Aker BP Q3 Operating Profit Beats Forecast

Friday, October 19, 2018
(Photo: Aker BP)

Aker BP's third-quarter operating profit rose more than expected, helped by a boom in oil prices, the Norwegian oil firm said on Friday, while reducing planned capital and exploration spending.

Earnings before interest and taxes (EBIT) rose to $548 million from $219 million in the same quarter a year ago, beating the $521 million expected by analysts in a Reuters poll.

The company slightly reduced its 2018 capital spending guidance to $1.25 billion from $1.3 billion, and exploration spending to $400 million from $425 million, while maintaining its production guidance at 155,000-160,000 barrels of oil equivalents per day.

Aker BP, 30 percent owned by BP will pay a dividend of $0.31 per share for the quarter, in line with expectations and stable from the previous quarter.


(Reporting by Nerijus Adomaitis, editing by Ole Petter Skonnord)

Categories: Finance Europe Production Offshore Energy Industry News Subsea

Related Stories

DNO Quadruples North Sea Production with Sval Energi Acquisition

DNO Quadruples North Sea Production with Sval Energi Acquisition

Equinor Selects Baker Hughes for P&A Ops at Oseberg East Field

Equinor Selects Baker Hughes for P&A Ops at Oseberg East Field

Norwegian Firms Form Subsea Distribution Alliance

Norwegian Firms Form Subsea Distribution Alliance

Current News

TotalEnergies and Partners Sign PSC Extension for Deepwater Block off Angola

Reach Subsea’s New 24-Meter USV Ready for Commercial Deployment

DNO Quadruples North Sea Production with Sval Energi Acquisition

FourPhase Nets Shell Contract for its Caribbean Oil and Gas Platforms

Subscribe for OE Digital E‑News

Offshore Engineer Magazine