Hi, everyone, and welcome to Vor Energi'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. I would like to introduce Head of IR, Ida Maria Fjallheim. Ida, please go ahead. Good morning, everyone, and a warm welcome to Voronashi's second quarter twenty twenty five 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 and 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 twenty twenty five 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 delivered production of 288,000 barrels of oil equivalent per day in the second quarter. The Yehlton FPSO at the Boulder field is successfully on stream as expected and is ramping up. Johan Castberg is now producing at plateau levels. Our major turnarounds for the year will be behind us at the July, and we're now producing above 350,000 barrels per day with more to come very soon. And we strengthened our financial position with CFFO post tax in the quarter at $766,000,000. We maintain our strong focus on cost discipline with reducing operating costs on track to be around $10 per barrel by the fourth quarter, as guided. And our gas sales strategy continues to create value with 25% of volumes locked in for the second quarter at $92 per BOE. And during the first half of twenty twenty five, our financial position has been strengthened through the successful refinancing of credit facilities, issuance of senior notes totaling $5,200,000,000, reducing cost of debt and providing significant available liquidity. And to further improve the resilience and competitiveness of our business in a volatile market, we're reducing 2025, 2026 spend by $500,000,000 in total while maintaining our long term production outlook. And we're delivering on our transformational growth targets and plans to unlock future value. We're adding around a 180,000 barrels of oil equivalent per day at peak for nine project startups this year. And with the key projects now online, we expect to reach around 430,000 barrels per day in the fourth quarter this year. We're on track to sustain production of 350 to 400,000 barrels per day towards 2030, which will be achieved by developing our portfolio of around 30 early phase projects. We sanctioned four projects so far this year and expect a total of over 10 project sanctions by the end of the year. And our leading exploration track record continues with three commercial discoveries so far this year generating new projects. And lastly, we continue to provide attractive shareholder distributions. We confirm a dividend distribution for the second quarter of $300,000,000, which means we've paid stable or growing dividends for the last fourteen quarters. And we're providing dividend guidance for 2025 full year of $1,200,000,000. And now that our key new projects are online, we're also guiding $1,200,000,000 for the full year 2026. And given the resilient financial outlook and level of liquidity for the company, we're able to maintain this dividend guidance under any realistic price scenario. And we have a resilient and flexible business that provides competitive advantage in the current volatile market conditions, and we continue to improve this resilience, incrementally getting better and better all the time. And if you look back over the last few years, you'll see this thread running through how the company has performed. We have a cash flow breakeven around $40 per barrel averaged over period 2025 to 2030. This means that $40 per barrel, we're covering all our costs and funding our growth plans. So anything above $40 per barrel is available to fund dividends or debt repayments. And as I said, we've refinanced the business with $5,200,000,000, reducing cost of financing and extending debt maturity profile. Our available liquidity today stands at $3,500,000,000. I think this shows the strong confidence in the company's outlook. Around one third of our production is gas, which provides a natural hedge to our financial outlook, and we're using our gas sales strategy to create additional value with around 20% of our volumes this summer period locked in at $90 per barrel. And all of our major projects are now online, and what is ahead of us is a series of high value tieback projects. With around 65% of our future capital spend uncommitted, this provides us with flexibility to manage the business through the cycles. And we're taking this opportunity in the cycle to improve our business and use some of our flexibility, reducing spend by a total of around $500,000,000 over twenty twenty five, twenty six. This has been done without any impact on the long term production outlook for the company. So now, looking at some of the details. VOE Energy is one of the fastest growing E and Ps globally, and we're the third largest oil and gas producer in Norway. And we've built a business built a high quality diversified asset base in all areas of the NCS with interest in around 50% of all producing fields and infrastructure and a large exploration footprint. And we're also one of the largest exporters of gas from Norway. This amazing portfolio, which provides lots of optionality, is driving our growth and sustained production. And we're stepping up the pace to realize this value. The mantra, as I've said before, is more faster, and you'll see some further examples of increasing of increased pace in our presentation today. And we're delivering transformational production growth in 2025 From 280,000 barrels of oil equivalent per day in 2024, we'll grow to around 430,000 barrels per day in the fourth quarter this year. That is double 2023 levels. This is driven by nine project startups during the year, adding around a 180,000 barrels per day of new production at peak levels. And we're also guiding approximately 400,000 barrels per day in 2026. And with our high quality portfolio with significant upside, we can organically sustain production at 350 to 400,000 barrels per day towards 2030. And now looking at 2025 production, where we're on track to meet the midpoint of the full year guidance range of 330 to 360,000 barrels of oil equivalent per day. First half twenty twenty five production came in at 280,000 barrels per day, which was at the lower end of expectations. This is due to the latest startup and slower ramp up to plateau at Johan Castberg than it initially anticipated. We continued with excellent performance at our operated assets with production efficiency better than target at 95% for the first half of the year. Second quarter production was impacted by 30,000 barrels per day of reductions due to planned turnarounds. All of our major turnarounds for the year will be complete by the July with reduced impact for the rest of the year. And our key growth projects have been delivered as expected with four of the nine projects to come on stream this year already online. Johan Kasberg is producing at full capacity. Yeoten FPSO at the Boulderfields and Halton East are both ramping up. And Orma Lange phase three has started ahead of plan, and the remaining five projects are on track to start up as planned in the second half of the year. Current production is above 350,000 barrels per day. This is before the restart of Snorbit following the completion of the turnaround at the July and only includes low volumes from the