Naisheng Cui

Naisheng Cui asked about Equinor's reasonable level of upstream reserve life in the medium to long term and how technologies like AI could help extend it. He also requested elaboration on 'different types of potential structures' for collaboration with Ørsted.

Answer

CEO Anders Opedal stated that the R/P ratio will likely be lower in the future due to more smaller discoveries and faster time to production, but Equinor is comfortable with its current R/P of around seven, supported by numerous exploration wells and discoveries (14 last year, adding 125 million barrels). He highlighted the use of new technology, seismic, and AI in exploration to find new resources and in operations, which saved $130 million last year. Regarding Ørsted, he mentioned that while there are always ways to create value through collaboration, there are no current discussions, and nothing new to elaborate on potential structures.

Naisheng Cui asked about Equinor's view on a reasonable level of upstream reserve life in the medium to long term and how technologies like AI could help extend it, and requested elaboration on 'different types of potential structures' for collaboration with Ørsted.

Answer

President and CEO Anders Opedal stated that while there are no current discussions, further collaboration with Ørsted could benefit both companies, similar to the Shell JV in the UK. He noted that the R/P ratio might be lower than traditionally due to smaller, faster-to-market discoveries, but Equinor is comfortable with its current R/P of around seven, supported by numerous exploration wells and the use of AI in exploration to find new resources.

Naisheng Cui from Barclays followed up on cost inflation and currency exposure, asking about the potential impact on 2026 and whether maintaining the current CapEx guidance requires forgoing any opportunities.

Answer

EVP & CFO Torgrim Reitan responded that as a dollar-denominated company, managing currency fluctuations is a normal part of business. He expressed the intention to further tighten the portfolio to stay within the current CapEx guidance, even with some Norwegian kroner exposure, and affirmed that this is the plan without having to give up opportunities.

Naisheng Cui of Barclays followed up on CapEx cost inflation, asking about the impact of Norwegian kroner exposure on the 2026 outlook and whether maintaining the current CapEx guidance required forgoing any opportunities.

Answer

EVP & CFO Torgrim Reitan reiterated that Equinor operates as a dollar company but actively manages currency fluctuations like the NOK. He expressed the intention to tighten the portfolio further to stay within the current CapEx guidance, even with some currency exposure, implying that efficiency gains would offset pressures rather than cutting opportunities.