TRONDHEIM, Norway, Feb. 11, 2020 /PRNewswire/ -- Fourth quarter 2019
marked the end of a year of strong progress and value creation for
Aker BP. For the first time, the company's quarterly total income
exceeded one billion dollars, driven
by record high production following the successful start-up of the
Johan Sverdrup field, combined with continued strong performance
from other fields. 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
1,003 (723) million for the fourth quarter 2019. Production
cost per boe produced in the quarter amounted to USD 9.1 (13.2). For the full year, production
costs were USD 12.4 (12.1) per boe,
in line with previous guidance. Exploration expenses amounted to
USD 85 (70) million in the quarter.
For the full year, exploration spend totalled USD 501 (359) million, below the latest guidance
of USD 550 million.
Profit before taxes amounted to USD
424 (143) million. Tax expense was USD 312 (186) million. Overall, the company
reported a net profit of USD 112
million for the quarter.
All major field development projects progressed according to
plan, and first oil from both Johan Sverdrup and Valhall Flank West
was achieved during the quarter. Total capex for 2019 was
USD 1,667 (1,202) million, in line
with the latest guidance of USD
1.6-1.7 billion.
The Board has resolved to pay a quarterly dividend of
USD 212.5 million, equivalent to
USD 0.5901 per share, in February 2020.
Capital Markets Update
Aker BP today presents its update to the capital markets. The
strategy remains firm and the company is in an excellent position
to deliver strong growth with low costs and strong environmental
performance.
2020 guidance summary
- In 2020, Aker BP estimates a production of 205-220 thousand
barrels of oil equivalents per day.
- Aker BP is investing in profitable growth, and the company
estimates capital expenditure in 2020 at a level of USD 1.5 bn.
- For 2020, Aker BP is planning to participate in ten exploration
and appraisal wells, and expect exploration spend of around
USD 500 million.
- Abandonment spend for 2020 is estimated at USD 200 million.
- Production costs per unit are estimated to be reduced by
approximately 20 percent from 2019, down to an average of around
USD 10 per barrel of oil
equivalents.
- Dividends are proposed at USD 850
million for 2020.
Low emissions producer
Aker BP continues to be an oil and gas producer with low carbon
dioxide emissions intensity; less than half the global average, and
below the average for the Norwegian Continental Shelf.
Today, Aker BP announced that its emissions intensity will be
further reduced to a targeted level of less than five kilograms of
carbon dioxide emitted per barrel oil equivalent as from
2020.
Progressing towards a joint development of the NOAKA
area
The North of Alvheim and Krafla-Askja ("NOAKA") area consists of
the discoveries Frigg Gamma Delta, Langfjellet, Frøy, Fulla, Frigg,
Rind and Krafla-Askja. Gross resources in the area are estimated to
be more than 500 mmboe, with further upside potential from
exploration and appraisal.
Aker BP is in a good and constructive dialogue with its partners
to progress a joint technical solution for developing all the
resources in the NOAKA area. The NOAKA development represents
significant value creation to the Norwegian society and to the
license holders.
Conference call details for the Fourth Quarter 2019
Presentation
The full Q4 2019 report and presentation can be found on the
company's website www.akerbp.com
A conference call will be hosted at 08:00 (CET). 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 6600761
or ask for the Aker BP Fourth Quarter 2019 Presentation.
Phone numbers:
Norway:
+47-21-00-26-10
United Kingdom:
+44(0)330-336-9125
Confirmation code: 6600761
A webcast will be available at the company's website from 08:00
(CET).
Webcast details for the Capital Markets Update
The Capital Markets Update will be hosted at Hotel Continental,
Oslo, Norway at 10:00 (CET). A
live webcast of the presentations will be available on the
company's website www.akerbp.com
The presentation material will be published approximately 08:45
(CET).
Aker BP Q4 2019 Report.pdf
Aker BP Q4 2019 Presentation.pdf
Investor contact:
Kjetil Bakken, VP Investor
Relations, tel.: +47-91-889-889
Lars Mattis Hanssen, Senior IR
professional, tel.: +47-994-59-460
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/fourth-quarter-2019-results-and-capital-markets-update,c3032191
The following files are available for download:
https://mb.cision.com/Main/1629/3032191/1191624.pdf
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Release
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https://mb.cision.com/Public/1629/3032191/a4abaf242ca0d600.pdf
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Aker BP Q4 2019
Report
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https://mb.cision.com/Public/1629/3032191/a3dd0c3a553583b9.pdf
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Aker BP Q4 2019
Presentation
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SOURCE Aker BP ASA