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

Thank you, Peter, and good morning, everybody. I hope you are all doing well and thank you for joining the call. Equinor delivered solid overall operational performance in the quarter. Prices have recovered somewhat from the very low levels in the second quarter, and we have seen less volatility, but concerns about second COVID wave in many countries and muted further demand and corresponding price upticks. Despite this challenging price environment, Equinor delivered a positive cash flow in the quarter. We acted early and forcefully into the effects of the pandemic and its impact on commodity prices. Now, six months later, you can see the benefits. We have materially reduced our costs and we have maintained strong financial flexibility. We were significantly helped by the strong measures taken over last years to improve our competitiveness. This has made us more robust and equipped to handle this situation. Capex spending has been tightly controlled and strictly prioritized. Costs are significantly down with opex and SG&A per barrel for the upstream segments down 20% since third quarter 2019. And we are on track on our plan to save $700 million in 2020. In the quarter, we had demonstrated that we’re able to create value and grow our renewables business. We formed a strategic offshore partnership with BP in the U.S. and divested 50% of our East Coast offshore wind projects, Beacon Wind and Empire Wind. Equinor continues as the operator of both projects, and we now benefit from complementary competencies, experience and skill sets. This is totally in line with our strategy to secure our maturity renewable projects for large scale development and to capture the value creation by taking in strong partners when the timing is right. Our net capital gain of around $1 billion is expected to be booked early…

Thank you number of people as well, I’ll take this opportunity to do that. Many thanks. And with that, can I pass the word to, Emalena, the operator to run you through how you may poll for questions.

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

Thank you very much, everyone. Good morning. And thank you very much Lars Christian as well for all your help. Just to keep it to one question and one follow-up, gas business, the European gas business, price is down substantially but the Natural Gas Europe result was particularly strong and the volumes were up. And I actually see that Oseberg was pretty much pumping at winter levels even in the third quarter when it’s normally the lowest level each year. So – and I know you have quotas around that particular field. So I just wonder if gas prices stay high here in the fourth quarter, can you still take advantage of those or are there – could there be some restrictions against that? And then my – a small related follow-up is, do you have any business interruption insurance for the Hammerfest issues? Thank you.

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

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

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

Thank you for that question. I think the best way to answer your first part is actually to go back to March-April. We were really impacted by the drop in the commodity prices due to uncertainty in many dimensions, one being of course we didn’t really know whether we were able to secure flow assurance, meaning that we were able to sell the products. We were not alone in that. A lot of companies have that challenge. We took some extra positions to secure transportation capacity and storage capacity to weather that off. We have benefited from that since then. We have also taken many measures to reduce our spending and secure sort of the cash flow generation capacity. And we have good progress on the $3 billion program of which $700 million is in area – expenses, costs that is. So, that adds to it. And then, with a positive cash flow in the quarter, $360 million after-tax, after capital spending, and after a capital distribution of $1.3 billion, we feel that the discussion in the board such that – now we have more visibility and confidence on a forward-going basis. So, that’s why we increased the dividend by $0.02 per share. And the second part of that question was?

Oh, sorry. I was just wondering.

Yes, on the cash flow.

Yes. That’s it and gearing, yes.

Yes. On the cash flow, I mean, the gearing for this quarter if you adjust for the impairments on the $1 billion in share buyback, then the gearing would have been slightly down. And I think, as the CFO, and this is my last call and looking at that we’ve been able to deliver and contributing then together with the rest of the organization over the last – through all the years. I think that the cash flow positive number for this quarter given sort of the commodity prices given everything. I feel that this has strong sort of position to be in quite resilience. And also, if you look at – unit production cost level, reduction of 20%. And so I want to – that’s why, we are quite sort of confident that this increase in the dividend is okay without me – guiding a lot there and the cash flow will be for coming quarters. But I think that’s how far I’m willing to push it. But I’m going to warn your guys too, because I said tables earlier, I’m also not saying that since this is my last earnings call. I’m going to hand back more questions to them than I normally do. So, yes, that’s so far – I’m hanging in there, yes.

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

Thank you.

