First quarter 2023 trading update

Rhea-AI Summary

Aker BP will release its Q1 2023 financial report on April 27, 2023. The company reported production of 452.7 thousand barrels of oil equivalent per day (mboepd) and net sales of 449.6 mboepd. Compared to Q4 2022, production increased from 432.0 mboepd and net sales rose from 428.3 mboepd. However, realized prices for liquids dropped from 86.6 USD/boe in Q4 to 78.4 USD/boe, and natural gas prices saw a significant decline from 150.4 USD/boe to 98.7 USD/boe. Aker BP anticipates non-cash impairment charges of approximately 400 million USD before tax related to its Edvard Grieg area, stemming from project terminations and reduced future prices.

Positive

• Production increased to 452.7 mboepd from 432.0 mboepd in Q4 2022.
• Net sales rose to 449.6 mboepd compared to 428.3 mboepd in Q4 2022.

Negative

• Realized prices for liquids fell to 78.4 USD/boe from 86.6 USD/boe.
• Natural gas prices declined significantly from 150.4 USD/boe to 98.7 USD/boe.
• Expected impairment charges of approximately 400 million USD before tax.

FORNEBU, Norway, April 19, 2023 /PRNewswire/ -- Aker BP (OSE: AKRBP) (OTCQX: AKRBF) (OTCQX: AKRBY) will publish its financial report for the first quarter 2023 on Thursday 27 April 2023. Today the company provides an update on production and sales volumes and other relevant items for the quarter.

Oil and gas production and sales

Aker BP produced 452.7 thousand barrels of oil equivalents per day (mboepd) in the quarter. Net volume sold amounted to 449.6 mboepd.

Volume (mboepd)	Q1-23	Q4-22	Q3-22
Net production	452.7	432.0	411.7
Overlift/(underlift)	(3.1)	(3.7)	(5.0)
Net sold volume	449.6	428.3	406.7
Of which liquids	384.1	362.2	342.2
Of which natural gas	65.5	66.0	64.5
Realised prices	Q1-23	Q4-22	Q3-22
Liquids (USD/boe)	78.4	86.6	101.1
Natural gas (USD/boe)	98.7	150.4	280.9

 

Impairments

The company expects non-cash impairment charges of approximately USD 400 million before tax (approximately USD 300 million after tax) in the first quarter related to the Edvard Grieg area. This is mainly driven by the previously announced termination of the Troldhaugen project and by reduced forward prices leading to an impairment of technical goodwill allocated to the Edvard Grieg & Ivar Aasen CGU.

Webcast

The company will release the first quarter 2023 results on 27 April 2023 at 07:00 CEST. At 08:30 CEST the same day, the management will present the results on a webcast available on www.akerbp.com/en. The presentation will be followed by an online Q&A session.

Disclaimer

The information in this statement is based on a preliminary assessment of the company's first quarter 2023 financial results. The company has not completed its financial reporting and related review and control procedures. The estimates provided may therefore be subject to change and the financial statements finally approved and released by the company may deviate from the information herein.

Contact
Kjetil Bakken,
Head of Investor Relations,
tel.: +47 918 89 889

The following files are available for download:

https://mb.cision.com/Main/1629/3751369/1992598.pdf

Release

 

View original content:https://www.prnewswire.com/news-releases/first-quarter-2023-trading-update-301801409.html

SOURCE Aker BP ASA

FAQ

When will Aker BP release its Q1 2023 financial report?

Aker BP will publish its Q1 2023 financial report on April 27, 2023.

What was Aker BP's production in Q1 2023?

Aker BP produced 452.7 thousand barrels of oil equivalent per day in Q1 2023.

What are the realized prices for Aker BP's liquids in Q1 2023?

The realized prices for liquids in Q1 2023 were 78.4 USD per barrel.

What is the expected impairment charge for Aker BP in Q1 2023?

Aker BP expects non-cash impairment charges of approximately 400 million USD before tax.