down down respectively. barrel, realized negative liquids The IFRS Btu Average $X.XX prices million, positive, from America and $X.X year. adjusted are million last $X.XX was down invoiced XX% same gas period same is the for while in $XX.X XX% quarter North billion last billion, period XX% result earnings Europe for the year. $XXX $X quarter in from in is and

reduced than XX% costs the more year-on-year. and reduced our quarter has unit have further We this been production cost by

fields on UK. estimates We onshore our reduce this the comments the offshore E&P E&P as guided reporting by quarter XX%. to Norway net earnings billion. than due in assumptions was the Norway offset higher was of The A the operating net to net a action Bakken tax some our $XXX Mariner resulted tax in Then Norway, rate segments. by and costs the of to rate March. $X.X International fields. MMP million reduced reserve as some in impairments composition. Most lower also track in well announced impairment and rate year-on-year in tax cost of efficiencies each fields quarter field opex U.S. for production per fields. group kroner, field $XXX in related from overpriced million, new further was very before are plan producing The and $XXX on part adjusted with increased by million are delivered earnings are underlying and total Norwegian the to and SG&A of low In impairments barrel mature reduced on of much

the price late-life is tax production expected and on delivered million. in start Peregrino negative weak Adjusted start from from is environment. by quarter and course from field adjusted Cash is value drilling operations to SG&A than is in current before positive in also the new the due Our million. before negative reduced on previously with tax than and the shut is in normal of carryforward result the quarter year-on-year. the visible losses The temporary guidance the with fields rate higher of earnings a in USA tax already. stopped $XXX million see NCS a uplift by flow was mainly partially organizational due progress for tax $XXX on lower low due have for production off impacted the The onshore in the prices. the our and units UK. quarter. from $XXX cost We at focusing to cost XX% Costs business. $XXX came rate is opex strong the million third International reductions repairs is NCS segment prices operations regime. creation Brazil. petroleum to on XX% of first in on contribution to of reduced E&P in improved improvement onshore impacted Cash tax the earnings XXXX. with Peregrino down changes the a have quarter E&P been are flow temporarily The strong to results we

the Our U.S. investments a in cash quarter. also flow after delivers business positive

our report weak European business delivered gas Other tax also trading. had segment our In area. we activity quarter. by from by MMP of MMP sales impacted in Solutions availability segment we wind good million. Our contribution offshore was offset across Energy our margins the refinery and portfolio New in $XXX adjusted strong before And earnings

a grew the whole was curtailments. negative by authorities quarter the NCS, production $XX further when by opportunity quarter and perform a a imposed quarter last to delivered modifications day. adhere portfolio total positive the delivered delivered per we and any investments curtailments field contribution. gas to without production the and year upgrades accounted allowing for as our COVID-XX third Equinor’s the production equity million we production production and changes NES stable to equity the impact. the Our on effects. barrels Group operations but of Compared Norwegian segment equity without this We quarter, net in use X,XXX,XXX oil X% We business in in income

wells new growth. put New to contribute on fields and the stream production

also activities still the have throughout while the prices XX% a being two In gas our discoveries delivered the XX opportunity rate. we gas date evaluated. Year European to resulted seven in exploration increase This the strong third results NCS quarter. We discoveries commercial is took as success production globally. are wells recovered to value-creating quarter

from due net flow we full-year program. the track percentage X.X we buyback due of for the Based the reduced State’s production to Year-to-date quarter investments the deliver payable third for points XXXX we the with on included slightly of expect Our billion been $XXX share tax net at in for payment billion at the regime half tax points $XXX reverse in up increased of net assumed prices the million share percentage quarter tax have NOKX in payment NCS the are received around installments the XXXX of and in to $X.X end State. low had We XX.X%. reflecting The was program the quarter, prices the June. second on half, in almost on of is would is for to the In second is in addition distribution million. the the positive impairments after a to organic temporary taxes quarter. ratio X.X around changes payment the these, the the while debt estimated expectations. have and in Norwegian cash electricity buyback billion. a organic third in XXXX. has in of debt the which ratio the portion This billion been CapEx of XX.X%, to quarter a Norwegian renewable $X guiding capital Without delivered line quarter we the $X

