EQUINOR ASA(EQNR)Q2 2026 法說會逐字稿

I would like to turn the call over to Bård Glad Pedersen, Head of Investor Relations. Bård, you may begin.

Thank you operator. Good morning all. Thank you for joining the analyst call for Equinor's second quarter results. Our CFO, Torgrim Reitan, will as usual present the results before we open for a Q&A. You can already now sign up for questions by pressing star one on your phone. We plan to complete the session within one hour in total. With that, I hand it to you, Torgrim, to take us through the results.

Well, thank you Bård. Good morning. Thank you for joining us. I hope you are all enjoying your summer. Today, it is five weeks since our Capital Markets Day, where we shared our updated plans to deliver more energy, growing cash flow, and superior returns. We showed an improved portfolio delivering production growth of 150,000 bpd to 2030, a growth in cash flow from operations of 30%, and an industry-leading 15% return on capital employed. With this, we expect to deliver over $40 billion in free cash flow toward 2030. Not to forget, we presented a break-even after dividend of $50 per barrel. This is a reduction of the break-even price by $10 per barrel. In the second quarter, we took several concrete steps to deliver on this. On the Norwegian continental shelf, we awarded the contracts for the first wave of tieback projects. This is an important first within our new NCS 2035 operating model, aiming to double the speed of developments and reduce costs by half. The contracts awarded for the first wave support these improvements. We continued to use business development as a tool to harmonize ownership across licenses. We have done this through a series of swaps with DNO, Aker BP, and Vår Energi, supporting progress on the Ringvei Vest project. Internationally, we took the final investment decision for the Greater PAJ project in Angola, where we expect to generate more than $50 per barrel in cash flow from operations. Greater PAJ is an important step in building longevity within the international E&P business and growing cash flow from operations by 80% toward 2030. We also delivered strong results in the quarter. Production grew by 3% with well-executed turnarounds and new fields like Eirin and Symra coming on stream during the quarter. With this, we capture value from higher prices and our trading business captures value uplift from increased volatility, delivering a strong contribution to our results this quarter. We report adjusted operating income of $11.5 billion before tax, and an IFRS net income of $4.8 billion. Year to date, our cash flow from operations after tax has been strong at $13.7 billion. This quarter our adjusted earnings per share were $1.33. While energy markets remain impacted by geopolitical unrest, we continue to focus on what we control: our operations, how we remain robust through price cycles, and our commitment to cost and capital discipline. To capital distribution: At our Capital Markets Day, we announced a doubling of the share buyback program for 2026 from $1.5 billion to $3 billion. We follow up now: for the quarter, the board approved an ordinary cash dividend of $0.39 per share and a third tranche of share buyback of up to $1.125 billion, including the state's share. Let's dive into our results. First, let me start with safety, our top priority. Our serious incident frequency and personal injury rate remained relatively stable in the second quarter. We have seen a slight increase in both metrics this year when compared to 2025. We are working very hard to learn from incidents to improve safety and performance further. In the second quarter, we produced 2,165,000 bpd, up 3% from the same quarter last year. On the NCS, our production is up 4%, mainly driven by new fields like Johan Castberg, Halten East, and Verdande. We are also adding Eirin and Symra, which came on stream this quarter. Let me also highlight that we saw another quarter of strong performance from Johan Sverdrup. We have previously indicated a decline of 10%–20% this year from that asset. Based on the strong performance so far, we now expect it to be at the low end of this range. NCS production was impacted by plant turnarounds and maintenance, and also Johan Castberg coming offline for a period toward the end of the quarter and into July. Johan Castberg is now back at plateau after production resumed last week, implying that the impact will be larger in the third quarter than in the second quarter. Internationally, the increase was driven by Adura in the U.K. and Bacalhau in Brazil. The growth more than offsets the decrease from our reduced ownership in Peregrino and the divestment of the onshore Argentina assets. During the first half of 2026, we have delivered in total a very strong production growth of 6%. Therefore, our guidance of 3% growth for the full year is now more robust than when we started the year, even taking into account the issues at Johan Castberg and the planned turnarounds also in the third quarter. Within power, we produced 1.2 TWh this quarter. The growth is from Dogger Bank in the U.K. and new onshore assets. Now to our financial results. Liquids and European gas prices were higher than the same quarter last year, while U.S. gas prices were lower. This has impacted our results across the segments. Adjusted operating income in E&P Norway totaled $9.2 billion before tax and $2.1 billion after tax. In our international E&P business, prices increased around 50%, but operating income almost doubled based on production growth of 4% and increased quality in the portfolio. Our E&P U.S. results were driven by high offshore production with higher prices, partly offset by lower gas prices in the U.S. MMP delivered $777 million pre-tax, well above the guiding of $400 million per quarter. This was driven by crude trading and strong performance at our refinery, Mongstad, capturing value from higher margins. Our power results reflect a strong contribution from power trading for the second quarter in a row. In total, we have nearly doubled our adjusted operating income after tax compared to last year, demonstrating the improvements in the portfolio and our ability to capture value in higher price environments. This quarter, cash flow from operations was $14.8 billion before tax. We paid $7.1 billion in taxes, including three NCS installments, summing up to around $6.4 billion. Next quarter, there will be two payments of NOK 23.3 billion each. Also in the second quarter, we received a quarterly cash distribution from Adura of $150 million. The sale of the Argentina onshore assets resulted in cash proceeds of $558 million in the quarter, in addition to $88 million in proceeds received in the first quarter. We also recorded a gain of $467 million during the second quarter. Our financial position in Scatec was partially divested for $171 million during the quarter. Here we have an accumulated recorded gain of $61 million. Organic CapEx was $3.4 billion, and our net cash flow before distribution was +$5.5 billion. This quarter, we distributed $1.1 billion to our shareholders. We strengthened our balance sheet and have a solid financial position with around $24 billion in cash and cash equivalents. Working capital, which is not included in our cash flow from operations, decreased by $1.8 billion to $3.6 billion. This is a lower level than what we usually have. Our net debt ratio decreased to 10.4% this quarter, despite three tax installments paid and the state's share of the buyback from last year booked as a finance debt. This state's share of share buyback was paid in early July, and the cash flow impact will be in the third quarter. At current forward prices, we expect the net debt ratio to be somewhat below 10% at the end of the year. Now, to our guidance, where there are no changes. Our progress is in line with our communicated outlook, both in terms of production, CapEx, and capital distribution. Finally, to conclude, I will refer you back to a slide from our Capital Markets Day five weeks ago. The second quarter results demonstrate execution in line with the plans we presented to deliver: more energy, 150,000 bpd production growth to 2030, growing cash flow, 30% growth in cash flow from operations, and superior returns. We will continue to lead the industry on return on capital employed, and we aim for 15% through this decade. Now, thank you very much, and I look forward to your questions. Back to you, Bård.

