Aker BP reports third quarter 2023 results

Rhea-AI Summary

Aker BP reports strong Q3 2023 results with high operational efficiency, increased oil prices, and low emissions. Production on track, cost efficiency improved, and two new discoveries made. Strong financial performance with operating profit of USD 2,618 million and net profit of USD 588 million. Quarterly dividend of USD 0.55 per share. CEO highlights commitment to efficiency and disciplined capital allocation.

Positive

• Aker BP reports strong Q3 2023 results with high operational efficiency and increased oil prices
• Production on track with full-year guidance narrowed to 455-465 mboepd
• Cost efficiency improved with production cost at USD 6.0 per boe
• Low emissions with only 2.8 kg CO2e per boe
• Two new oil and gas discoveries made
• Strong financial performance with operating profit of USD 2,618 million and net profit of USD 588 million
• Quarterly dividend of USD 0.55 per share

Negative

• None.

FORNEBU, Norway, Oct. 27, 2023 /PRNewswire/ -- Aker BP continued its strong performance in the third quarter of 2023, bolstered by high operational efficiency, increased oil prices, and rigorous cost control, and maintained its standing as an industry leader in low greenhouse gas emissions. The company's field development projects are progressing according to plan, and its exploration activities resulted in two new discoveries in the quarter.

Key highlights

• Production on track: Oil and gas production was 450 mboepd in the quarter. Full-year production guidance is narrowed to 455-465 from 445-470 mboepd. 
• Cost efficiency: Production cost was USD 6.0 per boe, demonstrating high efficiency and cost awareness. Full-year guidance is lowered to USD 6.0-6.5 from 6.0-7.0 per boe.
• Low emissions: Aker BP continues to lead the oil and gas industry with greenhouse gas emissions of only 2.8 kg CO2e per boe.
• Progress on field developments: All projects are progressing as planned, with fabrication activities underway at multiple locations
• Exploration success: The company participated in two oil and gas discoveries in the quarter.
• Strong financial performance: Operating profit of USD 2,618 million, net profit of USD 588 million, and free cash flow of USD 1,157 million.
• Returning value: Quarterly dividend of USD 0.55 per share.

Comment from Karl Johnny Hersvik, CEO of Aker BP

"I am pleased to report another quarter of strong operational performance, demonstrating our commitment to high efficiency and cost discipline, and confirming our continued industry leadership in low emissions." 

"Our field development projects are progressing well, with fabrication activities now underway at multiple sites. I am particularly pleased to announce that production from Kobra East & Gekko at Alvheim has commenced, five months ahead of schedule, a testament to the strong delivery from our project team and alliance partners." 

"Our robust financial performance, marked by increased income and effective cost control, has resulted in substantial cash generation. This underscores our strategic focus on efficiency and disciplined capital allocation and supports our continued growth in dividends."

Webcast presentation

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

Attachments

2023-Q3 Report.pdf
2023-Q3 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 contacts:
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

The following files are available for download:

https://mb.cision.com/Main/1629/3862251/2389919.pdf	Release
https://mb.cision.com/Public/1629/3862251/89701c4406d89ef7.pdf	2023-Q3 Presentation
https://mb.cision.com/Public/1629/3862251/92c12cc2f355a31f.pdf	2023-Q3 Report

 

View original content:https://www.prnewswire.com/news-releases/aker-bp-reports-third-quarter-2023-results-301969742.html

SOURCE Aker BP ASA

FAQ

What were Aker BP's Q3 2023 results?

Aker BP reported strong Q3 2023 results with high operational efficiency and increased oil prices

What is Aker BP's production guidance for the full year?

Aker BP has narrowed its full-year production guidance to 455-465 mboepd

What is Aker BP's production cost per boe?

Aker BP's production cost per boe is USD 6.0

How low are Aker BP's greenhouse gas emissions?

Aker BP has greenhouse gas emissions of only 2.8 kg CO2e per boe

Did Aker BP make any new discoveries in Q3 2023?

Yes, Aker BP made two new oil and gas discoveries in Q3 2023

What was Aker BP's operating profit and net profit in Q3 2023?

Aker BP had an operating profit of USD 2,618 million and net profit of USD 588 million in Q3 2023

What is the quarterly dividend for Aker BP?

Aker BP has declared a quarterly dividend of USD 0.55 per share