Aker BP reports third quarter 2024
Rhea-AI Summary
Aker BP reported strong Q3 2024 results with oil and gas production averaging 415 mboepd. The company raised its full-year production guidance to 430-440 mboepd and lowered cost guidance to USD ~6.5 per barrel. Financial highlights include EBITDA of USD 2.6 billion, net profit of USD 173 million, and record-high operating cash flow of USD 2.8 billion. The Tyrving field commenced production five months ahead of schedule. The company maintains a quarterly dividend of USD 0.60 per share and improved its debt profile through new 10- and 30-year bonds.
Positive
- Record-high cash flow from operations at USD 2.8 billion
- Production guidance raised to 430-440 mboepd
- Production cost guidance lowered to USD ~6.5 per barrel
- Tyrving field production started 5 months ahead of schedule
- Strong EBITDA of USD 2.6 billion
Negative
- Net profit decreased to USD 173 million from USD 561 million in previous period
- Production declined to 415 mboepd from 444 mboepd in previous period
- Production cost increased to USD 6.6 per barrel from USD 6.4
News Market Reaction – AKRBF
On the day this news was published, AKRBF gained 0.62%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LYSAKER,
- Efficient operations: Oil and gas production averaged 415 (444) thousand barrels of oil equivalent per day (mboepd) during the quarter. Full-year guidance raised to 430-440 (previously 420-440) mboepd.
- Low cost: Production cost was
USD 6.6 (6.4) per barrel. Full-year guidance lowered to USD ~6.5 (previously ~7) per barrel. - Low emissions: Greenhouse gas emission intensity averaged 2.4 (2.6) kg CO2e per boe (scope 1 & 2), ranking among the lowest in the global oil and gas sector.
- Projects on track: All field development projects progressing on schedule and within budget.
- Tyrving on stream: The Tyrving field in the Alvheim area commenced production five months ahead of original plan.
- Strong financial performance: Aker BP reported EBITDA of
USD 2.6 (3.0) billion, net profit ofUSD 173 (561) million, and record-high cash flow from operations ofUSD 2.8 (1.5) billion. - Improved debt profile: Average debt maturity extended by three years following issuance of new 10- and 30-year bonds (completed in October).
- Returning value: Quarterly dividend of
USD 0.60 per share.
– We are pleased to report another quarter of high production efficiency, supported by smooth execution of our maintenance program. This performance has allowed us to increase our production guidance for 2024 and reinforces our position as an industry leader in both low costs and low emissions.
– The execution of our development projects is progressing well. This quarter, we celebrated the early production start from the Tyrving field, which came on stream in September – five months ahead of schedule, thanks to the outstanding efforts of our project team and alliance partners. Delivering with quality, on time, and within budget is a key priority as we continue developing new fields that will support future profitable growth.
– Our strong financial position was further enhanced by the issuance of 10- and 30-year bonds, extending our debt maturity and underscoring the capital markets' confidence in our strategy. This financial flexibility ensures we are well-positioned not only to deliver on current projects but also to seize future opportunities and navigate potential challenges in an evolving macroeconomic and industry landscape.
– In summary, Aker BP continues to generate value through operational excellence, strategic investments in profitable growth, and disciplined financial management. We remain fully committed to delivering value to our shareholders through consistent dividends and long-term growth.
Webcast presentation
Today at 08:30 CET, the management will present the results on a webcast available on www.akerbp.com. The presentation will be followed by an online Q&A session.
Aker BP 2024-Q3 Presentation.pdf
CONTACT:
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 contact:
Ole-Johan Faret, Press Spokesperson, 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/aker-bp-reports-third-quarter-2024,c4058041
The following files are available for download:
Release | |
https://mb.cision.com/Public/1629/4058041/b99727f8796dbe85.pdf | Aker BP 2024-Q3 Report |
https://mb.cision.com/Public/1629/4058041/8d55883d1ff5fd06.pdf | Aker BP 2024-Q3 Presentation |
View original content:https://www.prnewswire.com/news-releases/aker-bp-reports-third-quarter-2024-302291064.html
SOURCE Aker BP ASA