Aker BP: First quarter 2024 results

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Aker BP reported robust operational and financial performance in the first quarter of 2024, with increased oil and gas production, low costs, and emissions, along with all field development projects progressing as scheduled. The company achieved an EBITDA of USD 2.8 billion, operating profit of USD 2.2 billion, net profit of USD 531 million, and free cash flow of USD 339 million. CEO Karl Johnny Hersvik highlighted the successful completion of the Hanz project and the ongoing progress of the Tyrving development.

Positive

• Increased oil and gas production to 448 mboepd in the first quarter
• Reduced production cost to USD 6.1 per barrel produced
• Low greenhouse gas emissions of 3.0 kg CO2e per boe
• All field development projects progressing as planned
• EBITDA of USD 2.8 billion, operating profit of USD 2.2 billion
• Net profit of USD 531 million and free cash flow of USD 339 million
• Quarterly dividend of USD 0.60 per share
• Successful completion of the Hanz project and progress on the Tyrving development

Negative

• None.

LYSAKER, Norway, April 24, 2024 /PRNewswire/ -- Aker BP delivered continued strong operational performance in the first quarter of 2024, with low cost and low emissions, and with all field development projects progressing according to plan. 

Highlights

• Increased production: Oil and gas production reached 448 mboepd in the first quarter, one percent higher than in the fourth quarter
• Low cost: Production cost amounted to USD 6.1 per barrel produced, down from USD 6.2 in the fourth quarter
• Low emissions: Greenhouse gas emissions (scope 1&2) averaged 3.0 kg CO₂e per boe, ranking among the lowest in the global oil & gas industry
• Development projects on track: All field development projects are progressing as planned and within budget
• Strong financial performance: EBITDA of USD 2.8 (3.2) billion, operating profit of USD 2.2 (2.2) billion, net profit of USD 531 (164) million, and free cash flow of USD 339 (461) million
• Returning value: Quarterly dividend of USD 0.60 per share 

Comment from Karl Johnny Hersvik, CEO of Aker BP

"Aker BP delivered strong operational and financial performance in the first quarter of 2024. Our oil and gas production increased while we maintained low costs and kept emissions in check.

Our field development projects are on track, and construction activity is ramping up at multiple sites in Norway and abroad. The Hanz project has been completed, and production started a few days ago. Meanwhile, the Tyrving development is progressing towards an accelerated start-up in the fourth quarter. 

We are pleased to report another quarter marked by robust cash flow and a strong financial position, which further underpins the ongoing investments in our profitable projects and attractive dividends to our shareholders."

Webcast presentation

Today at 08:30 CET, 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.

Attachments

Aker BP 2024-Q1 Report.pdf

Aker BP 2024-Q1 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

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

https://news.cision.com/aker-bp-asa/r/first-quarter-2024-results,c3966058

The following files are available for download:

https://mb.cision.com/Main/1629/3966058/2753367.pdf	Release
https://mb.cision.com/Public/1629/3966058/bd371eeb10d44fd4.pdf	Aker BP 2024-Q1 Presentation
https://mb.cision.com/Public/1629/3966058/83d211f6893a5f6a.pdf	Aker BP 2024-Q1 Report

 

View original content:https://www.prnewswire.com/news-releases/aker-bp-first-quarter-2024-results-302125618.html

SOURCE Aker BP ASA

FAQ

What was Aker BP's oil and gas production in the first quarter of 2024?

Aker BP's oil and gas production reached 448 mboepd in the first quarter, a one percent increase from the fourth quarter.

What were Aker BP's production costs per barrel in the first quarter of 2024?

Aker BP's production cost amounted to USD 6.1 per barrel produced in the first quarter, down from USD 6.2 in the fourth quarter.

What were Aker BP's greenhouse gas emissions per boe in the first quarter of 2024?

Aker BP's greenhouse gas emissions averaged 3.0 kg CO2e per boe, ranking among the lowest in the global oil & gas industry.

What were Aker BP's key financial metrics in the first quarter of 2024?

Aker BP reported an EBITDA of USD 2.8 billion, operating profit of USD 2.2 billion, net profit of USD 531 million, and free cash flow of USD 339 million.

What projects did Aker BP mention in the press release?

Aker BP highlighted the successful completion of the Hanz project and the progress of the Tyrving development in the first quarter of 2024.