AKER BP ASA U/ADR - AKRBY STOCK NEWS

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Aker BP ASA U/ADR (NASDAQ: AKRBY) is a leading independent oil and gas exploration and production company based in Norway. The company focuses on the Norwegian continental shelf and is recognized for its high efficiency, low operational costs, and commitment to low greenhouse gas emissions. Aker BP has delivered strong operational performance, with oil and gas production reaching 450 mboepd in the third quarter of 2023. The company has successfully narrowed its full-year production guidance to 455-465 mboepd, demonstrating high efficiency and cost awareness with a production cost of only USD 6.0 per boe.

Aker BP continues to make significant progress on its field development projects, with fabrication activities underway at multiple locations. The company reported two new oil and gas discoveries this quarter, substantiating its exploration success. Financially, Aker BP achieved an operating profit of USD 2,618 million, a net profit of USD 588 million, and a free cash flow of USD 1,157 million in the third quarter of 2023. The company also announced a quarterly dividend of USD 0.55 per share.

The company places a strong emphasis on environmental responsibility, maintaining greenhouse gas emissions of just 2.8 kg CO2e per boe, which is among the lowest in the industry. Despite unplanned downtime at the Alvheim field in the fourth quarter due to technical issues, Aker BP swiftly addressed the situation, restoring production and ensuring no environmental harm from an oil leak incident.

Recent achievements include the award of ownership interest in 27 exploration licenses on the Norwegian continental shelf during the APA 2023 licensing round, further solidifying Aker BP's position as a leading exploration company. The company's strategic focus on maintaining a balanced portfolio of exploration acreage supports its objective to secure energy supply to Europe, particularly targeting gas exploration.

Aker BP's integrated annual report for 2023 highlights its financial sustainability and remuneration strategies, reinforcing its commitment to transparent and responsible operations.

Investors and stakeholders can access detailed quarterly reports and presentations on Aker BP's official website. The company continues to provide valuable returns to shareholders through increased dividends, with a forecasted dividend of USD 2.4 per share for 2024.

03/20/2024 02:18 AM

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Aker BP releases 2023 Annual Report

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Aker BP (AKRBF) releases its integrated annual report for 2023, including financial, sustainability, and remuneration reporting. The company also discloses its annual statement of reserves for 2023. The reports are available on the company's website and cover key investor and media contacts.

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02/08/2024 12:31 AM

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Aker BP - Fourth quarter 2023 results

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Aker BP delivered strong operational performance in the fourth quarter of 2023, with low cost and high efficiency, although production volumes were impacted by an unplanned shutdown at Alvheim. The company maintained low emissions intensity at an industry-leading level. Oil and gas production reached 444 mboepd in the fourth quarter and 457 mboepd for the full year 2023. Production cost amounted to USD 6.2 per barrel produced. Greenhouse gas emissions averaged 2.8 kg CO2e per boe, both for the quarter and the full year, ranking among the lowest in the global oil & gas industry. Aker BP's EBITDA was USD 3,174 million, operating profit USD 2,154 million, net profit USD 164 million, and free cash flow USD 461 million. Dividend per share increased to USD 2.4 for 2024, equivalent to USD 0.60 per quarter. Guidance for 2024 includes a production range of 410-440 mboepd, capex of around USD 5 billion, exploration spend of around USD 500 million, abandonment spend of around USD 250 million, and production cost of around USD 7 per boe.

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01/16/2024 09:49 AM

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Aker BP awarded 27 licenses in APA 2023

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Aker BP has been awarded ownership interest in 27 exploration licenses on the Norwegian continental shelf in the APA 2023 licensing round, with 17 of the licenses also granting operatorship. The company aims to maintain its ambitious exploration strategy and balance its portfolio between wells close to existing infrastructure and independent developments. The Norwegian authorities offered exploration acreage in all areas of the Norwegian continental shelf, emphasizing the importance of producing gas to secure the energy supply to Europe. The award reflects Aker BP's comprehensive application and consolidates its position as the most active independent exploration company on the NCS.

