Equinor ASA (NYSE:EQNR) Q4 2022 Earnings Call Transcript

Irene Rummelhoff: Maybe on the gas market, it seems like the market has found some kind of equilibrium right now, but — and taking it through the next summer. But it’s important to remember that come November, storage as a full — they were full in November last year as well. So it’s basically a reset. And you’re looking at the next year, again, needing to attract more LNG and reduce demand even further. So I think the best thing we can say is that we do expect volatility and also that the uncertainty or the upside is higher than the downside given what we have seen.

BÃ¥rd Glad Pedersen: We are a bit on over time, but I feel bad because I’ve overlooked this side for one. So if you take one final here.

Unidentified Analyst: Thank you. I’m from SEB. Will you leave a profitable barrels behind in your energy transition journey?

Anders Opedal: No, we don’t plan to do that. We plan to develop the oil — the energy transition needs to be a balanced transition. So that means that oil and gas will play a role in the energy transition. And as we have demonstrated today that we will continue developing the oil and gas business. I think we have 20 years of resources in our books meaning that Philippe and Kjetil will continue to develop those resources together with Geir bring them into real projects, implementing technologies and have a target of these break evens that Torgrim talked about, 35 in break even. So we will continue to mature reserves and not leave valuable barrels behind in the energy transition.

BÃ¥rd Glad Pedersen: Very good. I think we now need to close this session. I will leave the word to you to do that Anders. I just want to remind you all that you are invited to lunch in the area outside of here afterwards and that we will start the breakout sessions, what is it quarter past two. So Anders, if you want to say any concluding remarks.

Anders Opedal: No I just wanted to say that thank you very much for coming. I think we have presented a very strong outlook for Equinor, both for 2023, but also into the future. So thank you for coming, and have a good lunch.