Norway’s Aker BP Q3 Profit Beats Expectations
Aker BP, a Norwegian oil group partly owned by BP, has reported better-than-expected operating profit for the third quarter. While the earnings before interest and tax declined to $2.62 billion from $3.89 billion compared to the previous year, it remained above the forecast of $2.46 billion, as per a company-compiled poll of analysts.
In addition to this positive performance, Aker BP announced that the cost per barrel produced could be slightly lower for the year than previously anticipated. Production costs for the year are now expected to be in the range of $6.0-6.5 per barrel of oil equivalent, which is a reduction from the previous range of $6.0-7.0, as stated in the company’s announcement.
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The company has also refined its full-year production guidance, which now stands at 455,000-465,000 barrels of oil equivalent per day (boed), compared to the earlier range of 445,000-470,000 boed.
Aker BP, a partner in Norway’s largest oilfield, Johan Sverdrup, reported that production totaled approximately 449,800 boed in the third quarter, showing a decrease from the previous quarter’s record production of 481,000 boed.
