James Carmichael

James Carmichael inquired about Equinor's best-case estimate for the timing of the underlying court case related to Empire Wind, hoping to clarify when uncertainty around future hold orders might be resolved.

Answer

President and CEO Anders Opedal stated that the timing is up to the U.S. judge, but indications suggest it will happen fairly quickly, within a couple of months. He noted that all four operators challenging similar stop-work orders were granted preliminary injunctions, reinforcing Equinor's strong belief in its case.

James Carmichael asked for Equinor's best-case estimate on the timing of the underlying court case for Empire Wind and when uncertainty around future hold orders might be resolved.

Answer

CEO Anders Opedal stated that the timing is up to the US judge, but there have been indications that the merits of the case will come up fairly quickly, within a couple of months. He highlighted that all four other operators also challenging the stop work order were granted preliminary injunctions, suggesting a strong case for Equinor moving forward.

James Carmichael from Joh. Berenberg, Gossler & Co. KG inquired about the latest status of the Rosebank approval process. He also asked for Equinor's general thoughts on the U.K. as the fiscal outlook potentially gains clarity.

Answer

Torgrim Reitan, CFO, stated that Equinor submitted its response to the regulator regarding the Rosebank permit, which was then put into public consultation, expected to end November 20th. He noted no set decision date but close work with ministries. Regarding the U.K. fiscal outlook, Mr. Reitan expressed that repeated tax changes are not appreciated, and Equinor advocates for a strong and stable fiscal framework to support investment.

James Carmichael inquired about the latest status of the Rosebank approval process in the U.K. and Equinor's general thoughts on the U.K. fiscal outlook, given ongoing uncertainties.

Answer

CFO Torgrim Reitan updated that the Rosebank permit was initially withdrawn due to Scope 3 emission considerations. Equinor has since submitted its response to the regulator, which has initiated a public consultation set to end on November 20th. While there's no set decision date, Equinor is working closely with ministries for a swift resolution. Regarding the U.K. fiscal outlook, he expressed that repeated tax changes are not appreciated, and Equinor advocates for a strong and stable fiscal framework to support investment.

James Carmichael asked if there was any indication why only Empire Wind had received a stop work order and if there were concerns others could follow. He also requested more details on the new power business area, including its assets and strategic rationale.

Answer

Torgrim Reitan, an Equinor executive, declined to speculate on other projects, directing such questions to the U.S. government. Regarding the new power business, he explained it will combine existing assets from the Renewables and MMP segments, such as the Triton assets in the U.K., to create synergies and better manage the growing link between gas and power markets.