Equinor ASA (EQNR) 29 Jul 212021 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Equinor Analyst Call Q2. Throughout today’s presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. [Operator Instructions] And I would now like to turn the conference over to Mr. President. Vice Senior Hutton, Peter Please go ahead.

with will for she’ll you, after Hi, just has the Orjan and us And Treasury Fearn, Kvelvane, Head process, And we of we Head who, up and everybody, previous around very answers. ran just over and as results as take of you as month on we Accounting; Head operator welcome, Equinor’s Mads Tax. and of who’s expect Holm, as to XQ within CFO then Ulrica Relations, Hutton, calls, questions The a Head thank will say, give Peter XXXX Performance to, and I’m ago have: through points. the I’m and through who the started joining, Skeie, and open and of Finance the hour. call Results we introduce this today, main Risk; us know, but to the finish reminder Investor Also pleased a Call. presentation. and Svein

I’m that, Ulrica. pleased me – off. you, very start with So to to pass Thanks, Ulrica, to let over it

all you is results a Peter, much, thank thank joining Equinor, having this and for It’s call Well, call the my today. pleasure you making very be quarterly to for what first mid-June. started

you this in organization. forward hope while to to near into look with more the insight discussion And and get is key I this opportunity performance the a As to good said, of in a directly chance the future. Peter the been has by meet to drivers have do call phone,

the volatility. net provides a has year performance of went through strategy strong financial commodity of strong hardly inflation market. and flow, quarter, remains, which it we strengthening environment this, resilience from same maintenance industry. seen of costs. underlying volatile leaving where Last this spring, to few more were flexibility. has also an that path the execution cost a still can level enabled impact uncertainty With pandemic. solid over resilient advantages volatility and as deliver being And in maintenance last $XX into when, delivered the recovery, in with economic substantial, just long-term our be of July. the company last a in example, some and So results different. with this $XX the operational stable demonstrated catch-up volatility a focus. capture year, unplanned on elements quarter production high Equinor days prevented last for losses high to production from strong also the clearly Brent the clear and that to The development we prices at value price of us last restrictions And But with low demonstrated us a this could quarter. of NCS, stable we uncertain delivered delivered Compared conducting effect planned us the cash playing and the – able the good plans strong has with through and is Despite

We from quarter. the have higher is ratio At the at And of significantly. we result additional cash also our approval our Martin run we have for The and June, gas also growing our higher At covered full debt we last PDO strategy presented our received in reducing industrial the prices CMD, flow flexible captured the value from Breidablikk on did while for cash we Day project portfolio. Markets have capacity Capital year. strong value stream. to deferrals the gas net and have since brought capture we progress fields and updated And Linge returns. accelerating then, our transition the flows, government

projects. is bit are a under see is hull A on the up limiting the Johan continued in construction of Troll and on from effects Singapore, being and later do, Castberg yards Njord our Norway, where workforce We forward, are COVID three however, upgraded. where some to well this track Phase Restrictions year. start the Looking in B

For Njord, start-up we summer expect XXXX. now during

or should $XX. While our watch act XXXX have ahead. average and on COVID, breakeven and remain we continue to developing on Overall, we projects stream others on by coming over of projects below you are currently note XX slightly an track even

sustained an is This but previous in in expected the the last total on the a You with we In program. cash the our supportive total. the communicated $XX which Day, the share shares the a up ratio level commodity has In the And This Board and tranche prices. two serious oil XX% XX% trend is about year. This will tranches dividend we is price the forward, a share a announced From of we $XXX frequency. a be incident commenced in per buyback for quarter, low assuming frequency debt above Capital million net of recordable in stable the Markets and to range of negative higher around incident $X.XX for debt levels of first in twice of buybacks extensively. XXXX billion. level new be net the today, expect $XX this can million used periods trend quarter. recall that, the of expected first decided barrel, and yearly price expected to going of an or of $XXX quarter buybacks ratio, XXXX, range $X.X quarter of from as can see more for second XX%

serious reported working total recordable million a and frequency XX X.X of the per For frequency a incident months, incident of we last hours. X.X

is area real of For injuries. us, and focus. this – incidents too is many And it of focus a

