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JC

James Carmichael

Senior Equity Analyst at Berenberg

London, GB

James Carmichael is a Senior Equity Analyst at Berenberg, specializing in the coverage of European energy and industrials, with a focus on companies involved in hydrogen technology and the broader energy transition. He regularly covers firms such as Nel ASA, Kistos Holdings, Thyssenkrupp Nucera, and Orsted, delivering detailed forecasts and investment calls including price target adjustments and earnings projections. Carmichael has been recognized for his sector expertise and accurate forecasts on platforms such as TipRanks, and his recommendations have contributed to notable share movements, with his models often cited in institutional investment commentary. His professional background includes several years at Berenberg, and while detailed licensing information is not public, his work adheres to EU regulatory disclosure and best practice standards for financial analysts.

James Carmichael's questions to EQUINOR (EQNR) leadership

Question · Q3 2025

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.

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Question · Q3 2025

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CFO Torgrim Reitan updated that the Rosebank permit was initially withdrawn due to Scope 3 emission considerations.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.

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Question · Q1 2025

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.

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