start of of Yeohan of Yeohton FPSO. So there are more volumes to come very soon. And we expect to produce around 430,000 barrels per day in the fourth quarter ahead of our guidance, which means we're on track to meet the midpoint of the production guidance range for the year. Turning now to our two key project start ups, the main catalyst for our transformational growth this year. Production through the Yehlton FPSO at the Boulder Field was successfully started in June, in line with expectations. And this marks the start of a new era for the Boulder Field, extending the life of the first production license on the NCS to 2045 and beyond. Production will ramp up as the 14 completed new wells are bought on stream. Commissioning of these is currently running ahead of schedule, and we now expect to reach peak production during September of around a 100 around 80,000 barrels of oil per day gross. This is on top of the 30,000 barrels per day currently being produced through the Boulder FPU and Ringhorn facilities. And the project is developing gross recoverable reserves of around a 150,000,000 barrels with a further 45 to 50,000,000 barrels coming from phases, five and phase six. And this is produced with low operating costs of around $5 a barrel. Together with Boulder phase five, the project has a payback of around two years from production startup. And we made good progress on phase five. The first dual lateral well has now been successfully drilled, and we'll start to see the the phase five wells come on stream from the fourth quarter this year. And with the Jotun FPSO installers and area hosts, we're actively working to bring new volumes through the facility to create additional value, and you'll hear more on this later. And Johan Castberg started up, at the end of the first quarter and in June reached plateau production levels of 220,000 barrels of oil per day gross with Vore Energy's net share being 66,000 barrels per day. And these are large volumes in our portfolio with an export tanker lifting from the field taking place every three to four days. Also, these are very high quality volumes trading at material premium versus Brent. Initial field development is for gross recoverable reserves of between four hundred and fifty and six hundred and fifty million barrels of oil, which will be produced with low operating costs of around $4 a barrel. The field will be produced for more than thirty years, contributing to significant growth and value creation with a payback time of less than two years, from startup. And the Johan Castberg area is highly prospective, and several new discoveries made in recent years are being moved to development, including an extensive infill drilling program planned to sanction this year. The Johan Kasberg Cluster 1 development consisting of two phases is targeting sanctions of the first phase being the Isfraat discovery by the end of the year. And we recently announced the Djibis Tobion discovery in the area, which is assessed to be commercial. In total, there are between two hundred and fifty and five hundred and fifty million barrels of additional gross unrisked recoverable resources identified in the area, which we anticipate will enable us to keep the facilities full towards 2,030. So we see Johan Kasberg as a key driver for sustaining production long term. And now looking at, operational performance, you can see that we have a strong trend of continuous improvement. Overall, have a good safety record, which is generally getting better. In the first half of the year, we had a good outturn with zero actual serious incidents, and this performance takes strong focus every single day. On production costs, we achieved $12.2 per barrel in the first half of the year, which is within expectations. And looking forward, we're on track to reduce production costs to around $10 a barrel in the fourth quarter this year. And we target to sustain at this level long term, which is around 30% reduction from 2023 levels. And this, is driven by the new fields coming on stream that have OpEx of around $4 a barrel and continued high focus on realizing cost synergies and improvements. And you can also see we have a strong improving trend on production efficiency for our operated assets, which was 95% in the first half of the year and ahead of our targets. And I think these elements go hand in hand. Strong safety focus drives good operational discipline, and it's a good example of the increment incremental improvements I talked about earlier. And we're positioning the company to adapt to the energy transition to ensure relevance and investability long term, and we're delivering on our decarbonization plan. We're top quartile in the industry globally on carbon emissions intensity, and our methane emissions continue to be at the near zero level. So we're already doing very well, but we want to go further. And we're aiming to be carbon neutral in our net equity operational emissions by 2030. And we'll achieve this through further investments in electrification of our key assets and direct investment in national carbon capture projects to offset what we can't reduce. We have a plan in place to achieve this objective. And I'm also pleased that we're getting recognition for our ESG leadership. Sustainalytics continue to rank us as a top rated company. This puts us in the top 15% of global oil and gas industry, and we continue to be included in the Oslo Stock Exchange ESG Index as the only oil and gas company. I think this is leveraging to how the company is viewed. Envoy Energy has an amazing portfolio with lots of optionality and growth opportunities. Our 2p reserves stand, as you can see, at 1,200,000,000 barrels. This is either in production or under development and underpins our transformational growth. But we're much more than that. We have 2c contingent resources of around 900,000,000 barrels, and we're moving forward around 30 early phase projects accounting for approximately 600,000,000 barrels. We also have an exciting exploration portfolio of over 1,000,000,000 barrels of net risk resources, where we expect to drill out about 50% of this over the next four years. And so putting this together, we have over 3,000,000,000 barrels of resource potential with 60% yet to be developed. And that is how we will organically sustain production long term, and we're working at pace to create value from this opportunity. And we have a resilient and flexible portfolio of around 30 early phase projects that we're progressing towards development. These are mostly subsea tiebacks to existing infrastructure with low costs and short time to market. And we're creating a subsea factory with standardization, pre commitments, and strategic partnerships to reduce costs, improve predictability, and speed up time to first production. And we've created real momentum here with four project sanctions so far this year, including the recent commitments to the Fram Sur and Boulder phase six subsea tieback projects. In total, we're expecting to sanction over 10 projects by year end as indicated on the chart. The portfolio has strong economics with average breakevens of around $35 a barrel and good rates of return. And we're using the opportunity of the lower prices to