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

EnQuest Clears Key Hurdle for $833M Malaysia Offshore Deal

ONGC Plans Major New Indian Oil Reserve

Dolphin Drilling’s Blackford Dolphin Secures More Work for Oil India

SBM Offshore, SWS Sign Deal for Seventh FPSO Hull

Saipem to Sell Saudi Shallow-Water Drilling Business to ADES for $285M

IEA Expects Gradual Hormuz Recovery, Oversupplied Market in 2027

EnQuest to Buy Malaysia Offshore Interests in $833M Deal

Kuwait Sees 70% Oil Output Recovery within Two Months of Hormuz Reopening

Indonesia Targets Higher Oil and Gas Output in 2027

BP Launches Gas Production at Azerbaijan’s Giant ACG Field

Current News

Eni Enlists OneSubsea for Deepwater Umbilical Supply off Indonesia

EnQuest Clears Key Hurdle for $833M Malaysia Offshore Deal

ONGC Plans Major New Indian Oil Reserve

LNG Tankers Resume Hormuz Crossings Amid Tensions

Hormuz Standoff Risks Chronic Instability for Gulf Oil Flows

From Fixtures to Values: Where the Jackup Recovery Is Already Being Priced

Eni and Petronas JV Extend Ventura Offshore’s Drilling Job in Indonesia

Dolphin Drilling’s Blackford Dolphin Secures More Work for Oil India

Oil Surges 3% on Renewed US-Iran Strikes

Offshore Vessel Pair Ordered from Grandweld Shipyard

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