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Q1 2022 Aker BP ASA Earnings Call Transcript
Good morning. Welcome and thank you for tuning in to Aker BP's First Quarter 2022 Presentation and Conference Call, which, as always, will be hosted by our CEO, Karl Hersvik; and our CFO, David Toenne. And as always, after the presentation, we will open for questions.
And with that, here is Karl.
Thank you, Kjetil, and a really good morning to all of you listening in to this Q1 presentation in 2022. So first quarter of '22 was yet another quarter of record earnings and strong progress for Aker BP. The main driver of our production performance was, of course, the high oil prices and even higher gas prices in Europe. Together with stable production, this resulted in a record high cash -- free cash flow of USD 1.1 billion. The backdrop for the record high gas prices is European energy crisis, which has been long in the making, in my opinion, and it's been further amplified by the Russian war against Ukraine. In this dire situation, we are doing what we
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