rework some projects, to make them even better and improve economics, and we're having success at this. And we've, just announced the sanction of the Fram Sur subsea tieback project delivering high value barrels. This is the next phase of development in the prolific Fram license where Vor Energy has a 40% interest. Fram Sur is a combined development of several discoveries that will export oil and gas via the Trollsea platform, And the project will develop net reserves around 50,000,000 barrels of oil equivalent and contribute with around 20,000 barrels per day net to Vor Energy at peak once the project starts up at the end of twenty twenty nine. Project economics are strong and fulfilled for Energy's investment criteria for new developments. And building our recent exploration success, a series of following exploration targets in the Fram license are set to be drilled in the coming years, unlocking potential further upside. For Energy estimates that the remaining prospective on resources in the area are more than 200,000,000 barrels gross, so there's lots more to come from this prolific license. And we've also recently sanctioned the Boulder phase six project, a fast track development that will be an important contributor to sustaining long term high value production through the newly installed Yoten FPSO. The project consists of one multilateral production well, installation of new subsea templates, and a flow line that will be tied into the Yoten FPSO and is developing gross reserves of 15,000,000 barrels. By using equipment held in inventory, we're able to fast track this project, which will start up by the end of twenty twenty six, only eighteen months from sanction. And this project has strong economics with a breakeven well below $35 per barrel and an IRR above 35%. In addition, the Boulder has several early phase projects that are also being progressed, including what we're calling Boulder Next, which is targeting gross resources of up to 50,000,000 barrels and consists of four elements. First of all, decommissioning the Boulder FPU, transferring selected FPU wells to the Yelton FPSO, accelerating production through debottlenecking the f Yoten FPSO, and they're also drilling, new production wells. And this rationalization of the facilities in the Boulder area will drive significant OpEx and carbon emissions reductions. With the Oton FPSO serving as a new area host, production from the Boulder field is expected to remain at 70 to 80,000 barrels per day gross towards 2,030. And now turning to our exploration program. Our leading exploration track record continues with three commercial discoveries so far this year generating new projects. Yesterday, we announced a commercial gas condensate discovery at the Visin Ridge, very close to Voor Energy's operated Fenya field in the Norwegian Sea. The Visin Ridge has the potential to hold gross recoverable resources of up to a 100,000,000 barrels of oil equivalent, where Voor Energy is the operator with a material 75% interest. The Vizsan discovery well confirmed gross recovery resources of 25 to 40,000,000 barrels of oil equivalent in high quality reservoirs. The remaining potential of the bridge will be assessed through an appraisal program to facilitate a subsea tieback development. And as I've already mentioned, we made another discovery, Druvist Turburn close to Johan Castberg, which is commercial to tie back to the facilities. And as we announced earlier in the year, we continue to build on the Goliap Ridge success in the Barents Sea, where we're operator with a material 65% interest. With estimated gross discovered plus prospective recovery resources above 200,000,000 barrels. This potentially is as big as the Goliat development. To assess the exciting Goliat Ridge discovery further, we've recently finished shooting a new three d seismic survey, and we'll follow that with two further appraisal wells in the second half of this year with the aim to progress a fast track development of the Goliat Ridge through the Goliat FPSO where there is plenty of available capacity. Pulling this together so far this year, we've confirmed 40 to 60,000,000 barrels of net discovered commercial resources from our exploration program, but the upside is significantly higher from the further appraisal of these discoveries. And we continue with an active exploration program for the remainder of the year with nine further wells to drill targeting over a 110,000,000 barrels of net on risk resources. It's going to be exciting to see these results come in. And so we're making significant progress maturing our upside resource potential into value through committing to new projects and making new commercial discoveries. So that rounds off my operational update, and I'll now hand over to Carlo to review the financials. Thank you. Thank you, Nick, and good morning to all. I would like to start by summarizing the key financial highlights of the second quarter. We have achieved robust realized prices compared to spot end peers with a weighted average price of $70 per BOE. We generated strong revenues and an operating cash flow after tax of $766,000,000 in Q2. We confirmed the second quarter dividend of $300,000,000 And on the back of the incoming material production growth and the maturation of our very high quality project portfolio, we plan to sustain this level for the remaining of 2025 and 2026. In the quarter, we successfully issued 1,500,000,000 of senior notes and refinanced our credit facilities, reducing cost and extending maturity of our debt portfolio. Our balance sheet remains strong and resilient with $3,500,000,000 in available liquidity and a leverage ratio of 0.9% net debt to EBITDAX. Even in a lower price environment, as we are maturing our high quality resource base, we're adding value to our asset and increasing their financial resilience to impairment, strengthening our balance sheet. We are successfully progressing. It was a transformational year for Gore Energy. I will now go into the details of our second quarter financial performance. We obtained a robust pricing for our products in the quarter, both relative to spot and peers. In the quarter, we generated more than $1,800,000,000 of revenue, in line with the previous quarter, notwithstanding the lower price. The realized oil price in the quarter was $68 per BOE, above average Brent in the quarter due to lifting schedule. With the ramp up of Johan Castberg, the significant volume addition to our oil production is at a material premium versus Brent, contributing to high grade our entire portfolio. Realized gas price was $79 per BOE, well above spot pricing as a result of optimization of indexes and fixed price transaction in our gas sales contracts. Going forward, we have used our flexible gas sales contracts to lock in high prices in the summer months. We have already executed fixed price transactions with customers. And for Q3, we have sold approximately 18% of our volumes at $90 per BOE. For the next gas year, starting October 1, we have locked in around 15% of volumes with pricing estimated to be around $80 per BOE until end of Q3 twenty twenty six. We continue to have a robust gas sales portfolio with access to several markets, and we continue to have