Aker BP delivers one of its strongest results in the third quarter. But the figures are weaker than a year ago, when energy prices were even higher.
Aker BP’s CEO Karl Johnny Hersvik. Photo: Jon Ingemundsen / Stavanger Aftenblad Published:
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It comes out in a fresh quarterly report from Aker BP on Friday morning.
These are some of Aker BP’s key figures in the third quarter:
operating profit of USD 2.62 billion (NOK 29.3 billion), from USD 3.89 billion at the same time last year (last year’s figure has been revised down somewhat in the report) Total revenues of USD 3.52 billion, from 4 .87 billion in last year profit after tax of $588.2 million, from $763 million in the third quarter of last year
Results peaked for several oil and gas companies in the third quarter of last year, when the energy crisis in Europe was at its worst and gas prices were very high. Aker BP also delivered strong figures in last year’s third quarter.
But this year’s third quarter is also among Aker BP’s strongest. Both turnover, operating profit and profit after tax increased from the second quarter of this year. This is due to higher oil prices, partly offset by lower volumes and lower gas prices, according to Aker BP.
– I am satisfied to present another quarter with strong operational performance, which demonstrates our commitment to high efficiency and cost discipline, says CEO Karl Johnny Hersvik in Aker BP in a message.
The company will pay a dividend of $0.55 per share for the third quarter. It is the same as for the previous quarter.
Weaker gas prices than last year
The company has previously disclosed which prices the company achieved in the third quarter:
Average oil price of $87.6 a barrel, down from $101.1 a barrel in the same quarter last year Average gas price equivalent to $60.5 a barrel, down from a soaring $280.9 a barrel in last year’s third quarter
The company reports that the production cost in the third quarter was six dollars per barrel of oil equivalent.
Aker BP lowers guidance for the average cost for 2023 to 6-6.5 dollars, from 6-7 dollars previously.
Changes production estimates
Aker BP has previously stated that it produced 449,800 barrels of oil equivalent per day in the third quarter. This is an increase from 411,700 barrels of oil equivalent per day in the same quarter of the previous year.
In the previous quarter, Aker BP increased its guidance on production this year to between 445,000 and 470,000 barrels of oil equivalent per day on average.
This has now been narrowed down to an estimate of between 455,000 and 465,000 barrels of oil equivalent per day.
On Thursday, Aker BP announced that production is underway at Kobra East & Gekko in the North Sea. According to the plan, the field was only supposed to be operational at the beginning of 2024.
– A confirmation of strong deliveries from our project team and the alliance partners, says Hersvik.
Another of the major Norwegian oil companies, Vår Energi, presented figures earlier this week.
Vår Energi had a profit before tax of 920 million dollars (about 10 billion kroner) in the third quarter, down from 1.1 billion dollars in the same period last year.
Another strong year
The results so far in 2023 are roughly the same as last year.
The company’s overall operating profit for the first three quarters of 2023 has increased to 6.84 billion dollars, from 6.75 billion in the same period last year.
Total profit after tax for the first three quarters of the year is 1.17 billion dollars, down from 1.49 billion dollars in the same period last year.
Aker BPs largest owners are Kjell Inge Røkkes Aker Capital, BP, the Lundin family through the company Nemesia and Folketrygdfondet.
The company was created when Røkkes Det norske oljeselskap bought BP’s Norwegian operations in 2016. Last year, Aker BP grew further, when the company took over Lundin Energy’s Norwegian operations.
Some major mergers and acquisitions in recent years:
There have been major changes in the oil industry in recent years, both in Norway and abroad.
These are some major acquisitions and mergers:
In 2017, Danish Maersk sold its oil and gas operations to French Total for 7.45 billion dollars. In 2018, Vår Energi was formed when Eni Norge’s operations were merged with Hitecvision’s Point Resources. In 2018, Norwegian Noreco bought Total’s operations in Denmark for around NOK 16 billion. Vår Energi ExxonMobil’s Norwegian operations for over NOK 40 billion In 2021, Aker BP bought the oil and gas operations of Lundin Energy in a deal worth NOK 125 billion. Pioneer for NOK 644 billion This week Chevron announced the purchase of Hess for nearly NOK 600 billion Show more
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2023-10-27 04:01:24
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