Q3 2020 Norwegian Energy Company ASA Earnings Call Transcript
Good morning, everyone, and thank you for joining Noreco's Q3 release presentation. I'm David Cook, Noreco's CEO, and with Euan Shirlaw, our CFO. Please note that after we go through the presentation today, we'll have time for some questions and answers at the end. These can be typed in and submitted throughout the presentation.
Our Q3 outcomes are very positive financially and operationally, production has remained reliable and predictable quarter on quarter with Q3 averaging almost 29,000 barrels of oil equivalent a day at the top end of our guidance.
Our realized oil price, in excess of $75 per barrel, sees us continuing to reap the benefits of our hedging strategy, especially in light of an actual market price closer to $43 a barrel for the quarter. When combined with our production guarantee, we ended the quarter with revenues of $157 million and an adjusted EBITDA of $104 million. The resultant operating cash flow was $111 million for the quarter and we ended the quarter with $263 million on the balance sheet.
In Tyra, we took our first
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