flexibility in the contracts to decide the split between month ahead, day ahead and fixed price. I also like to mention that our oil production is fully hedged on a post tax basis for the remaining of 2025, with monthly put option option at strike price of $50 per BOE. Voronergy generated solid cash flow in the second quarter. Cash flow from operation after tax in the quarter was $766,000,000 a decrease from the previous quarter, mainly due to higher tax payments and temporary negative working capital effect. Our CapEx for the quarter, including exploration, was $761,000,000 while Bad Directs and Johan Castberg continues to be the largest contributor of the total spend. The 2025 development CapEx guidance of 2,300,000,000.0 to $2,500,000,000 is unchanged. Our resilient and strong liquidity position continued to improve in the quarter. Here we see the development in our cash position from Q1 twenty twenty five to the end of Q2 twenty twenty five. We generated approximately $1,400,000,000 in CFFO before tax and working capital movements. Working capital impacted negatively with around $120,000,000 mainly as a result of higher receivable in the end of the second quarter compared to the first quarter. We paid as planned higher taxes in the quarter amounting to around $500,000,000 up from $213,000,000 in the previous quarter. We further had a cash outflow of $781,000,000 in investment in our high value growth projects. We distributed, as planned, dollars 300,000,000 in dividend related to the first quarter twenty twenty five. As a result of the successful issuance of $1,500,000,000 senior notes and the refinancing of the revolving credit facilities, we substantially increased the available liquidity, and we are maintaining a diversified long term capital structure aligned with our business needs. At the end of the quarter, we have a cash balance of $718,000,000 and an overall available liquidity of around $3,500,000,000 In the first half of twenty twenty five, we have strengthened our financial position through the successful refinancing of credit facilities and issuance of senior notes totaling $5,200,000,000 By doing this, we have reduced the cost of debt, increased our available liquidity, extended the maturity profile, and strengthened our core bank group. Our leverage leverage ratio, net interest bearing debt on EBITDAX ended at 0.9, which is a slight increase from the previous quarter, but continues to be well below our over the cycle target of below 1.3. In light of the production growth in the second half of the year, we expect that ratio to scale back during the remaining part of 2025. Our debt portfolio is well diversified with a weighted average time to maturity of five years when excluding the sixty years hybrid. This is supporting the execution of our growth strategy towards 2030 and beyond. We have Baa3 rating from Moody's and Trekor B rating from Standard and Poor, both with a stable outlook, and we are committed to maintain our investment grade rating. Our strong financial position, our resilient and flexible project portfolio lay a solid foundation for continued material shareholder distribution and growth, and this is a unique investment proposition that Bona Energy offers. Now let's look at the task guidance for 2025 estimated profits, where half is paid in the year and half will be paid in the next year. Please note that from now on, we will move from paying 60 installments per year to 10 installments per year. In the first half of twenty twenty five, we paid around NOK 7,000,000,000 in three installments, one in q one and two in q two. For the second half of twenty twenty five, we expect to pay around NOK 13,000,000,000, with two installments in the third quarter and three in the fourth quarter. We have included a tax sensitivity for the first half of twenty twenty six, which is giving the cash tax estimate at a different price scenario, where the middle case is giving around $1,600,000,000 while the sensitivity is between 600,000,000.0 and $2,600,000,000 according to the indicated price range. More energy has a stronger track record of delivering value to our shareholders. Since the IPO, we have returned more than $3,800,000,000 in dividend, maintaining stable payments over the last fourteen quarters. Considering the current macro environment, the solid financial performance in the second quarter of twenty twenty five, the transformative production growth onstream and our high quality, resilient and flexible project portfolio, we can continue to support attractive and predictable dividends going forward. On the back of this, I'm pleased to confirm a dividend of $300,000,000 for the second quarter and guide a total dividend distribution of $1,200,000,000 for the full year 2025 and $1,200,000,000 for the full year 2026. Finally, I will summarize our full year 2025 long term guidance. For 2025, our production guidance is three and thirty thousand to 360,000 barrels per day, reaching more than 400,000 barrels per day by Q4 twenty twenty five. This is up from the previous guiding. We will maintain approximately 400,000 barrels per day in 2026. And further, we will sustain 350 to 400,000 barrels per day until 2030. 2025 production cost is expected to come up to come at 11 to 12 barrels dollars per barrel, down to around $10 per barrel by q four as we ramp up production. CapEx guidance is maintained at 2.3 to $2,500,000,000 in twenty twenty twenty five, going down to $2,000,000,000 to $2,500,000,000 thereafter. Exploration expenses and OpEx will be in the range of $200,000,000 to $300,000,000 and $150,000,000 respectively, in the medium to long term. For this year, we plan to invest around $380,000,000 in exploration activities and expect abandonment expenditures to be around $100,000,000 We are guiding $300,000,000 in dividend for Q3 and Q4 twenty twenty five, resulting in a full year dividend of $1,200,000,000 Demonstrating strength, we're also guiding dividend for 2026 of $1,200,000,000 each quarter. With that, I hand it back to Nick for concluding remarks. Thank you. Well, you, Carlo. I have just one final slide to summarize. I'm pleased to report we once again delivered strong results in the quarter. Our key growth projects have been delivered as planned. And, as a consequence, production this year is expected to be at the midpoint of the full year guidance range. And we're meeting our plans for transformational growth in 2025 and unlocking future value by moving forward at pace our early phase project portfolio, which means we're on track to sustain 350 to 400,000 barrels per day towards 2030. And we continue to strengthen and improve the resilience of our financial position, incrementally improving the business all the time, allowing us to navigate successfully through the cycles. And as a result of our strong performance, we continue to provide predictable and attractive dividend distributions, meaning we're delivering on our strategy for growth and value creation. These are our second quarter twenty twenty five results and the reasons to be invested in Voort Energy. Thank you for your time. And with that, we'd now like to open up, for your questions. Thank you. We'll now start the Q and A session. Start Q session. The first