Aker BP ASA (OTCQX:AKRBF) Q2 2025 Earnings Conference Call July 15, 2025 2:30 AM ET
Company Participants
David Torvik Tonne – Chief Financial Officer
Karl Johnny Hersvik – Chief Executive Officer
Kjetil Bakken – Vice President of Investor Relations & Corporate Finance
Conference Call Participants
Christopher Courtenay Wheaton – Stifel, Nicolaus & Company, Incorporated, Research Division
James Carmichael – Joh. Berenberg, Gossler & Co. KG, Research Division
John A. Schj. Olaisen – ABG Sundal Collier Holding ASA, Research Division
Mark Wilson – Jefferies LLC, Research Division
Matthew Smith – BofA Securities, Research Division
Naisheng Cui – Barclays Bank PLC, Research Division
Tianhong Bi – Citigroup Inc., Research Division
Victoria McCulloch – RBC Capital Markets, Research Division
Karl Johnny Hersvik
Good morning, and welcome to Aker BP’s presentation of our Q2 2025 results. Today’s agenda reflects a strong quarter with clear momentum across both our operations and our strategic priorities. We will begin with an update on our operational performance, which continues to deliver solid results. Then we’ll move on to our field development portfolio, where we remain firmly on track and where we have sanctioned 2 new expansion projects this quarter at Johan Sverdrup and Yggdrasil . We are also pleased to share encouraging news from Yggdrasil on the exploration side, where we have discovered more oil in an ongoing exploration well. And as always, our CFO, David Tonne, will guide you through the financials later in the presentation.
In the second quarter, production averaged 415,000 barrels per day, down 26,000 barrels from the first quarter. This decline was primarily due to a 1-month planned maintenance shutdown at Valhall and Ula. Despite the shutdown, we maintained a portfolio- wide production efficiency of 95%. Our other assets, including Johan Sverdrup, continued to perform really well with a production efficiency ranging from 96% to nearly 100%.
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