Var Energi ASA (VARRY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. It's a real pleasure to welcome you all to Vodafone's third quarter 2025 presentation results. The presentation today will be given by our CEO, Nick Walker, and our CFO, Carlos Santapadre. I will hand the word over to Nick before we open up for questions. Well, thank you, Ida, and good morning to all. Thank you for joining us today for our third quarter 25 results presentation. I'm pleased to report strong results for the quarter. We've delivered transformational growth ahead of schedule and a pipeline of new projects has been progressed for long-term value creation. With our major projects complete, the company has de-risked and has a strong resilience to a lower price environment. We also have significant flexibility. with the majority of our capital spend uncommitted to 2030. And we'll use this flexibility to optimise our investment programme through this lower price period. VoEnergy has never been in a stronger position to continue to deliver high value and attractive shareholder returns. So now let us look at the highlights for the quarter. Our production milestones have been met ahead of schedule. We delivered production of 370,000 barrels of oil equivalent per day in the third quarter. and the Jotun FPSO at the boulder field reached peak production ahead of expectations in September. We're adding around 180,000 barrels per day at peak for new projects in 2025, with seven out of nine projects on stream. We expect to average around 430,000 barrels per day in the fourth quarter. And the outlook for the company is de-risked with our key projects delivered. And we delivered solid financial performance, with CFFO post-tax in the quarter of $1.2 billion. We have a strong financial position with reduced net debt and $3.6 billion of available li...