Aker Bp Asa Ord (AKRBF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Akabipi's presentation of our third quarter 2025 results. Today's agenda reflects a strong quarter with clear momentum in both operations and strategy. We'll start with an update on the operational performance, which continues to deliver solid results. Then we'll move to our field development portfolio, where we remain firmly on track. We're also very pleased with our exploration results. So far this year, we've made two significant discoveries, Omega Alpha and Kjøttkake. And, with several additional wells currently being drilled, we see the potential to reach 100 million barrels discovered in 2025, net to AKBP. And, as always, CFO David Tønne will take us through the financials later in the presentation. In the third quarter, production averaged 414,000 barrels per day, in line with previous quarters. This time, we had a planned maintenance shutdown at Griegåsen, similar in impact to the maintenance shutdown at Valhall and Ula in Q2. Despite the shutdown, portfolio-wide production efficiency stayed high at 96%. Other assets, including Johan Sverdrup, continued to perform very well, with efficiencies ranging from 92 to a nearly perfect 100%. Looking ahead, we expect our assets to maintain strong performance, even as natural decline offsets some of that strength. Based on the strong year-to-date production and updated forecasts for the remainder of 2025, we are raising our full year production guidance to 410,000 to 425,000 barrels per day. Now let's have a quick look at our cost performance. Reported unit cost edged up to roughly $7.6 per barrel this quarter, but as David will come back to, the underlying unit cost was essentially unchanged from the previous quarter. And we remain firmly on track to deliver on our full year guidance of $7 ...