Aker Bp Asa Ord (AKRBF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our presentation of AKBP's fourth quarter and full year 2025 results, as well as our annual strategy update. I am joined today by CFO David Turner and you will also hear from a few others in the team as we go along. Our agenda today has three main parts. First, a review of our operational and financial performance in 2025. Second, our strategy update and the priorities that will guide us in the years ahead. And finally, as usual, a Q&A session. Let me start by the key highlights for 2025. We delivered strong cash flow from operations, supported by consistently high production efficiency across the portfolio. Our major development projects progressed as planned and remain on schedule for startup in 2027. It was an outstanding year for exploration, as we participated in the three largest discoveries on the NCS and added around 100 million barrels of resources. We maintained an industry-leading cost and emissions performance. And financially, we kept a clear focus on shareholder returns while protecting the balance sheet and preserving financial flexibility. With that, let's look at 45 performance in a bit more detail. Full-year production for 2025 averaged at roughly 420,000 barrels per day, at the top end of our initial guidance a year ago. The outperformance was broad-based, and the production efficiency landed at 96%. I would particularly like to highlight the contribution from Alfheim, where we reallocated processing capacity to Törving for a commercial arrangement. This added flexibility and supported production in the first half of the year. Johan Sardrup continues to be our single largest contributor to production. The field delivered strong and stable volumes through 2025, supported by excellent reservoir quality, high regul...