Aker BP reports second quarter 2024 results

Rhea-AI Summary

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.

Positive

• Average production of 444 mboepd with 95% efficiency.
• Production costs at USD 6.4 per barrel, below the USD 7 guidance.
• Greenhouse gas emission intensity at 2.9 kg CO2e per boe.
• Hanz project commenced production.
• EBITDA of USD 3.0 billion.
• Operating profit of USD 2.3 billion.
• Net profit of USD 561 million.
• Quarterly dividend of USD 0.60 per share.

Negative

• Production decreased from 448 mboepd in the previous quarter.

LYSAKER, Norway, July 12, 2024 /PRNewswire/ -- Aker BP continued to demonstrate strong operational performance in the second quarter of 2024, characterised by high production efficiency, low cost, and low emissions. All field development projects progressed as planned.

Highlights

• High production: Oil and gas production averaged 444 (448) thousand barrels of oil equivalent per day (mboepd) in the second quarter, supported by a production efficiency of 95 (93) percent. Full-year guidance has been revised to 420-440 (410-440) mboepd.
• Low cost: Production cost was USD 6.4 (6.1) per barrel produced, below the full-year guidance of USD 7 due to strong operational performance and currency effects.
• Low emissions: Greenhouse gas emission intensity was 2.9 (3.0) kg CO2e per boe (scope 1&2), positioning Aker BP among the lowest in the global oil & gas industry.
• Project execution on track: All field development projects are progressing as planned in terms of both schedule and costs. Hanz commenced production in the second quarter, and Tyrving remains on track for an accelerated start-up in the fourth quarter of this year.
• Strong financial performance: Aker BP reported EBITDA of USD 3.0 (2.8) billion, operating profit of USD 2.3 (2.2) billion, and net profit of USD 561 (531) million.
• Returning value: Quarterly dividend of USD 0.60 per share.

Comments from Karl Johnny Hersvik, CEO of Aker BP

"This quarter, Aker BP has once again demonstrated its high operational standards with exceptional production efficiency, sustained low unit costs, and low greenhouse gas emissions.

We are pleased to report that all our field development projects remain on track, poised to drive profitable growth for Aker BP into the next decade. We have achieved several significant milestones in the quarter, notably the installation of the Fenris jacket and the successful commencement of production at the Hanz project.

Through strong operational performance and strategic investments in new capacity, we are establishing a robust foundation for long-term value creation and consistently delivering attractive dividends to our shareholders."

Webcast presentation

Today at 08:30 CEST, the management will present the results on a webcast available on www.akerbp.com. The presentation will be followed by an online Q&A session.

Attachments

Aker BP 2024-Q2 Report.pdf
Aker BP 2024-Q2 Presentation.pdf

Investor contacts:
Kjetil Bakken, Head of IR, tel.: +47 918 89 889
Carl Christian Bachke, IR Officer, tel.: +47 909 80 848
Martin Seland Simensen, IR Officer, tel.: +47 416 92 087

Media contact:
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

About Aker BP:
Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates six field centres: Alvheim, Edvard Grieg, Ivar Aasen, Skarv, Ula and Valhall, and is a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on Oslo Børs under the ticker AKRBP. More about Aker BP at www.akerbp.com.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Kjetil Bakken, Head of Investor Relations, Aker BP ASA, on 12 July 2024 at 06:00 CEST.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-bp-asa/r/aker-bp-reports-second-quarter-2024-results,c4013916

The following files are available for download:

https://mb.cision.com/Main/1629/4013916/2913255.pdf	Release
https://mb.cision.com/Public/1629/4013916/aef4f8bd916ead83.pdf	Aker BP 2024-Q2 Presentation
https://mb.cision.com/Public/1629/4013916/b75cd9f96bc7d741.pdf	Aker BP 2024-Q2 Report

View original content:https://www.prnewswire.com/news-releases/aker-bp-reports-second-quarter-2024-results-302195650.html

SOURCE Aker BP ASA

FAQ

What were Aker BP's Q2 2024 production levels?

Aker BP produced an average of 444 thousand barrels of oil equivalent per day (mboepd) in Q2 2024.

What was Aker BP's production cost per barrel in Q2 2024?

The production cost was USD 6.4 per barrel in Q2 2024.

How much was Aker BP's Q2 2024 EBITDA?

Aker BP reported an EBITDA of USD 3.0 billion for Q2 2024.

What was Aker BP's net profit in Q2 2024?

Aker BP's net profit was USD 561 million in Q2 2024.

What dividend did Aker BP declare for Q2 2024?

Aker BP declared a quarterly dividend of USD 0.60 per share for Q2 2024.

How did Aker BP's greenhouse gas emission intensity perform in Q2 2024?

Aker BP's greenhouse gas emission intensity was 2.9 kg CO2e per boe in Q2 2024.

Which new project commenced production for Aker BP in Q2 2024?

The Hanz project commenced production for Aker BP in Q2 2024.