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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 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.
Aker BP ASA held its annual general meeting on April 14, 2023, as a digital event, where all proposals were approved. The meeting resulted in the re-election of several board members, including Kjell Inge Røkke, Anne Marie Cannon, and Kate Thomson, for a two-year term. The current board also includes Øyvind Eriksen as chair and several other directors with varying election periods. Additionally, Ian Lundin was elected to the nomination committee for two years. For further details, the minutes from the meeting are available online.
Aker BP ASA has announced its annual general meeting scheduled for April 14, 2023, at 09:00 CEST. This meeting will be conducted virtually, allowing shareholders to participate through electronic devices. A guide for electronic participation is available on their official site. Key documents including the Notice of AGM, Annual Report 2022, and Remuneration Report 2022 are accessible online. For queries, contact Ole-Johan Faret or Tore Langballe.
Aker BP, listed on OSE as AKRBP and OTCQX as AKRBF and AKRBY, has released its Annual Report, Sustainability Report, and Annual Statement of Reserves for 2022. The reports are accessible through the company's website and detail significant operational and financial metrics for the year. The Annual Report outlines the company's performance, while the Sustainability Report highlights its commitment to environmental stewardship. Detailed information regarding the reserves is also provided, which is crucial for stakeholders assessing the company's long-term viability. The full reports are available for download on the Aker BP website.
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