Var Energi ASA (VARRY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi everyone, and welcome to Vore Energy's Q2 presentation for 2025. This call is being recorded. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question and answer session. To ask a question during the Q&A, please press 5-star on your telephone keypad. I would like to introduce Head of IR, Ida Maria Fjellheim. Ida, please go ahead. Good morning, everyone, and a warm welcome to Orinashi's second quarter 2025 results. The presentation today will be given by our CEO, Nick Walker, and our CFO, Carlo Santopadre. Nick and Carlo will present the results, and afterwards we will open up for Q&A. I will now hand the word over to Nick. Thank you, Ida, and good morning to you all, and I hope you're having a nice summer break, and thank you for taking time out to join us today for our second quarter 2025 results presentation. I'm pleased to report strong results for the quarter. Our key growth projects have been delivered as expected, which means we're on track to meet our plans for transformational growth in 2025. And we're moving forward a pipeline of quality new projects at pace that will sustain value creation in the longer term. And on the back of this strong performance and the resilience of the company to manage through the volatile markets, we continue to provide attractive and predictable dividend distributions. So now let us look at the highlights for the quarter. Production is on track to meet the midpoint of the full year guidance range. We deliver production of 288,000 barrels of oil equivalent per day in the second quarter. The Jotun FPSO at the Boulder Field is successfully on stream as expected and is ramping up. Johan Casberg is now producing at plateau levels. Our major turnarounds for the year will b...