Thank you, Torgrim, we are ready to start the Q&A. We have a good list already, but let me remind you that you can sign up to ask a question by pressing star one on your phone. We ask that you limit yourself to two questions each. First, we have Teodor Sveen-Nilsen from SpareBank 1 Markets. Please, Teodor, go ahead. Your line is open.

Thank you. Good morning, Torgrim and Bård. Two questions from me. First, on the Johan Castberg production, as far as I understand there's been some trouble going into Q3. I wonder specifically if you can indicate what you expect as net production to Equinor from Johan Castberg in Q3. The second question is on downstream and MMP. We are seeing strong refinery margins going into the third quarter. Could you comment on the profitability of Mongstad thus far in the third quarter, and what you expect during the second half of this year? Thanks.

Okay. Thanks, Teodor. As far as I got, the first question was about Johan Castberg. We have had some issues related to the turbines, heat waste. That took three weeks, or 18 days, to get in order. We had it back in production from 13 July, meaning that the impact of that stop is around 14,000 bpd for next quarter. That is up and running again. It is a field that is producing very well. It is still in a run-in period, so there might always be some operational issues when you have a new field coming on. That is the situation on Johan Castberg.

Could I ask if the 14,000 bpd is net to Equinor or gross?

Yes, that is the impact to Equinor.

Okay.

On the MMP results, it was a strong quarter where Mongstad is contributing well with very high regularity. This is part of the MMP reporting. It clearly creates significant value at the current refinery margins. To say a little about the refinery situation and the margin in Europe: the oil market is tight, but the product market is even tighter. If you look at the FCC margin for the second quarter, it was actually around $25 per barrel, which is very significant. We don't give a specific margin for Mongstad, but clearly it is significantly above break even. So far into this quarter it continues to deliver strong results. I encourage you to follow the general refinery margins going forward, and that will directly impact Mongstad's delivery.