question will be from the line of Matt Smith from Bank of America. Please go ahead. Your line will now be unmuted. Hi there. Good morning, Nick. Good morning, Carlo. Thanks for taking my questions. I had a couple, please. The first, sort of a granular one on the production outlook that you show on Slide six. And I guess you are continuing to guide expectations for production for the full year to be in line with the midpoint. And I suppose that slants slightly in contrast with the Q1 and Q2 performance being towards the lower end of your range. So I just wanted to check what was giving you the confidence, what have you seen so far in 3Q to sort of correct and get back to the midpoint of the guidance. So it'd be the first one on production. And then the second one, I wanted to come back to the sort of CapEx comments. Because on the one hand, we're talking about doing more, moving faster over the goal to sort of sustain production into the 2030s. But on the other hand, you've announced a SEK $500,000,000 of cost savings. I think part of that is CapEx and project deferrals. So could you talk us through the moving parts here, what's changing, what's not? And also the thinking, given that the commodity price environment has held up, reasonably well so far. Thanks. Yeah. Good questions, Matt, and thanks for for for joining. You know, on the production side, I mean, it's been quite a complicated year to forecast this year, given the nine projects coming online with a 180,000 barrels a day. And, of course, going into the year, we we recognize that some of that uncertainty in the range and the thinking that we we came up with. And, you know, as I commented is the first half has been at the bottom end of the range. Most of that's because or pretty well all of that's because Johan Casper came on a little later than we anticipated and the ramp up took a little bit longer. But but, you know, where we are now is, all of our key projects are online. So, you know, yes, there are two big ones, but, you know, in in Boulder, Yoten and and Casper, but Halton East came online well, is producing well, and and and the Orma Langer phase phase three has also come online. And they're all online, and the ramp up's going I would say the stability in those assets is rather good, and I would say we're also ramping up rather well on on on Boulder. And, you know, where we see today and where we are today is we're producing over 350,000 barrels a day. You'll also recognize that we also saw some upside in this year, which we didn't talk about too much, at our Capital Markets Day. So, when we put everything together, we now see that we're going to be able to produce around 430,000 barrels a day in q four, and, that's a bit a bit more than we'd sort of guided or the expectation is. So when you put that together, you know, the second half, I think, from what we see today is gonna be rather strong. And and, you know, Yorkshire is ramping up rather quickly. And, where we stand today, we think we're going to get that onto, peak rates in September. And so we think you put that together, we can, be in the middle of the guidance range for the year. And then on on your your your second question about cost savings, I think, on this, you know, it's savings across the board. And and, you know, it's natural when the price comes down, activities drop, the opportunity is to use some of that time to, to to look at how we're spending spending money money in in the the business and can we do it more efficiently, can we take cost out. And we've looked across our whole business and and determined that we can do some things slightly differently and rephrase some things that we can achieve the same outcomes basically, with less less money. Some of it's cost savings. So where we read big contracts recently and we've got lower pricing, some of it's we've chosen to to rework some projects to make them better. But, we keep adding projects all the time. When we talked to our capital markets, there was 25 projects. Now we've got 30 and, you know, we made it announced another exploration discovery yesterday. We keep adding to this. And there's an opportunity to optimize all of that and make it better, and we're using this opportunity to do that. And that's why we feel confident of taking some cost out, but at the same time maintaining the long term outlook on production for the business. Hopefully, that, sort of helps, you understand how we're looking at this, Matt. All right. Very good. Thank you, Nick. Happy to pass it on. Thank you, Matt. The next question will be from the line of Theodore Nilsen from SB one Market. Please go ahead. Your line will now be unmuted. Good morning, Carlo. Thanks for taking my questions. A few questions for me. First, just want to follow-up on the cost saving question and the $500,000,000 you're specifically talking about. RTP, they're talking about cost inflation generally in industry. I just wanted to know how you see that. Are you seeing the same as RTP cost inflation? And how is that included in your $500,000,000 cost reduction? Second question, that is on dividend. Nick, you said that the $1,200,000,000 dividend for 2026 is safe within most realistic oil and gas price scenarios. I just wanted to know where you see net debt increases at which oil and gas price level and assuming that you do keep to SEK 1,200,000,000.0 for dividend? And then final question for me, that is the Wiedersehen discovery. Congrats on that. Looks promising. Could you share any thoughts around the potential development solutions and a timeline on that? That would be useful. Thanks. So I'll cover the first and the last question, and Carlo can talk about dividends for you. So cost savings, I mean, our big projects have come to an end, and we're into looking forward and committing to new projects. And, you know, if you you go back six months, I would say there was cost pressure in the industry, in a number of areas. But, as I look today, I think that that cost pressure feels to me to be taken out. And in fact, we're seeing that. As we commit to new things, we're able to to take cost out, just through the market sitting where it is today. You know, rig rates have gone down. We see that the rates for things have gone down where we've awarded new contracts recently. We've been able to do it at lower pricing. So what I would say is as I look forward and, you know, I think we're seeing less activity in the world and an opportunity. Yes. Norway's a bit, bit more increased, but there aren't many new projects coming to market, and I think we can play into that and see a lower price outlook. And, we're getting the benefit of that. We've reworked some projects. We've gone around the contracts a bit, and and we've taken cost out. So I I I don't feel the same inflationary cost pressures in today that that might have been there six six months ago. And I think that just reflects the uncertainty in the market, not just within Norway, but internationally. A lot of the equipment that we buy is not just bought in Norway. It's, it's bought internationally. And then maybe I'll just talk about Vidson before Carlo talks about, the dividends. I mean, it's a great discovery. It sits very close to Fenya where we operate. We have 