Norway’s Oil Producer Aker BP Beats Q2 Profit Estimate

Norwegian oil and gas producer Aker BP reported on Friday a net profit of $561 million for the second quarter, slightly beating a company-provided analyst consensus estimate.  

Aker BP, one of the biggest independent oil companies in Europe, was expected to book $539 million in net profit for the second quarter, according to a consensus of estimates provided by sell-side analysts it has compiled.

Core earnings, or EBITDA, at Aker BP rose to $3 billion, up from $2.8 billion for the first quarter of 2024, and just in line with the analyst consensus of $2.979 billion. 

The company reiterated today its recently updated production guidance which was revised up last week. In early July, Aker BP said that production is expected to be impacted by planned maintenance activities in the second half of the year. But due to higher output in the first half, the company raised the lower end of its guidance range. Full-year production is now expected to be 420,000-440,000 barrels of oil equivalent (boepd), revised from the previous guidance of 410,000-440,000 boepd.

Aker BP also said that its greenhouse gas emission intensity was 2.9 kilograms of carbon dioxide equivalent (CO2e) per boe, in Scope 1 and 2 emissions. This positions Aker BP among the companies with the lowest emission intensity in the global oil and gas industry, the company said. 

“We are pleased to report that all our field development projects remain on track, poised to drive profitable growth for Aker BP into the next decade,” chief executive Karl Johnny Hersvik said, commenting on the Q2 results. 

“Through strong operational performance and strategic investments in new capacity, we are establishing a robust foundation for long-term value creation and consistently delivering attractive dividends to our shareholders.”

Offshore Norway, the company operates six field centers – Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula, and Valhall, and is a partner in the giant oilfield Johan Sverdrup, which is operated by Equinor.   

By Tsvetana Paraskova for Oilprice.com

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