Thank you. Thank you, Teodor. Next on my list is Biraj Borkhataria from RBC. Biraj, please go ahead.

Hi there. Just one question from me. Your partner in Bay du Nord gave up their stake, and you were targeting FID in 2027. Are you comfortable to push that project forward at 100%, or would you look to farm it down before progressing it? Maybe you could also talk about Canadian support for that project, because it looks like there's quite a lot of movement and sentiment change on the politics side in Canada recently. Thank you.

Thank you, Biraj. BP is handing over its ownership in Bay du Nord to us. There will ultimately be a minimum payment for us this year, subject to a final investment decision, but a relatively small minimum compared to the size of the opportunity. The timeline has not changed; we aim to sanction in 2027. We are working on bringing another partner into the project. It is an attractive project, fully supported by the Canadian government. In the current environment, energy security is high on the agenda, and the same applies in Canada. This is an attractive investment opportunity that we look forward to realizing together with the Canadian government and potentially additional partners.

Thank you, Biraj.

Yes, thank you for taking my questions. I missed the beginning because I had some problems, so I don't know if someone asked about the European natural gas market. What is your expectation for the second half of the year; in general, how do you see the demand-supply balance in that market? The second question is related: we are seeing a very strong energy commodity environment and very strong cash flow. Your leverage now is probably just below 10%, according to your comments. Is there any room for additional buybacks this year above the $3 billion that you are guiding now? Thank you.

Thank you, Alejandro. Two important questions. First on the European gas situation: it is vulnerable and we might enter the autumn and winter with large uncertainties. The situation in the Strait of Hormuz has effectively removed around 20% of global LNG flows, which restricts global LNG flows and directly impacts Europe because currently around 30% of Europe's supply needs to come from LNG; Europe will compete with Asia for that volume. Combined with storage in Europe at about 53%—more than 15 percentage points below a normal level—it leaves us in a fairly tight situation. We assume the situation around Hormuz will normalize and flows will return to regular levels, but we do not believe Europe will reach 80% storage filling before winter; we expect it to be below that. Also worth mentioning is that Russian gas will leave Europe—this year some piped volumes have been cut and next year remaining piped gas will likely be gone—so even more LNG will need to come to Europe. We hope the situation settles, but we must prepare for volatility and uncertainty in the European gas market. We are well-placed to provide reliable energy in a situation like this. We have a cost of gas of about $2 per MMBtu and are currently selling into close to a $20 market, illustrating how important Norwegian gas is for Europe. We are the largest energy provider to Europe, and we will continue to take that responsibility seriously. Your second question on buybacks and leverage: we aim to run with a very solid balance sheet. We currently have a net debt ratio of 10.4%. Based on the forward curve as of a few days ago, we expect it to be somewhat below 10% by year-end with strong cash flow. We intend to maintain a solid balance sheet, particularly in a high price environment, to be able to manage low-price environments. On the potential for more share buyback this year: no. When we entered this year, we expected much lower oil and gas prices. The way we have used the additional cash has been focused: first, we increased investment into oil and gas by $1 billion, in Norway and internationally, increasing the production outlook for 2030. Second, we are strengthening the balance sheet. Third priority is doubling the share buyback for the year. We believe this is the best way to create shareholder value in this environment. From next year, there is a new framework in place, and we look forward to discussing that at our fourth quarter results in February next year.

Thank you, Alejandro.

Yes. Thank you, Bård. Two questions from me, please. First, on European gas and maybe more specifically for Equinor, given the much higher prices at the moment, is there any flexibility on your side to increase natural gas production in the second half of the year and exports to the European market? Secondly, thank you for the update on Johan Sverdrup. Could you elaborate on what is driving the outperformance and whether we could see further outperformance in the second half of the year? Thank you.

Thank you, Henri. On increasing gas volumes to Europe: in the short term we are already producing at or near maximum, so there are no additional overall volumes readily available. However, we have flexibility in our production system and our transportation system, and we can prioritize where gas is delivered to capture highest value. For example, when German prices have been higher than British prices, more gas has gone to Germany. We will continue to optimize volumes to provide gas to where it is needed most. We keep our exposure to natural gas prices floating and exposed to the prompt: 70% exposure to day-ahead prices and 30% to month-ahead, which means volatility will be captured and we can steer gas to where volatility and value are highest. On Johan Sverdrup: we are using a lot of effort and competence to maximize recovery and it continues to deliver better than planned. At sanction, expected recovery was 65%; we now look at about 75%. We increased the plateau level and reduced decline more than expected. Two technologies driving this outperformance are water management—efficient handling of increasing water cut creates room for more oil production—and well placement, including retrofitting wells with multilaterals to split production from a single wellbore. Those measures have delivered well and we will continue to apply them through the year. The first half has gone very well, and we will continue to do our best with Johan Sverdrup.