75% of it. I think it's a gas condensate discovery. Fenya ties into, into the Neword facility, and Neword has capacity to develop this gas condensate through there. So that would be the natural host. It's not that far away. Whether we go through the Fenya facility or have a direct tieback, it's too early to say. We've discovered in the first well, 25 to to 40,000,000 barrels of gas condensate and, in in very high quality reservoir. And there's, on this ridge, there's a cup two or three other prospects, and we're, you know, I think we can very simply, appraise those. So, we've got new seismic over the area too. So, we'll be moving forward like we have with everything else to move this forward at pace. It's quite material to us because we've got 75% here. So it's an exciting outcome, and I think, very good. We have other things in the area too. Know, it's it's very positive, I would say, as a good outcome from our exploration program. So hopefully, that gives you a bit of color around this. It's bit early to talk too much about the development given that we've just finished it well, but but we'll move that forward at pace and, you know, perhaps in the coming months, we can be clear about that. So Carlo, on dividends. Yes. Thank you, Joel, for your question when it comes to the dividend and 2026 guidance. Clearly, the big picture where we are now, where we move forward, our main projects is, further there is compared to one to a few months ago. Production is coming. Growth is coming. In 2026 as well, it would be a strong year as we guided. And, of course, the production that is coming is giving additional tangibility into it. And we already voiced over our ability to generate a significant cash over the longer term at various price scenario during the CMU. I believe that also another element to look at, again, is our ability to flex the CapEx. And we as we are doing it, we have voiced a lot a lot over, and we're now implementing this, a bit of flex CapEx without impacting our, long term view on production. And also our leverage ratio, because if you look at the leverage ratio we have, which is 0.9, and we are expecting this to scale back during the course of the year, there is quite a big headroom when it comes to our target of of be well below 1.3 or be below 1.3. As such, if I get correctly your question, our ability to sustain the dividend will not it relies also on a significant headwind when it comes to our financial our financial and debt ratio. So we have quite a significant buffer, I would say, when it comes to the ability of sustaining dividend, even on price, which is a lower debt than than we see now. And the debt ratio won't move significantly. We still remain well below the 1.3. So I hope that this answer your question, if I got correctly. Well, yes, yes. Well, not precisely, I'm partially when you say there's a lot of headroom, it's at like $10.20 dollars $30 per barrel oil price before you need to increase net debt. Do you want to comment on that? Yeah. But but, Tito, we're not going to say we can sustain dividends at some price. I think the way to look at this is that we have a resilient business. We need to look at it over the long term. We can sustain production long term. We with our CapEx is coming down. Our OpEx is coming down. And we have a lot of resilience. We have a lot of liquidity in the company. And I think you have to look at pricing in the long term. And realistic pricing, levels, to sustain world oil and gas pricing, means that we believe that we can sustain our dividend levels at realistic pricing levels at at at the in the way we've guided. And I think that's the way to to look at this. Okay. Understood. That's all for me. Have a have a nice summer. Thanks. Thank you. Thank you. Next question is from the line of Victoria McCulloch from RBC. Please go ahead. Your line will now be unmuted. Thanks for your time and for questions this morning. A couple for me on Q3 and then one on Goliath. So, first of all, on OpEx, it was obviously higher in 2Q. Can I just confirm that symptomatic of the ramp ups and that we should expect to see similar higher OpEx in q three with your ton ramping up? Then secondly, on maintenance in q three, you highlighted that the turnarounds are expected to be completed by July. I know that certainly is the case with Snowbit. Is that across the wider portfolio and so we should see a more muted maintenance impact on the for non ramping ramping up on on non new fields for q three? And then just on the Goliat work that you're you got two wells drilling in q in the second half of this year. You mentioned the fast track development. Would that be a development that you'd be looking to sanction in 2026, or is that something that could fall into 2025? Thanks very much. Good. Maybe I I capture those. I I think, you know, the OpEx higher OpEx in this quarter is driven by a few things. One is, you know, Casperg is in the ramp up phase, so you get all of the OpEx but not much of the production. And, and secondly, we're we've got a disproportionate amount of the of the turnarounds in the quarter, which obviously carry quite a lot of costs, which goes into, OpEx too. So and, of course, you get lower bit lower production as a consequence of those turnarounds. So so, you know, this was always expected in this quarter, at this level and, in our forecast. So it's not, it's not outside of what we would expect. I think when you go into q three, of course, we've got much more production, and, we're going to see the, and and that new production, you know, Casperg's $4 a barrel, plateau. So we're going to see that, I think q three is going to be at lower OpEx than the than the than the the than q two, of course. And then, and, of course, we've got the ramp up of the barrels from Yorkshire, which is also going to drive it down further. So, you know, we are very confident that by the end of the year that we're going to be at the 10 range that we set out, which as we've guided, given the new volumes coming on and the and the focus on cost control in the business. I think in terms of maintenance activity, in terms of turnarounds, as I commented in my notes, 30,000 barrels a day impacting q two, and Snowbit will be complete by the July. And so most of the big turnarounds have happened, but there is still some things going on in q three. I think it represents about 13,000 barrels a day potential impact in q three, but most of it is skewed this year in, into q two. And then as far as Goliath goes, I mean, this is exciting, and we're driving this forward as quickly as we can. And we just finished shooting a new three d seismic survey over the whole structure. We are working to get to process data by the end of the year, so fast track to get there. The importance of this is that the current seismic is over 25 years old, and you can't really see much on it. And so we're hopeful with new seismic, we can start to understand the subsurface a lot better. And that's one of the reasons this hasn't perhaps moved forward in the past. And then we're going to drill in the second towards the end of this year to further appraisal wells. Our aim is to have enough of the subsurface data in our hands to start development planning in in earnest