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Aker BP ASA: Third quarter 2021 results

Aker BP delivered record high revenues in the third quarter, driven by high oil and gas prices and continued stable operations. The company continued maturing its project portfolio, including the NOAKA project where the development concept has been selected and the resource estimate has been increased. Based on a historically strong financial position, the company has decided to increase its quarterly dividends from November 2021. 

  • I am pleased to report another record quarter for Aker BP, where the combination of good operational performance and higher oil and gas prices contribute to the strong financial results, says CEO Karl Johnny Hersvik. 
  • Aker BP is in a very strong financial position. This provides us with a unique starting point for our significant investment programme for the years to come, and at the same time grow the dividends to our shareholders. 
  • We continue our relentless work to progress our portfolio of new field development projects. And for NOAKA, which is the largest of these projects, a development concept has been selected which allows for an upgraded resource estimate, Hersvik concludes. 

Third quarter 2021 summary 

Aker BP reported total income of USD 1,563 (1,124) million and operating profit of USD 849 (614) million for the third quarter 2021. Net profit was USD 206 (154) million. The company paid a dividend of USD 112.5 million (USD 0.3124 per share) in the quarter. The Board has resolved to pay a dividend of USD 150 million (USD 0.4165 per share) in the fourth quarter 2021.

The company's net production in the third quarter was 210.0 (198.6) thousand barrels of oil equivalents per day (mboepd). The increase was driven by completion of planned maintenance and project activities at the company's producing assets in the previous quarter. Net sold volume was 224.8 (195.1) mboepd. The average realised liquids price increased to USD 71.5 (66.9) per barrel, while the average realised price for natural gas increased to USD 91.3 (45.1) per barrel of oil equivalents (boe). 

Production costs for the oil and gas sold in the quarter increased to USD 209 (158) million due to increased volume sold. The average production cost per produced unit remained stable at USD 9.0 (9.0) per boe. Exploration expenses amounted to USD 97 (102) million. Depreciation was USD 247 (240) million, equivalent to USD 12.8 (13.3) per boe. Impairments amounted to USD 154 million, driven by revisions of future production and cost profiles for the Ula area.

This resulted in operating profit of USD 849 (614) million. After net financial expenses of USD 47 (62) million, profit before taxes ended at USD 802 (552) million. Tax expenses amounted to USD 596 (399) million, and net profit was USD 206 (154) million for the quarter.

The company continued progressing its portfolio of field development projects according to plan. During the third quarter, the development concept has been selected for the NOAKA area, and the resource estimate for the development has been increased to 600 mmboe. Moreover, the PDO for Frosk in the Alvheim area was submitted to the authorities. Capital expenditure amounted to USD 378 (391) million in the quarter. 

At the end of the third quarter 2021, Aker BP had total available liquidity of USD 4.8 (4.4) billion. Net interest-bearing debt was USD 2.3 (2.8) billion, including 0.2 (0.2) billion in lease debt. 

In July, the company disbursed dividends of USD 112.5 million, equivalent to USD 0.3124 per share, reflecting an annualized dividend level of USD 450 million. The Board has resolved to increase the annualized dividend level to USD 600 million effective from fourth quarter 2021, and hence to pay a quarterly dividend in November 2021 of USD 150 million, equivalent to USD 0.4165 per share. This will bring total dividend payments in 2021 to USD 487.5 million, compared to the previous plan of USD 450 million communicated in February.

Webcast and conference call details

The third quarter report and presentation are attached to this announcement and can also be found on The company will host a conference call today at 08:30 CEST, available as a webcast on the company's website. 

To participate in the conference call, please contact the conference call operator at the telephone numbers listed below. Please join the event 5-10 minutes prior to scheduled start time and provide the confirmation code or ask for Aker BP's quarterly presentation. 

Phone number Norway:  +47 2350 0501
Phone number UK: +44 (0) 330 336 9434
Confirmation code: 9288390


Aker BP 2021-Q3 Report.pdf (
Aker BP 2021-Q3 Presentation.pdf (

Investor contacts:

Kjetil Bakken, VP Corporate Finance and Investor Relations, tel.: +47 91 889 889
Jørgen Torstensen, Senior IR Professional, tel.: +47 95 48 37 07

Media contacts: 
Tore Langballe, VP Communications, tel.: +47 907 77 841
Ole-Johan Faret, Press Spokesman, tel.: +47 402 24 217

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