in $X.X in quarter last $X.X earnings up year. quarter, Solid enabled and benefits the low to prices. due somewhat second due prices increase expenses up same IFRS The of quarter. XX.X% was first capture mainly impairments came billion, is we tax gains as at to But net $XXX financial short-term in net the This operational $X.X to and this have the income value effective net focus quarter. higher-than-usual the ended year it higher the rate composition seen quarter and strong The when XX%. MMP divestments tax billion the in renewables. includes is performance million. the was and revenues also the at rate to in of additional earnings due In impairments group last quarter from low quarter, for from a gas in XX% billion special. in us NCS continued $XXX from on $X.X rate The from billion. of around very deliver higher due to income results reversals million, mentioned, Adjusted of the on around This is IFRS tax exploration operating in of at tax the

earnings best E&P of compared loss result was a second Norway. With $X since quarter around a to when So $XXX in quarter Norway Brent and achieved adjusted ago. the the XXXX, billion, E&P to year small

Bakken depreciation from higher Continued International of $XXX E&P SG&A. the million, us OpEx flexibility and ended is cost. but In significantly production portfolio a stable improved production result of further and $XXX E&P from and benefited exploration the with cash reduction in effect enabled commodity the around The from cost also flow in International, solid improvement quarter. million we underlying and quarter second closed contributed and unit growth first USA, earnings at up sale E&P delivered from the cash the a in the long-term of lower improvements underlying see further the performance, of X% also optimization X% operational the to flow. which cost investments of value. to quarter year, quarter of after and was The prices million. a the course, capture payment and strong in costs reduced $XXX last stable

quarter. cold prices supply we throughout and the the prices, delivered of Marketing impacted LNG result in beginning now BTU. quarter, and after million a margins. of Cold in segment $XXX storages strengthened results by Midstream weather gas winter shutdown $XX weak the are see European summer per of tight the million. LNG over Europe record-high The And refinery and Hammerfest low Our and

by are in entered As in forward offset on losses by into reported quarter, derivatives contracts last gains MMP last on gas year, impacted other results contracts.

beyond Some quarter. gas impact positions negative and the are have will second a still outstanding

So in $XX operations, was the from Renewables assets up million, a including year in earnings from from dividend lower segment, the wind. Dudgeon, million ago despite $X semiannual

high – buildup costs. As in you development this of business from business projects increased a and activity phase, progressing on level expect buildup would

a We in normally total assets, You quarters of performance development production should, oil operating and to farm-downs. delivered production from per therefore, we like outweigh day. benefit X,XXX,XXX earnings solid operating of costs with equivalent except last barrels quarter, stable equity where expect from

conducted at same low. at was volumes year. The in quarter. the we normal sale the total XXX,XXX unplanned increasing year. quarter, net production day, of the last the Equinor has NCS, and impacted well and been as the in total and outage up our production Bakken XX,XXX have well ended Peregrino around Hammerfest the effect partially planned last as Despite around to up at normal The high than from significantly turnaround the by This for LNG offset the from plant per barrels barrels as XXX,XXX on Sverdrup barrels higher quarters. Johan the to second this, as maintenance regularity NCS On catch-up losses been quarter

gas in phase Linge half increase was increased on ramp-up XXXX. Salah. in the plateau stream at leveraged In we in full well is the gas NCS brought flexible have fields on as first prices, our U.S. as production capacity the and Martin now the production and of in produced toward With and

high XXX had last ending XXX year. impacted the wind availability. down gigawatt offshore for power lower production, at hours, from Our But winds same farms the quarter

pipeline. progress project We continue to our

constitute wind years. III, full up difference project, wind these offshore the II in XX the awarded and transition. Sea support for Baltyk energy At will to for Poland’s Our contracts Baltic energy farms scale, renewable were and hub for

the growth, level projects The strong from than and we tax the year-to-date. on all operations settlement billion, cash strong taking half maturing first cash or more $X.X for net we on is $X.X of flow of installment around of activity, XXXX. before In Increased approximately high flow our installments the redetermination year, of volume the have quarter, will numbers. the targets. around $X.X combined contribute In $XXX around positions, the billion, discipline, installment quarter tax with capital than an the and and our XXXX at at payments to the year-to-date. billion focusing We strategic on billion for in high-value for billion The million provision process From our not are, $XX strict tax price, the paid $XX on earnings low. half based second NCS and of the quarter are of hence, books. less be Agbami, million three third second have XXXX quarter, based the in NOKXX improvements

financial volatility. and level making XX.X%, net us we solid debt the tranche month program since flow, share Day. have significantly. more our net year, XX.X% resilient debt Capital level our commenced June. Since Markets strong toward of net announced cash market from program the line just the With the in And we to of results in halved our the a first beginning almost improved It buyback is with today, the over

would you are we expect guiding on our and deliver. not to to track So changes

strong strong financial further delivered through net operational resilience an solid which able in capture market. uncertain volatile performance we we which our and value summarize, and in to delivered improved were flow, cash cost The to focus. So results results

to on share deliver and buyback our our commenced we announced track guiding, on are We program.

