Aker Bp Asa Ord (AKRBF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Akabipi's presentation of our Q2 2020 fund results. Today's agenda reflects a strong quarter with clear momentum across both our operations and our strategic priorities. We will begin with an update on our operational performance, which continues to deliver solid results. Then we will move on to our field development portfolio, where we remain firmly on track, and where we have sanctioned two new expansion projects this quarter at Johan Sverdrup and Yggdrasil. We are also pleased to share encouraging news from Yggdrasil on the exploration side, where we have discovered more oil in an ongoing exploration well. And as always, our CFO David Turner will guide you through the financials later in the presentation. In the second quarter, production averaged 415,000 barrels per day, down 26,000 barrels from the first quarter. This decline was primarily due to a one-month planned maintenance shutdown at Valhall and Ula. Despite the shutdown, we maintained a portfolio-wide production efficiency of 95%. Our other assets, including Johan Svaldrup, continued to perform really well, with a production efficiency ranging from 96% to nearly 100%. During the Valhall shutdown, we also reached a key milestone on PVP Fenris. The successful installation of the jacket and the connecting bridge for the new platform. Looking ahead, we expect lower production in the second half, driven by scheduled maintenance and natural decline. However, with a solid first half now behind us, forecast uncertainty has been reduced. As a result, we are narrowing our full year production guidance, raising the lower end of the range from 390 to 400,000 barrels per day. Unit cost edged up to $7.3 per barrel in the quarter, primarily due to lower production volumes, higher maintenance ...