Var Energi ASA (VARRY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and a warm welcome to Voronashi's first quarter 2025 results. The presentation today will be given by our CEO, Nick Walker, and our CFO, Carlo Santopada. Nick and Carlo will present the results, and afterwards, we will open up for Q&A. I will now give the word to Nick. Thank you, Ida, and good morning to you all, and a warm welcome to our first quarter 2025 results presentation. I'm pleased to report strong results in line with expectations and that we're on track to deliver transformative growth in 2025. We're once again in a more uncertain market environment and Vore Energy's resilience and flexibility will allow us to navigate successfully through the cycles, which I'll come on to during my remarks this morning. And as a result of our resilience, we continue to provide attractive dividend distributions. Also today, you'll see that we are launching a new company logo with a more modern feel and reflecting the rebranding of ENI, our major shareholder, a year or so ago. I think our rebranding highlights the significant benefits we get from being able to draw on the extensive capabilities and expertise of ENI that we do at multiple levels and which has material value for shareholders. So now let us look at the highlights for the quarter. We delivered operational performance in line with expectations, with production, as you can see, at 272,000 barrels of oil equivalent per day in the first quarter, supported by continued strong performance at our operated assets. And in March, we saw the successful startups of Holten East and Johan Casberg projects, which are now both ramping up. We continue to deliver strong financial results with CFFO post-tax in the quarter of $1.3 billion, We maintain our strong focus on cost discipline with reduced operati...