Aker Bp Asa Ord (AKRBF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.157 Good morning everyone and welcome to our presentation of AKBP's fourth quarter and full 00:00:05.157 -- 00:00:10.284 year 2025 results, as well as our annual strategy update. 00:00:10.284 -- 00:00:15.330 I am joined today by CFO David Turner and you will also hear from a few others in the 00:00:15.330 -- 00:00:20.437 team as we go along. Our agenda today has three main parts. 00:00:20.437 -- 00:00:26.035 First, a review of our operational and financial performance in 2025. 00:00:26.035 -- 00:00:31.482 Second, our strategy update and the priorities that will guide us in the years ahead. 00:00:31.482 -- 00:00:35.527 And finally, as usual, a Q&A session. 00:00:35.527 -- 00:00:40.070 Let me start by the key highlights for 2025. 00:00:40.352 -- 00:00:45.879 We delivered strong cash flow from operations, supported by consistently high production 00:00:45.879 -- 00:00:48.843 efficiency across the portfolio. 00:00:48.843 -- 00:00:53.849 Our major development projects progressed as planned and remain on schedule for startup 00:00:53.849 -- 00:00:55.702 in 2027. 00:00:55.702 -- 00:01:00.789 It was an outstanding year for exploration, as we participated in the three 00:01:00.789 -- 00:01:07.356 largest discoveries on the NCS and added around 100 million barrels of resources. 00:01:07.399 -- 00:01:11.525 We maintained an industry-leading cost and emissions performance. 00:01:11.525 -- 00:01:16.613 And financially, we kept a clear focus on shareholder returns while protecting the 00:01:16.613 -- 00:01:20.698 balance sheet and preserving financial flexibility. 00:01:20.698 -- 00:01:26.482 With that, let's look at 45 performance in a bit more detail. 00:01:26.482 -- 00:01:31.851 Full-year production for 2025 averaged at roughly 420,000 barrels 00...