Thank you, Henri. Michele Della Vigna from Goldman Sachs is up next. Michele, please go ahead.

Thank you very much. Good to see the contribution of the Adura joint venture this quarter. Could you elaborate on that? The company has room to gear up and finance itself—what should we expect in terms of dividend from it in the next 12 months? Secondly, you are ramping up more frontier high-impact exploration. Could you outline what high-impact wells we should look forward to by the end of the year? Thank you.

Thanks, Michele. On Adura: we are very satisfied with the joint venture with Shell, transforming our U.K. cash flow from a negative position due to investments to a positive contribution. We received $150 million in capital distribution in the first quarter and again in the second quarter. Over 2026 and 2027, we expect more than $1 billion in capital distribution in total from Adura. Adura has raised around GBP 3 billion in debt and is already appropriately levered for its business. On exploration: it remains important. We drill around 120 wells per year; many are close to infrastructure on the NCS, but about 20% in Norway are standalone opportunities. There is a continued flow of higher-impact, higher-upside wells, with higher risk as well. Internationally the program this year is mainly ILX opportunities in Angola. We have several high-impact opportunities internationally; for example, in Brazil we intend to drill a few high-impact wells through 2027 and 2028, including a neighboring block to Boomerang in the southern part. We are excited to see where these lead.

Thank you.

Good morning. Two questions. First, on production guidance: you said that with the result achieved in the first half the full-year production guidance is now better underpinned. Can you clarify that? Also, given the first-half result, doesn't the full-year guidance imply a deceleration or sequential decline into the second half, suggesting potential upside? Secondly, on U.S. gas price realizations: they fell more than we modeled. Could you comment on basis risk and local circumstances and whether your U.S. position is developing as initially expected? Thank you.

Thank you, Martijn. First on production guidance: operations in the first half were stronger than planned, with excellent regularity and ramp-up of new fields such as Bacalhau and Johan Castberg. So far this year we have delivered 6% growth. The growth planned for the year was always tilted toward the first half due to ramp-ups; that was the plan. We decided not to change the full-year guidance, but the guidance is now more robust given how the first half unfolded. We will continue to monitor closely and revert in the third quarter. On U.S. gas price realization: in the quarter Henry Hub was $2.9 per MMBtu. Our average U.S. gas price was NOK 2.3 per MMBtu, implying a discount of NOK 0.6, which is slightly lower than normal. We remain located in attractive acreage and basins with low unit production cost, and this continues to contribute strongly to our results. Prices were down compared to last year by around 16%, but still provide significant value.

Thank you, Martijn. Next is Fergus Neve from Rothschild. Fergus, please go ahead.

Morning, everyone. Thanks for taking my question. Just one from me. Looking at MMP, which delivered another strong quarter given the volatility we saw, could you comment on the drivers of the relative mix within the results between gas, oil, and refining, and the movements quarter-on-quarter? Also, could you comment on volatility in gas and oil markets in the current quarter, noting you already commented on refining? Thanks a lot.

Thanks, Fergus. MMP had another strong quarter. Key contributors this quarter were refinery and Mongstad, and crude trading was a significant contributor—larger than typical. LNG trading also performed better than expected, while normal gas trading was on par with expectations. Drivers for MMP results going forward are volatility and geographical dislocations, which create arbitrage opportunities on both oil and gas sides. Time arbitrage along the curve can also create value. We have guided a normal quarter at around $400 million per quarter, and that remains intact. Over time we expect to raise that guiding toward around $500 million. This quarter was exceptional, driven by geopolitical events, and the MMP results will naturally fluctuate.

Thank you, Fergus. Next up is Naisheng Cui from Barclays. Naish, please go ahead.

