Vidar Lyngvær

Vidar Lyngvær requested more color on where the remaining CapEx cut for 2027 (after accounting for tax credits) comes from, and a clarification on whether the Johan Sverdrup decline rate refers to exit-to-exit or average production.

Answer

President and CEO Anders Opedal explained that the CapEx reduction stems from a different market view, leading to the non-materialization of potential hydrogen and CCS projects that were previously in the outlook, as well as reduced onshore renewable CapEx. CFO Torgrim Reitan clarified that the Johan Sverdrup decline rate refers to comparing the last year's production with the next year's production (average-to-average).

Vidar Lyngvær requested clarification on the remaining CapEx cut for renewable spending in 2027, beyond the tax credit, and asked whether the Johan Sverdrup decline rates were calculated exit-to-exit or as an average production decline.

Answer

CEO Anders Opedal explained that the remaining CapEx cut for renewables stems from a changed market view, with potential hydrogen and CCS projects from previous outlooks not materializing, and reduced onshore renewable CapEx. CFO Torgrim Reitan clarified that the Johan Sverdrup decline rates compare last year's average production with next year's average production.