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

Thanks and good morning. So, I was just thinking about the – you talked about Equinor being very resilient, yet there have been things that operationally haven’t seemed to have worked by far, things like the operational bit and higher on CapEx side. So, just as you think about leaving Equinor, why do you think you’re leaving in terms of operational performance? How much more risk there’s really to go for until they’re getting the operational side completely right? And partly linked to that, I’m sorry, on the New Energy business, you talked about Dogger Bank in both the new press release about reserve level. Is that helping to the earnings contribution? I’m just wondering what that’s related to? Thanks.

Could you repeat that last part of the question, please, about the Dogger Bank?

So, I think, just in the press release, you did talk about Dogger Bank, the profit and earnings performance in New Energy is related to Dogger Bank, so reversal of losses at Dogger Bank and I was just wondering what that related to operational perspective?

Yes. That’s it, very good. Now on the operational side of it, I mean, the Peregrino, the change of the devices, replacing them, it’s taking way longer time than what we expected and that is due to the COVID, corona situation in Brazil. Brazil is a country that is being more severely hit than many others. So that is why that is dragging us. On the Snohvit fire, we are investigating it together with the Norwegian Safety Authority and the Norwegian Police so there are three investigations ongoing on this one. So, I’m sure we’re going to jointly get a good – a really good picture on what’s happened and what have you and to avoid this from happening again the reason for this and to be put out for up to five months. And the reason why we’re kind of a little bit soft-toned and that’s very firm on how long – is that we used saltwater to both pull out the fire – put out the fire and also cool down the adjacent equipment. So, we used so it’s actually – to do this. And of course, saltwater into a plant like this and all the electrical wiring and such takes time to get a good overview of the – what needs to be done and what needs to be replaced. Other than that, I would argue that we have very good operational performance in the quarter and I’m a strong believer in continuous improvement and with all the small ideas. And in this case, I would like to address more the – I mentioned the smaller incremental improvements. So that’s where we really can get sort of the further improvement in this area. So wide set of ideas that comes up from the organization is just up to 30 years and working for seven of the mine, I’m still immensely impressed by the ideas that comes up. Everything related to sort of digitalization and operating from onshore centers, all that contributes to – on top of this. So I’m a strong believer that there is still more to come, some incremental, some more of a step-up. On the Dogger question, this current quarter, the result was materially impacted by the revenues or the losses in the Dogger Bank project which was partially offset by lower income from other equity accounted investments and including the effect of reduced ownership share in that compared to the 2019. I’m not sure, Oerjan, if you want to add to this or?

Yes. I can add couple of comments to that. So, we have provided a loan to Dogger Bank in the early phase, and that is treated as part of the net investment that we then move on and then we have another set up, then we reverse kind of the cost toward this net investment. So it’s fairly technical. It’s part of the $60 million from the equity accounted investments in the New Energy Solution.

That’s very clear. Thank you.

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

First, thanks Lars Christian for your engagement and secondly, if I may, turning back to dividend and as for the company delivered free cash flow in the third quarter this morning regardless of the renewed COVID-19 threat. And, Svein, you indicated the four factors that are taken into account by the board to decide on dividend levels. Where does the bulk play in the line of sight? That’s the key question mark. And I will add in relation to this, how much of the renewed COVID-19 threats fed into the 3Q decision for dividends?

Yes. Thank you for the questions on the dividend. As Lars presented in his introduction, I mean he’s responsible. It’s about what we said when we cut the dividend in the first half. He said that we did that based on the extraordinary market conditions that we were in at that point in time as to potential flow assurance and extremely low prices that we saw both as well for that period. What we now have seen – we have seen that there’s a positive recovery that we haven’t seen especially in the gas prices and currently quite than we have seen in the beginning of the year – the beginning of the crisis. So in totality, the board has done – taken all this into consideration also all the improvements that we have done in Norway with the improvement program and the action plans that we clearly get it so that was the basis then for them to come up with the dividend and expecting that at $0.11 per share.

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

Thank you.

Okay. Thanks. You’re welcome.

