Friday, November 24, 2017

Aker BP Ups 2017 Output View

Posted by July 14, 2017

Oil firm Aker BP (BP), the second-largest operator of oil and gas platforms off Norway, raised its 2017 output guidance and lowered its production cost outlook as it posted second-quarter earnings roughly in line on Friday.
The company is the result of a merger between the Norwegian business of oil major BP and the Norwegian oil company Det norske controlled by billionaire Kjell Inge Roekke.
Aker BP said its output guidance for 2017 would be raised to a range of 135,000-140,000 barrels of oil per day, against an earlier view of 128,000-135,000, while its production cost would be lowered by one dollar to $10 per barrel of oil equivalent.
Its earnings before interest, tax, depreciation and amortisation came in at $395 million, while a Reuters poll of analysts had expected $403 million, up from $175 million at the same time a year ago.
Aker BP offered a dividend of $0.185 per share, in line with expectations and at the same level as the dividend it offered in the last quarter.
(Reporting by Gwladys Fouche; Editing by Biju Dwarakanath)

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