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

Woodside Exit Sends East Timor Searching for Greater Sunrise Partner

Strohm Nets Ultra-Deepwater Supply Deal for Southeast Asia’s Gas Scheme

Inpex-Led Bonaparte CCS Project Gets Australian Offshore Storage Approval

Oil Markets Brace for Years of High Prices as Iran War Drags On

Murphy Oil Finds More Oil Offshore Vietnam, Côte d'Ivoire

Kazakhstan Resumes Action to Collect $5.2B Kashagan Field Fine

TotalEnergies, SOCAR, XRG Greenlight Absheron Field Expansion in Caspian Sea

Fugro Adds More Survey Work off Timor-Leste

TPAO Eyes Karabakh Offshore Expansion with SOCAR

ONGC Nears Venezuela Operatorship Deals, Regains Russia’s Sakhalin-1 Stake

Current News

CNOOC Starts Up Nine Oil and Gas Projects as Production Hits Record

Woodside Exit Sends East Timor Searching for Greater Sunrise Partner

QatarEnergy Signs Supply Deal for LNG from Woodside's Louisiana Project

Strohm Nets Ultra-Deepwater Supply Deal for Southeast Asia’s Gas Scheme

Damaged Tanker Leaks Oil Across UAE Waters as Spill Widens

Energy Drilling Lands $87M Drilling Job Offshore Malaysia

Inpex Moves $21B Indonesian LNG Project Closer to Investment Decision

Woodside Agrees to Sell Greater Sunrise Stake to TIMOR GAP for Up to $200M

Seatrium Inks $390M Deal to Complete Four Offshore Rigs for Keppel’s Rigco

Indonesia Cuts Singapore Pipeline Gas Flows by 9% to Meet Domestic Demand

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