Strong trading results did surprise positively but, for the rest, the results are in line with (poor) estimates. Production is down 10% qoq at 2,011 kboed, mainly due to lower gas volumes in Norway where Equinor has the option to defer flexible gas production to optimise prices. Announced capex spending from 2021-23 remain based on a bullish scenario. Surely, nothing is committed yet, but it is puzzling that the company maintains such a bullish stance.