Hey, good morning, everyone. Thanks for taking my questions. Two, please. First on Bay du Nord: it's a very large CapEx project. How sensitive are the project economics to current service cost inflation, and could you remind us what return threshold you require before sanctioning next year? Second, on the NCS: one of your Norwegian peers reported 6%–7% CapEx inflation for two large growth projects. Is NCS CapEx a concern for Equinor as well, and how are you managing costs? Thank you.

Thank you, Naisheng. Bay du Nord is a large project with a total CapEx around $9–10 billion. Over the last three years we have worked to significantly improve the project and have scaled down the scope where appropriate while maintaining attractive returns. We have been able to limit cost increases and see returns well above our internal threshold for investments. On the NCS and managing cost: we have a diligent approach to improve projects, realize scale and synergies, and standardize developments. One metric we use frequently is the break-even for new developments, which is now below $40 per barrel. That level has remained consistent despite periods of inflation because we continue to drive improvements and take costs out of the system. As a large developer in Norway, we secure long-term frame contracts and develop on a portfolio level. The NCS 2035 program—standardization and simplification of new developments—is expected to reduce CapEx by around 50% across the portfolio. Even with inflation, we expect to reduce investment levels on the NCS. This was a key message at Capital Markets Day and we will continue to report progress.

Thank you, Naish. Next is Matt Lofting from JPMorgan. Matt, please go ahead with your questions.

Thanks for taking the questions and the update. Two quick ones. First, on gas: could you add perspective on the demand baseline you're seeing in Europe currently, perhaps particularly in the industrial segment, which has tended to be sensitive to price and supply uncertainty? Second, on the moving parts for gearing: could you expand on the working capital baseline and ex-price effects, and what you expect for the second half of the year? I think you said inventories are lower than normal at this point. Thanks.

Thanks, Matt. On industrial demand in Europe: industrial demand has come down since the war in Ukraine—around a 25% reduction—and has been fairly stable recently. Even so, the overall need for new gas in Europe is growing. We expect LNG's share of the market to grow from around 30% today to about 50% by 2030. We see a tight situation over the next few years. On working capital: we saw a reduction of $1.8 billion in the second quarter and working capital is now $3.6 billion, lower than normal. The decrease comes from lower inventories and reduced accounts receivable, and we had fewer cargoes in transit at quarter end due to shorter sailing distances and active trading. We don't provide a formal guidance for working capital, but price levels are a key determinant: lower prices typically mean lower working capital and vice versa. Working capital will fluctuate, and when prices increase, working capital typically rises but net debt normally goes down as cash flow improves. Those elements are linked.

Thanks, Matt. Next is Chris Kuplent from Bank of America. Chris, your line is open.

Thank you. Torgrim, two quick questions. First, could you update us on proceeds still to come from the Peregrino disposal and timing? Second, recalling 2022 and 2023, how much flexibility is there or appetite to pull forward tax payments into the year? What's your current thinking on flexibility in the Norwegian system? Thank you.

Thank you, Chris. On Peregrino: we divested in two tranches. We own 60% and sold 40% and 20% tranches. The headline consideration was NOK 3.5 billion. The 40% transaction is settled and we have received the funds. The remaining 20% is classified as held for sale on our books. There are still some outstanding matters related to that part. We expect that transaction to close toward the end of this year or early next year, but it is subject to timing outside our full control. Yes, most of the held-for-sale item is related to the remaining Peregrino stake; production and results are reported as normal but depreciation is not charged for that part while it is held for sale. On tax payments in Norway: in the first half each installment was around NOK 20 billion; we indicated to the state that we will pay NOK 23.3 billion per installment going forward. There are two installments in the third quarter and three installments in the fourth quarter. That is an increase of roughly 16%. When we set that we must inform the tax authorities of the amounts and we made that judgment based on higher prices. There is an opportunity to increase payments in August, but we have no concrete plans to do so at this time.

Thank you, Chris. Next is Sadnan Ali from HSBC. Sadnan, please go ahead.

Hi there. Thanks for taking my questions. Two on unit production cost. First, in February you had a target to reduce unit production cost to $6 per barrel for 2026 specifically, but it looks like that was removed with the first-quarter results in May. What led to that target being removed? Second, at the June Capital Markets Day you introduced a $6 per barrel unit production cost target averaged over 2026–2030. For your international portfolio specifically you're expecting a 30% reduction to under $5.50 per barrel. What about the NCS specifically? Can you share current unit production costs for the NCS and how you think about the trajectory to 2030? Thank you.