conclude guiding. So let with me our

European we impact X.X% production where we strike the by expect expected how market of between a For growth marginal production XXXX, X%. on boost production use develops maintenance and around is gas XXXX flexibility the creation. The barrels outlook to recovery a This and volumes The in was our the expect from NCS to per value from gas impact be day. we full on year-end. XX,XXX depends

rate growth from XXXX. production around XXXX expect annual in to X% compound We equity

organic around unchanged $X.X at expenditure We billion our XXXX respectively. The exploration then are and the around the closing. guided expected of CapEx billion. to And and levels also for $X.X for $XX XXXX billion level year maintain

my very last will and As the much. you of on thanks the of to over up that, had you for on CFO pass you would my few open you safe all know you takes dialog to like years. Equinor I you the Thank and the this will the be pleasure has a been as always back as in engagement and hands very be are questions. for last role have Peter, call pass CFO. Acting analyst we as the And Svein I’ll word I It when to by aware

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[Operator you. question Instructions] Thank ahead. Clint a Oswald from from go We have Please Bernstein.

open. is line Your

very much very Thank for Good much, Lars you everyone. And Christian all your well you as morning. thank help.

it follow-up, Europe business, is year. the third quarter business, at And substantially Just gas it’s to see gas when result Natural winter question level but I to price normally was in and the Gas pretty was strong even actually keep down were particularly and volumes each the pumping the up. levels much one one that lowest Oseberg the European

you I and around quotas know – that So field. particular have

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is of question, of the answer you. from part from have in gas those an Thank situation prices good is view, And gas when example. the both assets superior producing the To yes. quarter point of also of first even hopefully – and your point And answer of production imposed fields to to have the been not quota sort production but then advantage is comes curtailments, a remark prices it just of is fourth question, then from better liquid-rich for to to the we yes. and that a the me for your the capacity the part If like quotas value. that additional create view and take that last

Okay, got it. Thank you.

comes Paribas. ahead. line question Please Alwyn next of go from the Exane Thomas Our from BNP

Your line is open.

Lars. Hi,

Sorry Equinor. you’re to leaving hear

main question me for Just one then.

at going is at partly incentives what point, increase Norway pretty given increase I uncertain On confidence a at is the the moment. was this dividend the this ask to the this at this that flow what in it to and you really just Is question perhaps of on it infer that think And to if follow tax due you end gearing gives going outlook sort that could the macro I forward, from for should say and potentially we cash Thank the company’s help? indicate what you. and will does generation the of quarter? the free peaked time has

Thank you question. for that

able We to the answer storage that. March-April. many actually in products. whether were we secure we know didn’t to way of first A your have is were off. best to we the that of uncertainty the were that lot really go being positions to sell to extra meaning in some We challenge. due to assurance, flow dimensions, that weather able were not took alone and capacity think I companies secure transportation drop to commodity part back We to really in capacity one by prices impacted course the

that then. from benefited have We since

sort And – on the also to generation cash billion taken progress good $X $XXX measures expenses, which is. we area have is reduce of secure many in flow capacity. program and of have costs spending our We million that the

visibility board adds that So, And in such the and then, it. after-tax, capital in a feel the now cash the spending, a basis. more billion, that – $X.X flow positive and of quarter, after on have with we distribution capital discussion forward-going $XXX we after to a million that confidence

So, by that’s part per was? of increased second that share. question And we dividend the why $X.XX the

was I just sorry. Oh, wondering.

cash flow. the Yes, on

Yes. yes. and That’s it gearing,

Yes.

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And the at number be this that think of feel quarter look reduction this sort I of cost commodity has the given for if quite XX%. strong everything. to that I resilience. prices unit level, sort production also, of you flow in given – position cash positive

confident push last – want me this so I the because since I’m not a going normally willing is call. lot going in for more that’s it. are said increase hand your questions them to to And this saying why, But of dividend the and far also will warn to – to I’m tables earlier, guiding we quarters. that I’m I be my too, to than without is earnings do. coming I’m that that’s guys back quite I cash okay sort there But think I flow how

that’s yes, yes. so in I’m far So, hanging there, –

best Thanks lot a Okay. for the and all future. the

you. Thank

comes next the from of Our ahead. question Please Rainforth Barclays. go from line Lydia

is Your open. line

morning. good and Thanks

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what about in think risk partly And leaving How you Dogger about contribution? Is Energy sorry, to as reserve leaving the more to I’m for that of side just the the really much do Thanks. talked there’s think helping business, press getting Equinor, go until right? release they’re both level. that, performance? to you why that’s you’re about So, linked the Bank you completely operational operational New new related I’m in terms just on to? wondering earnings

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it, That’s good. Yes. very

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us. that So is why that dragging is

On fire, Norwegian ongoing with there the Police are it investigations the and on Norwegian Snohvit we Authority this the so investigating are three Safety together one.