to questions. with forward look you, back I’ll and to Peter, So your I hand that,

through take the Great. Thanks, And actually on pass those. questions the and the to remind through polling straight Ulrica. to operator of I will us

first [Operator ahead. Instructions] Bank Borkhataria go the of Royal the from of Canada. line question And of Please Biraj comes

best Hi, role. luck with two and new thanks for I’ve got taking questions, the my please. question

The is on one first gas portfolio. the

you. derivative European the on you able comments the continue for You of you and gas to the expect sales how proportion back on phase this your from a Are any And Could are and effect. to based question maintenance normal talked hedged? what kind your is the catch-up say more about into of give catch-up when we hedging losses. on the second long Thank color you forward cycle? maintenance get and on point

small say will our overall an for so the Biraj, to have Yes, this impact is I strength with But proportion the took away it in the let’s a I it’s will overall, half. will on a What say beneficial on for a high next and position and prices from of from highlight I is very on impact your the gas positive it can overall the Thank gas portfolio. forward shelf, forward proportion. NCS can the is And also the small sales point say I gas is reducing. is we very start what you, on And And company. proportion. that questions. that

On the quarter most the catch-up, done we – the quarter planned a bit that we little international. did There we’ve but catch-up in left of a was – also the have mainly maintenance sort but of next in maintenance maintenance in planned catch-up the catch-up.

I at think the need we’re pretty we much So to be where moment. up to

Okay, great. Thank you.

from is SB of go next Markets. the line ahead. The Nilsen Teodor of question Please

I on buy – forward? The the you to will forward, your that have increase end end what flow assume second before debt year. debt the going one, can in Hello, spent guide – cash year has substantially? XX% the note year to, question spend guidance, will and first thanks billion $X back consider full net recently. you that far, just CapEx. this $XX going and down range full want and dividend my just of you on Is cash Or is it on to compared questions lower the you substantially dividends for you billion? to based will highlighted, taking come fair you only And of prioritize net to Ulrica. around cash this to that I to

Thank Teodor. you question, for your

our overall will where our environment framework and of Board is. that – And individually. any did with flexibility dividend debt we ratio to on looks have does low also one what that assess But based some framework. have see the to distribution net like overall it yes, pleased we add trigger sort On overall not the capital it the stated say buyback net debt we our the ratio, do share we’re

in of And be per We you need have $XX target are where ratio, is is supportive the of to at say, also, commodity the the or barrel. It assessed. oil three net Brent the long-term XX% we And bottom but $XX moment. main to also XX% end within prices, to above one factors needs range prices. be that which debt within see needs around to range as we’re the to

So pleased today our we share program. and are to buyback start announce very

a the of all they’re monitor will We them will make as continue to decision substantial we but a amount monitor time. whole. And a these will factors, when Board supportive for

think it does On a in look the I bit CapEx low ratio, half. little yes, this

And increased as are We seeing are, we some the of billion. activity $XX guiding reiterating in the second our billion half. heard, to $X you

question. a projects. seeing So we’re spending of see starting and that on majority other little we are major be that bit will development Bacalhau. there tick-up. in increases some And two. answered Yes. E&P across of And I various International half the half probably increased think And of in on you’ll that in that are two sort international activity And a

absolutely. Yes, you. Thank

line the ahead. Yoann Please from is go of SG. question Next Charenton of

Enrique, will team, I have and questions. two Hello,

instruments. this on forward cash gas move impact. is cash color at looking about showing more statement million, impact the see you we coming two quarters, in your which flow I’m for net actual So of derivative past move in of is on back sales. the flow basically some large can the we unusually If an to posted $XXX that one look

will this want distribution basically points future quarter? just assuming amount second the a your steady cash trend anything remains the be made potential, I of is distribution. one draw So second to of sales, a there as to gas back the referred sustained curve course, basically impact know the for of forward forward any the to if versus you coming that, from question, end that to more trigger upside The you the about of for