at the end of the year, although we've got a team already mobilized on to moving this forward. And and and it is my aim that sometime during next year that we start to commit to a long lead equipment to move this project forward. I think it's a bit early for us to say the time frame for this, but I I'm very confident this is going to turn into a project. And and we'll we'll just we'll sort of come to timing, I think, a bit later in the year as to when we think we might be able to sanction something and and and get it on production. But we're we're aiming to move forward very quickly here. You know, there's a big opportunity at Goliath. There's a lot of capacity available there and the resource here are are are, I believe, quite significant. And so it's going to be exciting when we see these further wells and the seismic to to understand the real scale of this opportunity. So hopefully, that gives you bit of color on those three items, Victoria. Super. Thanks, Nick. Thanks very much. Thank you, Victoria. The next question will be from the line of John Olaisen from APG. Please go ahead. Your line will now be unmuted. Good morning and thanks for taking my questions. Sorry for coming back to the, call it, the cost savings of $500,000,000 It's a huge amount. Production costs going forward from an annualized basis would probably be around $1,500,000,000 and I assume the $500,000,000 is not only cost savings from production, but I assume there's some cut in CapEx and exploration as well. Is it possible to split up, say, $500,000,000 How much will be will we see going forward in the lower production costs? And how much is the impact on on CapEx and exploration? If I suppose to give a split on how how the $500,000,000 is is cut down, please, breakdown? John, I think Carlo will give a bit of color on on this. Okay. Thank you for your question, John. So, when it comes to 500,000,000 cost reduction is what we expect is to have roughly 20% of it, which is impacting the operating cost and the remaining part of which is CapEx mostly, of course, between, the early phase project and, base CapEx that we have part of exploration as well. So as you mentioned, it's an important amount, but it's what, we can deploy as part of our flexibility that we've always done a lot over since our CMU. And it's not impacting our production outlook. This is very important because as you can imagine, those cost those activities were foreseen in 2026. It would have been contribute to production later on in the plan, and sometimes it's even a small impact in '28 or '29. And, we are taking this opportunity to make these projects, better to mature to mature them further without impacting again our longer production. So I hope this, granularity gives a bit more insight of where we see this reduction. Yeah. So just so you said 20% cut in production costs and the rest is CapEx and exploration. Is that right? Did hear right? Correct. Yeah. And and then and then on on on the and it on is it possible to say, of those 80% that is not cost that are not cost cuts, how much is cut in exploration and how much is on CapEx? I mean, you know, we we we've we will scale back exploration a little bit next year. I think just naturally given the prospects that we have and the opportunities we have, I think it goes up and down, but we'll still have a material exploration program next year. And we, you know, we've we've guided that we will drill 60 wells over a four year period. We're still going to meet that target. We've we've been doing a bit 20 this year. I think next year would be a little bit less. So we think about $70,000,000 is the sort of order that we might take out of exploration for next year compared with what we've guided. And then and then the rest is into the capital side of things. You know, we've got 30 projects that we're moving forward, and there's real opportunity to optimize which ones we move forward and which place, you know, we can't do all of them at once. So we're actually in a unique place where we can optimize the projects and make them better. And what we're finding is that by taking a bit more time to sanction things, we can take cost out. We can change the the the the the the the project scope a little bit. We can also use this current environment to to reduce cost, and, that's also part of it. But the but but you do not make any change or at least right now in the long term, in guidance when it comes to CapEx, and the expiration. Is that right? Because you're giving guidance for '26 when it No. We haven't we haven't we haven't changed the long term guidance, Noah. And I think, yeah, we will update the guidance when we come to capital markets update next year. You know, I think it's fair to say, you know, I've talked about incremental improvements in our business. And if you look back over a few years and compare what we say today with what we said two years ago, there's a lot of change and a lot it all in the right direction. Our production's got better. Our costs have come down. And we're seeing that trend. You know, what I see you know, we set out three fifty to 400,000 barrels a day long term. You know, what I see is upside in that, and I see upside in that for the same cost base from what we look at. And so, actually, I think as we move forward, going to make the business look better than it looks today, and and that gives us opportunity to to optimize things, to perhaps slow some things down, to maintain the same outlook, and reduce costs associated with it. And my my my second question, maybe it goes to the, to the the use of cash flow going forward. You say that you'll be free cash flow breakeven at $40 I assume that is post input payments and post lease payments. First, could you confirm that? And then Yeah. Maybe confirm that, please. That's what was in post interest payments and post lease payments. Yeah. The $40 breakeven And everything yep. That will be for dividend or deleveraging? Confirmed. It's correct. What you said is correct. The $40 breakeven is the company breakeven, so it's including clearly the breakeven of each single project. As mentioned, 35 for the subsidiary back and includes also the service of debt, corporate cost, G and A. And and, you know, just on that, John, I I would like to see we can make this better. A year ago, that was 45, that number. Now it's 40. And I think as we look forward, you know, we're committing to projects that have breakevens below $35 a barrel. We do infill wells at $30 a barrel. Our OpEx is coming down. I I I think we're gonna be able to reduce that number and, over time and, you know, and and again, make the business progressively more robust. Yep. But but but do you plan to delever the balance sheet for the next one to two years, Or will everything go to to to to dividend or pay cash for dividend? Think a lot depends on balancing the outcomes here. So, you know, we we intend to fund the growth program we've got ahead of us and sustain production long term because I think that's what drives revenue. We intend to fund the the dividends. We intend to maintain a investment grade balance sheet. And then depending on the price outlook, we might choose to flex those things and, you know, if there's high prices, of course, we