Thanks, Sadnan. Unit production cost is important and we track it closely. At Capital Markets Day we showed we are around $6 per barrel while some peers are around $8. We continue to operate at a competitive cost level. The $6 UPC for 2026 is a combined number across the portfolio and is approximately what we expect for 2026. E&P International and E&P Norway are broadly at similar levels. At Capital Markets Day we reiterated $6 per barrel toward 2030 and a $5.50 per barrel target for international. Broadly we expect similar levels in Norway and international toward 2030. We also set a target to reduce operating and administrative costs (SG&A) by 10% compared to last year. If you look at the numbers you may see an increase of 11% year-to-date; that is driven by higher transportation costs related to higher production and higher O&M costs due to more assets in operations. If we strip out transportation costs and royalties, we see a reduction of 6% compared to last year; stripping out currency impacts further shows progress toward the 10% target. We are on track and follow this diligently.

Thank you, Sadnan. I have a few left on my list. Let's try to cover as many as possible before we close at half past as planned. John Olaisen from ABG Sundal Collier is next. John, please go ahead.

Thank you, and thanks for taking my question. Two questions. First, the Roncador field has experienced technical issues that have hampered production over the last three quarters. What is the issue and when do you expect it to be solved? Second, related to Adura: the result jumped from -$90 million in Q1 to +$90 million in Q2. In Q2 you said that higher depreciation due to change of principles had lowered results. Have depreciation charges or principles changed again? Thank you.

On Adura: the move from -$91 million to +$94 million was driven by higher realized prices in Q2 and some one-offs in Q1 related to establishment of the new company. There have been no further changes in depreciation principles. We have received dividends of $150 million in both Q1 and Q2, which is higher than the reported net profit in some quarters; those capital distributions are recorded differently in the cash flow statement and are not part of cash flow from operations—they are reflected as investment cash flow. That explains part of the apparent mismatch. On Roncador: there have been operational issues, but we are not the operator there. Petrobras is operating Roncador and it is more appropriate for them to provide full details. We are supporting them and working closely with Petrobras.

Thank you, John. Next is Jason Gabelman from TD Cowen. Jason, please go ahead.

Hey, thanks for taking my question. One quick one: have lower gas prices in the U.S. impacted or opened up acquisition opportunities? I know you've been focused on expanding your non-Appalachia footprint. Any thoughts would be great. Thanks.

Thanks, Jason. We believe natural gas is an attractive commodity to be part of going forward in both Europe and the U.S. You have seen us do significant transactions and acquisitions in this space over recent years, building a meaningful position. Going forward, we will look to create maximum value from our position. If attractive opportunities emerge, we will consider them, but nothing specific to announce. We have been active on M&A—selling and divesting some international assets while bringing proceeds back—and we will continue to evaluate how to optimize the portfolio.

Thank you, Jason. Let's try to squeeze in one more. Ahmed Ben Salem from ODDO, please go ahead.

Hi. Thanks for taking my question. On production growth: following the startup of Bacalhau and Johan Castberg, which project do you see as a key driver of production growth over the next three to five years? What do you see as the main risks to delivering this project on time and on budget? Thank you.

Thanks, Ahmed. There is a large portfolio of projects. In the short term, Bacalhau and Johan Castberg are important: Bacalhau's wells are performing well; we now have three producers on Bacalhau and two gas injectors in place, and we are finishing the fourth producer. We expect Bacalhau to reach plateau by the end of the year, making it a significant short-term contributor. Looking further out, Raia in Brazil is expected in 2028, Sparta in the Gulf of Mexico in 2028, Rosebank and Jekta in the U.K. around 2027, and the PAJ development in Angola, which we recently sanctioned and which contributes further toward 2028. On the NCS we have numerous ILX tieback opportunities—65 projects underway in various waves—feeding continued production into 2030. We increased the production outlook for 2030 by 100,000 bpd in Norway. The main risks for projects typically relate to operational execution, supply chain and cost pressures, and permitting or regulatory issues in some jurisdictions. We are managing these risks through careful project execution, standardization where possible, and strong project governance.

Thank you, Ahmed, and thank you all for calling in and for your questions. We are a couple of minutes overtime, I apologize for that. As usual, the investor relations team remain available; feel free to reach out to any of us during the day or later in the week if there are other topics you want to discuss further. Thank you all for joining, and have a good rest of the day.