LogIn LogOut

Aker BP Q3 Operating Profit Beats Forecast

October 19, 2018

(Photo: Aker BP)
(Photo: Aker BP)

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)



Current News

Aquaterra Energy Wins Riser Deal in APAC

Aquaterra Energy Wins Riser Deal in APAC

Exxon to Lay Off 300 Workers in Singapore

Exxon to Lay Off 300 Workers in Singapore

Santos Books Noble Jack-Up to Drill Near Dorado Field in Australia

Santos Books Noble Jack-Up to Drill Near Dorado Field in Australia

Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery

Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery

Venezuelan Oil Exports Rise on Larger Sales to Asia

Venezuelan Oil Exports Rise on Larger Sales to Asia

Malaysia Petronas Launches Offshore Bid Round

Malaysia Petronas Launches Offshore Bid Round

Former SBM Offshore Sales Manager Gets Prison Time for Bribery

Former SBM Offshore Sales Manager Gets Prison Time for Bribery

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