Aker BP Q3 Operating Profit Beats Forecast

Friday, October 19, 2018

Aker BP's third-quarter operating profit rose more than expected, helped by a boom in oil prices, the Norwegian oil firm said on Friday, while reducing planned capital and exploration spending.

Earnings before interest and taxes (EBIT) rose to $548 million from $219 million in the same quarter a year ago, beating the $521 million expected by analysts in a Reuters poll.

The company slightly reduced its 2018 capital spending guidance to $1.25 billion from $1.3 billion, and exploration spending to $400 million from $425 million, while maintaining its production guidance at 155,000-160,000 barrels of oil equivalents per day.

Aker BP, 30 percent owned by BP will pay a dividend of $0.31 per share for the quarter, in line with expectations and stable from the previous quarter.


(Reporting by Nerijus Adomaitis, editing by Ole Petter Skonnord)

Categories: Finance Europe Production Offshore Energy Industry News Subsea

Related Stories

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

CNOOC Puts Into Production New Oil Field in South China Sea

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com