quarters that sustained many please? to how make trend, So

sense are and position. can difficult. the start very on by And reflects losses the those multiple Thank impact very, market. we been I’ll partly in negative shutdown sort summer you is one to giving be the question we’re end LNG in sales that the and in our as – margins specific start there in I been continue note indication on the results other I various gains many to by or bit the depending that that second is gas forward have here. of positions volatility also such What MMP very refinery much, positions MMP expect factors, give the a sale. also of gains Yoann. And is And will in on a impact those derivatives of I The to below other trading impacted trading guidance a And and will offset on will the is the low has normal MMP say bottom half. should has complex on of trading by this isolate Hammerfest. saying positions your the you trading to it. also toward

So at points view a few normal there sizing of the the of down there’s guidance. below us point just bottom toward from or a factors that the

upside our on very introduced is that holistic This quarters, we many we’ve some that the a volatile very Board and share But specific important it’s not triggers does. On possibility in say been I also buyback assessment how have program. I distribution this. think to be a environment think for too careful on flexibility the with to and

go do they assess have the have increases Directors added factors use committed grow we now in the all the program, We Board take we to have And again, into buyback base the in here and will consistently the those so historically, place have to assessment dividend quarters annual long-term of and share underlying the right our and generally, last level. when ambition our – we’ve QX. forward to the And earnings. toolkit increased four with dividend taken a as we account of over line

Thank you. Ulrica.

Thank you.

Redburn. from question Peter Next go is Low the of line Please of ahead.

Hi, thanks.

on so was prices? the captured you see there first your your hubs TTF. at look spot through or benchmark on all just is impact and then something all price gas realizations. I another means gas not average I question increased taken internal much and in as upside E&PN. invoiced the If The expense Is it else wouldn’t NBP the haven’t has gas either in gas second in one it price sequentially, And we admin like is come here. that in Europe, operating the hedging price thought MMP,

them in despite you can stable But might other bit flag? what increased quarter-on-quarter from talk it being moving there have looks parts about presentation. the You expected production actually they’ve there like it’s any a Are alone. and lower FX

very questions. Peter, you for Thank your much,

In start is, to terms question, something is to moment. the exchange of your seen – I’ll FX that And it. down the in movement mean, is from by go at second driver. There the big that biggest I NOKXX NOKX.X far, We’ve there. like the or

real seen costs the focus portfolio. have the a and stable We on of cost rest

So remind – the specifics highlight there. question I around it? first any of your me wouldn’t was other And section on

average It reported what EP&N prices increased we gas given done. as have your realizing thought as might haven’t kind I affected expected, in we’re have the Europe, which invoiced actual on price the Yes. was in price of yes, – much spot

few to adjusted mainly by due to few Svein going factors. of our prices I’m So other also by – a share think other I with hand a over offset you prices. to those. higher – to they But are increased slightly our

selling, total we blend, and in the including total the the has as invoice prices realization that a the price been doing, both impacted are It’s are of that positions. curve we gas

some there, But a typically cost. around basket So have then day a is they that moving price, pay when ahead. then on you be And you then curves and when XX% upwards. the some also and are what developing XX% are the as a on then internal these fixed then, also month ahead which seeing for we the do coverage line position, with increasing on deviation you out But prices are coming have there. there also could in now we’re the

Thank you.

Kepler Cheuvreux. of is Next ahead. Holte line Please question Anders the of go from

movements think most thanks would couple equities, months. my cash strong from I have over we’re But oil of Yes. Ulrica. coming Good that last that you're point to all you higher of do flow is of you And dividends price look distribute priorities? terms the a any up more M&A of still stable you? to at on kind gas been But I have the view your of questions. bit a for the morning, about, we that quarters you there in have that something obviously Or wish the want trend liquid will you when questions taking down pick be how I – renewal, Actually, you guess, cash to I interpret seven as for before. asked. more will seeing the like seeing? division, list is excess one past especially and the my that And further list now six, Do

strategy Yes. we only completely shared were very we based was in level projects. it, of of CapEx. are we – And overall we did we sort was guidance It's a that expected a our on we organic on very it state activities. future – in what there options spending. are terms use We M&A, was like. main – month – We of there the provided that. line – cash, were full And basically CapEx did theory, with our ago, that four On we It's looking very with how looked you were at – there, of in for advantageous portfolio.

