Key Takeaways EQNR will restart Empire Wind work after a U.S. District Court granted a preliminary injunction.Equinor warned further delays could cause cost overruns, loan defaults, and losses up to $5.3 billion.EQNR says Empire Wind is over 60% complete and is expected to power nearly 500,000 New York homes.Equinor ASA (EQNR) announced that it will resume construction activities for the Empire Wind project offshore New York after being granted a preliminary injunction by a U.S. District Court. The U.S. Dis ...

Financial Data and Key Metrics Changes - Adjusted operating income was $6.2 billion before tax, while net income was -$0.2 billion, impacted by net impairments mainly due to lower long-term oil price outlook [3] - Cash flow from operations after tax was strong at $14.7 billion year to date, with adjusted earnings per share at $0.37 [4][11] - The company distributed $5.6 billion to shareholders, including $4.3 billion from buybacks [11] Business Line Data and Key Metrics Changes - Production increased by 7% year-over-year, reaching 2,130,000 barrels per day, with NCS production growing by 9% [7] - E&P Norway adjusted operating income totaled $5.6 billion before tax, while E&P International results reflected lower production but also lower depreciation [8][9] - Renewables results showed high project activity but significantly lower business development costs, with operating costs for renewables down by around 50% compared to the previous year [4][10] Market Data and Key Metrics Changes - Liquids prices were lower than the same quarter last year, while average gas prices were higher, particularly in the U.S. [8] - U.S. onshore gas production was up 40%, capturing higher prices, while international production was down due to temporary stops and divestments [7][8] Company Strategy and Development Direction - The company aims to maintain production levels on the NCS until 2035, focusing on smaller discoveries and quicker developments [75] - A more active role in Ørsted is being pursued, with plans for a board seat to enhance collaboration and shareholder value [16][22] - The company is cautious about further capital commitments in offshore wind due to current industry challenges [17][30] Management's Comments on Operating Environment and Future Outlook - The management highlighted the volatility in energy markets due to geopolitical unrest and trade tensions, but expressed confidence in the company's solid balance sheet and strong production [4][11] - Future capital distribution will prioritize cash dividends and share buybacks, with a competitive approach to capital allocation [56][58] Other Important Information - The company reported net impairments of $754 million, primarily due to lower long-term oil price assumptions [10] - The Peregrino asset was shut in but resumed production, with plans to divest a 60% ownership position [40] Q&A Session Summary Question: What is the outlook for unit depreciation charge in Norway? - The unit depreciation charge is up about 13% from Q2, driven by new assets coming on stream, particularly Johan Castberg [13][15] Question: Can you elaborate on the decision to take a board seat in Ørsted? - The company aims to take a more active role to improve shareholder value and believes that a closer collaboration will benefit both Equinor and Ørsted [16][22] Question: What factors influenced the change in MMP guidance? - The guidance was changed to around $400 million per quarter due to market conditions and divestment of gas infrastructure assets [19][20] Question: What is the status of the Peregrino disposal? - Peregrino resumed production and is expected to divest 60% ownership, with a transaction value of $3.5 billion [40] Question: What is the outlook for the global gas market? - The short-term market appears tighter than expected, with significant LNG projects coming online, but demand from Asia remains healthy [32][34] Question: What is the latest on the Rosebank approval process? - The permit was taken away due to Scope 3 emissions concerns, and the company is currently in public consultation with the regulator [68][70]