Aker BP Posts Expected Q1 Profits, Major Offshore Projects Progress As Planned
Financial Results and Project Updates
Q1 Profit Performance
OSLO, May 7 (Reuters) - Norwegian oil firm Aker BP on Thursday reported a lower profit in line with expectations, and said its key offshore projects were on track to begin output in 2027 as planned.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $2.66 billion in January–March, from $2.8 billion a year earlier, in line with forecast in a company-compiled consensus of 15 analysts.
CEO Statement on Project Portfolio
• "Our project portfolio continues to progress well. We are converting a pipeline of low break‑even projects into production, while our two major development projects, Yggdrasil and Valhall PWP–Fenris, remain on track for first oil in 2027," CEO Karl Johnny Hersvik said in a statement.
Production and Guidance
Oil and Gas Production
• Net oil and gas production down to 398,400 barrels of oil equivalent per day (boed), from 441,400 boed a year earlier.
Production and Capital Spending Guidance
2026 and 2028 Production Targets
• Maintains 2026 production guidance at 370,000–400,000 boed, as well as guidance for production to rise above 500,000 boed in 2028.
Capital Spending and Exploration Expenses
• Maintains 2026 capital spending guidance at $6.2 billion-6.7 billion, exploration expenses at around $400 million.
Dividend Policy
• Keeps its quarterly dividend unchanged at $0.6615 per share, equivalent to $2.65 on an annual basis.
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
