TRONDHEIM, Norway, Oct. 22, 2019 /PRNewswire/ -- Aker BP
delivered strong operational performance and exploration success
during the third quarter. The company's field developments
progressed as planned, paving the way for a significant increase in
production in the coming months. Johan Sverdrup was brought on
stream early October, and Valhall Flank West remains on track for
first oil later this year. The company paid a dividend of
USD 187.5 million (USD 0.52 per share) in the quarter.
Aker BP reported total income of USD
723 (785) million and operating profit of USD 196 (354) million for the third quarter 2019.
Net loss was USD 43 million, compared
to a net profit of USD 62 million in
the previous quarter.
The company's net production in the third quarter was 146.1
(127.3) thousand barrels of oil equivalents per day ("mboepd"). Net
sold volume was 143.3 (140.7) mboepd. The production volumes were
below plan mainly due to delays in the stimulation program at
Valhall following the planned maintenance shutdown in June. Average
realized liquids price was USD 62.0
(69.3) per barrel, while the realized price for natural gas
averaged USD 0.16 (0.16) per standard
cubic metre ("scm").
Production costs for the oil and gas sold in the quarter
amounted to USD 167 (198) million.
Production cost per produced unit in the quarter amounted to
USD 13.2 (15.4) per boe, negatively
impacted by the costs of approximately USD
14 million related to an incident with the Mid Water Arch
(MWA) at Alvheim. Any related insurance recoveries will be
recognized in future periods.
Exploration expenses amounted to USD
70 (60) million. Total cash spend on exploration was
USD 144 (119) million. The company
completed six exploration wells in the quarter, of which the
Liatårnet and Ørn wells were classified as discoveries. The Shrek
well was completed and classified as a discovery after the end of
the quarter.
Depreciation amounted to USD 206
(168) million, equivalent to USD 15.3
(14.5) per produced boe. Impairments amounted to USD 78 (0) million related to technical goodwill
on Ula/Tambar, mainly triggered by decreased near-term oil and gas
prices and updated cost and production profiles.
Profit before taxes amounted to USD
143 (268) million. Tax expense was USD 186 (206) million, representing an effective
tax rate of 130 (77) percent. The tax rate was negatively impacted
by impairment of technical goodwill with no tax impact, and an
increase in deferred tax primarily driven by currency movements.
Overall, the company reported a net loss of USD 43 million for the quarter.
Investments in fixed assets amounted to USD 435 (414) million in the third quarter. All
field development projects, including Johan Sverdrup, Valhall Flank
West and Ærfugl progressed according to plan. Abandonment
expenditures in the quarter were USD
35 (40) million.
Net interest-bearing debt was USD
3.3 (2.9) billion at the end of the quarter, including
USD 0.3 billion in lease debt. Total
available liquidity at the end of the quarter was USD 2.9 (3.3) billion.
In August, the company paid a quarterly dividend of USD 0.5207 (NOK
4.44) per share. The Board has resolved to pay a quarterly
dividend of USD 187.5 million
(USD 0.5207 per share) in
November 2019, implying total annual
dividends of USD 750 million.
Presentation, webcast and conference call details:
The full report and presentation are attached and can also be
found on www.akerbp.com.
AkerBP-2019Q3-Report.pdf
AkerBP-2019Q3-Presentation.pdf
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 22 166 52 or ask for the Aker BP Third
Quarter 2019 Presentation.
Location
|
Phone
Number
|
Norway
|
+47 2100
2610
|
United
Kingdom
|
+44 (0) 330 336
9125
|
Investor contact:
Kjetil Bakken, VP Investor
Relations, tel.: +47-91-889-889
Lars Mattis Hanssen, Senior IR
Professional, tel.: +47-99-459-460
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/third-quarter-2019-results,c2937655
The following files are available for download:
https://mb.cision.com/Main/1629/2937655/1127024.pdf
|
Release
|
https://mb.cision.com/Public/1629/2937655/98b1cc5da67b0c23.pdf
|
AkerBP-2019Q3-Report
|
https://mb.cision.com/Public/1629/2937655/8dc409fa414c280a.pdf
|
AkerBP-2019Q3-Presentation
|
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SOURCE Aker BP ASA