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

Thank you. Thank you so much, Lars Christian, for your help over the years and all the best for the future. One question from me; when I look at your tax page, you’re saying that in the second half, you have NOK2 billion. You received a refund of NOK160 million in Q3. So am I correct that I should expect a payment of $400 million in the fourth quarter? And then secondly, could you please help me unpick the impact of the temporary tax regime on the third quarter cash flow? Thank you.

Yes. We got NOK1.5 billion in refund from the Norwegian state, and that was partly as a consequence of the changes in the fiscal regime, the tax changes but also what we looked at as commodity prices until the second half. And then we have had an uptake in the prices. So we expect actually next then for the total second half, third and fourth quarter a tax payment from us to the government or NOK2 billion. And so, I’m not sure Svein if you want to add to this?

No. I think you explained most of it as we communicated in connection with the second quarter. We then received the NOK1.5 billion in payments for 1st of August but also then being clear on – that we are doing recalculations for the second installment that we are doing 1st of October. So based on what we are now seeing on the totality, including the prices and those things, we see that we are in a position that for totality, we would pay them NOK2 billion. So we paid more in October, and then we will have a refund also in the December payments. That’s the technicality of how the Norwegian tax system is working. And of course this can be positive to our earnings but also both halves by improving the opex side and the prioritizations that we – that also of course supporting the cash flow for the quarter.

Thank you.

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

Good morning and thanks for taking my question and all the best. Two questions for me, please. Just on shareholder distributions. And obviously gearing is now slightly above 30%, ex-leases in the past year. You’ve mentioned that 30% is your threshold and you like it to be below that. And when you look at 4Q and 1Q, you have potentially strong free cash flow generation assuming the oil prices and the collapse. I’m just wondering if there’s a willingness or rather a discussion internally that once you come out of the uncertain winter corona season, whether you could launch or relaunch Phase 2 of the buyback? And then secondly, just looking at your production forecast for 2020, and if we look at the second half of this year at the time of the 2Q results, is it fair to say that nothing since has changed because of the flexibility you have in your portfolio? For example, Snohvit may be out for a while, but this can be fully offset by Troll also producing more than originally planned. Thank you.

So on the gearing efficiency guiding range, but we are comfortable by being lower than 15%, but also higher than 30% at present. And then, there’s a disclaimer you can’t interpret what I’m about to say in one direction or the other, whether we are going to do it or not going to do it. But we have said that when you consider share buyback program that that is temporarily at paused. We are committed to go through with a full $5 billion program eventually. And then it’s just a question of when and how much in different installments going forward. And what you know, I don’t know now on the dividend side is – the tariffs change compared to what we landed on after we cut the dividend by two-thirds. And we have also said that, we are willing to have a competitive sort of shareholder value creation so we will also honor that – increase the capital distribution to the shareholders. We have one and/or the other on a forward going basis. But I can’t tell you what that looks like. That’s going to be around the next quarter but – and secondly we don’t guide on that. But and then Svein any comments from you?

Just on the production question that you had for the full year, that’s been remarkable as expected and more than but of course it will depend on the gas prices and outlook there and we are utilizing the flexibility. Currently, the outlook for gas is more than $5 on MVP which has recovered quite a lot since the summer time. Then just a reminder also on the fourth quarter is that we have moved quite a bit of the turnaround from second and third quarter that we normally do on the NPS. We haven’t really seen any turnaround out in time but we will also then give more turnarounds in fourth quarter on the NCS than what we normally do. So, that is also taking it to consideration when we do the outlook for the full year.

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

We are not allowed to think like that. For us, share buyback is all about capital distribution. But you are correct that share buyback might be a more flexible tool compared to a kind of a steady dividend. Unless you want to sort of pull out of the tool box ex from dividend. But for us, share buybacks makes more sense than makes of no dividend because it secures sort of future value creation and shareholder distribution by reducing the number of shares and increasing the value per share in the Company.

Thank you. Our next question comes from the line of Jon Rigby from UBS. Please go ahead. Your line is open.