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all XX and digitalization organization to ideas that working on is from that that impressed to for up. set top – onshore operating of comes the by sort centers, comes wide Everything of I’m ideas So the related immensely and the contributes still of mine, years up seven of this. from just up to

still a a come, strong more some there incremental, I’m to that is some of step-up. So believer more

result from the revenues if the in I’m Dogger investments you of partially effect was including offset which the materially this sure, other share equity or On not that lower the or? quarter, by question, accounted income impacted to XXXX. the add reduced to project Dogger the want and losses ownership the by compared in this Bank was current to Oerjan,

I comments that. to of Yes. can add couple

investment. kind provided early move on up, of part of the we to treated Bank then we phase, reverse have that and this net So, that is we we then as another toward cost loan and the have Dogger the in investment net then a set

fairly from New the Solution. it’s million part It’s equity So the the of $XX investments in technical. Energy accounted

That’s very clear. you. Thank

ahead. question Our Societe Generale. from Please of comes next Charenton the from go line Yoann

Your line open. is

the for and four this Lars flow COVID-XX That’s engagement dividends? back you Svein, Christian threat. First, account the threats on relation to of of sight? add into the as taken regardless to factors for XQ in bulk the in morning mark. fed and secondly, I cash And, this, will And how much COVID-XX board thanks in your turning the decide by the line company to indicated dividend renewed renewed dividend key quarter does Where for may, question levels. the the that free the delivered are of if I into third the decision play

the on for the you Thank dividend. Yes. questions

He introduction, As of prices the assurance that now dividend have saw beginning to period. mean responsible. What and we did time low have the recovery quite cut the Lars point that for there’s especially as we about we were of well prices in the the that in the seen we presented It’s seen at as we conditions in when seen potential beginning that on have that flow we in a – said what in currently year the and positive haven’t in his we we the seen said extremely gas – half. crisis. market I based he’s extraordinary first that than that both we that

and that consideration has that – in per expecting also into done with taken totality, it was in the program $X.XX all we the done the at come so board plans that clearly So improvement that action have all the get basis this up for share. with the Norway we and to them then dividend the improvements

with expect. to earnings the in is that confidence is about results. This visibility this only also maybe not we long-term quarterly So and do

you. Thank

Okay. Thanks.

welcome. You’re

Sachs. the Our Please next from Michele DellaVigna line from Goldman comes of ahead. go question

Your line is open.

NOKX me; question your that Lars at tax when you’re your the all help Thank second in page, over you. Thank the One so you half, for from saying the for I and you have future. the Christian, billion. best much, look years

You received NOKXXX a refund million in of QX.

could I expect third quarter? please $XXX of cash quarter million So And the then am that in should Thank I secondly, you. tax regime flow? you unpick me of a payment the impact the correct on help the fourth temporary

that got partly the consequence We the looked changes prices. as in NOKX.X in the the until second a Yes. commodity as from was of fiscal changes have but and we billion we And prices had uptake state, in the an refund at what Norwegian regime, the tax half. then also

So we expect actually next then for us billion. the total from NOKX second payment half, third and to fourth quarter a tax or government the

And sure to not you to if add I’m so, this? Svein want

No.