if our was organic opportunities, ambitions guidance Some but basically based they activities. and on arise,

opportunistic we're of at that the could an shareholders. the opportunistic in course, in that's moment, fits portfolio. then to we've return net approach. to reduction sellers you with space. us say, then the the in We debt, of before. And range of bottom overall M&A that's approach as and completely the And But at will the M&A got we how as line point out what But I continue said also, should see take that, where

thanks. Okay,

And Martijn from the Rats go question of comes the [Operator Please Morgan Stanley. ahead next line from Instructions]

you wanted I to They're unrelated. somewhat Hello. hi. Yeah, ask two.

announced. First your XX mean, if wanted I then ask EU to of yes, specific there measures. that program all, I just pressures I to the what was wondering I Equinor enormously perhaps in of was an no that this was was something broad there of response set to the just guess, your it's Any Fit for is look, but any secondly, to answer that upstream? the in drew was And one attention? signs inflationary off. And tick

questions. Thank two Yes. you, great

So for proposal Fit fall. for for part – it this the the on and of to the the to emissions they which part EU they energy energy the of directive at And revision part presented trading second to in the are all July. and be that it's answer for these few Fit of mechanism, through. that we clearly this did And There's because renewable sector. of EU regulation border XX is the question understand first. reducing statements a and implications to Well, in included also I that in carbon amendment on methane the long the will difficult emission work the elements was system Equinor, mean, a But package give first XX priority adjustment firm of working any that. presented the

continuing focus developments to very the separately, And We're and costs it outlook inflation. very, main on several we those can we are there. think are sort unrelated on Well, talk areas. the seeing I but signs yes, of attentively. about of

tend impact demand are risk is very picking has good up global across clearly, this. aware so this It's as on watching as increased we see and that which signals backlog very on historically, of with much and well a order inflation, We we're a categories. eases, risk focus think I COVID-XX back pricing. And recently metals supply And that we sheet. reduces – mixed though, balance with healthy some question. to strong

seeing demand trend is focus than then tax rush best another mention of I among And guess, in renewable NCS the on of the – we're And on as rates. steel from I toward low-carbon point rig continued sort of steel And will advantage from It's bottleneck. rally, its strong flat mean, seeing, I to recovery, activity suppliers. due sort seeing package. watch last but a and finally, price a had which to we're of And NCS see a guess, the prices clear to few constrained. help. trend and we're And packages seen we've positive I we're and positioned high remained down things on however, So well should view, rather take rig quarter a cost one utilization. to the and positive supplies peak. metal have have that back that. the the steel a And we reached of metal, Other expected

moment, but it's where are uncertain Martijn. the sort the But we're of So future, at that's the those within. what might watching world. we're watching few areas an what And was history not to apply

you. Wonderful. Okay. Thank

comes Please ahead. of ABG. Olaisen next question John the line from go The of

we in the any to Renewables I with the see of just great the important do also would business, call financing provide good new some, Renewables details? Renewables increasingly figures principle, equity It your I insight flow accounting EBITDA, the more revenue, into of plans debt the us numbers, the welcome reporting the that cash have to be you, some would on situation, business. to least wonder, it, for structure into more not proportional the Due insight business. get proportional question the position. recount part to limited get Thank your regarding My you morning business. is argue and like

refer to be a at as much. business we you mature to buildup. more value expect very point where business will there Yes, more. how – And And rapid in we got quite out point multiple the business And disclosures. some thank is I'll this come. Over increase. I John. high development our of not we you in projects, stay. time, business. term, I'm it course, taken the this There's recognition But disclosing of this be rapid this impact what those you, time that near time, the website. looking can yes, be. as buildup, are is into take a really Thank at And going to Renewables in in see, sort much to sure be looking it's cost to value But time on trends fairly and earnings And matures, long we – as given those. is clearly that much There would will us some we've stabilize to will for will say the them. we but this At of is for immaturity you of time, not

sure. I numbers, important time an put early position give over up watching into give Yes, that that CapEx figures you recognize building just a – time. to us but these better numbers evaluate phase, over it's better these will a them the

more it's would a at be great request some So time. me, from like

too. watching that forward to looking Yes, them be we will grow, journey as much we And well. are very

Thank you.

question next JPMorgan. from of The is Please of go Christyan ahead. Malek line the

