Aker BP ASA (AKRBF) Q4 2023 Earnings Call Transcript


Aker BP ASA (OTCQX:AKRBF) Q4 2023 Results Conference Call February 8, 2024 2:30 AM ET

Company Participants

Karl Hersvik – CEO

David Tonne – CFO

Paula Doyle – CDO

Per Oyvind Seljebotn – SVP, Exploration & Reservoir Development

Kjetel Digre – SVP, Operations

Conference Call Participants

Anish Kapadia – Palissy Advisors

James Carmichael – Berenberg

John Olaisen – ABG

Mark Wilson – Jefferies

Matt Smith – Bank of America

Oscar Ronnov – Kepler

Sasi Chilukuru – Morgan Stanley

Teodor Sveen-Nilsen – Sparebank 1 Markets

Victoria McCulloch – RBC

Yoann Charenton – Societe Generale

Karl Hersvik

Good morning, and welcome to this presentation of Aker BP’s Fourth Quarter and Full Year 2023. Joining me today are CFO, David Tonne; our Chief Digital Officer, Paula Doyle; and Per Oyvind Seljebotn, Senior Vice President for Exploration and Reservoir Development. Together, we aim to provide insight into the performance and outlook for Aker BP, focusing on our strategic priorities. Following the presentation, we will, as per usual, have a Q&A session.

2023 marked the first full year as one integrated team and portfolio after the acquisition of Lundin. And I’m pleased to report that we have successfully met all operational and financial targets. Field developments are on track and we are progressing well with the project launched in December 2022. The key milestones were achieved on schedule, main contracts have been placed and capacity secured. We are on schedule and on budget.

Furthermore, we delivered exploration success, notably with the Frigg East discovery in the Yggdrasil area. With high-quality assets and an organization committed to continuous improvement, we have further reduced emissions intensity from an already industry-leading level. On the financial front, robust cash flow and capital discipline allowed us to strengthen the balance sheet and increase dividends.

Now, let’s look at the numbers. In 2023, we



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