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2022-10-26

Aker BP ASA: Third quarter 2022 results

In its first full quarter after the Lundin acquisition, Aker BP delivered operating profit of USD 3,959 million and net profit of USD 783 million. 

Highlights:

- New production record of 412 mboepd with high production efficiency
- Industry-leading low emissions of 3.4 kg CO\2\ per boe
- Strong free cash flow of USD 1.9 billion driven by high prices and low operating costs
- On track to submit Plans for Development and Operations (PDOs) by year-end
- Lundin integration completed - new organisation implemented from 1 October

Financial summary:

unit 2022-Q3 2022-Q2 2021-Q3
Production mboepd 411.7 181.3 210.0
Total income USD million 4 866 2 026 1 563
EBITDA USD million 4 536 1 749 1 250
Net profit USD million 783 188 206
Net interest-bearing debt USD million 2 294 3 835 2 332
Earnings per share USD 1.24 0.52 0.57
Dividend per share USD 0.53 0.48 0.31

The Lundin transaction was consolidated in the statement of financial position per 30 June 2022, and is reflected in the income statement as from the third quarter 2022.

Comments from Karl Johnny Hersvik, CEO of Aker BP:

"Third quarter 2022 was the first quarter of the enlarged Aker BP, following the completion of the Lundin transaction at the end of June. During the quarter we have successfully integrated the two organisations. At the same time, we maintained momentum in our operations and project development activities. Aker BP is well underway towards our goal of becoming an industry-leading low cost, low emissions company, positioned to deliver profitable growth into the next decade."

"Aker BP has a unique resource base, and over the last couple of years we have been working systematically to mature field development projects with combined resources of around 900 mmboe net to Aker BP. This work is now nearing completion, and we are currently aiming to submit PDOs for these projects by the end of 2022, and hence qualify for the temporary tax rules which were introduced in 2020."

"The world is characterised by geopolitical instability, inflation and increasing interest rates, supply chain constraints and high volatility in energy and commodity prices. In addition, the Norwegian government has proposed a tightening of the temporary tax rules. Aker BP will take all these factors into account before making final investment decisions."

Conference call and webcast:

The company will host a conference call and webcast today, 26 October 2022 at 08:30 CEST. To participate, go to www.akerbp.com/en or use the following dial-in details. Please join the call 5 minutes before the scheduled start time as it will start promptly.

Dial in number Norway:  +47 21 56 33 19
Dial in number UK:   +44 (0) 33 0551 0211
Conference PIN:   1086698 #

Attachments:

Contacts:

Kjetil Bakken, VP Investor Relations, tel.: +47 91 889 889
Tore Langballe, VP Communications, tel.: +47 907 77 841

Författare Cision