Hi. It's best of Christyan congrats. the Malek here. role new Yes, and with luck

the of line inflation just are chain, you of in of sort the sort a the it going how particularly and coronavirus. One, but any delays. just deliveries, I on Martijn of are around supply Just what's seeing improving issues of just in execution also flipping inflation on of there holistically sort to Brazil, we've with two you terms had but on little to some sight to clearly following know been have terms given you whether of questions. now from want some there owing confident

as And Or do business you the market in to And it of be seat, would of conglomerate. with initial annuities of portfolio? useful. being very that top-down disclosure your love wondering kind around comfortable to views think Brazil greater new you now or valued, needs is be I'd to second sort whether business business. appropriately within being valued you're are how the get thoughts question So your IPO? your the just back happen, you spin-off feel more And turns that. within this on how something to it's potentially philosophically the whether just more

unfortunately. good. that, hear was hard to It Very very

I'm question. unclear bit So your little a on second

and an assessment overall I think where is at. more first the of Brazil we're one

level. high of sort that answer I'll think I

from it's been since issues that but you in – else around measures and else all table heard the sort of put of go we the around beginning think people of authorities. place though COVID safeguard very beyond Brazil. are forward anything us several there, to strict looking anything place, prevented put the And we know don't continuing the even measures I'm we monitoring moving on having well. and so not here, Brazil, if protective there's that are very, have I that. And preventive in and if some around our in pandemic those safeguards I And have

Yes.

we to plans over then you communicated you Bacalhau, Year of our If to expect the there, XXXX. And half start-up continuously. one final Peregrino, then at at that then then running that for one. New which there. the first two come the and a Phase then totality that remember – Day for then Phase again, also a and we're Markets also getting working that's around Peregrino one, going breakeven again. And I on And up according on as we on get recently look have the that Capital on in with working with might that will we're also the one that, decision investment working

So hope Christyan, question there. answered we your I

it's using great. my question, put I AirPods. Yes, so Yes. useless my I'll That's was second hopefully clearer. just

disclosure think you within turn initial question But Do carve-out? sitting business. you Clearly, the the the how are ask it appropriately Renewables are just of on sort portfolio? Just thoughts going business whether you sort better sort for kind given some of you the Or status it's through how comfortable sort market? being within to a the is as seat? your it of will being really regarding up your a early it this, you with move current valued you extent, of see sort Renewables conglomerate. see but always to in days it of investors hybrid into valued, of of, placed question improve. And you to is the maybe how view do So sort second

businesses I Yes, then of strong appropriately of of sort – mean, the Equinor, in valued, pure such businesses of tapering mean, the interesting values to off Christyan. you, I and little these terms having develop value Thank develop outside a see bit. it's

record There's an to value. that it not can I a what think everybody succeed clearly track actually market explored. in opportunity market that takes difficult it's of And to the is here that see. clearly

strategy some I pure forward. – the to Equinor. to helps move Equinor business that in as we're believe I well business as overall Renewables our that's that be of think, us see information depending in new how to some I go we on think that will like the this forward. as forward sort companies we of which And us And transition, as going for because companies means that position really this our values leader pieces up this we're has in reason down, and helps ourselves do part crucial going very a and going that's will very small we is got segment of strategy. capabilities drive Renewables

Thank you.

Thank you.

Nash ahead. from of is of The next the Cui question go line Barclays. Please

your well Hey, for I questions, if may. morning Two role. top congratulations new

presentation, one extensively. be buybacks first is more The share could interesting during your said you've used it's that

question So plateau? just you meet higher expect a to And of be higher? over to buybacks my production is yes, in will that's expect Equinor's returns second materially first order cash do wonder run increase? when my question. long dividend level a a decline priority If target? if production zero do you share in be So to the net Will

of is work we capital I we the will value, say and will how shareholder is drive to to level to committed Equinor for – we what capital that part are at the decide long-term there I’ll distribution sort for shared point what the – will back want expectation important situation no as shareholders around the you in mean, distribution. of the Well, give parameters Nash, distribution that Board with very thank those on. to questions I time, future. an to in the come on back of we, will much and assess is capital you this I’ve

factors So, part dividend. new taking introduce into a of did account, those the all flexibility we

line as we’ve the flexible shared you at when and see that then in we’re There I think we more with commodity a ratio, the a a earnings. whole. to we with going dividend And target we’ve side that a need prices got is, core are then that our been but guiding can prices, grow forms factors when is net, I’ll around that. hand we in use to more look I’ve supportive oil back said clearly we On – see color will we’ve those it’s stays production, turn to where long-term, very I indicating the the using. we mean, to that be two give to longer-term production it on but it Svein over more, appropriate some

