Karl Hersvik
Chief Executive Officer

Good morning, and welcome to Aker BP's First Quarter 2026 Results Presentation. We entered 2026 with a strong momentum, and it continued in Q1. Production efficiency was 97%, consistently among the best in the industry. Symra came on stream 9 months ahead of the original plan and the broader development portfolio hit its key milestones. And when the oil price moved higher late in the quarter, driven by geopolitical disruptions in the Middle East, our high-performing portfolio enabled us to capture the upside with tailwinds carrying into Q2. We delivered production in the high end of our guided range, sector-leading cost, a significant project delivered 9 months early and realized prices well above what the screen showed.

Let me briefly turn to our operational performance in the quarter as summarized here. Starting with production efficiency, our assets delivered 97% of the theoretically installed capacity. This reflects consistently strong operations across the portfolio. Daily production averaged just above 398,000 barrels, close to the high end of our full year guidance range. Production cost was reduced to $7.7 per barrel, fully consistent with our full year guidance of around $8 per barrel, and we remain among the lowest cost