Thank you. Hi, Lars. Can I ask a question sort of linked to the reports about North America investments and obviously there are some further impairment charges coming through this quarter. I’m obviously hindsight tends to be 2020 and so we are all experts looking backwards, but is there some lessons to be learned here looking forward because it seems to me that analogous to, let’s say, North American shale is the movement by the industry into investing into renewables and particularly wind. So I just wonder whether you are able to sort of walk me through the rigor that you apply to thinking about investments into wind. I particularly say that because it does feel to me that it’s starting to get that flavor of a sort of gold rush where everybody wants to invest in the same thing at the same time. Thanks.

Yes, another really good question. On the impairments, the majority of it is related to assets that we have mentioned, Bakken and Mariner. Bakken more on the pricing and Mariner price, but also on the reserves. But another way to slice this is actually to say that the majority of the impairments for this quarter has to do with assets that we either acquired or sanctioned way back in time. And whatever we have sanctioned since then is much, much more robust and that should not come as a surprise to you. You have seen year in, year out we report on the improvement of the sanction – unsanctioned portfolio of projects when it comes to breakeven and such. But I think that is something just to be mindful of that and some sort of history here that as long as those assets are part of your portfolio this is what we are facing. But we are also quite proud and I must say I mean very proud of the job that the U.S. onshore organization and support from our technical base organization here in Norway, the huge improvements they have been able to deliver on not only on the HSE side of it and flaring top notch in many ways compared to the industry, but also on the operational performance and the costs, whether that is operations or drilling. So huge improvements that have helped us to make it more robust but still challenging in the current price environment. But as I said in the quarter, positive free cash flow also from the onshore business. So that is also important to bear in mind. Then to the really core of your question, onshore being something that I think in the beginning was partly a game for flipping assets. It…

I agree with you. It’s about – as we also said, at the CMU, it’s about value driven growth, it’s about creating value and creating profitability in the next business as we’re moving along and that’s what we have based on our strategy on. And I guess we also have been able them to demonstrate good value creation also lately with the divestments that we did. And as Lars Christian said expect to look again in since 2021 of around $1 billion on that transaction.

Thank you for that. Appreciate it.

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

Hi. Thanks for taking my question. I just had a couple of follow-ups. Just on the renewables business, you are starting to build a track record of securing assets starting to develop them and monetizing them. And I suspect the capital employed in that business is now quite small on a net basis. Could you just clarify what is the current capital employed on new energies? And then the second question, going back to the dividend, you mentioned as part of the initial commentary you have good visibility on cash flow. Can you just – are you able to provide any color around expected cash tax payments for 2021, only for first half of 2021? Any color on that would be helpful. Thank you.

Sure. Oerjan or Svein.

I can on and start with the latest one is for the first half of the quarter and cash taxes on NCS. It’s all we are now seeing is then related to the tax payments on the Norwegian continental shelf. You pay half of the taxes in the year it happens and half of the tax in the year after. So in a way that means that what we have said now that is that we are then going to have NOK2 billion in payments for the second half and everything else equal, if, if the prices are as we projected, and we worked with it, then we should expect that we get the sale done for the first half of the 2021. So that’s the way it works. If prices are lower and higher and those things, then there will be adjustment when we do the final calculations based on the results that we are generating also in fourth quarter.You take the –

Yes. So what we have on our books, of course this is equity accounted investments. So you need to put that into account, so approximately between $1.2 billion and $1.5 billion in our books right now. A –Lars Christian Bacher: As equity.

Equity accounting.

Our next question comes from the line of Anders Holte from Kepler Cheuvreux. Please go ahead, your line is open.

Thank you for taking my questions. Let me first congratulate Lars Christian on a very well-handled tenure and I’m sure are happy when it comes the share price especially giving a performance to peers so far this year. So job well done and thank you for that. And also my question is more a take on actually. Now previously I have heard from Equinor that you have at least you were in the process of securing the project financing got the impression that is not going to but more in terms of straightforward project financing. So I am just curious to know if you have any updates on the actual financing of Dogger Bank and it’s looking to be project financed or if you and fund it through the bank property as you have in the past? Thank you.

Yes, perhaps you want to give it a go on this one?

