Norway's Aker BP Q3 Profit Beats Expectations

Nerijus Adomaitis
Friday, October 27, 2023

Norwegian oil group Aker BP on Friday reported better-than-expected third-quarter operating profit, and said the cost per barrel produced could be slightly lower this year than previously anticipated.

Aker BP, which is partly owned by BP, said earnings before interest and tax declined to $2.62 billion from $3.89 billion a year earlier, but remained above forecast of $2.46 billion in a company-compiled poll of analysts.

Production costs for the year are now seen at between $6.0-6.5 per barrel of oil equivalent, down from $6.0-7.0 previously, Aker BP said in a statement.

 The company narrowed its full-year production guidance to 455,000-465,000 barrels of oil equivalent per day (boed), from 445,000-470,000 boed previously.

 Aker BP, a partner in Norway's largest oilfield Johan Sverdrup, on Oct. 5 reported that production totalled around 449,800 boed in the third quarter, down from a record 481,000 boed in the previous quarter.

The company maintained its quarterly dividend at $0.55 per share.

(Reuters - Reporting by Nerijus Adomaitis, editing by Terje Solsvik and Varun H K)

Categories: Finance Energy Activity Europe Production

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