Aker BP raises dividend despite 2026 output dip

Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations.

The company's poll of 16 analysts showed that the group's earnings were below expectations.

Karl Johnny Hersvik, CEO of Aker BP said that "our major development projects" had also made good progress.

Aker BP stated that until the new projects are completed, such as the large Yggdrasil project, Aker BP’s production is expected to drop?this coming year?to between 370,000 and 400,000 barrels equivalent per day (boed), down from the 420,000 boed - in 2025.

According to its previous forecast, the?company, which is owned in part by BP said that it would increase its 'quarterly dividend' this year by 5%, from $0.6615 a share to $2.65 per annum. (Reporting and editing by Terje Solsvik, with Nerijus Adomiaitis)

(source: Reuters)