can maybe, delever a bit more and but but we're going to balance all of those things in a responsible way. But, you know, I think we can do all of them. That'd be great. That's that's all for me. Thanks a lot, and have a great summer. Thank you. Thank you very much. Thank The next question is from Lydia Rainforth from Barclays. Please go ahead. Your line will now be unmuted. I'm just going to come back to the dividend side, and thank you for giving that visibility. So one of the questions that I've had this morning is like whether what really the opportunity cost for the lower spending is that is this really to maintain that dividend you're having to give us opportunity. So I'd just love you to kind of expand a little bit more on that. I know you've talked about that a lot already. And then the second one was just going back to the production numbers. And I'm not asking you to give 2026 guidance exactly, but I think $430,000,000 sounds as a great exit rate for this year. We're still talking kind of 400,000,000 for next year, but that does imply quite a big decline, right? So is there anything kind of for next year that we should be thinking about? Or are we at the point where and I'd pick up on what you said earlier that you can now do more for the same cost base? Is that the sort of phase of like kind of for energy that we're now in that over the next couple of years, we'll see more and more evidence of that? I'm sorry. That's probably about four questions, but yeah. You know, in terms of the spend, Lydia, know, could you just clarify the question a bit for us again? Just thinking in terms of I mean, there's choices in the capital framework, and obviously, the the choice is keep the dividend and then cost and then obviously reducing the CapEx side. But is there an opportunity cost of that in terms of actually are we keeping the dividend at the expense of something significant that you would have been able to do? No. I I don't really see it like that. I see, you know, it's natural in an opportunity you know, when the prices become lower, I think it's a natural opportunity to try and make the business more efficient and competitive, and I think it creates the the opportunity to do that. And I you know, as we've continued to put these four companies together and make the company work better and more efficient, we continue to see opportunities to take cost out and make it more efficient. And this environment of a lower price environment also provides the catalyst to be able to do that. And any responsible company should take advantage of that opportunity, and I and I know our partners are in other areas working to take cost out of their their businesses as well, reflecting this current environment. And, you know, because before, you know, if you go back six months and the comments we made earlier, I mean, I think there was cost pressure in the other direction, and and we've seen it go the other way. And I think we can do all of that without really making any difficult choices here. And and so I don't see it as a lost opportunity, you know, paying dividends to to to to to to create, you know, the opportunity. It's just making the business more efficient, and I think that's what you would expect of us in this environment. And I think on terms of the production decline, you know, we've guided q four this year to around four thirty. That's because everything's online, and we don't have any planned shutdowns. If you go into next year, it's not about decline. We we guided approximately 400 for for next year, and and and the reality is there's going to be some planned shutdowns during the year, and, it's a bit early to sort of guide it beyond more specifically than approximately 400. So, you know, I don't think you should look into this as we're declining from four thirty to 400 very quickly. It's it's more that there's, you know, there's there's some shutdowns and other activity in the business. Perfect. Thank you. Thank you, Lydia. As there are no further questions on the telephone conference, I'll hand it back to Head of IRON, Edamari Efjellheim. Thank you. We have one question from, Amnes Rosman at SEB. Is there anything to be said about Rondershotter? Will the prospect be revisited at a later stage? I mean, it's a disappointing outcome. Obviously, the well was dry and, on, you know, potentially large prospect, it was always relatively high risk, and and that's how we saw it. So, you know, as we see it today, technically, I wouldn't see there's there's many other opportunities there. But, you know, it may be a question to direct to the operator there in terms of this. But from from what I I'm aware today, it's, you know, we don't see much opportunity, but it's the nature of drilling, higher risk, or higher reward opportunities. And, most of the time, they don't work. And some of the time, you're lucky enough that they do, and, and you get a great outcome. And this one, unfortunately, didn't. Thank you. One final question here about, our decarbonization plan. You talk about your net zero target for 2030. What are the assets that you'll need CCS for to offset, unavailability of electrification? K. So we, you know, we get to this by three means. First of all, further electrification projects, we have some in development today, and we've got some in the sort of project concept stage, which are moving moving forward and, hopefully, we'll get to invest into those. Secondly, it's about optimizing our facilities and a good example of this is in the Boulder area where we intend to, decommission the Boulder FPU and put the flow through the the f p s the new FPSO. And that has very high, carbon emissions. So this is a good piece of reducing OpEx, reducing carbon emissions, simplifying our our asset base. And then the third piece, of this is well, is efficiency. And then what we can't reduce, then we we're going to, to offset with natural carbon capture projects. And what this is is a tree planting, reforestation projects, and we have, we have a partnership with a company here in Norway. And we've secured enough capacity to be able to reach a point where that we become carbon neutral in our business by 2030 and our net operational emissions by 2030. So CCS does not play a part in the way we have our plan. We do have two CCS licenses, and we are looking at those to see whether we can create a business case. You know, for me, to make this work, you have to hook up the emitter, the transport, and the sequestration. Clearly, it's technically kept possible, but the business case for this is what we're working on. And I I don't know the answer today whether we can create a business case that that makes it economic to do. But it's something we're looking hard at, and and we have the capacity and capability to do it. And I think it could be a good addition to our decarbonization plan long term if we can find a way to make it commercial. But as we stand today, we we don't we don't know whether we can do that. So I see it as an option on the future. That's sort of how we look at CCS at the moment. Great. Thank you very much, and thank you all for dialing in. That concludes the second quarter twenty twenty five results call for Warren Eti. I wish you all a great summer.