TRONDHEIM, Norway, July 12, 2019 /PRNewswire/ -- Aker BP reported
total income of USD 785 million and
operating profit of USD 354 million
for the second quarter 2019. Net profit was 62 million USD. All field developments are
progressing as planned, and the company's exploration program has
been highly successful so far this year. The company paid a
dividend of USD 187.5 (USD 0.52 per share) in the quarter.
The company's net production in the second quarter was 127.3
(158.7) thousand barrels of oil equivalents per day ("mboepd"). The
decrease was primarily driven by planned maintenance. Net sold
volume was 140.7 (162.0) mboepd. The company maintains its
full-year production estimate of 155-160 mboepd.
Average realised liquids price was USD
69.3 (63.9) per barrel, while the realised price for natural
gas averaged USD 0.16 (0.24) per
standard cubic metre ("scm").
Production costs for the oil and gas sold in the quarter
amounted to USD 198 (200) million.
Production cost per produced barrel oil equivalents ("boe")
increased to USD 15.4 (13.4) driven
by the lower volume and high maintenance activity. The company
expects lower production cost per boe in the second half of 2019,
and maintains its guidance of around USD
12.5 per boe on average for the full year.
Exploration expenses amounted to USD
60 (90) million. Total cash spend on exploration was
USD 119 (159) million. The company
completed four exploration wells in the quarter, of which the
Froskelår NE well was classified as a discovery. The Liatårnet well
has been completed as a discovery after the end of the quarter. The
company has also added two new wells to the 2019 exploration
program and has consequently increased its expected exploration
spend for the year to around USD 550
(500) million.
Depreciation was USD 168 (183)
million, equivalent to USD 14.5
(12.8) per boe. Profit before taxes amounted to USD 268 (249) million. Tax expense was
USD 206 (239) million, representing
an effective tax rate of 77 (96) per cent. Net profit was
USD 62 (10) million.
Investments in fixed assets amounted to USD 414 (364) million in the second quarter. All
field development projects, including Johan Sverdrup, Valhall Flank
West and Ærfugl progressed according to plan. Abandonment
expenditures were USD 40 (21)
million, driven by removal of the Valhall QP and plugging of two
wells at the abandoned Jette field.
The company successfully put in place a new capital structure in
the second quarter. The previous USD 4
billion secured bank facility was replaced with a new
USD 4 billion senior unsecured
facility at lower cost and extended maturity. The company also
issued a new USD 750 million bond.
Net interest-bearing debt was USD 2.9
(2.5) billion at the end of the quarter, including USD 0.4 billion in lease debt. Total available
liquidity at the end of the quarter was USD
3.3 (3.0) billion.
In May, the company paid a quarterly dividend of USD 0.5207 (NOK
4.52) per share. The Board has resolved to pay a quarterly
dividend of USD 187.5 million
(USD 0.5207 per share) in
August 2019. The Board expects an
additional quarterly dividend of USD 187.5
million to be paid in the fourth quarter, implying total
annual dividends of USD 750 million.
The Board's ambition is to increase the annual dividends by
USD 100 million per year until
2023.
AkerBP Q2 2019
2019-Q2 presentation
Presentation, webcast and conference call details
The full report and presentation are attached and can also be
found on www.akerbp.com.
A live webcast will be available on our website from 08:30
(CEST).
To access the conference call, please contact the conference
call operator at the telephone numbers listed below. Please call in
5 minutes prior to the scheduled start time and provide the
confirmation code 28 333 53 or ask for the Aker BP Second
Quarter 2019 Presentation.
Location
Phone Number
Norway
+47-2350-0296
United Kingdom
+44(0)330-336-9411
Investor contact:
Kjetil Bakken, VP Investor
Relations, tel.: +47-91-889-889
Media contact:
Tore Langballe, VP
Communications, tel.: +47-907-77-841
Ole-Johan Faret, Press Spokesman,
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-second-quarter-and-first-half-year-2019-report,c2862129
The following files are available for download:
https://mb.cision.com/Main/1629/2862129/1076572.pdf
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SOURCE Aker BP ASA