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Aker BP ASA (symbol: AKRBF) is a prominent Norwegian oil exploration and production company, recognized for its high operational efficiency and leadership in low greenhouse gas emissions. The company is headquartered in Lysaker, Norway, and operates on the Norwegian continental shelf. Aker BP boasts a diverse portfolio of oil and gas assets, including the Alvheim, Valhall, and Johan Sverdrup fields.
Core Business and Operations:
Aker BP's core operations involve the exploration, development, and production of oil and gas. In the third quarter of 2023, the company achieved a production rate of 450 thousand barrels of oil equivalent per day (mboepd) and expects full-year production of 455-465 mboepd. The company has maintained production costs at a low USD 6.0 per barrel of oil equivalent (boe), demonstrating its cost efficiency.
Recent Achievements and Projects:
The company's recent achievements include the commencement of production from the Kobra East & Gekko fields at Alvheim, five months ahead of schedule. Aker BP also reported two new oil and gas discoveries in the third quarter of 2023. The company's field development projects are progressing as planned, with fabrication activities underway at multiple locations.
Financial Performance:
Aker BP demonstrated strong financial performance with an operating profit of USD 2,618 million and a net profit of USD 588 million in Q3 2023. Free cash flow for the quarter was USD 1,157 million. The company's robust financial health supports its strategic focus on efficiency and disciplined capital allocation, allowing for consistent returns to shareholders through dividends.
Environmental Commitment:
Aker BP is an industry leader in low greenhouse gas emissions, achieving an average of 2.8 kg CO2e per boe. The company's commitment to sustainability and environmental stewardship is evident in its operational practices and project developments.
Partnerships and Strategic Moves:
In early 2024, Aker BP was awarded ownership interest in 27 exploration licenses on the Norwegian continental shelf, further solidifying its position as a leading independent exploration company. The company's strategy focuses on balancing exploration near existing infrastructure and independent developments, particularly targeting gas to support Europe's energy supply.
For detailed updates and comprehensive insights into Aker BP's performance, projects, and strategic initiatives, visit the company's official website or follow their latest press releases.
Aker BP ASA (OSE: AKRBP) (OTCQX: AKRBF) announced that its shares will trade ex-dividend USD 0.60 (NOK 6.5946) per share starting November 4, 2024. The company has scheduled the dividend payment for around November 13, 2024.
Aker BP reported strong Q3 2024 results with oil and gas production averaging 415 mboepd. The company raised its full-year production guidance to 430-440 mboepd and lowered cost guidance to USD ~6.5 per barrel. Financial highlights include EBITDA of USD 2.6 billion, net profit of USD 173 million, and record-high operating cash flow of USD 2.8 billion. The Tyrving field commenced production five months ahead of schedule. The company maintains a quarterly dividend of USD 0.60 per share and improved its debt profile through new 10- and 30-year bonds.
Aker BP (OSE: AKRBP) has released preliminary production and sales figures for Q3 2024. The company's equity production averaged 414.7 thousand barrels of oil equivalent per day (mboepd), a decrease from the previous quarter due to planned maintenance activities. Net volume sold was 391.3 mboepd, reflecting an underlift in the quarter.
Key figures for Q3 2024:
- Net production: 414.7 mboepd
- Net volume sold: 391.3 mboepd (345.0 mboepd liquids, 46.4 mboepd natural gas)
- Realized prices: $80.3/boe for liquids, $63.5/boe for natural gas
The full Q3 2024 report will be released on October 30, 2024, at 06:00 CET, followed by a management presentation and Q&A session at 08:30 CET.
Aker BP has announced the start of oil production from the Tyrving field in the Alvheim area. The development, operated by Aker BP with partners Petoro and PGNiG Upstream Norway, consists of three wells and two new subsea installations tied back to existing infrastructure. Tyrving is expected to increase production while reducing unit costs and CO2 emissions per barrel.
Key points:
- Recoverable resources estimated at 25 million barrels of oil equivalent
- Exceptionally low emissions of 0.3 kg CO2 per barrel
- Leverages planned extended lifetime of the Alvheim field
- Tied back to East Kameleon and Alvheim FPSO
This development marks a significant milestone for Aker BP in enhancing production efficiency and environmental performance in the Alvheim area.
Aker BP reported strong operational and financial performance in Q2 2024. The company achieved an average oil and gas production of 444 mboepd, supported by a production efficiency of 95%. Production costs were USD 6.4 per barrel, below the guidance of USD 7. Greenhouse gas emission intensity was 2.9 kg CO2e per boe. All field development projects are progressing well, with Hanz commencing production and Tyrving on track for an accelerated start-up. Financially, Aker BP reported an EBITDA of USD 3.0 billion, an operating profit of USD 2.3 billion, and a net profit of USD 561 million. A quarterly dividend of USD 0.60 per share was declared.
Aker BP released its preliminary Q2 2024 production and sales figures, reporting an equity production of 444.1 thousand barrels of oil equivalents per day (mboepd) and a net volume sold of 460.9 mboepd. This represents a slight decrease in production from Q1 2024's 448.0 mboepd, but an increase in net volume sold from 428.9 mboepd. Realized prices for liquids were $83.1 per barrel and $57.2 per barrel for natural gas.
For the first half of 2024, the average production was 446 mboepd. However, planned maintenance activities are expected to affect the second half, leading to a revised full-year production forecast of 420-440 mboepd, up from 410-440 mboepd. The full Q2 report will be published on 12 July 2024, followed by a webcast presentation and Q&A session.
The annual general meeting of Aker BP ASA took place digitally with online participation. The board was re-elected, including new director Doris Reiter. All agenda items were approved except for a proposal from Norwegian People's Aid. Contact information and meeting minutes are available online.
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