Q4 2020 Norwegian Energy Company ASA Earnings Call Transcript
Good afternoon or good morning to everyone who is joining us. Thanks very much for joining the Noreco fourth-quarter results for 2020. Just a quick reminder. (Conference Instructions) We can go to the next slide, please.
Just a quick set of highlights for the quarter. It's been another solid quarter for Noreco. We've had very solid production, and we've ended the year with our net production out of the DUC at above 28,000 barrels of oil equivalent a day. We continue to see that the three currently producing hubs are providing very stable production, very low decline rates, and will continue to sort of carry us through the Tyra redevelopment period in 2023.
We also have seen that the risk mitigation of our successful hedging strategy has given us a fourth-quarter price in excess of $63 a barrel equivalent. And that, as a result, has delivered a $73 million EBITDA -- adjusted EBITDA for the quarter. Euan will be covering all these as we go through the financial summary and financial review today. But I think one of the most important things
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