Yes, thank you very much Lars Christian. Very good question. So the way we do things here is that we always took from a totality when we look on how we finance things. And we are searching toward what makes most things from a liquidity and a price perspective. We will consider project financing together with BP once they are fully on board on the project. So I think that’s – I leave it with there.

Just what’s related then to the Dogger Bank. And in the Dogger Bank we are in the process then for project financing on that asset together with our partner SSC.

Okay. Thank you.

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

Hi. thanks for taking my question. Last question, I remember this call quite clearly last year and I remember it because you ended up asking me to send the oil price people sort of criticized you for being too aggressive. I don’t really want to get into a discussion what the right price is. But I’m intrigued about what stops you from simply using the analysis. Is it simply the potential pressure on the balance sheet? Sanctioning projects on this crisis, but my observation is that in a way you’re creating an impression for investors that they bring us to back a view that oil prices to go back up.

Yes, and we believe the oil prices will go up again. This is a reoccurring topic and I talked a lot of different sort of from communities whether that is investors, analyst, journalists or peers or what have you. And what I see is that discussion is somewhat skewed toward a huge focus on the demand side and the weak demand which we see now in the market. But that’s for more of the short-term but very little focus on the supply side and what has been taken out of new capacity over the last year by projects being not sanctioned or postponed or our stopped even in halfway into the project sort of development in a few cases. So for us this is a huge and very thorough analysis, everything from population growth to GDP growth in different countries, we have supply demand for not oil and gas, but for other energy sources and what have you. And then you do the interactions on simulations and we do sensitivities and robustness around it and that’s why we have ended up with a revised set of prices taking them down $13 for the 2020 prices for example. And that’s why I tend to use the word that it’s growing insight because whatever we saw in March-April in the drop in the commodity prices, including the forward prices that you referred to there was not any fundamentals behind it. It was just sort of the market reaction there and then and the assessment there on that. But one really sort of fundamental factor impacting the medium, long-term supply demand factors would be, if you have a breakthrough technology tomorrow that green or blue hydrogen works and it’s profitable and can compete with whatever and we have CCS on top of it.…

Absolutely. Thank you. And I wish you all the best for what the world brings you next.

Thank you. I guess I will know my market value hopefully in a couple of months time. Yes, I don’t know.

Our next question comes from the line of Christyan Malek from JPMorgan. Please go ahead.

Hi. Well, first of all I wanted to say good luck and well done for an amazing 10 years in terms of managing CapEx efficiencies and I think what you’ve done has been quite extraordinary on the CapEx efficiency. Just coming back to the point around the what strikes me is I’m quite perplexed as to how you have managed the dividend through the last six,12 months. Because I remember six months ago you’re saying that was to prioritize project investment and since then we have seen project delays. And yet still have the cost of your new project. So your buying back stock and raising CapEx given you have got such a great portfolio, particularly in Brazil. So I just want to sort of square out your constructive view versus capital allocation, the priority of the allocation. While I welcome dividend, I’m just not quite clear to the sort of the logic in terms of how it’s being prioritized to the capital. Thank you.

Yes. This is another sort of a big question, but very sort of – very much to the core of what an Executive Committee needs to relate to and factor in when they make decisions on privatizations. Given the growth that I just mentioned both in renewables and in oil and gas portfolio and this is then value over volume, but still you need to sometimes talk about the volumes because there will be no value without volumes. So this is about growth in oil and gas and growth in the renewables side profitable. And one of the learnings is never run a business just based on KPI, because that will drive the business in a direction you don’t want to. So we need a balancing act. But you don’t – in our case you don’t want to either get the cost deflation back into our company. And the best way to get cost inflation back into your business is to stop running. And we don’t want to do that because one of the key learnings has been to just work around the assets and the project diligently, walk one day to the next and make it work. And this is also about our capacity. Of course we could – we have a huge sort of list of projects that we can tap into and speed up even more in a short term. But that would stretch the organizational capacity that we are having and I’m afraid it will lead to more cost inefficiencies being brought in. So then you start eroding value again. And then that erosion leads to that you are not as robust as you would alternatively have been. So then on the – on this question then on prioritizing capital distribution versus CapEx, I mean it’s kind of a balancing act. We would like the shareholders and the market to see that this is a gross share price and also a dividend sort of share buyback sort of yield sort of share that you are buying into. And that’s what you are trying to balance in this. And then you need to safeguard also your balance sheet of course from a gearing point of view and make this robust. The more than – around $8.5 billion that we took on debt earlier this year was also at that point of time we didn’t know what the financial market would look like, and response and the pricing and robustness given the early days of the COVID-19 of coronavirus situation. Now we know more. But at the same time, we’ve taken them on with a very low interest rates compared to the average that we have had. So yes I’m quite proud of the balance act that we’ve been able to deliver.

