Aker Bp Asa Ord (AKRBF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Aker Bp's First Quarter twenty twenty six Results Presentation. We entered 2026 with a strong momentum and it continued in Q1. Production efficiency was 97%, consistently among the best in the industry. Simvark came on stream nine months ahead of the original plan. And the broader development portfolio hit its key milestones. And when the oil price moved higher late in the quarter, driven by geopolitical disruptions in The Middle East, our high performing portfolio enabled us to capture the upside with tailwinds carrying into Q2. We delivered production in the high end of our guided range, sector leading cost, a significant project delivered nine months early and realized prices well above what the screen showed. Let me briefly turn to our operational performance in the quarter as summarized here. Starting with production efficiency, our assets delivered 97% of the theoretically installed capacity. This reflects consistently strong operations across the portfolio. Daily production averaged just above 398,000 barrels, close to the high end of our full year guidance range. Production cost was reduced to $7.7 per barrel, fully consistent with our full year guidance of around $8 per barrel, and we remain among the lowest cost producers in the industry. At the same time, we continue to operate with very low emissions intensity at just three kilograms of CO2 per barrel, reinforcing the quality of our asset base. Together, this underscores the strength of our portfolio and a high degree of operational control. Q1 reinforces a clear message. We are converting our project pipeline of attractive low breakeven project into barrels on or ahead of schedule. This chart shows our production outlook into 2030. Delivery of our major projects keep us on tra...