XXXX, well given the What growth. then to portfolio on the production we same the X% having outlook be said to expected up guiding then the said also Day, also XXXX then Capital and the Markets in XXXX And XXXX. we saw the Yes. target as we the earlier same is then is but level – for XXXX as around

that on the breakeven are working a significant we coming projects So, for with XXXX, generating a $XX flow stream with until in perspective. portfolio then below cash advantage our up

very much. you Thank Perfect.

SEB. Rosenlund question next go from is of of a ahead. The Anders Please line

your more, currently associated because I’d And Equinor’s Thank license and low-carbon to The solution very is upon touched differently, being an it’s as just financial once and operational trying exposure of question to renewables heard companies. ask been we’ve future. is the important you. part poor. like as brought

view to whether changes So in you Day Capital business advocate reporting, which more this making the be you will ago. of instead with of connection on provide of rightfully to months such time will spent you segment, a Markets transparency lot in changes addressing asking an

of And growing to good. to over difficult going our yes, important thoughts we’re clearly, sort thoughts. a had forward. some in some question. yes, this and, around the an Well, area it’s Orjan have Very going building I’m it’s it and of good and business we’re mean, as it’s business a those I of to we assessment hand share

up for. But it as we in and we we reminder build the information this No, going just when had exactly take separate disclosure is And gave we significant as forward assess looking a that investment that you that note that portfolio. the then something what we Lundin, we that are a request well it’s the had get. of

Yes, much, you absolutely. Thank Anders. very

Okay.

from is Deutsche go of question the Please Next James Bank. of ahead. Hubbard line

morning. Good question. just good one afternoon. Hi. guys, Hey

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Rigby Next Please Jon question ahead. is UBS. from go of the line of

I’ve Hello, ones that questions picture sort on. not you, mainly and small big focused Ulrica, of I think got we’ve for two

in first gas if the some at and MMP, gas U.S pretty the I’m issues U.S. this look so been your infrastructure good, results I particularly and year trading results second looks quarter. that – The on in the is, there’s actually and aware in

second quarter? and production the And just on just positions the around U.S. I sheet. So, of whether helped wondered there’s your that unusual anything infrastructure position you on the going this is in then sort balance

wondered fall. You that’s squirreled or into sort have to most away your of investments. strategy positioning of to of the begins I a very seem balances just want – where timing overall debt a around the whether to financial a you liquidity have sort cash of see net you versus gross there’s in net just whether difference generative quarter cash as debt and

Thank you those for Very good. Jon.

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here. you the able second said, also the Jon, extra We on in as up profit. are Then as decent generate to quarter we with a then discussed profit, coming

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net that’s the so where – account We is it’s there into we take And to clearly debt, that counted it. in.

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you. Thank right. All

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this would comments. questions Mr. to time. Peter for And back to there at are Hutton more hand I any closing no like

thank Ulrica, to want like to just do that I have you closing comments, you actually, Well, you. any Thank Ulrica, pass? Okay.

good a a time. Well, point thank said No. in you to been upfront little I’m meet as some we’ll hopefully all. bit I sure more great It’s you. meet face-to-face at It’s quarter.

be. is to and important Equinor important recognize there’s that It’s sort highlight still. think some holding bit there’s forward those a that prices, stable. to strong yes, through strong this it to opportunity going very of like. volatility but we an keep there if can the there We a with you what in needs any be to I advantage It we into results, looks with whatever I I’m and and around mind, that Equinor taking that capture the the today our pressure question sort take it’s resilient costs should to of interesting to think we’re volatile understand in of market shared world give to is it’s an where need strong been But cost production setting way we best a capture hoping to account up that downside. half with get looks next us good will which

Peter, it. I think So with that, that’s

Well, the I Perfect. thank you Really from the results everybody much, there is peers of for come of joining our very know to some appreciate us. rest week. it. for more

So, any investor I and participated you. to the please, luck don’t thanks those. the further Thank course, you best. with on who all wish that an as relations. call to hesitate questions, And With contact of everybody

conference the and concluded. Ladies gentlemen, has now

Thank for have joining. telephone. And disconnect your Goodbye. a pleasant can You day. you