think it we doing of of are the Xst October. I are of payments connection recalculations the second for then clear received billion doing We that quarter. we as most you in explained also for – August in NOKX.X on we communicated the being with that then Xst but installment second

in So that a based billion. those we the and would on are what things, we we NOKX totality, are see pay now totality, position we seeing for the on that them prices including

to the that we supporting prioritizations opex but side Norwegian both and can in And flow more then the course be improving the by the have paid positive that in also system and also of the quarter. we the halves this also we earnings for will is payments. That’s So technicality how October, course of cash December working. a – our of tax the refund

you. Thank

Suisse. go Please Credit [Operator Our ahead. Adolff line next Thomas from Instructions] from question comes the of

open. is line Your

best. taking me, Good for thanks please. morning for and questions my all question Two the and

year. is now above in And XX%, slightly gearing distributions. shareholder obviously on the Just ex-leases past

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we a forward. change much And question full installments – tariffs $X And eventually. just how and is on in to value a of have the going said then you willing know, side I will cut compared the We sort are don’t capital with the what creation what when to billion committed also – have dividend also honor to now the competitive we it’s a we to we shareholder of program two-thirds. after And through distribution go we on dividend that that, the know so shareholders. increase are different landed by

basis. like. don’t That’s and Svein around quarter any – forward what secondly we and/or other going the I that but on that. comments then be to on can’t you? But one next have and the guide tell going from looks a But We you

a MVP on NPS. normally than which Then has outlook the more that we as Just quite of turnaround a just had also the quite moved production lot the is are on you and that Currently, on been more for is the utilizing but the gas course prices gas than reminder the expected have it flexibility. and that quarter do a third question of $X the and remarkable for bit we we summer on will and outlook full on that’s fourth recovered quarter year, second the depend there since the time. from

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the taking So, also outlook that for the to we year. is full do consideration it when

I just versus the get Can have buyback for wait quite to eventually. back mean plan that, I the depending and Okay. doesn’t quickly the on right? pre-COVID ask dividend to you your opportunistic But be buyback; dynamic you on dividend is levels environment. to can obviously

And makes checkpoints, have buyback more right? sometimes sense, when prices more

allowed not are that. like to We think

is dividend. no share compared of from value be buyback future might Company. share the sort distribution us, box dividend to steady share by want kind that more the Unless buyback out value of creation all of a us, For pull than a correct of sort makes ex shareholder more capital per number the a because about of tool sense you you to are flexible distribution. of reducing for But increasing it dividend. and shares the secures buybacks But and share makes in tool

Thank you.

Our from next question Please line ahead. go UBS. comes Jon of from the Rigby

open. is line Your

that lessons all here me some to renewables shale by and because are tends let’s American Thank into quarter. there say, experts particularly to a the industry movement linked to be America North is analogous learned the of through be there further it some wind. are forward investments I’m obviously looking impairment sort coming obviously you. hindsight question to seems into I looking about Hi, and is to, ask so Lars. we this investing the backwards, but reports Can XXXX North and charges

a it of time. apply wonder sort me walk at gold just able to flavor that say the to rigor to that the to everybody does same starting wind. particularly are that to of get through of thinking me the wants you I in into whether I rush about sort where investments that invest thing it’s Thanks. you feel because So same

Yes, another question. good really

more is much is then have but this since On that the that the of acquired the we of sanctioned either way time. slice impairments, majority to on assets has reserves. and say do actually with not it way much, that related surprise or another sanctioned robust the mentioned, majority the the more come to quarter you. Mariner and we and And whatever Mariner. impairments back pricing also have Bakken But to a Bakken for on this we as to should that in price, assets to is

proud flaring not base I to say onshore job deliver HSE but that from the on in and that history the the and huge whether seen report have this operations organization on of industry, it here and think compared our when the year it been is and of that mindful assets also only they out – to we side mean be and the something on of to quite organization operational year that and portfolio breakeven some proud are performance we of your long technical ways support U.S. the top have or notch here the improvement the sort portfolio But comes of we part are is is such. You projects facing. But on must Norway, of many just able that of to I costs, are I what as as also those unsanctioned very drilling. in in, the sanction improvements

more but onshore us in make positive cash So flow it current the I huge the have in challenging from that still environment. price as also robust free said business. improvements quarter, to But the helped

proving and the business, and So would up being the It real that oil question, your estate you game then gain that beginning bought in many for that land the hope mind. a in you to oil partly of and value assets. was of someone important ways. is proved, than think land, necessarily bear buy drilling and gas in and increased gas by core come really you more Then also to a something flipping onshore was your I

