Aker BP Posts Higher Than Expected Operating Profit. Cuts Capex Guidance

Nerijus Adomaitis
Thursday, October 29, 2020

Norwegian independent oil firm Aker BP reported on Thursday higher-than-expected operating profits for the third quarter and slightly cut its expected spending for the full year.

Operating profit rose to $242 million from $196 million in the same quarter a year ago, beating a forecast of $234 million in a Refinitiv poll of analysts.

Aker BP narrowed its full-year 2020 production guidance to 210,000-215,000 barrels of oil equivalent per day (boed) from 205,000-220,000 boed previously, after reporting 201,600 boed for the third quarter on Oct. 14.

Its output rose 38% from a year ago thanks to the startup of Norway's Johan Svedrup oilfield, the largest in western Europe, where Aker BP has an 11.6% stake.

The company controlled by Norwegian billionaire Kjell Inge Roekke and partly owned by BP repeated plans to pay $425 million in dividends for the full year.

Aker BP cut its full-year capital spending guidance to $1.30 billion from $1.35 billion and exploration spending to $300 million from $350 million. 

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

Categories: Finance Energy Industry News Activity Norway Europe Production

Related Stories

Report: ExxonMobil, Total in Talks Over Mozambique Gas Resource-sharing Deal

Power Purchase Deals Signed for World's Largest Offshore Wind Farm

Petrobras Cuts 5-year Spending Plan by 27%

Current News

Mozambique Unaware of Total, Exxon Offshore Resource Sharing Talks

European Commission Approves Vestas, Mitsubishi Offshore Wind Deal

Strike Could Hit Norway's Gas Exports, Close Offshore Fields

Piriou Designs New Cable Layer

Subscribe for OE Digital E‑News