Var Energi ASA (VARRY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi everyone and welcome to the Royal Energy's Q1 presentation of 2026. Today's call is being recorded. For the first part of this call, all participants will be and listen only. Afterwards, there will be a question and answer session. To ask a question, please press star 1 on your telephone keypad. I would like to introduce Head of IR, Ida Marie Fulham. Ida, please go ahead. Thank you, and good morning to everyone. A warm welcome to Bar Energy's first quarter 2026 results presentation. The presentation today will be held by our CEO, Nick Walker, and our CFO, Carla Santopada. Nick and Carla will go through the presentation, and then afterwards we will open up for Q&A. I will now hand the word over to Nick. Well, thank you, Ida, and good morning to you all, and thank you for joining us today for our first quarter 2026 results presentation. I'm pleased to report we delivered as planned in the quarter, with record high production and strong financial results. And we're strongly leveraged to the current high price environment. Our operations have not been disrupted by the war in the Middle East, demonstrating the strategic importance of Norway as a secure and responsible supplier of energy to Europe. We're continuing to transform as a company, to harness the entrepreneurial energy of our implementing technology to improve outcomes and increasing the pace of value creation. We're showing further progress and incrementally improving the outlook for the company for increased resilience while maintaining flexibility, which I think is key in supporting investments through the cycles. With our high-quality portfolio of high-return early-phase projects, we are targeting to deliver long-term production above 400,000 barrels per day, which will sustain high shareholder returns ove...