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01/15/2024 02:05 AM

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Aker BP fourth quarter 2023 trading update

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Aker BP (AKRBF) announces preliminary production and sales figures for Q4 2023, with equity production at 444.3 mboepd and net volume sold at 466.9 mboepd. Full-year 2023 production was 456.8 mboepd. Realized prices for liquids and natural gas were also provided. A strategy update is scheduled for February 8, 2024.

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12/18/2023 02:14 AM

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Alvheim production restored after unplanned downtime

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Aker BP (AKERBP) experienced unplanned downtime at the Alvheim field due to technical issues, causing a deferral of approximately one month in production. Despite the setback, production forecast for 2023 remains within the updated guidance range of 455-465 mboepd, albeit at the lower end.

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11/01/2023 02:38 AM

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Aker BP: Ex dividend USD 0.55 today

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Aker BP ASA shares will be traded ex dividend USD 0.55 (NOK 6.18822) per share starting from November 1, 2023. The payment date is yet to be announced.

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10/27/2023 01:37 AM

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Aker BP: Key information related to cash dividend

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Aker BP announces cash dividends for Q4 2023

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10/27/2023 12:27 AM

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Aker BP reports third quarter 2023 results

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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.

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10/26/2023 03:11 AM

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Kobra East & Gekko (KEG) on stream ahead of plan

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Aker BP announces the start of production from Kobra East & Gekko (KEG) in the Alvheim area. The project was completed several months earlier than estimated and under the original budget. The KEG development will significantly reduce CO2 emissions per barrel and increase oil production from the Alvheim FPSO. The project adds important volumes to the existing production capacity and enables extended lifetime up to 2040.

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10/05/2023 01:15 AM

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Aker BP third quarter 2023 trading update

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Aker BP announces preliminary production and sales figures for Q3 2023.

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FAQ

What is the current stock price of AKER BP ASA U/ADR (AKRBY)?

The current stock price of AKER BP ASA U/ADR (AKRBY) is $10.5 as of October 31, 2024.

What is the market cap of AKER BP ASA U/ADR (AKRBY)?

The market cap of AKER BP ASA U/ADR (AKRBY) is approximately 14.6B.

What is Aker BP ASA's primary industry?

Aker BP ASA operates in the oil and gas exploration and production industry, focusing on the Norwegian continental shelf.

How much oil and gas did Aker BP produce in Q3 2023?

Aker BP produced 450 thousand barrels of oil equivalents per day (mboepd) in the third quarter of 2023.

What is Aker BP's approach to environmental responsibility?

Aker BP emphasizes low greenhouse gas emissions, maintaining emissions of just 2.8 kg CO2e per boe, which is among the lowest in the industry.

What are Aker BP's recent exploration successes?

In the third quarter of 2023, Aker BP participated in two new oil and gas discoveries, enhancing its exploration success.

How does Aker BP ensure financial stability?

Aker BP maintains financial stability through rigorous cost control, high operational efficiency, and a strategic focus on efficiency and disciplined capital allocation.

What is Aker BP's quarterly dividend for 2023?

Aker BP announced a quarterly dividend of USD 0.55 per share in the third quarter of 2023.

Has Aker BP faced any operational challenges recently?

Yes, Aker BP experienced unplanned downtime at the Alvheim field in the fourth quarter due to technical issues, but production has since been restored.

What are Aker BP's plans for 2024?

Aker BP plans to produce 410-440 mboepd, with an estimated capex of around USD 5 billion, exploration spend of USD 500 million, and a production cost of around USD 7 per boe. The company also aims to distribute a dividend of USD 2.4 per share.

How does Aker BP contribute to the energy supply in Europe?

Aker BP targets gas exploration to ensure energy supply to Europe, reflecting its strategic focus on maintaining a balanced portfolio of exploration acreage.