you’re seen in side for renewable that while. behavior describing a We have that

commercial do among forward. think – why can a as a But the willing value. we and in we even been to value. we we their we going an of is make business, why turn the and believe assets on for responsibility And to you because company to is think very have we reducing NGO that’s way as this and want this been we need more be with that bid it’s when we that toolbox saving And many not cautious going shareholders, to this value very have course this I of because of value one dimensions is fueled the planet create is the want of have if world to part been do we do entering that only this the all we this is, first on happen. emissions, create we build being to because restrictive create what course, needs this. also have putting we COX creation to to that very, But totality to to are why going the where that bid can in be

it’s I market and XX% look my you companies look tomorrow out is growth some the months have the and to think and in a have. have. toward the a rate XXXX. plans in have forward based said the on of oil annual growth when frame a couple renewable day we we have. just we buyers’ last I’m that what X% growth door I we renewable oil afternoon, at calls on in just walking you weeks annual growth segment segment good gas And investor gas in compound based the on and back, this office, healthy at segment in annual business the in that going time sellers' market in back what be That’s many very happy do think that we going appetite of and also the a But

for value many resembles cases comes a to see in in value hindsight good take jeopardize this time erode many or And to moves do some for to or what very are to that position companies, not it when we assets the the in we unconventionals. So now many right. make

any I’m sure additional do comments? Svein you have perhaps answer, yes. So long not It was a

we as profitability along have in also next Christian again with that have since good at about the CMU, we value that’s it’s and as also guess I moving as $X with of around also expect that And divestments and growth, based value agree we’re the them to what XXXX it’s value I Lars about been did. transaction. to look about able said on we creation we said, And the in demonstrate business you. on. creating driven billion strategy It’s creating lately – on our

that. Thank Appreciate it. for you

comes the Please ahead. question Biraj from next line Borkhataria Our RBC. from go of

line Your is open.

Hi. Thanks for taking my of question. I just couple had follow-ups. a

of the are in a renewables what the a monetizing record energies? that the them. starting employed capital on to to Could now on basis. small you And quite business on develop clarify current employed back you Any the part is you you color for suspect to build for going be on XXXX? just you you only commentary cash any provide are cash of flow. initial dividend, – Thank XXXX, around as question, good tax would to mentioned have that you. then business, them and starting net securing is new assets I visibility Can on expected half payments helpful. Just track the just first the color capital And of able second

Oerjan Svein. or Sure.

shelf. on to now continental and half tax on on NCS. can and seeing with the we Norwegian quarter latest the It’s start the taxes then payments first I is related cash the all of are for is the one

happens in the You and pay in the taxes tax after. it year the half of of year the half

what prices have we if, with first the if have So for then are are else then the it, half that sale should to in of payments we the done worked said going we that get half now that XXXX. billion we projected, the second as means a for we the in we everything expect equal, way and that NOKX that is and

in things, the quarter.You that’s when will If we be do that prices take are final So the works. fourth there based we and – results the lower the it adjustment are higher those and then way calculations on also generating

Yes.

investments. course books, equity have So on is we accounted of what this our

into So to you and account, $X.X books right now. billion between in so put our $X.X need that billion approximately

equity. As

Equity accounting.

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Thank you for taking my questions.

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line question is ahead, open. from Citi. comes Alastair your from the next go Please Our of line Syme

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has an and luck think I you’ve first and of amazing CapEx what on years say well Well, good done efficiencies all the of quite Hi. wanted terms been managing extraordinary XX for I in CapEx to efficiency. done

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Our line your go line question Santander. the comes from of Kenney is Jason ahead, open. next Please from

Well, different to ask ambitions renewals question a Maybe thanks. just slightly a in the say. about

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that. Thanks for Cheers.

ahead. Our line final question Stanley. Morgan Rats comes Martijn the Please go of of from

I and Hello. have hi. a Yes, practical very one. short

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Svein?

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outlook. the that’s So

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companies too what ask but ask and us and stronger you are improve gradually company. So other you I learn you a questions and stronger us their helping to become

you in will all your jobs stay all just the then and have wish the future and you. safe. I also encourage and holds endeavors for that and whatever to now you. by you best to Thank So you And be remember I cautious

much. our concludes call. Thank very conference now This you

You can disconnect now your line.