So just a quick follow-up. So should we expect any major change in terms of following your sort of transition or should we assume that it’s broadly consistent, just to manage our expectations in terms of the new management team?

Well, then you need to ask the new management team, I guess. I don’t want dare to go into that if this is a forward-looking one. Yes.

Thank you.

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

Well, thanks. Maybe just to ask a question about the renewals ambitions in a slightly different say. So if I am modeling oil, gas and renewables on a total energy basis I am thinking Equinor will be around 6% renewable energy supplied by which doesn’t sound a great deal when you compare that to the European peer group which could be 15% renewable energy by 2035 and even a couple of peers are targeting 20% to 25% renewable energy. So, I’m adding all of your renewable power adding on top of your hydrocarbons. So I suppose the question really is, is that 12 to 16-gigawatt of renewable power ambitious enough to kind of say that you are going to be a renewable driven energy entity within the next decade?

On this one what I think at least we are able to show you is a visible path toward that number in 2035 based on existing projects, which I think is good than on what you have on ambitions of top of it. I mean we could have that we too. But I think what really makes sense for us is that path back it with concrete projects, specific projects and then it’s a balancing act too. We don’t know what the future of renewables will look like neither from a competition point of view or from a revenues or income point of view. So where do you place your bets in this in respect to Jon’s question of is it it sort of a bubble in the making, he didn’t use that word, but that’s what implicit in his question. And if so, you want to tiptoe and walk this with the cautiousness but also robust portfolio and I call it the assets. So that’s the balancing act we want to take because we want to create a business, we want to create value creation for you guys and then safeguard the Company yes. Then we are off to the – is it the last question? Okay.

Thanks for that. Cheers.

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

Yes, hi. Hello. I have a very short and practical one. So the CapEx guidance for this year, I just wanted to check the math, it seems to imply given the nine-month sort of total so far year-to-date that it implies $2.5 billion of CapEx in the fourth quarter. But then looking at the CapEx guidance for next year also implies $2.5 billion a quarter. I just wanted to check if this is the correct interpretation. Are we now just looking at $2.5 billion of CapEx per quarter? Is that basically what it is?

Svein?

Yes, thank you for the question. What we have now said is that for this year we stick to our CapEx guiding of around $8.5 billion. We are now just, yes, almost $6 billion in organic CapEx so far. So that’s the math. And for next year we have also then said that or guiding is then $10 billion for 2021 in organic CapEx. So that’s the outlook.

Thank you, Svein. Then if I could have some closing remarks from me since this is my last analyst call as CFO for this great company, a company that I have worked for close to 30 years and I have been privileged with all the tasks that – and challenges that have been thrown at me in many ways of opportunities, but even more so I’m really humbled but also appreciative of all the trust that my fellow coworkers have put in me. And then to you guys that have called in, and by guys I mean both boys and girls, I really appreciate the time that I have had with you guys to all your questions. We learn a lot from you, perhaps more than you think of sometimes. I understand that some of the questions are specifically related to us and sometimes the questions are you want hear our answer because you want to compare with someone else. So I learn what you ask other companies but their questions you ask us too and you are helping us to improve and become gradually a stronger and stronger company. So by that I wish also you all the best in your endeavors and whatever you have all jobs and now and the future holds for you. And then I will just encourage you to be cautious and remember to stay safe. Thank you.

This now concludes our conference call. Thank you very much. You can now disconnect your line.