We have a clear strategy for growth and value creation as one of the fastest growing E&P companies globally. We are on track to deliver ~400 kboepd by end-2025 and have a clear plan for organically sustaining production at 350-400 kboepd towards 2030. (…) As a result we expect to unlock a free cash flow potential in a range of USD 4,5-8 billion over 2024-28, underpinning attractive and predictable dividends.
Growth
400 kboepd production target end-2025, and 350-400 kboepd sustaining towards 2030
Value
High value projects – USD ~35/boe breakevens, and >50% emission reduction by 2030*
Returns
Free cash flow potential 2024-28** – USD 4,5-8 billion, and dividend guidance – 20-30% of CFFO (after tax)
*Scope 1, equity share compared to 2005 baseline
**Scenario brent 70 USD/boe and 90 USD/boe. Excluding net risked exploration resources and net Neptune consideration of USD 1.2 billion
Capital Markets Update
The Company demonstrates it is on track for doubling production by end-2025 and presents a tangible plan for sustaining high value production of 350-400 thousand barrels of oil equivalent per day (kboepd) towards 2030.
The plan is supported by 10 field development projects in execution, more than 20 early phase projects beingmatured, a doubling of exploration activity with approximately 60 wells planned in the next four years and a solid foundation of more than 3 billion boe of resource potential.
